Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 14, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity Registrant Name | Sabre Corporation | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 001-36422 | ||
Entity Tax Identification Number | 20-8647322 | ||
Entity Address, Address Line One | 3150 Sabre Drive | ||
Entity Address, City or Town | Southlake | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 76092 | ||
City Area Code | 682 | ||
Local Phone Number | 605-1000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,007,458,104 | ||
Entity Common Stock, Shares Outstanding | 323,520,469 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement relating to its 2022 annual meeting of stockholders to be held on April 27, 2022, are incorporated by reference in Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0001597033 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | SABR | ||
Security Exchange Name | NASDAQ | ||
Series A Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.50% Series A Mandatory Convertible Preferred Stock | ||
Trading Symbol | SABRP | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Dallas, Texas |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenue | $ 1,688,875 | $ 1,334,100 | $ 3,974,988 |
Cost of revenue, excluding technology costs | 691,451 | 579,010 | 1,726,157 |
Technology costs | 1,052,833 | 1,156,723 | 1,285,204 |
Selling, general and administrative | 610,078 | 586,406 | 600,210 |
Operating (loss) income | (665,487) | (988,039) | 363,417 |
Other income (expense): | |||
Interest expense, net | (257,818) | (225,785) | (156,391) |
Loss on extinguishment of debt | (13,070) | (21,626) | 0 |
Equity method (loss) income | (264) | (2,528) | 2,044 |
Other, net | (1,748) | (66,961) | (9,432) |
Total other expense, net | (272,900) | (316,900) | (163,779) |
(Loss) income from continuing operations before income taxes | (938,387) | (1,304,939) | 199,638 |
(Benefit) Provision for income taxes | (14,612) | (21,012) | 35,326 |
(Loss) income from continuing operations | (923,775) | (1,283,927) | 164,312 |
(Loss) Income from discontinued operations, net of tax | (2,532) | 2,788 | (1,766) |
Net (loss) income | (926,307) | (1,281,139) | 162,546 |
Net income attributable to noncontrolling interests | 2,162 | 1,200 | 3,954 |
Net (loss) income attributable to Sabre Corporation | (928,469) | (1,282,339) | 158,592 |
Preferred stock dividends | 21,602 | 7,659 | 0 |
Net (loss) income attributable to common stockholders | $ (950,071) | $ (1,289,998) | $ 158,592 |
Basic net (loss) income per share attributable to common stockholders: | |||
(Loss) income from continuing operations (in dollars per share) | $ (2.95) | $ (4.46) | $ 0.58 |
Loss (income) from discontinued operations (in dollars per share) | (0.01) | 0.01 | (0.01) |
Net (loss) income per common share (in dollars per share) | (2.96) | (4.45) | 0.57 |
Diluted net (loss) income per share attributable to common stockholders: | |||
(Loss) income from continuing operations (in dollars per share) | (2.95) | (4.46) | 0.58 |
Loss (income) from discontinued operations (in dollars per share) | (0.01) | 0.01 | (0.01) |
Net (loss) income per common share (in dollars per share) | $ (2.96) | $ (4.45) | $ 0.57 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 320,922 | 289,855 | 274,168 |
Diluted (in shares) | 320,922 | 289,855 | 276,217 |
Dividend per common share (in dollars per share) | $ 0 | $ 0.14 | $ 0.56 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ (926,307) | $ (1,281,139) | $ 162,546 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments ("CTA") | (7,223) | 7,698 | (1,946) |
Retirement-related benefit plans: | |||
Net actuarial gain (loss), net of taxes of $(517), $3,447 and $2,379 | 36,742 | (11,778) | (8,269) |
Pension settlement, net of taxes of $—, $(4,066), $— | 7,529 | 14,005 | 0 |
Amortization of prior service credits, net of taxes of $—, $321 and $321 | (1,432) | (1,111) | (1,111) |
Amortization of actuarial losses, net of taxes of $—, $(1,934) and $(1,400) | 7,985 | 6,677 | 5,421 |
Net change in retirement-related benefit plans, net of tax | 50,824 | 7,793 | (3,959) |
Derivatives: | |||
Unrealized gains (losses), net of taxes of $26, $5,571 and $4,497 | (134) | (20,521) | (15,217) |
Reclassification adjustment for realized losses, net of taxes of $(3,670), $(4,959) and $(1,469) | 12,805 | 17,890 | 5,507 |
Net change in derivatives, net of tax | 12,671 | (2,631) | (9,710) |
Share of other comprehensive (loss) income of equity method investments | (602) | 489 | (967) |
Other comprehensive income (loss) | 55,670 | 13,349 | (16,582) |
Comprehensive (loss) income | (870,637) | (1,267,790) | 145,964 |
Less: Comprehensive income attributable to noncontrolling interests | (2,162) | (1,200) | (3,954) |
Comprehensive (loss) income attributable to Sabre Corporation | $ (872,799) | $ (1,268,990) | $ 142,010 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement-related benefit plans: | |||
Net actuarial loss, taxes | $ (517) | $ 3,447 | $ 2,379 |
Pension settlement, taxes | 0 | (4,066) | 0 |
Amortization of prior service credits, taxes | 0 | 321 | 321 |
Amortization of actuarial losses, taxes | 0 | (1,934) | (1,400) |
Derivatives: | |||
Unrealized (losses) gains on derivatives, taxes | 26 | 5,571 | 4,497 |
Reclassification adjustment for realized (losses) gains, taxes | $ (3,670) | $ (4,959) | $ (1,469) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 978,352 | $ 1,499,665 |
Restricted cash | 21,039 | 0 |
Accounts receivable, net | 259,934 | 255,468 |
Prepaid expenses and other current assets | 121,591 | 132,972 |
Current assets held for sale | 21,358 | 0 |
Total current assets | 1,402,274 | 1,888,105 |
Property and equipment, net of accumulated depreciation | 249,812 | 363,491 |
Equity method investments | 22,671 | 24,265 |
Goodwill | 2,470,206 | 2,636,546 |
Finite lived intangible assets, net | 440,683 | 511,366 |
Deferred income taxes | 27,056 | 24,181 |
Other assets, net | 475,424 | 629,768 |
Long-term assets held for sale | 203,204 | 0 |
Total assets | 5,291,330 | 6,077,722 |
Current liabilities | ||
Accounts payable | 122,934 | 115,229 |
Accrued compensation and related benefits | 135,974 | 86,830 |
Accrued subscriber incentives | 137,448 | 100,963 |
Deferred revenues | 81,061 | 99,470 |
Other accrued liabilities | 188,706 | 193,383 |
Current portion of debt | 29,290 | 26,068 |
Current liabilities held for sale | 21,092 | 0 |
Total current liabilities | 716,505 | 621,943 |
Deferred income taxes | 38,344 | 72,196 |
Other noncurrent liabilities | 297,037 | 380,621 |
Long-term debt | 4,723,685 | 4,717,808 |
Long-term liabilities held for sale | 15,476 | 0 |
Commitments and contingencies (Note 17) | ||
Stockholders’ equity | ||
Preferred stock; $0.01 par value, 225,000 authorized, 3,290 and 3,340 shares issued and outstanding as of December 31, 2021 and 2020, respectively; aggregate liquidation value of $329,000 and $334,000 as of December 31, 2021 and 2020, respectively | 33 | 33 |
Common stock: $0.01 par value; 1,000,000 authorized shares; 346,430 and 338,662 shares issued, 323,501 and 317,297 shares outstanding at December 31, 2021 and 2020, respectively | 3,464 | 3,387 |
Additional paid-in capital | 3,115,719 | 2,985,077 |
Treasury stock, at cost, 22,930 and 21,365 shares at December 31, 2021 and 2020, respectively | (498,141) | (474,790) |
Accumulated deficit | (3,049,695) | (2,099,624) |
Accumulated other comprehensive loss | (80,287) | (135,957) |
Noncontrolling interest | 9,190 | 7,028 |
Total stockholders’ (deficit) equity | (499,717) | 285,154 |
Total liabilities and stockholders’ (deficit) equity | 5,291,330 | 6,077,722 |
Customer Relationships | ||
Current assets | ||
Finite lived intangible assets, net | 257,362 | 289,150 |
Other Intangible Assets | ||
Current assets | ||
Finite lived intangible assets, net | $ 183,321 | $ 222,216 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Stockholders’ equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 225,000 | 225,000 |
Preferred stock, shares issued (in shares) | 3,290 | 3,340 |
Preferred stock, shares outstanding (in shares) | 3,290 | 3,340 |
Preferred stock, aggregate liquidation value | $ 329,000 | $ 334,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares issued (in shares) | 346,430 | 338,662 |
Common stock, shares outstanding (in shares) | 323,501 | 317,297 |
Treasury stock, shares held (in shares) | 22,930 | 21,365 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income | $ (926,307,000) | $ (1,281,139,000) | $ 162,546,000 |
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | |||
Depreciation and amortization | 262,185,000 | 363,743,000 | 414,621,000 |
Stock-based compensation expense | 120,892,000 | 69,946,000 | 66,885,000 |
Amortization of upfront incentive consideration | 57,570,000 | 74,677,000 | 82,935,000 |
Deferred income taxes | (27,515,000) | (27,333,000) | (22,925,000) |
Gain on sale of investment | (14,532,000) | 0 | 0 |
Loss on extinguishment of debt | 13,070,000 | 21,626,000 | 0 |
Amortization of debt discount and issuance costs | 11,984,000 | 9,633,000 | 3,972,000 |
Provision for expected credit losses | (7,788,000) | 65,710,000 | 20,563,000 |
Pension settlement charge | 7,529,000 | 18,071,000 | 0 |
Loss (income) from discontinued operations | 2,532,000 | (2,788,000) | 1,766,000 |
Debt modification costs | 2,435,000 | 0 | 0 |
Acquisition termination fee | 0 | 24,811,000 | 0 |
Impairment and related charges | 0 | 8,684,000 | 0 |
Facilities-related charges | 0 | 5,816,000 | 0 |
Other | 4,701,000 | 7,981,000 | 2,085,000 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables | (17,881,000) | 204,970,000 | (33,911,000) |
Prepaid expenses and other current assets | 5,837,000 | (1,908,000) | 1,145,000 |
Capitalized implementation costs | (19,027,000) | (17,301,000) | (28,588,000) |
Upfront incentive consideration | (5,980,000) | (27,445,000) | (71,447,000) |
Other assets | (1,838,000) | 16,012,000 | 38,795,000 |
Accrued compensation and related benefits | 51,652,000 | (15,317,000) | (17,469,000) |
Accounts payable and other accrued liabilities | 70,346,000 | (304,051,000) | (27,232,000) |
Deferred revenue including upfront solution fees | (4,519,000) | 15,357,000 | (12,481,000) |
Cash (used in) provided by operating activities | (414,654,000) | (770,245,000) | 581,260,000 |
Investing Activities | |||
Additions to property and equipment | (54,302,000) | (65,420,000) | (115,166,000) |
Proceeds from disposition of investments and assets | 24,874,000 | 68,504,000 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | (107,462,000) |
Other investing activities | 0 | (4,375,000) | (20,398,000) |
Cash used in investing activities | (29,428,000) | (1,291,000) | (243,026,000) |
Financing Activities | |||
Proceeds of borrowings from lenders | 1,070,380,000 | 2,982,000,000 | 45,000,000 |
Payments on borrowings from lenders | (1,061,050,000) | (1,533,597,000) | (106,560,000) |
Net payment on the settlement of equity-based awards | (22,682,000) | (5,996,000) | (5,736,000) |
Dividends paid on preferred stock | (21,629,000) | (5,850,000) | 0 |
Debt prepayment fees and issuance costs | (12,194,000) | (77,878,000) | 0 |
Payment for settlement of exchangeable notes | (2,540,000) | 0 | 0 |
Proceeds from issuance of preferred stock, net | 0 | 322,885,000 | 0 |
Proceeds from issuance of common stock, net | 0 | 275,003,000 | 0 |
Payments on Tax Receivable Agreement | 0 | (71,958,000) | (101,482,000) |
Cash dividends paid to common shareholders | 0 | (38,544,000) | (153,508,000) |
Repurchase of common stock | 0 | 0 | (77,636,000) |
Other financing activities | (843,000) | (8,324,000) | (9,799,000) |
Cash provided by (used in) financing activities | (50,558,000) | 1,837,741,000 | (409,721,000) |
Cash Flows from Discontinued Operations | |||
Cash used in operating activities | (3,498,000) | (2,932,000) | (2,383,000) |
Cash used in discontinued operations | (3,498,000) | (2,932,000) | (2,383,000) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,136,000) | 216,000 | 781,000 |
(Decrease) increase in cash, cash equivalents and restricted cash | (500,274,000) | 1,063,489,000 | (73,089,000) |
Cash, cash equivalents and restricted cash at beginning of period | 1,499,665,000 | 436,176,000 | 509,265,000 |
Cash, cash equivalents and restricted cash at end of period | 999,391,000 | 1,499,665,000 | 436,176,000 |
Cash payments for income taxes | 14,659,000 | 24,505,000 | 55,137,000 |
Cash payments for interest | 246,933,000 | 186,235,000 | 157,648,000 |
Capitalized interest | 1,599,000 | 2,508,000 | 5,085,000 |
Non-cash additions to property and equipment | $ 2,678,000 | $ 0 | $ 33,136,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | 6.50% Series A Mandatory Convertible Preferred Stock | Adoption of New Accounting Standard | Preferred Stock | Preferred Stock6.50% Series A Mandatory Convertible Preferred Stock | Common Stock | Common Stock6.50% Series A Mandatory Convertible Preferred Stock | Additional Paid in Capital | Additional Paid in Capital6.50% Series A Mandatory Convertible Preferred Stock | Treasury Stock | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | |
Preferred stock, beginning balance (in shares) at Dec. 31, 2018 | 0 | |||||||||||||
Stockholders' equity, beginning balance at Dec. 31, 2018 | $ 974,271 | $ 0 | $ 2,917 | $ 2,243,419 | $ (377,980) | $ (768,566) | $ (132,724) | $ 7,205 | ||||||
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2018 | 291,663,954 | 16,311,538 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Comprehensive income | 145,964 | 158,592 | (16,582) | 3,954 | ||||||||||
Common stock dividends | $ (153,508) | (153,508) | ||||||||||||
Repurchase of common stock (in shares) | 3,673,768 | 3,673,768 | ||||||||||||
Repurchase of common stock | $ (77,636) | $ (77,636) | ||||||||||||
Settlement of stock-based awards (in shares) | 2,655,463 | 601,546 | ||||||||||||
Settlement of stock-based awards | (5,736) | $ 26 | 7,240 | $ (13,002) | ||||||||||
Stock-based compensation expense | 66,885 | 66,885 | ||||||||||||
Dividends paid to non-controlling interest on subsidiary common stock | (2,571) | (2,571) | ||||||||||||
Preferred stock, ending balance (in shares) at Dec. 31, 2019 | 0 | |||||||||||||
Stockholders' equity, ending balance (in shares) at Dec. 31, 2019 | 294,319,417 | 20,586,852 | ||||||||||||
Stockholders' equity, ending balance at Dec. 31, 2019 | 947,669 | $ (7,600) | $ 0 | $ 2,943 | 2,317,544 | $ (468,618) | (763,482) | (149,306) | 8,588 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Comprehensive income | (1,267,790) | (1,282,339) | 13,349 | 1,200 | ||||||||||
Common stock dividends | $ (38,544) | (38,544) | ||||||||||||
Repurchase of common stock (in shares) | 0 | |||||||||||||
Issuance of stock, net (in shares) | 3,340,000 | 41,071,429 | ||||||||||||
Issuance of stock, net | $ 275,003 | $ 322,885 | $ 33 | $ 411 | 274,592 | $ 322,852 | ||||||||
Preferred stock dividend | [1] | (7,659) | (7,659) | |||||||||||
Settlement of stock-based awards (in shares) | 3,271,114 | 778,375 | ||||||||||||
Settlement of stock-based awards | (5,996) | $ 33 | 143 | $ (6,172) | ||||||||||
Stock-based compensation expense | 69,946 | 69,946 | ||||||||||||
Dividends paid to non-controlling interest on subsidiary common stock | $ (2,760) | (2,760) | ||||||||||||
Preferred stock, ending balance (in shares) at Dec. 31, 2020 | 3,340,000 | 3,340,000 | ||||||||||||
Stockholders' equity, ending balance (in shares) at Dec. 31, 2020 | 338,662,000 | 338,661,960 | 21,365,227 | |||||||||||
Stockholders' equity, ending balance at Dec. 31, 2020 | $ 285,154 | $ 33 | $ 3,387 | 2,985,077 | $ (474,790) | (2,099,624) | (135,957) | 7,028 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Comprehensive income | $ (870,637) | (928,469) | 55,670 | 2,162 | ||||||||||
Repurchase of common stock (in shares) | 0 | |||||||||||||
Preferred stock dividend | $ (21,602) | (22,000) | (21,602) | |||||||||||
Conversion from preferred stock to common stock (in shares) | (50,000) | 595,240 | ||||||||||||
Conversion from preferred stock to common stock | $ 6 | $ 6 | ||||||||||||
Settlement of stock-based awards (in shares) | 5,903,724 | 1,564,441 | ||||||||||||
Settlement of stock-based awards | (22,575) | $ 59 | 717 | $ (23,351) | ||||||||||
Stock-based compensation expense | 120,892 | 120,892 | ||||||||||||
Settlement of exchangeable notes | (780) | (780) | ||||||||||||
Issuance of common stock upon conversion of exchangeable notes (in shares) | 1,269,497 | |||||||||||||
Issuance of common stock upon conversion of exchangeable notes | $ 9,825 | $ 12 | 9,813 | |||||||||||
Preferred stock, ending balance (in shares) at Dec. 31, 2021 | 3,290,000 | 3,290,000 | ||||||||||||
Stockholders' equity, ending balance (in shares) at Dec. 31, 2021 | 346,430,000 | 346,430,421 | 22,929,668 | |||||||||||
Stockholders' equity, ending balance at Dec. 31, 2021 | $ (499,717) | $ 33 | $ 3,464 | $ 3,115,719 | $ (498,141) | $ (3,049,695) | $ (80,287) | $ 9,190 | ||||||
[1] | Our mandatory convertible preferred stock accumulates cumulative dividends at an annual rate of 6.50%. |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) | Aug. 24, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
6.50% Series A Mandatory Convertible Preferred Stock | |||
Annual percentage rate | 6.50% | 6.50% | 6.50% |
Summary of Business and Signifi
Summary of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Business and Significant Accounting Policies | 1. Summary of Business and Significant Accounting Policies Description of Business Sabre Corporation is a Delaware corporation formed in December 2006. On March 30, 2007, Sabre Corporation acquired Sabre Holdings Corporation (“Sabre Holdings”). Sabre Holdings is the sole subsidiary of Sabre Corporation. Sabre GLBL Inc. (“Sabre GLBL”) is the principal operating subsidiary and sole direct subsidiary of Sabre Holdings. Sabre GLBL or its direct or indirect subsidiaries conduct all of our businesses. In these consolidated financial statements, references to “Sabre,” the “Company,” “we,” “our,” “ours,” and “us” refer to Sabre Corporation and its consolidated subsidiaries unless otherwise stated or the context otherwise requires. We connect people and places with technology that reimagines the business of travel. We operate through two business segments: (i) Travel Solutions, our global travel marketplace for travel suppliers and travel buyers, a broad portfolio of software technology products and solutions for airlines and other travel suppliers, and (ii) Hospitality Solutions, an extensive suite of leading software solutions for hoteliers. Recent Events The travel industry continues to be adversely affected by the global health crisis due to the outbreak of the coronavirus ("COVID-19") in January 2020, as well as by government directives that have been enacted to slow the spread of the virus. As expected, this pandemic has continued to have a material impact on our consolidated financial results in 2021. Despite the continued negative impacts of the COVID-19 pandemic on our business and global travel volumes, we have seen some gradual improvement in our key volume metrics during the year ended December 31, 2021 as compared to the prior year as COVID-19 vaccines have continued to be administered and some travel restrictions have been relaxed. Domestic bookings continue to exceed international bookings, however, negatively impacting revenue. With the continued increase in volumes, our incentive consideration costs have also increased significantly compared to the prior year. We believe the ongoing effects of COVID-19 on our operations and global bookings will continue to have a material negative impact on our financial results and liquidity, and this negative impact may continue well beyond the containment of the outbreak. We believe our cash position and the liquidity measures we have taken will provide additional flexibility as we manage through the global economic recovery from the COVID-19 pandemic. As a result, we believe that we have resources to sufficiently fund our liquidity requirements over at least the next twelve months; however, given the magnitude of travel decline and the unknown duration of the COVID-19 impact, we will continue to monitor our liquidity levels and take additional steps should we determine they are necessary. The inputs into our judgments and estimates consider the economic implications of COVID-19 on our critical and significant accounting estimates. Our air booking cancellation reserve totaled $18 million as of December 31, 2021 and 2020. Additionally, our allowance for credit losses at December 31, 2021 was $60 million, a decrease of $38 million from December 31, 2020. Our provision for expected credit losses for the year ended December 31, 2021 decreased $74 million from December 31, 2020, primarily related to fully reserving for aged balances of certain customers in the prior year and an overall improvement in our forecasted credit losses in the current year given the start of the global economic recovery from the COVID-19 pandemic. See Note 8. Credit Losses. Strategic Realignment We completed a strategic realignment ("the Strategic Realignment") of our airline and agency-focused businesses in the third quarter of 2020 to address the changing travel landscape and respond to the impacts of the COVID-19 pandemic on our business and cost structure. See Note 4. Restructuring Activities for further details on the costs incurred related to restructuring activities. As a result of the Strategic Realignment, we now operate our business and present our results through two business segments: (i) Travel Solutions, our global travel solutions for travel suppliers and travel buyers, including a broad portfolio of software technology products and solutions for airlines, and (ii) Hospitality Solutions, an extensive suite of leading software solutions for hoteliers. All revenue and expenses previously assigned to the Travel Network and Airline Solutions business segments were consolidated into a unified revenue and expense structure now reported as the Travel Solutions business segment. There were no changes to the historical Hospitality Solutions reporting segment. Additionally, we present expenses on our statement of operations to provide additional clarification on our costs by separating technology costs from cost of revenue and moving certain expenses previously classified as cost of revenue to selling, general and administrative to align with the current leadership and operational organizational structure. Financial information for all periods presented reflects these classifications. Within our segments and results of operations, cost of revenue, excluding technology costs, primarily consists of costs associated with the delivery and distribution of our products and services, including employee-related costs for our delivery, customer operations and call center teams, transactional-related costs, including travel agency incentive consideration for reservations made on our global distribution system ("GDS") for Travel Solutions and GDS transaction fees for Hospitality Solutions, amortization of upfront incentive consideration and depreciation and amortization associated with capitalized implementation costs, and certain intangible assets. Technology costs consist of expenses related to third-party providers and employee-related costs to operate technology operations including data processing and hosting, third-party software, other costs associated with the maintenance and minor enhancement of our technology, and depreciation and amortization associated with software developed for internal use that supports our products, assets supporting our technology platform, businesses and systems and intangible assets related to technology. Technology costs also include costs associated with our technology transformation efforts. Selling, general and administrative expenses consist of professional service fees, certain settlement charges or reimbursements, costs to defend legal disputes, provision for expected credit losses, other overhead costs, personnel-related expenses, including stock-based compensation, for employees engaged in sales, sales support, account management and who administratively support the business in finance, legal, human resources, information technology and communications, and depreciation and amortization associated with property and equipment, acquired customer relationships, trademarks and brand names. Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). We consolidate all majority-owned subsidiaries and companies over which we exercise control through majority voting rights. No entities are consolidated due to control through operating agreements, financing agreements or as the primary beneficiary of a variable interest entity. The consolidated financial statements include our accounts after elimination of all significant intercompany balances and transactions. All dollar amounts in the financial statements and the tables in the notes, except per share amounts, are stated in thousands of U.S. dollars unless otherwise indicated. All amounts in the notes reference results from continuing operations unless otherwise indicated. The preparation of these annual financial statements in conformity with GAAP requires that certain amounts be recorded based on estimates and assumptions made by management. Actual results could differ from these estimates and assumptions. Our accounting policies, which utilize significant estimates and assumptions, include, among other things, estimation of the collectability of accounts receivable, estimation of future cancellations of bookings processed through the Sabre GDS, revenue recognition for Software-as-a-Service ("SaaS") arrangements, determination of the fair value of assets and liabilities acquired in a business combination, determination of the fair value of derivatives, the evaluation of the recoverability of the carrying value of intangible assets and goodwill, assumptions utilized in the determination of pension and other postretirement benefit liabilities, the evaluation of the recoverability of capitalized implementation costs, assumptions utilized to evaluate the recoverability of deferred customer advance and discounts, estimation of loss contingencies, and evaluation of uncertainties surrounding the calculation of our tax assets and liabilities. Revenue Recognition Travel Solutions and Hospitality Solutions’ revenue recognition is primarily driven by GDS and reservation system transactions. Timing of revenue recognition is primarily based on the consistent provision of services in a stand-ready series SaaS environment and the amount of revenue recognized varies with the volume of transactions processed. Revenue is recognized if it is not considered probable of reversal. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account under Accounting Standards Codification ("ASC") 606. The transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Most of our contracts for GDS services and central reservation system (CRS) services for Hospitality Solutions have a single stand-ready series performance obligation. For Travel Solutions' IT Solutions revenue, many of our contracts may have multiple performance obligations, which generally include software and product solutions through SaaS and hosted delivery, and other service fees. In addition, at times we enter into agreements with customers to provide access to Travel Solutions’ GDS and, at or near the same time, enter into a separate agreement to provide IT solutions through SaaS and hosted delivery, resulting in multiple performance obligations within a combined agreement. Our significant product and services and methods of recognition are as follows: Stand-ready series revenue recognition We recognize revenue from usage-based fees for the use of the software which represents a stand-ready performance obligation. Variability in the usage-based fee that does not align with the value provided to the customer can result in a difference between billings to the customer and the timing of contract performance and revenue recognition, which may result in the recognition of a contract asset. This can result in a requirement to forecast expected usage-based fees and volumes over the contract term in order to determine the rate for revenue recognition. This variable consideration is constrained if there is an inability to reliably forecast this revenue or if future reversal is considered probable. Additionally, we may occasionally recognize revenue in the current period for performance obligations partially or fully satisfied in the previous periods resulting from changes in estimates for the transaction price, including any changes to our assessment of whether an estimate of variable consideration is constrained. Travel Solutions —Travel Solutions generates distribution revenue for bookings made through our GDS (e.g., Air, and Lodging, Ground and Sea ("LGS")). GDS services link and engage transactions between travel agents and travel suppliers. Revenue is generated from contracts with the travel suppliers as each booking is made or transaction occurs and represents a stand-ready series performance obligation where our systems perform the same service each day for the customer, based on the customer’s level of usage. Distribution revenue associated with car rental, hotel transactions and other travel providers is recognized at the time the reservation is used by the customer. Distribution revenue associated with airline travel reservations is recognized at the time of booking of the reservation, net of estimated future cancellations. Cancellations prior to the day of departure are estimated based on historical and expected levels of cancellation rates, adjusted to take into account any recent factors which could cause a change in those rates. Travel Solutions also generates IT solutions revenue from its product offerings including reservation systems for full-service and low-cost carriers, commercial and operations products, agency solutions and booking data. Reservation system revenue is primarily generated based on the number of passengers boarded. Generally, customers are charged a fixed, upfront solutions fee and a recurring usage-based fee for the use of the software in a stand-ready series performance obligation. In the context of both our reservation systems and our commercial and operations products, upfront solutions fees are recognized primarily on a straight-line basis over the relevant contract term, upon cut-over of the primary SaaS solution. Hospitality Solutions —Hospitality Solutions provides technology solutions and other professional services, through SaaS and hosted delivery models, to hoteliers around the world. Generally, customers are charged an upfront solutions fee and a recurring usage-based fee for the use of the software, which represents a stand-ready series performance obligation where our systems perform the same service each day for the customer, based on the customer’s level of usage. Upfront solutions fees are recognized primarily on a straight-line basis over the relevant contract term, upon cut-over of the primary SaaS solution. Contract Assets and Deferred Customer Advances and Discounts Deferred customer advances and discounts are amortized against revenue in future periods as the related revenue is earned. Our contract assets include revenue recognized for services already transferred to a customer, for which the fulfillment of another contractual performance obligation is required, before we have the unconditional right to bill and collect based on contract terms. Contract assets are reviewed for recoverability on a periodic basis based on a review of impairment indicators. Deferred customer advances and discounts are reviewed for recoverability based on future contracted revenues and estimated direct costs of the contract when a significant event occurs that could impact the recoverability of the assets, such as a significant contract modification or early renewal of contract terms. For the years ended December 31, 2021, 2020 and 2019, we did not impair any of these assets as a result of the related contract becoming uncollectible, modified or canceled. Contracts are priced to generate total revenues over the life of the contract that exceed any discounts or advances provided and any upfront costs incurred to implement the customer contract. Other revenue recognition patterns Travel Solutions also provides other services including development labor or professional consulting. These services can be sold separately or with other products and services, and Travel Solutions may bundle multiple technology solutions in one arrangement with these other services. Revenue from other services consisting of development services that represent minor configuration or professional consulting is generally recognized over the period the services are performed or upon completed delivery. Travel Solutions also directly licenses certain software to its customers where the customer obtains on-site control of the license. Revenue from software license fees is recognized when the customer gains control of the software enabling them to directly use the software and obtain substantially all of the remaining benefits. Fees for ongoing software maintenance are recognized ratably over the life of the contract. Under these arrangements, often we are entitled to minimum fees which are collected over the term of the agreement, while the revenue from the license is recognized at the point when the customer gains control, which results in current and long-term unbilled receivables for these arrangements. Variability in the amounts billed to the customer and revenue recognized coincides with the customer’s level of usage with the exception of upfront solution fees, non-usage based variable consideration, license and maintenance agreements and other services including development labor and professional consulting. Contracts with the same customer which are entered into at or around the same period are analyzed for revenue recognition purposes on a combined basis across our businesses which can impact timing of revenue recognition. For contracts with multiple performance obligations, we account for separate performance obligations on an individual basis with value assigned to each performance obligation based on our best estimate of relative standalone selling price ("SSP"). Judgment is required to determine the SSP for each distinct performance obligation. SSP is assessed annually using a historical analysis of contracts with customers executed in the most recently completed calendar year to determine the range of selling prices applicable to a distinct good or service. In making these judgments, we analyze various factors, including discounting practices, price lists, contract prices, value differentiators, customer segmentation and overall market and economic conditions. Based on these results, the estimated SSP is set for each distinct product or service delivered to customers. As our market strategies evolve, we may modify pricing practices in the future which could result in changes to SSP. Revenue recognition from our Travel Solutions business requires significant judgments such as identifying distinct performance obligations including estimating the total contract consideration and allocating amounts to each distinct performance obligation, determining whether variable pricing within a contract meets the allocation objective, assessing revenue for constraint particularly due to impacts of the COVID-19 pandemic on our customers and contracts and forecasting future volumes. For a small number of our contracts, we are required to forecast volumes as a result of pricing variability within the contract in order to calculate the rate for revenue recognition. Any changes in these judgments and estimates could have an impact on the revenue recognized in future periods. We evaluate whether it is appropriate to record the gross amount of our revenues and related costs by considering whether the entity is a principal (gross presentation) or an agent (net presentation) by evaluating the nature of our promise to the customer. We report revenue net of any revenue-based taxes assessed by governmental authorities that are imposed on and concurrent with specific revenue producing transactions. Incentive Consideration Certain service contracts with significant travel agency customers contain booking productivity clauses and other provisions that allow travel agency customers to receive cash payments or other consideration. We establish liabilities for these commitments and recognize the related expense as these travel agencies earn incentive consideration based on the applicable contractual terms. Periodically, we make cash payments to these travel agencies at inception or modification of a service contract which are capitalized and amortized to cost of revenue over the expected life of the service contract, which is generally three Advertising Costs Advertising costs are expensed as incurred. Advertising costs incurred by our continuing operations totaled $4 million, $8 million and $19 million for the years ended December 31, 2021, 2020 and 2019, respectively. Cash and Cash Equivalents We classify all highly liquid instruments, including money market funds and money market securities with original maturities of three months or less, as cash equivalents. Restricted Cash Restricted cash primarily includes $21 million of cash collateral for standby letters of credit associated with guarantees related to our bilateral letter of credit facility issued in conjunction with the 2021 Refinancing (as defined below). See Note 9. Debt for additional information. Allowance for Credit Losses and Concentration of Credit Risk We are exposed to credit losses primarily through our sales of services provided to participants in the travel and transportation industry, which we consider to be our singular portfolio segment. We develop and document our methodology used in determining the allowance for credit losses at the portfolio segment level. Within the travel portfolio segment, we identify airlines, hoteliers and travel agencies as each presenting unique risk characteristics associated with historical credit loss patterns unique to each and we determine the adequacy of our allowance for credit loss by assessing the risks and losses inherent in our receivables related to each. The majority of our receivables are trade receivables due in less than one year. In addition to our short-term trade and unbilled receivables, our receivables also include contract assets and long-term trade unbilled receivables. See Note 2. Revenue from Contracts with Customers for more information about these financial assets. Contract assets and long-term receivables are reviewed for recoverability on a periodic basis based on a review of subjective factors and trends in collection data including the aging of our trade receivable balances with these customers and expectations of future global economic growth. We believe our credit risk is mitigated with carriers who use the Airline Clearing House (“ACH”) and other similar clearing houses, as ACH requires participants to deposit certain balances into their demand deposit accounts by certain deadlines, which facilitates a timely settlement process. For those carriers from which we do not collect payments through the ACH or other similar clearing houses, our credit risk is higher. We monitor our ongoing credit exposure for these carriers through active review of customer balances against contract terms and due dates with account management. Our activities include established collection processes, account reconciliations, dispute resolution and payment confirmations. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. We generally do not require security or collateral from our customers as a condition of sale. We evaluate the collectability of our receivables based on a combination of factors. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations to us, such as bankruptcy filings or failure to pay amounts due to us or others, we specifically provide for credit losses against amounts due to reduce the recorded receivable to the amount we reasonably believe will be collected. For all other customers, we record reserves for receivables, including unbilled receivables and contract assets, based on historical experience and the length of time the receivables are past due. The estimate of credit losses is developed by analyzing historical twelve-month collection rates and adjusting for current customer-specific factors indicating financial instability and other macroeconomic factors that correlate with the expected collectability of our receivables. Receivables are considered to be delinquent when contractual payment terms are exceeded. All receivables aged over twelve months are fully reserved. Receivables are written off against the allowance when it is probable that all remaining contractual payments will not be collected as evidenced by factors such as the extended age of the balance, the exhaustion of collection efforts, and the lack of ongoing contact or billing with the customer. We maintained an allowance for credit losses of approximately $60 million, $98 million and $58 million at December 31, 2021, 2020 and 2019, respectively. See Note 8. Credit Losses for further considerations involved in the development of this estimate. Derivative Financial Instruments We recognize all derivatives on the consolidated balance sheets at fair value. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are offset against the change in fair value of the hedged item through earnings (a “fair value hedge”) or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings (a “cash flow hedge”). For derivative instruments not designated as hedging instruments, the gain or loss resulting from the change in fair value is recognized in current earnings during the period of change. No hedging ineffectiveness was recorded in earnings during the periods presented. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization, which is calculated on the straight-line basis. Our depreciation and amortization policies are as follows: Buildings Lesser of lease term or 35 years Leasehold improvements Lesser of lease term or useful life Furniture and fixtures 5 to 15 years Equipment, general office and computer 3 to 5 years Software developed for internal use 3 to 5 years We capitalize certain costs related to our infrastructure, software applications and reservation systems under authoritative guidance on software developed for internal use. Capitalizable costs consist of (a) certain external direct costs of materials and services incurred in developing or obtaining internal use computer software and (b) payroll and payroll related costs for employees who are directly associated with and who devote time to our GDS and SaaS-related development projects. Costs incurred during the preliminary project stage or costs incurred for data conversion activities and training, maintenance and general and administrative or overhead costs are expensed as incurred. Costs that cannot be separated between maintenance of, and relatively minor upgrades and enhancements to, internal use software are also expensed as incurred. See Note 6. Balance Sheet Components, for amounts capitalized as property and equipment in our consolidated balance sheets. Depreciation and amortization of property and equipment totaled $154 million, $248 million and $295 million for the years ended December 31, 2021, 2020 and 2019, respectively. Amortization of software developed for internal use, included in depreciation and amortization, totaled $132 million, $203 million and $241 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the years ended December 31, 2021, 2020 and 2019, we capitalized $39 million, $41 million, and $89 million, respectively, related to software developed for internal use. We also evaluate the useful lives of these assets on an annual basis and test for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets used in combination to generate cash flows largely independent of other assets may not be recoverable. We did not record any property and equipment impairment charges for the years ended December 31, 2021 and 2019. During the year ended December 31, 2020, we recorded an impairment charge related to our Hospitality Solutions business of $5 million associated with software developed for internal use based on our analysis of the recoverability of such amounts. This impairment charge is recorded within technology costs in our consolidated statement of operations. Additionally, we recorded a $4 million impairment charge associated with leasehold improvements and furniture and fixtures of abandoned leased office space during the year ended December 31, 2020 which is recorded within selling, general, and administrative expenses in our consolidated statement of operations. Leases We lease certain facilities under long term operating leases. We determine if an arrangement is a lease at inception. We evaluate lessee agreements with a minimum term greater than one year for recording on the balance sheet. Operating lease assets are included in operating lease right-of-use (“ROU”) assets within other assets, net and operating lease liabilities are included in other current liabilities and other noncurrent liabilities in our consolidated balance sheets. Finance lease assets are included in property and equipment with associated liabilities included in current portion of debt and long-term debt in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our internal borrowing rate for leases with a lease term of less than or equal to five years. For leases with a lease term greater than five years, we use our incremental borrowing rate based on the estimated rate of interest for corporate bond borrowings over a similar term of the lease payments. Certain of our lease agreements contain renewal options, early termination options and/or payment escalations based on fixed annual increases, local consumer price index changes or market rental reviews. We recognize rent expense with fixed rate increases and/or fixed rent reductions on a straight-line basis over the term of the lease. Business Combinations Business combinations are accounted for under the acquisition method of accounting. Under this method, the assets acquired and liabilities assumed are recognized at their respective fair values as of the date of acquisition. The excess, if any, of the acquisition price over the fair values of the assets acquired and liabilities assumed is recorded as goodwill. For significant acquisitions, we utilize third-party appraisal firms to assist us in determining the fair values for certain assets acquired and liabilities assumed. The measurement of these fair values requires us to make significant estimates and assumptions which are inherently uncertain. Adjustments to the fair values of assets acquired and liabilities assumed are made until we obtain all relevant information regarding the facts and circumstances that existed as of the acquisition date (the “measurement period”), not to exceed one year from the date of the acquisition. We recognize measurement-period adjustments in the period in which we determine the amounts, including the effect on earnings of any amounts we would have recorded in previous periods if the accounting had been completed at the acquisition date. Assets Held for Sale We periodically divest assets that we do not consider core to our business strategy. The carrying value of the net assets held for sale are compared to their fair value, less cost to sell, and any initial adjustments of the carrying value to fair value, less cost to sell are recorded when the held for sale criteria are met. Gains or losses associated with the disposal of assets held for sale are recorded within other operating costs. When the net assets constitute a business, we allocate a portion of the goodwill from the related reporting unit to the carrying value of the net assets held for sale. The amount of goodwill allocated is based on the relative fair values of the business to be disposed of and the portion of the reporting unit that will be retained. Goodwill and Intangible Assets Goodwill is the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired in business combinations. Goodwill is not amortized but is reviewed for impairment on an annual basis or more frequently if events and circumstances indicate the carrying amount may not be recoverable. Definite-lived intangible assets are amortized on a straight-line basis and assigned useful economic lives of two We perform our annual goodwill impairment assessment as of October 1 of each year and interim assessments as required upon the identification of a triggering event. We begin with the qualitative assessment of w |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 2. Revenue from Contracts with Customers Contract Balances Revenue recognition for a significant portion of our revenue coincides with normal billing terms, including our transactional revenues, SaaS revenues, and hosted revenues. Timing differences among revenue recognition, unconditional rights to bill, and receipt of contract consideration may result in contract assets or contract liabilities. The following table presents our assets and liabilities with customers as of December 31, 2021 and December 31, 2020 (in thousands): Account Consolidated Balance Sheet Location December 31, 2021 December 31, 2020 Contract assets and customer advances and discounts (1) Prepaid expenses and other current assets / other assets, net $ 79,682 $ 88,850 Trade and unbilled receivables, net Accounts receivable, net 258,800 253,511 Long-term trade unbilled receivables, net Other assets, net 23,709 38,156 Contract liabilities Deferred revenues / other noncurrent liabilities 135,273 176,956 _______________________________ (1) Includes contract assets of $11 million and $8 million for December 31, 2021 and 2020, respectively. During the year ended December 31, 2021, we recognized revenue of approximately $38 million from contract liabilities that existed as of January 1, 2021. Our long-term trade unbilled receivables, net relate to license fees billed ratably over the contractual period and recognized when the customer gains control of the software. We evaluate collectability of our accounts receivable based on a combination of factors and record reserves as described further in Note 8. Credit Losses. Revenue The following table presents our revenues disaggregated by business (in thousands): Year Ended December 31, 2021 2020 2019 Distribution $ 901,478 $ 582,115 $ 2,730,845 IT Solutions (1) 602,061 594,579 992,155 Total Travel Solutions 1,503,539 1,176,694 3,723,000 SynXis Software and Service 178,940 156,749 257,612 Other 23,688 17,879 35,268 Total Hospitality Solutions 202,628 174,628 292,880 Eliminations (17,292) (17,222) (40,892) Total Sabre Revenue $ 1,688,875 $ 1,334,100 $ 3,974,988 _______________________________ (1) Includes license fee revenue recognized upon delivery to the customer of $22 million and $31 million for the years ended December 31, 2021 and 2020, respectively. We may occasionally recognize revenue in the current period for performance obligations partially or fully satisfied in the previous periods resulting from changes in estimates for the transaction price, including any changes to our assessment of whether an estimate of variable consideration is constrained. For the year ended December 31, 2021, the impact on revenue recognized in the current period, from performance obligations partially or fully satisfied in the previous period, is $13 million. Unearned performance obligations primarily consist of deferred revenue for fixed implementation fees and future product implementations, which are included in deferred revenue and other noncurrent liabilities in our consolidated balance sheet. We have not disclosed the performance obligation related to contracts containing minimum transaction volume, as it represents a subset of our business, and therefore would not be meaningful in understanding the total future revenues expected to be earned from our long-term contracts. See Note 1. Summary of Business and Significant Accounting Policies regarding revenue recognition of our various revenue streams for more information. We estimate future cancellations using the expected value approach at the end of each reporting period based on the number of undeparted bookings, expected cancellations and an estimated rate. Our cancellation reserve is highly sensitive to our estimate of bookings that we expect will eventually travel, as well as to the mix of those bookings between domestic and international, given the varying rates paid by airline suppliers. Our air booking cancellation reserve totaled $18 million as of December 31, 2021 and 2020. Given the uncertainties surrounding the duration and effects of COVID-19, including any variants, on transaction volumes in the global travel industry, particularly air travel transaction volumes and future cancellation activity, we cannot provide assurance that the assumptions used in these estimates will be accurate and the impacts could be material on our cancellation reserves and results of operations. Contract Acquisition Costs and Capitalized Implementation Costs We incur contract costs in the form of acquisition costs and implementation costs. Contract acquisition costs are related to new contracts with our customers in the form of sales commissions based on the estimated contract value. We incur contract implementation costs to implement new customer contracts under our SaaS revenue model . We periodically assess contract costs for recoverability, and our assessment resulted in impairments of approximately $1 million and $10 million for the years ended December 31, 2021 and 2020, respectively. See Note 1. Summary of Business and Significant Accounting Policies for an overview of our policy for capitalization of acquisition and implementation costs. The following table presents the activity of our acquisition costs and capitalized implementation costs for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Contract acquisition costs: Beginning balance $ 21,871 $ 23,595 Additions 7,609 5,590 Amortization (7,171) (7,314) Ending balance $ 22,309 $ 21,871 Capitalized implementation costs: Beginning balance $ 145,712 $ 175,968 Additions 19,027 17,301 Amortization (34,750) (37,094) Impairment (1) (1,315) (9,562) Assets classified as held for sale, net (19,169) — Other 257 (901) Ending balance $ 109,762 $ 145,712 _______________________________ (1) Includes an impairment charge related to a specific customer of $4 million and $6 million in other impairments for the year ended December 31, 2020. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | 3. Acquisitions and Dispositions AirCentre Disposition On October 28, 2021, we announced that we have entered into an agreement with a third party to sell our suite of flight and crew management and optimization solutions, which represents our AirCentre airline operations portfolio within Travel Solution’s IT Solutions. At closing, we will sell the AirCentre product portfolio, related technology and intellectual property for $392.5 million. The sale is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2022. We cannot provide assurance that the sale will occur on these terms or at all. AirCentre met the requirements for presentation as held for sale as of December 31, 2021. There were no losses recorded on held for sale assets for the year ended December 31, 2021. We determined that the impending exit from these businesses does not represent a strategic shift that had or will have a major effect on our consolidated results of operations, and therefore were not classified as a discontinued operation. The results of operations for these businesses are included within the Travel Solutions reportable segment for all periods presented. The assets and liabilities held for sale, measured at the lower of carrying value or fair value, less cost to sell, were as follows as of December 31, 2021 (in thousands): As of December 31, 2021 Assets: Accounts receivable, net $ 21,151 Prepaid expenses and other current assets 207 Current assets held for sale 21,358 Property and equipment, net of accumulated depreciation 9,496 Goodwill 152,742 Acquired customer relationships, net of accumulated amortization 2,785 Other assets, net 38,181 Long-term assets held for sale 203,204 Total assets held for sale $ 224,562 Liabilities: Accounts payable $ 73 Accrued compensation and related benefits 715 Deferred revenues 19,753 Other accrued liabilities 551 Current liabilities held for sale 21,092 Other noncurrent liabilities 15,476 Long-term liabilities held for sale 15,476 Total liabilities held for sale $ 36,568 Terminated Farelogix Acquisition On August 20, 2019, the U.S. Department of Justice ("DOJ") filed a complaint in federal court in the District of Delaware, seeking a permanent injunction to prevent Sabre from acquiring Farelogix, Inc. ("Farelogix"), alleging that the proposed acquisition is likely to substantially lessen competition in violation of federal antitrust law. On April 7, 2020, the trial court ruled in favor of Sabre, denying the DOJ's request for an injunction. On April 9, 2020, the U.K. Competition and Markets Authority ("CMA") blocked the acquisition following its Phase 2 investigation. Given the CMA's decision, we recorded a charge of $46 million during the year ended December 31, 2020 included in other, net in our consolidated statements of operations which is comprised of $25 million in advances for certain attorneys' fees and additional termination fees of $21 million. Sabre and Farelogix agreed to terminate the acquisition agreement on May 1, 2020, and we paid Farelogix aggregate termination fees of $21 million pursuant to the acquisition agreement. Radixx Acquisition In October 2019, we completed the acquisition of Radixx, a provider of retailing and customer service solutions to airlines in the low-cost carrier ("LCC") market, for $107 million, net of cash acquired and funded by cash on hand. During the year ended December 31, 2020, we recorded immaterial measurement period adjustments to deferred income taxes and goodwill and completed the purchase price allocation for the Radixx acquisition. Radixx is managed as a part of our Travel Solutions segment. |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | Restructuring ActivitiesWe completed a strategic realignment of our airline and agency-focused businesses in the third quarter of 2020 to address the changing travel landscape and respond to the impacts of the COVID-19 pandemic on our business and cost structure. As a result of this strategic realignment, we incurred restructuring costs beginning in the first quarter of 2020 associated with our workforce and leased office space. The strategic realignment and related actions are substantially complete. We do not expect additional restructuring charges associated with these activities to be significant. During the year ended December 31, 2020, we incurred $86 million in connection with these restructuring activities, of which $19 million is recorded within cost of revenue, excluding technology costs, $32 million is recorded within technology costs and $35 million is recorded within selling, general and administrative costs within our consolidated statement of operations. During the year ended December 31, 2021, we reduced restructuring charges by $7 million, for a total of $79 million incurred in connection with these restructuring activities, since the first quarter of 2020. The following table summarizes the accrued liability related to severance and related benefits costs as recorded within accrued compensation and related benefits within our consolidated balance sheet (in thousands): Year Ended Balance as of January 1, 2021 $ 23,253 Cash payments (13,803) Non-cash adjustments (7,137) Balance as of December 31, 2021 $ 2,313 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets As a result of the 2020 strategic realignment discussed above, our historical Travel Network and Airline Solutions business segments have been combined into a new business segment, Travel Solutions. In connection with this reorganization, the historical Travel Network and Airline Solutions reporting units and their related goodwill were combined into a single Travel Solutions reporting unit, thereby requiring no reallocation of goodwill based on fair values. There was no change to our historical Hospitality Solutions reporting unit. We updated our goodwill assessment on a qualitative basis, reflecting both pre- and post-organization, for all reporting units as of June 30, 2020, and determined that our goodwill was not impaired for any reporting unit at this date. Changes in the carrying amount of goodwill during the years ended December 31, 2021 and 2020 are as follows (in thousands): Travel Hospitality Solutions Total Goodwill Balance as of December 31, 2019 $ 2,478,440 $ 154,811 $ 2,633,251 Adjustments (1) (2,239) 5,534 3,295 Balance as of December 31, 2020 $ 2,476,201 $ 160,345 $ 2,636,546 Reclassified to assets held for sale (152,742) — (152,742) Adjustments (1) (8,942) (4,656) (13,598) Balance as of December 31, 2021 $ 2,314,517 $ 155,689 $ 2,470,206 ________________________ (1) Includes allocated goodwill on divestitures as well as net foreign currency effects during the year. The following table presents our intangible assets as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired customer relationships $ 1,028,841 $ (771,479) $ 257,362 $ 1,050,485 $ (761,335) $ 289,150 Trademarks and brand names 333,537 (169,260) 164,277 333,538 (158,491) 175,047 Reacquired rights 113,500 (105,393) 8,107 113,500 (89,179) 24,321 Purchased technology 435,914 (426,306) 9,608 436,988 (418,926) 18,062 Acquired contracts, supplier and distributor agreements 37,600 (36,271) 1,329 37,599 (32,813) 4,786 Non-compete agreements 14,686 (14,686) — 14,686 (14,686) — Total intangible assets $ 1,964,078 $ (1,523,395) $ 440,683 $ 1,986,796 $ (1,475,430) $ 511,366 Amortization expense relating to intangible assets subject to amortization totaled $64 million, $66 million and $65 million for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated amortization expense related to intangible assets subject to amortization for each of the five succeeding years and beyond is as follows (in thousands): 2022 $ 50,866 2023 37,160 2024 33,938 2025 31,224 2026 30,952 2027 and thereafter 256,543 Total $ 440,683 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | 6. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2021 2020 Prepaid Expenses $ 71,162 $ 77,232 Value added tax receivable 33,123 30,782 Other 17,306 24,958 Prepaid expenses and other current assets $ 121,591 $ 132,972 Property and Equipment, Net Property and equipment, net consists of the following (in thousands): December 31, 2021 2020 Buildings and leasehold improvements $ 38,792 $ 37,766 Furniture, fixtures and equipment 35,675 38,290 Computer equipment 318,156 391,126 Software developed for internal use 1,769,840 1,891,718 Property and equipment 2,162,463 2,358,900 Accumulated depreciation and amortization (1,912,651) (1,995,409) Property and equipment, net $ 249,812 $ 363,491 Other Assets, Net Other assets, net consist of the following (in thousands): December 31, 2021 2020 Capitalized implementation costs, net $ 109,762 $ 145,712 Deferred upfront incentive consideration 84,099 127,104 Long-term contract assets and customer advances and discounts (1) 82,742 86,610 Right-of-Use asset (2) 99,587 125,110 Long-term trade unbilled receivables (1) 23,709 38,156 Other 75,525 107,076 Other assets, net $ 475,424 $ 629,768 ________________________________ (1) Refer to Note 2. Revenue from Contracts with Customers for additional information. (2) Refer to Note 12. Leases, for additional information. Other Noncurrent Liabilities Other noncurrent liabilities consist of the following (in thousands): December 31, 2021 2020 Pension and other postretirement benefits $ 85,666 $ 127,841 Deferred revenue 45,734 69,934 Lease liabilities (1) 79,368 97,403 Other 86,269 85,443 Other noncurrent liabilities $ 297,037 $ 380,621 ___________________________ (1) Refer to Note 12. Leases, for additional information. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of the following (in thousands): December 31, 2021 2020 Defined benefit pension and other postretirement benefit plans $ (84,773) $ (135,596) Unrealized foreign currency translation gain 6,282 13,671 Share of other comprehensive loss of equity method investment (1,796) (1,195) Unrealized loss on foreign currency forward contracts, interest rate swaps and available-for-sale securities — (12,837) Total accumulated other comprehensive loss, net of tax $ (80,287) $ (135,957) The amortization of actuarial losses and periodic service credits associated with our retirement-related benefit plans is included in Other, net. See Note |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The components of pretax income from continuing operations, generally based on the jurisdiction of the legal entity, were as follows: Year Ended December 31, 2021 2020 2019 Components of pre-tax (loss) income: Domestic $ (738,394) $ (1,023,243) $ 30,960 Foreign (199,993) (281,696) 168,678 $ (938,387) $ (1,304,939) $ 199,638 The provision for income taxes relating to continuing operations consists of the following: Year Ended December 31, 2021 2020 2019 Current portion: Federal $ (1,575) $ (5,067) $ 4,488 State and Local (709) (435) 3,781 Non U.S. 15,187 11,823 49,982 Total current 12,903 6,321 58,251 Deferred portion: Federal (2,223) (16,548) (14,215) State and Local 563 (3,379) (1,692) Non U.S. (25,855) (7,406) (7,018) Total deferred (27,515) (27,333) (22,925) Total provision for income taxes $ (14,612) $ (21,012) $ 35,326 The provision for income taxes relating to continuing operations differs from amounts computed at the statutory federal income tax rate as follows: Year Ended December 31, 2021 2020 2019 Income tax provision at statutory federal income tax rate $ (197,061) $ (274,037) $ 41,924 State income taxes, net of federal benefit (9,414) (15,003) 2,223 Impact of non U.S. taxing jurisdictions, net 26,029 38,994 9,458 Employee stock based compensation 9,836 13,985 8,380 Research tax credit (16,901) (11,328) (28,593) Tax receivable agreement (TRA) (1) — — (536) Valuation Allowance 176,921 218,687 957 Other, net (4,022) 7,690 1,513 Total provision for income taxes $ (14,612) $ (21,012) $ 35,326 ___________________________ (1) Amount includes adjustments to the TRA, which are not taxable. The Tax Receivable Agreement ("TRA") provided for payments to Pre-IPO Existing Stockholders (as defined below) for cash savings for U.S. federal income tax realized as a result of the utilization of Pre-IPO Tax Assets (as defined below). These cash savings would be realized at the enacted statutory tax rate effective in the year of utilization. In 2018, we finalized the 2017 U.S. federal income tax return and utilized additional Pre-IPO Tax Assets in the return, primarily as a result of electing to utilize our net operating loss ("NOLs") against our one-time transition tax income. As a result of the change in estimated NOL utilization at the higher corporate income tax rate in 2017 we recorded an increase to our liability of $5 million related to the TRA, which is reflected in our 2018 income from continuing operations before taxes. During 2019, we decreased the TRA liability by $3 million as a result of certain audit and transfer pricing adjustments recorded during the period, which is reflected in our 2019 income from continuing operations before taxes. The components of our deferred tax assets and liabilities are as follows: As of December 31, 2021 2020 Deferred tax assets: Employee benefits other than pension $ 36,670 $ 21,903 Lease liabilities 22,214 22,108 Deferred revenue 37,348 33,824 Pension obligations 19,129 27,865 Tax loss carryforwards 377,286 259,095 Incentive consideration 4,864 4,158 Tax credit carryforwards 57,657 47,110 Suspended loss 14,592 14,528 Software developed for internal use 16,208 — Accrued expenses 12,946 1,209 Total deferred tax assets 598,914 431,800 Deferred tax liabilities: Bond discounts (1,731) (1,158) Right of use assets (22,276) (21,376) Depreciation and amortization (6,419) (8,284) Software developed for internal use — (19,917) Intangible assets (98,072) (110,625) Unrealized gains and losses (24,118) (24,109) Non U.S. operations (17,543) (15,674) Investment in partnership (8,528) (7,565) Other (1,580) (3,031) Total deferred tax liabilities (180,267) (211,739) Valuation allowance (429,935) (268,076) Net deferred tax liability $ (11,288) $ (48,015) As a result of the enactment of the TCJA, we recorded a one-time transition tax on the undistributed earnings of our foreign subsidiaries. We do not consider undistributed foreign earnings to be indefinitely reinvested as of December 31, 2021, with certain limited exceptions and have, in those cases, recorded corresponding deferred taxes. We consider the undistributed capital investments in most of our foreign subsidiaries to be indefinitely reinvested as of December 31, 2021 and have not provided deferred taxes on any outside basis differences, with the exception of balances associated with the AirCentre disposition. With respect to the held for sale nature of our AirCentre portfolio of products, we have established deferred taxes, where applicable, for the outside basis of the capital investment of subsidiaries to be sold. As of December 31, 2021, we have U.S. federal NOL carryforwards of approximately $969 million, which primarily have an indefinite carryforward period. Additionally, we have research tax credit carryforwards of approximately $31 million, which will expire between 2022 and 2041. As a result of the acquisition of Radixx and other prior business combinations, $33 million of our U.S. federal NOLs are subject to the annual limit on the ability of a corporation to use certain tax attributes (as defined in Section 382 of the Code) with the majority expiring between 2023 and 2037. However, we expect that Section 382 will not limit our ability to fully realize the tax benefits. We have state NOLs of $18 million which will expire primarily between 2022 and 2041 and state research tax credit carryforwards of $19 million which will expire between 2023 and 2040. We have $508 million of NOL carryforwards and $9 million of foreign tax credits related to certain non-U.S. taxing jurisdictions that are primarily from countries with indefinite carryforward periods. We regularly review our deferred tax assets for realizability and a valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon future taxable income during the periods in which those temporary differences become deductible. When assessing the need for a valuation allowance, all positive and negative evidence is analyzed, including our ability to carry back NOLs to prior periods, the reversal of deferred tax liabilities, tax planning strategies and projected future taxable income. Significant losses related to COVID-19 resulted in a three-year cumulative loss in certain jurisdictions, which represents significant negative evidence regarding the ability to realize deferred tax assets. As a result, we maintain a cumulative valuation allowance on our U.S. federal and state deferred tax assets of $322 million and $22 million, respectively as of December 31, 2021. For non-U.S. deferred tax assets of certain subsidiaries, we maintained a cumulative valuation allowance on current year losses and other deferred tax assets of $86 million as of December 31, 2021. We reassess these assumptions regularly, which could cause an increase or decrease to the valuation allowance resulting in an increase or decrease in the effective tax rate and could materially impact our results of operations. It is our policy to recognize penalties and interest accrued related to income taxes as a component of the provision for income taxes from continuing operations. During the years ended December 31, 2021, 2020, and 2019, we recognized a benefit of $3 million, an expense of $6 million, and benefit of $7 million, respectively, related to interest and penalties. As of December 31, 2021 and 2020, we had a liability, including interest and penalties, of $110 million and $96 million, respectively, for unrecognized tax benefits, including cumulative accrued interest and penalties of approximately $25 million and $23 million, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 73,054 $ 64,645 $ 70,327 Additions for tax positions taken in the current year 3,655 3,090 5,149 Additions for tax positions of prior years 12,625 7,504 12,679 Additions for tax positions from acquisitions — — 1,294 Reductions for tax positions of prior years (29) — (19,611) Reductions for tax positions of expired statute of limitations (4,376) (656) (1,192) Settlements — (1,529) (4,001) Balance at end of year $ 84,929 $ 73,054 $ 64,645 As of December 31, 2021, 2020, and 2019, the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $73 million, $55 million, and $48 million, respectively. We believe that it is reasonably possible that $6 million in unrecognized tax benefits may be resolved in the next twelve months, due to statute of limitations expiration. Tax Jurisdiction Years Subject to Examination United Kingdom 2016 - forward Singapore 2016 - forward India 1996 - forward Uruguay 2015 - forward U.S. Federal 2014, 2015, 2018 - forward Texas 2016 - forward We currently have ongoing audits in India and various other jurisdictions. We do not expect that the results of these examinations will have a material effect on our financial condition or results of operations. With few exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2010. Tax Receivable Agreement Immediately prior to the closing of our initial public offering in April 2014, we entered into the TRA, which provides the right to receive future payments from us to stockholders and equity award holders that were our stockholders and equity award holders, respectively, immediately prior to the closing of our initial public offering (collectively, the "Pre-IPO Existing Stockholders"). In connection with the TRA, we made payments, including interest, of $72 million in January 2020, and $105 million in 2019. In December 2019, we exercised our right under the terms of the TRA to accelerate our remaining payments under the TRA and make an early termination payment of $1 million, to the Pre-IPO Existing Shareholders, which was included in the January 2020 payment of $72 million described above. As a result, no future payments are required to be made to the Pre-IPO Existing Stockholders under the TRA. |
Credit Losses
Credit Losses | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Credit Losses | Credit Losses In the first quarter of 2020, we adopted the updated guidance within ASC 326, Credit Impairment for the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Under this updated standard, the previous "incurred loss" approach is replaced with an "expected loss" model for instruments measured at amortized cost. The adoption of this standard in the first quarter of 2020 resulted in a $10 million increase in the allowance for credit losses, partially offset by a $1 million decrease in deferred tax liabilities and a $1 million increase in accounts receivable with a corresponding increase of approximately $8 million in our opening retained deficit as of January 1, 2020. Our allowance for credit losses relates to all financial assets, primarily trade receivables due in less than one year recorded in Accounts Receivable, net on our consolidated balance sheets. Our allowance for credit losses for the year ended December 31, 2021 for our portfolio segment is summarized as follows (in thousands): Year Ended Balance at December 31, 2020 $ 97,569 Provision for expected credit losses (7,788) Write-offs (27,843) Other (2,292) Balance at December 31, 2021 $ 59,646 Our provision for expected credit losses was a reduction of $8 million for the year ended December 31, 2021. Our provision for expected credit losses totaled $66 million for the year ended December 31, 2020. For the year ended December 31, 2020, we fully reserved certain aged balances related to particular customers due to heightened uncertainty regarding collectability, including uncertainty related to bankruptcy filings by several of our customers during the year ended December 31, 2020. Additionally, the impact of the COVID-19 pandemic on the global economy and other general increases in aging balances has affected our current estimate of expected credit losses since implementation of the new credit impairment standard. Macro-economic factors, including the economic downturn, lack of liquidity in the capital markets resulting from the COVID-19 pandemic and lack of additional government funding, can have a significant effect on additions to the allowance as the pandemic may continue to result in the restructuring or bankruptcy of additional customers. Given the uncertainties surrounding the duration and effects of COVID-19, including any variants, we cannot provide assurance that the assumptions used in our estimates will be accurate and actual write-offs may vary from our estimates. We regularly monitor the financial condition of the air transportation industry. We believe the credit risk related to the air carriers’ difficulties is significantly mitigated by the fact that we collect a significant portion of the receivables from these carriers through the ACH. As of December 31, 2021, approximately 53% of our air customers make payments through the ACH which accounts for approximately 82% of our air revenue. For these carriers, we believe the use of ACH mitigates our credit risk with respect to airline bankruptcies. For those carriers from which we do not collect payments through the ACH or other similar |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt As of December 31, 2021 and 2020, our outstanding debt included in our consolidated balance sheets totaled $4,753 million and $4,744 million, respectively, which are net of debt issuance costs of $45 million and $54 million, respectively, and unamortized discounts of $9 million and $10 million, respectively. The following table sets forth the face values of our outstanding debt as of December 31, 2021 and 2020 (in thousands): December 31, Rate Maturity 2021 2020 Senior secured credit facilities: Term Loan B L+2.00% February 2024 $ 1,805,806 $ 1,824,616 Other Term Loan B (1) L+4.00% December 2027 — 637,000 Term Loan B-1 (1) L+3.50% December 2027 401,980 — Term Loan B-2 (1) L+3.50% December 2027 640,780 — Revolver, $400 million (1) L+2.75% November 2023 — 375,000 9.250% senior secured notes due 2025 9.25% April 2025 775,000 775,000 7.375% senior secured notes due 2025 7.375% September 2025 850,000 850,000 4.00% senior exchangeable notes due 2025 4.00% April 2025 333,220 345,000 Finance lease obligations — 889 Face value of total debt outstanding 4,806,786 4,807,505 Less current portion of debt outstanding (29,290) (26,068) Face value of long-term debt outstanding $ 4,777,496 $ 4,781,437 _____________________________ (1) The balances under the Other Term Loan B facility and the Revolver were refinanced pursuant to the 2021 Refinancing (as defined below), with the proceeds of the Term Loan B-1 and Term Loan B-2. On July 12, 2021, pursuant to the 2021 Refinancing (as defined below), we drew $25 million under the Revolver, entered into agreements to refinance the $400 million outstanding balance and terminated the revolving commitments thereunder. See the discussion of the 2021 Refinancing below. We had outstanding letters of credit totaling $10 million as of December 31, 2021, which were secured by a $20 million cash collateral deposit account. We had $375 million outstanding under the Revolver on December 31, 2020, and had outstanding letters of credit totaling $10 million as of December 31, 2020, which reduced our overall credit capacity under the Revolver. Senior Secured Credit Facilities Refinancing Transactions On August 23, 2017, Sabre GLBL entered into a Fourth Incremental Term Facility Amendment to our Amended and Restated Credit Agreement, Term Loan A Refinancing Amendment to our Amended and Restated Credit Agreement, and Second Revolving Facility Refinancing Amendment to our Amended and Restated Credit Agreement (the “2017 Refinancing”). The 2017 Refinancing included a $400 million revolving credit facility ("Revolver") as well as the application of the proceeds of the approximately $1,891 million incremental Term Loan B facility (“Term Loan B”) and $570 million Term Loan A facility (“Term Loan A”). On August 27, 2020, Sabre GLBL entered into a Third Revolving Facility Refinancing Amendment to the Amended and Restated Credit Agreement (the "Third Revolving Refinancing Amendment") and the First Term A Loan Extension Amendment to the Amended and Restated Credit Agreement (the "Term A Loan Extension Amendment" and, together with the Third Revolving Refinancing Amendment, the "2020 Refinancing"), which extended the maturity of the Revolver from July 1, 2022 to November 23, 2023 at the earliest and February 22, 2024 at the latest, depending on certain "springing" maturity conditions as described in the Third Revolving Refinancing Amendment. In addition to extending the maturity date of the Revolver, the 2020 Refinancing also provided that, during any covenant suspension resulting from a "Material Travel Event Disruption" (as defined in the Amended and Restated Credit Agreement), including during the current covenant suspension period, we were required to maintain liquidity of at least $300 million on a monthly basis, which was lowered in December 2020 from $450 million. In addition, during this covenant suspension, the 2020 Refinancing limited certain payments to equity holders, certain investments, certain prepayments of unsecured debt and the ability of certain subsidiaries to incur additional debt. The applicable margins for the Revolver were between 2.50% and 1.75% per annum for Eurocurrency rate loans and between 1.50% and 0.75% per annum for base rate loans, with the applicable margin for any quarter reduced by 25 basis points (up to 75 basis points total) if the Senior Secured First-Lien Net Leverage Ratio (as defined in the Amended and Restated Credit Agreement) was less than 3.75 to 1.0, 3.00 to 1.0, or 2.25 to 1.0, respectively. These interest rate spreads for the Revolver were increased by 0.25%, during covenant suspension, in connection with the 2020 Refinancing. On December 17, 2020, Sabre GLBL entered into a Sixth Term A Loan Refinancing and Incremental Amendment to our Amended and Restated Credit Agreement, resulting in additional Term Loan B borrowings of $637 million ("Other Term B Loans") due December 17, 2027. The applicable interest rate margins for the Other Term B Loans are 4.00% per annum for Eurocurrency rate loans and 3.00% per annum for base rate loans, with a floor of 0.75% for the Eurocurrency rate, and 1.75% for the base rate, respectively. The net proceeds of $623 million from the issuance, net of underwriting fees and commissions, were used to fully redeem both the $500 million outstanding 5.25% senior secured notes due November 2023 and the $134 million outstanding Term Loan A. We incurred no material additional indebtedness as a result of these transactions, other than amounts for certain interest, fees and expenses. We recognized a loss on extinguishment of debt of $11 million during the year ended December 31, 2020 in connection with these transactions, which consisted of a redemption premium of $6 million and the write-off of unamortized debt issuance costs of $5 million. On July 12, 2021, we entered into agreements to refinance the Other Term Loan B facility and the Revolver, and terminated the revolving commitments thereunder (the "2021 Refinancing"). We incurred no additional indebtedness as a result of the 2021 Refinancing, other than amounts covering certain interest, fees and expenses. Among other things, the 2021 Refinancing amended the financial performance covenant to remove the minimum liquidity requirement of $300 million, the Total Net Leverage Ratio maintenance requirement, and certain other limitations. The 2021 Refinancing included the application of the proceeds of (i) a new $404 million term loan “B-1” facility (the “New Term B-1 Facility”) and (ii) a new $644 million term loan “B-2” facility (the "New Term B-2 Facility" and together with the New Term B-1 Facility, the “New Facilities”), borrowed by Sabre GLBL under our Amended and Restated Credit Agreement, to pay down in full approximately $634 million of Other Term B Loans and the outstanding $400 million Revolver balance, and to terminate the revolving commitments thereunder. The remaining proceeds, net of a $3 million discount, were used to pay a $6 million redemption premium and $6 million in other fees associated with the refinancing. We recognized a loss on extinguishment of debt in connection with these transactions during the year ended December 31, 2021 of $13 million and debt modification costs for financing fees of $2 million recorded to Other, net. The New Facilities mature on December 17, 2027, and we have the ability to prepay the New Facilities after December 17, 2021 without a premium. In addition, on July 2, 2021, in anticipation of the Revolver repayment and termination of the revolving commitments (and related letter of credit subfacility), Sabre GLBL entered into a new $20 million bilateral letter of credit facility, which is secured by a cash collateral deposit account and included as Restricted cash on our consolidated balance sheets as of December 31, 2021. Principal Payments Term Loan B matures on February 22, 2024 and requires principal payments in equal quarterly installments of 0.25% through to the maturity date on which the remaining balance is due. Term Loan B-1 and Term Loan B-2 mature on December 17, 2027 and require principal payments in equal quarterly installments of 0.25% through to the maturity date on which the remaining balance is due. For the year ended December 31, 2021, we made $24 million of scheduled principal payments. We are also required to pay down the term loans by an amount equal to 50% of annual excess cash flow, as defined in the Amended and Restated Credit Agreement. This percentage requirement may decrease or be eliminated if certain leverage ratios are achieved. Based on our results for the year ended December 31, 2020, we were not required to make an excess cash flow payment in 2021, and no excess cash flow payment is expected to be required in 2022 with respect to our results for the year ended December 31, 2021. We are further required to pay down the term loan with proceeds from certain asset sales or borrowings as defined in the Amended and Restated Credit Agreement. Financial Covenants Under the Amended and Restated Credit Agreement, the loan parties are subject to certain customary non-financial covenants, including certain restrictions on incurring certain types of indebtedness, creation of liens on certain assets, making of certain investments, and payment of dividends. We are further required to pay down the term loans with proceeds from certain asset sales, if not reinvested into the business within 15 months, as defined in the Amended and Restated Credit Agreement. As of December 31, 2021, we are in compliance with all covenants under the terms of the Amended and Restated Credit Agreement. Interest Borrowings under the Amended and Restated Credit Agreement bear interest at a rate equal to either, at our option: (i) the Eurocurrency rate plus an applicable margin for Eurocurrency borrowings as set forth below, or (ii) a base rate determined by the highest of (1) the prime rate of Bank of America, (2) the federal funds effective rate plus 1/2% or (3) LIBOR plus 1.00%, plus an applicable margin for base rate borrowings as set forth below. The Eurocurrency rate is based on LIBOR for all U.S. dollar borrowings and has a floor. We have elected the one-month LIBOR as the floating interest rate on all of our outstanding term loans. Interest payments are due on the last day of each month as a result of electing one-month LIBOR. Interest on a portion of the outstanding loan was hedged with interest rate swaps (see Note 10. Derivatives). Eurocurrency borrowings Base rate borrowings Applicable Margin (1) Applicable Margin Term Loan B 2.00% 1.00% Term Loan B-1 3.50% 2.50% Term Loan B-2 3.50% 2.50% _____________________________ (1) Term Loan B is subject to a 0.00% floor, while Term Loan B-1 and Term Loan B-2 are subject to a 0.50% floor. Applicable margins for the Term Loan B are 2.00% per annum for Eurocurrency rate loans and 1.00% per annum for base rate loans over the life of the loan, with a floor of 0.00%. Applicable margins for the Term Loan B-1 and Term Loan B-2 are 3.50% per annum for Eurocurrency rate loans and 2.50% per annum for base rate loans over the life of the loan, with a floor of 0.50% for the Eurocurrency rate, and 1.50% for the base rate, respectively. The Eurocurrency rate is based on LIBOR. In July 2017, the Financial Conduct Authority announced its intention to phase out LIBOR by the end of 2021, and subsequently extended the phase-out date to June 30, 2023. In July 2021, we entered into the 2021 Refinancing which, among other things, allows for the LIBOR rate to be phased out and replaced with the Secured Overnight Financing Rate plus a credit spread adjustment factor for Term Loan B-1 and Term Loan B-2. Term Loan B allows for a transition to the Prime rate plus a margin from the LIBOR rate. Our effective interest rates on borrowings under the Amended and Restated Credit Agreement for the years ended December 31, 2021, 2020 and 2019, inclusive of amounts charged to interest expense, are as follows: Year Ended December 31, 2021 2020 2019 Including the impact of interest rate swaps 3.91 % 4.03 % 4.64 % Excluding the impact of interest rate swaps 3.33 % 3.26 % 4.63 % Effective December 31, 2021 all outstanding interest rate swaps have matured. Senior Secured Notes due 2025 On April 17, 2020, Sabre GLBL entered into a new debt agreement consisting of $775 million aggregate principal amount of 9.250% senior secured notes due 2025 (the “April 2025 Notes”). The April 2025 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL’s restricted subsidiaries that guarantee Sabre GLBL’s credit facility. The April 2025 Notes bear interest at a rate of 9.250% per annum and interest payments are due semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2020. The April 2025 Notes mature on April 15, 2025. The net proceeds received from the sale of the April 2025 Notes of $763 million, net of underwriting fees and commissions, are being used for general corporate purposes. On August 27, 2020, Sabre GLBL entered into a new debt agreement consisting of $850 million aggregate principal amount of 7.375% senior secured notes due 2025 (the “September 2025 Notes”). The September 2025 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL’s restricted subsidiaries that guarantee Sabre GLBL’s credit facility. The September 2025 Notes bear interest at a rate of 7.375% per annum and interest payments are due semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2021. The September 2025 Notes mature on September 1, 2025. The net proceeds of $839 million received from the sale of the September 2025 Notes, net of underwriting fees and commissions, plus cash on hand, was used to: (1) repay approximately $319 million principal amount of debt under the Term Loan A; (2) redeem all of our $530 million outstanding 5.375% senior secured notes due April 2023; and (3) repay approximately $3 million principal amount of debt under the Term Loan B. We recognized a loss on extinguishment of debt of $10 million during the year ended December 31, 2020 in connection with these transactions which consisted of a redemption premium of $7 million and the write-off of unamortized debt issuance costs of $3 million. Exchangeable Notes On April 17, 2020, Sabre GLBL entered into a new debt agreement consisting of $345 million aggregate principal amount of 4.000% senior exchangeable notes due 2025 (the “Exchangeable Notes”). The Exchangeable Notes are senior, unsecured obligations of Sabre GLBL, accrue interest payable semi-annually in arrears and mature on April 15, 2025, unless earlier repurchased or exchanged in accordance with specified circumstances and terms of the indenture governing the Exchangeable Notes. Under the terms of indenture, the notes are exchangeable into common stock of Sabre Corporation (referred to as "our common stock" herein) at the following times or circumstances: • during any calendar quarter commencing after the calendar quarter ended June 30, 2020, if the last reported sale price per share of our common stock exceeds 130% of the exchange price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; • during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the "Measurement Period") if the trading price per $1,000 principal amount of Exchangeable Notes, as determined following a request by their holder in accordance with the procedures in the indenture, for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the exchange rate on such trading day; • upon the occurrence of certain corporate events or distributions on our common stock, including but not limited to a “Fundamental Change” (as defined in the indenture governing the notes); • upon the occurrence of specified corporate events; or • on or after October 15, 2024, until the close of business on the second scheduled trading day immediately preceding the maturity date, April 15, 2025. With certain exceptions, upon a Change of Control or other Fundamental Change (both as defined in the indenture governing the Exchangeable Notes), the holders of the Exchangeable Notes may require us to repurchase all or part of the principal amount of the Exchangeable Notes at a repurchase price equal to 100% of the principal amount of the Exchangeable Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. Due to the price of our common stock during the 30 days preceding December 31, 2021, the first condition above has not been met as of December 31, 2021 and the Exchangeable Notes are not exchangeable by the holders during the first quarter of 2022. As of December 31, 2021 , the if-converted value of the Exchangeable Notes exceeds the outstanding principal amount by $30 million. The Exchangeable Notes are convertible at their holder’s election into shares of our common stock based on an initial conversion rate of 126.9499 shares of common stock per $1,000 principal amount of the Exchangeable Notes, which is equivalent to an initial conversion price of approximately $7.88 per share. The exchange rate is subject to anti-dilution and other adjustments. Upon conversion, Sabre GLBL will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of common stock, at our election. If a “Make-Whole Fundamental Change” (as defined in the Exchangeable Notes Indenture) occurs with respect to any Exchangeable Note and the exchange date for the exchange of such Exchangeable Note occurs during the related “Make-Whole Fundamental Change Exchange Period” (as defined in the Exchangeable Notes Indenture), then, subject to the provisions set forth in the Exchangeable Notes Indenture, the exchange rate applicable to such exchange will be increased by a number of shares set forth in the table contained in the Exchangeable Notes Indenture, based on a function of the time since origination and our stock price on the date of the occurrence of such Make-Whole Fundamental Change. The net proceeds received from the sale of the Exchangeable Notes of $336 million, net of underwriting fees and commissions, are being used for general corporate purposes. During the year ended December 31, 2021, a certain holder elected to exchange $10 million of the Exchangeable Notes for 1,269,497 shares of common stock, which we elected to settle in shares of our common stock. Additionally, certain holders elected to exchange $2 million of the Exchangeable Notes for $3 million in cash, which we elected to settle in cash. As of December 31, 2021, we have $333 million aggregate principal amount of Exchangeable Notes outstanding. As the result of the adoption of a new accounting standard on January 1, 2021, using the full retrospective method, the Exchangeable Notes are presented as a single liability measured at amortized cost. As presented in Note 1. Summary of Business and Significant Accounting Policies, the component of the Exchangeable Notes originally bifurcated as equity was derecognized and accounted for as a liability. The net deferred tax liability originally established in connection with the debt discount and issuance costs within equity was also removed and the debt issuance costs which were allocated to equity were reclassified to debt and amortized using an effective interest rate of approximately 5%. The following table sets forth the carrying value of the Exchangeable Notes as of December 31, 2021 (in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Principal $ 333,220 $ 345,000 Less: Unamortized debt discount 7,917 10,443 Net carrying value (1) $ 325,303 $ 334,557 The following table sets forth interest expense recognized related to the Exchangeable Notes for year ended December 31, 2021 (in thousands): Year Ended Year Ended Contractual interest expense $ 13,576 $ 9,698 Amortization of issuance costs 2,209 1,527 Aggregate Maturities As of December 31, 2021, aggregate maturities of our long-term debt were as follows (in thousands): Amount Years Ending December 31, 2022 $ 29,290 2023 29,290 2024 1,778,665 2025 1,968,700 2026 10,480 Thereafter 990,361 Total $ 4,806,786 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 10. Derivatives Hedging Objectives—We are exposed to certain risks relating to ongoing business operations. The primary risks managed by using derivative instruments are foreign currency exchange rate risk and interest rate risk. Forward contracts on various foreign currencies are entered into to manage the foreign currency exchange rate risk on operational expenditures' exposure denominated in foreign currencies. Interest rate swaps are entered into to manage interest rate risk associated with our floating-rate borrowings. In accordance with authoritative guidance on accounting for derivatives and hedging, we designate foreign currency forward contracts as cash flow hedges on operational exposure and interest rate swaps as cash flow hedges of floating-rate borrowings. Cash Flow Hedging Strategy—To protect against the reduction in value of forecasted foreign currency cash flows, we hedge portions of our revenues and expenses denominated in foreign currencies with forward contracts. For example, when the dollar strengthens significantly against the foreign currencies, the decline in present value of future foreign currency expense is offset by losses in the fair value of the forward contracts designated as hedges. Conversely, when the dollar weakens, the increase in the present value of future foreign currency expense is offset by gains in the fair value of the forward contracts. Due to the uncertainty driven by the COVID-19 pandemic on our foreign currency exposures, we have paused entering into new cash flow hedges of forecasted foreign currency cash flows until we have more clarity regarding the recovery trajectory and its impacts on net exposures. We enter into interest rate swap agreements to manage interest rate risk exposure. The interest rate swap agreements modify our exposure to interest rate risk by converting floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense and net earnings. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreements without an exchange of the underlying principal amount. For derivative instruments that are designated and qualify as cash flow hedges, the effective portions and ineffective portions of the gain or loss on the derivative instruments, and the hedge components excluded from the assessment of effectiveness, are reported as a component of other comprehensive income (loss) (“OCI”) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. Derivatives not designated as hedging instruments are carried at fair value with changes in fair value reflected in Other, net in the consolidated statement of operations. Forward Contracts —In order to hedge our operational expenditures' exposure to foreign currency movements, we were a party to certain foreign currency forward contracts that extended until December 31, 2020. We designated these instruments as cash flow hedges. No hedging ineffectiveness was recorded in earnings relating to the forward contracts during the years ended December 31, 2021 and 2020. As of December 31, 2021, we had no unsettled forward contracts. Interest Rate Swap Contracts —We had no interest rate swaps outstanding as of December 31, 2021. Interest swaps matured during the years ended December 31, 2021, 2020 and 2019 as follows: Notional Amount Interest Rate Received Interest Rate Paid Effective Date Maturity Date Designated as Hedging Instrument $1,350 million 1 month LIBOR (1) 2.27% December 31, 2018 December 31, 2019 $1,200 million 1 month LIBOR (1) 2.19% December 31, 2019 December 31, 2020 $600 million 1 month LIBOR (1) 2.81% December 31, 2020 December 31, 2021 ____________________ (1) Subject to a 1% floor. In September 2017, we entered into forward starting interest rate swaps to hedge the interest payments associated with $750 million of the floating-rate Term Loan B. The total notional outstanding of $750 million became effective December 31, 2019 and extended through the full year 2020. In April 2018, we entered into forward starting interest rate swaps to hedge the interest payments associated with $600 million, $300 million and $450 million of the floating-rate Term Loan B related to years 2019, 2020 and 2021, respectively. In December 2018, we entered into forward starting interest rate swaps to hedge the interest payments associated with $150 million of the floating-rate Term Loan B for the years 2020 and 2021. We have designated these swaps as cash flow hedges. The estimated fair values of our derivatives designated as hedging instruments as of December 31, 2021 and 2020 are as follows (in thousands): Derivative Liabilities Fair Value as of December 31, Derivatives Designated as Hedging Instruments Consolidated Balance Sheet Location 2021 2020 Interest rate swaps Other accrued liabilities $ — $ (16,038) Total $ — $ (16,038) The effects of derivative instruments, net of taxes, on OCI for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): Amount of Loss Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 2019 Foreign exchange contracts $ — $ (4,652) $ (360) Interest rate swaps (134) (15,869) (14,857) Total $ (134) $ (20,521) $ (15,217) Amount of Loss Reclassified from Accumulated Year Ended December 31, Derivatives in Cash Flow Hedging Relationships Income Statement Location 2021 2020 2019 Foreign exchange contracts Cost of revenue, excluding technology costs $ — $ 2,992 $ 5,351 Interest rate swaps Interest expense, net 12,805 14,898 156 Total $ 12,805 $ 17,890 $ 5,507 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for that asset or liability. Guidance on fair value measurements and disclosures establishes a valuation hierarchy for disclosure of inputs used in measuring fair value defined as follows: Level 1—Inputs are unadjusted quoted prices that are available in active markets for identical assets or liabilities. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets and quoted prices in non-active markets, inputs other than quoted prices that are observable, and inputs that are not directly observable, but are corroborated by observable market data. Level 3—Inputs that are unobservable and are supported by little or no market activity and reflect the use of significant management judgment. The classification of a financial asset or liability within the hierarchy is determined based on the least reliable level of input that is significant to the fair value measurement. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We also consider the counterparty and our own non-performance risk in our assessment of fair value. Assets and Liabilities that are Measured at Fair Value on a Recurring Basis Interest Rate Swaps— The fair value of our interest rate swaps are estimated using a combined income and market-based valuation methodology based upon Level 2 inputs, including credit ratings and forward interest rate yield curves obtained from independent pricing services. Pension Plan Assets —See Note 16. Pension and Other Postretirement Benefit Plans, for fair value information on our pension plan assets. The following tables present our liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2020 (in thousands): Fair Value at Reporting Date Using December 31, 2020 Level 1 Level 2 Level 3 Derivatives (1) : Interest rate swap contracts $ (16,038) $ — $ (16,038) $ — Total $ (16,038) $ — $ (16,038) $ — ____________________ (1) See Note 10. Derivatives for further details. There were no transfers between Levels 1 and 2 within the fair value hierarchy for the years ended December 31, 2021 and 2020. Other Financial Instruments The carrying value of our financial instruments including cash and cash equivalents, restricted cash and accounts receivable approximates their fair values due to the short term nature of these instruments. The fair values of our Exchangeable Notes, senior secured notes due 2025 and term loans under our Amended and Restated Credit Agreement are determined based on quoted market prices for a similar liability when traded as an asset in an active market, a Level 2 input. The following table presents the fair value and carrying value of our senior notes and borrowings under our senior secured credit facilities as of December 31, 2021 and 2020 (in thousands): Fair Value at December 31, Carrying Value (1) at December 31, Financial Instrument 2021 2020 2021 2020 Term Loan B $ 1,767,432 $ 1,785,843 $ 1,803,318 $ 1,821,016 Term Loan B-1 397,458 — 401,036 — Term Loan B-2 633,171 — 635,416 — Other Term Loan B (1) — 639,389 — 630,663 Revolver, $400 million — 375,000 — 375,000 9.25% senior secured notes due 2025 877,916 925,610 775,000 775,000 7.375% senior secured notes due 2025 886,423 925,030 850,000 850,000 4.00% senior exchangeable notes due 2025 454,459 610,907 333,220 345,000 _____________________ (1) Excludes net unamortized debt issuance costs. Assets that are Measured at Fair Value on a Nonrecurring Basis As described in Note 1. Summary of Business and Significant Accounting Policies, we assess goodwill and other intangible assets with indefinite lives for impairment annually or more frequently if indicators arise. We continually monitor events and changes in circumstances such as changes in market conditions, near and long-term demand and other relevant factors, that could indicate that the fair value of any one of our reporting units may more likely than not have fallen below its respective carrying amount. We have not identified any triggering events or changes in circumstances that would require us to perform a goodwill impairment test and we did not record any goodwill impairment charges for the year ended December 31, 2021. As we cannot predict the duration or scope of the COVID-19 pandemic, future impairments may occur and the negative financial impact to our consolidated financial statements and results of operations of potential future impairments cannot be reasonably estimated but could be material. See Note 5. Goodwill and Intangible Assets for additional information. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 12. Leases The following table presents the components of lease expense for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Operating lease cost $ 28,932 $ 25,442 Finance lease cost: Amortization of right-of-use assets $ 1,076 $ 6,743 Interest on lease liabilities 34 124 Total finance lease cost $ 1,110 $ 6,867 The following table presents supplemental cash flow information related to leases (in thousands): Year Ended December 31, 2021 2020 Supplemental Cash Flow Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 26,517 $ 23,694 Operating cash flows used in finance leases 34 124 Financing cash flows used in finance leases 75 4,600 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 296 $ 89,328 The following table presents supplemental balance sheet information related to leases (in thousands): December 31, 2021 2020 Operating Leases Operating lease right-of-use assets $ 99,587 $ 125,110 Other accrued liabilities 21,106 37,892 Other noncurrent liabilities 79,368 97,403 Total operating lease liabilities $ 100,474 $ 135,295 Finance Leases Property and equipment 33,819 34,931 Accumulated depreciation (33,819) (32,747) Property and equipment, net $ — $ 2,184 Other accrued liabilities — 889 Total finance lease liabilities $ — $ 889 The following table presents other supplemental information related to leases: December 31, 2021 2020 Weighted Average Remaining Lease Term (in years) Operating leases 7.9 7.9 Finance leases — 1 Weighted Average Discount Rate Operating leases 5.5 % 5.3 % Finance leases — % 4.0 % Sale and Leaseback Transaction During the fourth quarter of 2020, we completed the sale of our two headquarters buildings for aggregate receipts, net of closing costs, of $69 million. Our carrying value for the buildings approximated the proceeds from the sale. Contemporaneously with the closing of the sale, we entered into two leases pursuant to which we leased back the properties for initial terms of 12 years and 18 months, respectively, with renewal options up to 10 years in certain circumstances. Both leases entered into as a result of the sale and leaseback transaction are classified as operating leases. In connection with these leases, lease liabilities representing the fair value of future lease payments of $46 million were recorded within the consolidated balance sheet as of December 31, 2020 and a non-cash net gain on sale of $10 million was recorded to Other, net, resulting in right-of-use assets of $56 million recorded within the consolidated balance sheet as of December 31, 2020. The net proceeds from the sale will be used for general operating purposes. Lease Commitments We lease certain facilities under long term operating leases. Collectively, we lease approximately 1.3 million square feet of office space in 65 locations in 38 countries. Certain of our lease agreements contain renewal options, early termination options and/or payment escalations based on fixed annual increases, local consumer price index changes or market rental reviews. We recognize rent expense with fixed rate increases and/or fixed rent reductions on a straight line basis over the term of the lease. Our leases have remaining minimum terms that range between one ten Year Ending December 31, Operating Leases 2022 $ 21,684 2023 17,126 2024 15,682 2025 11,125 2026 11,726 Thereafter 48,993 Total 126,336 Imputed Interest (25,862) Total $ 100,474 |
Leases | 12. Leases The following table presents the components of lease expense for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Operating lease cost $ 28,932 $ 25,442 Finance lease cost: Amortization of right-of-use assets $ 1,076 $ 6,743 Interest on lease liabilities 34 124 Total finance lease cost $ 1,110 $ 6,867 The following table presents supplemental cash flow information related to leases (in thousands): Year Ended December 31, 2021 2020 Supplemental Cash Flow Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 26,517 $ 23,694 Operating cash flows used in finance leases 34 124 Financing cash flows used in finance leases 75 4,600 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 296 $ 89,328 The following table presents supplemental balance sheet information related to leases (in thousands): December 31, 2021 2020 Operating Leases Operating lease right-of-use assets $ 99,587 $ 125,110 Other accrued liabilities 21,106 37,892 Other noncurrent liabilities 79,368 97,403 Total operating lease liabilities $ 100,474 $ 135,295 Finance Leases Property and equipment 33,819 34,931 Accumulated depreciation (33,819) (32,747) Property and equipment, net $ — $ 2,184 Other accrued liabilities — 889 Total finance lease liabilities $ — $ 889 The following table presents other supplemental information related to leases: December 31, 2021 2020 Weighted Average Remaining Lease Term (in years) Operating leases 7.9 7.9 Finance leases — 1 Weighted Average Discount Rate Operating leases 5.5 % 5.3 % Finance leases — % 4.0 % Sale and Leaseback Transaction During the fourth quarter of 2020, we completed the sale of our two headquarters buildings for aggregate receipts, net of closing costs, of $69 million. Our carrying value for the buildings approximated the proceeds from the sale. Contemporaneously with the closing of the sale, we entered into two leases pursuant to which we leased back the properties for initial terms of 12 years and 18 months, respectively, with renewal options up to 10 years in certain circumstances. Both leases entered into as a result of the sale and leaseback transaction are classified as operating leases. In connection with these leases, lease liabilities representing the fair value of future lease payments of $46 million were recorded within the consolidated balance sheet as of December 31, 2020 and a non-cash net gain on sale of $10 million was recorded to Other, net, resulting in right-of-use assets of $56 million recorded within the consolidated balance sheet as of December 31, 2020. The net proceeds from the sale will be used for general operating purposes. Lease Commitments We lease certain facilities under long term operating leases. Collectively, we lease approximately 1.3 million square feet of office space in 65 locations in 38 countries. Certain of our lease agreements contain renewal options, early termination options and/or payment escalations based on fixed annual increases, local consumer price index changes or market rental reviews. We recognize rent expense with fixed rate increases and/or fixed rent reductions on a straight line basis over the term of the lease. Our leases have remaining minimum terms that range between one ten Year Ending December 31, Operating Leases 2022 $ 21,684 2023 17,126 2024 15,682 2025 11,125 2026 11,726 Thereafter 48,993 Total 126,336 Imputed Interest (25,862) Total $ 100,474 |
Stock and Stockholders_ Equity
Stock and Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stock and Stockholders’ Equity | 13. Stock and Stockholders’ Equity Preferred Stock On August 24, 2020, we completed an offering of 3,340,000 shares of our 6.50% Series A Mandatory Convertible Preferred Stock (the "Preferred Stock"), which generated net proceeds of approximately $323 million for use as general corporate purposes. The Preferred Stock accumulates cumulative dividends at a rate per annum equal to 6.50% of the liquidation preference of $100 per share (equivalent to $6.50 annually per share) payable in cash or, subject to certain limitations, by delivery of shares of our common stock or any combination of cash and shares of our common stock, at our election; provided, however, that any undeclared and unpaid dividends will continue to accumulate. Dividends are payable when, as and if declared by our Board of Directors, out of funds legally available for their payment to the extent paid in cash, quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on December 1, 2020 and ending on, and including, September 1, 2023. Declared dividends on the Preferred Stock will be payable, at our election, in cash, shares of our common stock or a combination of cash and shares of our common stock. Subject to limited exceptions, no dividends may be declared or paid on shares of our common stock, unless all accumulated dividends have been paid or set aside for payment on all outstanding shares of our Preferred Stock for all past completed dividend periods. In the event of our voluntary or involuntary liquidation, dissolution or winding-up, no distribution of our assets may be made to holders of our common stock until we have paid to holders of our Preferred Stock a liquidation preference equal to $100 per share plus accumulated and unpaid dividends. We recorded $22 million of accrued preferred stock dividends in our consolidated results of operations for the year ended December 31, 2021. During the year ended December 31, 2021, we paid cash dividends on our preferred stock of $22 million. On February 2, 2022, the Board of Directors declared a dividend of $1.625 per share on Preferred Stock payable on March 1, 2022 to holders of record of the Preferred Stock on February 15, 2022. Unless earlier converted, each outstanding share of Preferred Stock will automatically convert, on the mandatory conversion date, which is expected to be September 1, 2023 into shares of our common stock at a rate between 11.9048 and 14.2857, subject to customary anti-dilution adjustments. The number of shares of our common stock issuable upon conversion will be determined based on the average volume-weighted average price per share of our common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately before September 1, 2023. The number of shares issued at conversion based on the unadjusted conversion rates will be between 39 million and 47 million shares. Holders of the Preferred Stock have the right to convert all or any portion of their shares at any time until the close of business on the mandatory conversion date. Early conversions that are not in connection with a “Make-Whole Fundamental Change” (as defined in the Certificate of Designations governing the Preferred Stock) will be settled at the minimum conversion rate of 11.9048. If a Make-Whole Fundamental Change occurs, holders of the Preferred Stock will, in certain circumstances, be entitled to convert their shares at an increased conversion rate for a specified period of time and receive an amount to compensate them for certain unpaid accumulated dividends and any remaining future scheduled dividend payments. In the fourth quarter of 2021, a certain holder elected to convert 50,000 shares of preferred stock to 595,240 shares of common stock. The Preferred Stock is not redeemable at our election before the mandatory conversion date. The holders of the Preferred Stock do not have any voting rights, with limited exceptions. In the event that Preferred Stock dividends have not been declared and paid in an aggregate amount corresponding to six or more dividend periods, whether or not consecutive, the holders of the Preferred Stock will have the right to elect two new directors until all accumulated and unpaid Preferred Stock dividends have been paid in full, at which time that right will terminate. Common Stock On August 24, 2020, we completed an offering of 41,071,429 shares of our common stock which generated net proceeds of approximately $275 million for use as general corporate purposes. During the year ended December 31, 2021, we did not pay cash dividends on our common stock. We paid a cash dividend on our common stock of $0.14 per share, totaling $39 million, on March 30, 2020, and we paid a quarterly cash dividend on our common stock of $0.14 per share, totaling $154 million, during the year ended December 31, 2019. Given the impacts of COVID-19, we suspended the payment of quarterly cash dividends on our common stock, effective with respect to the dividends occurring after the March 30, 2020 payment. Share Repurchase Program In February 2017, we announced the approval of a multi-year share repurchase program (the "Share Repurchase Program") to purchase up to $500 million of Sabre's common stock outstanding. Repurchases under the Share Repurchase Program may take place in the open market or privately negotiated transactions. For the years ended December 31, 2021 and 2020 we did not repurchase any shares pursuant to the Share Repurchase Program. For the year ended December 31, 2019 we repurchased 3,673,768 shares totaling $78 million pursuant to the Share Repurchase Program. On March 16, 2020, we announced the suspension of share repurchases under the Share Repurchase Program in conjunction with certain cash management measures we undertook as a result of the market conditions caused by COVID-19. Approximately $287 million remains authorized for repurchases under the Share Repurchase Program as of December 31, 2021. Exchangeable Notes On April 17, 2020, we issued $345 million aggregate principal amount of Exchangeable Notes. Under the terms of indenture, the Exchangeable Notes are exchangeable into our common stock under specified circumstances. During the year ended December 31, 2021 , a certain holder elected to exchange $10 million of the Exchangeable Notes for 1,269,497 shares of common stock. We elected to settle this conversion in shares of our common stock. As of December 31, 2021, we have $333 million aggregate principal amount of Exchangeable Notes outstanding. See Note 9. Debt for further details. We expect to settle the principal amount of the outstanding Exchangeable Notes in shares of our common stock. |
Equity-Based Awards
Equity-Based Awards | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement | 14. Equity-Based Awards As of December 31, 2021, our outstanding equity-based compensation plans and agreements include the Sovereign Holdings, Inc. Management Equity Incentive Plan (“Sovereign MEIP”), the Sovereign Holdings, Inc. 2012 Management Equity Incentive Plan (“Sovereign 2012 MEIP”), the Sabre Corporation 2014 Omnibus Incentive Compensation Plan (the “2014 Omnibus Plan”), the Sabre Corporation 2016 Omnibus Incentive Compensation Plan (the “2016 Omnibus Plan”), the Sabre Corporation 2019 Omnibus Incentive Compensation Plan (the "2019 Omnibus Plan"), the 2019 Director Equity Compensation Plan ("2019 Director Plan"), and the Sabre Corporation 2021 Omnibus Incentive Compensation Plan (the "2021 Omnibus Plan") . Our 2021 Omnibus Plan serves as a successor to the 2019 Omnibus Plan, the 2016 Omnibus Plan, the 2014 Omnibus Plan, the Sovereign MEIP and Sovereign 2012 MEIP and provides for the issuance of stock options, restricted shares, restricted stock units (“RSUs”), performance-based RSU awards (“PSUs”), cash incentive compensation and other stock-based awards. Our 2019 Director Plan provides for the issuance of RSUs, Deferred Stock Units ("DSUs"), and stock options to non-employee Directors. Outstanding awards under the 2016 Omnibus Plan, the 2014 Omnibus Plan, the Sovereign MEIP and Sovereign 2012 MEIP continue to be subject to the terms and conditions of their respective plan. We initially reserved 12,000,000 shares of our common stock for issuance under our 2021 Omnibus Plan. We added 6,438,450 shares that were reserved but not issued under the Sovereign MEIP, Sovereign 2012 MEIP, 2014 Omnibus, 2016 Omnibus Plans, and 2019 Omnibus Plan to the 2021 Omnibus Plan reserves, for a total of 18,438,450 authorized shares of common stock for issuance under the 2021 Omnibus Plan. Additionally, we have reserved 500,000 shares of our common stock for issuance under our 2019 Director Plan. Time-based options granted under the 2019, 2016, and 2014 Omnibus Plans prior to 2020 generally vest over a four year period with 25% vesting at the end of year one and the remaining vesting quarterly thereafter. Time-based options granted under the 2021 Omnibus plan and the 2019 Omnibus Plan in 2020 and 2021 vest over a three-year period, vesting in equal annual installments. Options granted prior to fiscal year 2020 vested over a four-year period. Options granted are exercisable for up to 10 years. RSUs generally vest over a four year period with 25% vesting annually. PSUs granted prior to 2020 generally vest over a four year period with 25% vesting annually. During 2020 and 2021, we granted PSUs that vest over a three year period in equal annual installments, as well as PSUs that cliff vest at the end of one The fair value of the stock options granted was estimated at the date of grant using the Black-Scholes option pricing model. For further details on these assumptions, see Note 1. Summary of Business and Significant Accounting Policies. The following table summarizes the weighted-average assumptions used: Year Ended December 31, 2021 2020 2019 Exercise price $ 11.81 $ 8.24 $ 21.37 Average risk-free interest rate 0.67 % 0.70 % 2.40 % Expected life (in years) 6.00 6.00 6.11 Expected volatility 54.95 % 36.41 % 26.32 % Dividend yield — % 5.11 % 2.62 % The following table summarizes the stock option award activities under our outstanding equity-based compensation plans and agreements for the year ended December 31, 2021: Weighted-Average Quantity Exercise Price Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) (1) Outstanding at December 31, 2020 3,300,256 $ 13.59 7.9 $ 7,401 Granted 19,641 11.81 Exercised (84,341) 8.81 Forfeited (61,383) 15.39 Expired (130,897) 22.95 Outstanding at December 31, 2021 3,043,276 $ 13.27 7.2 $ 733 Vested and exercisable at December 31, 2021 1,672,903 $ 16.37 6.4 $ 240 ______________________ (1) Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options awards and the closing price of our common stock of $8.59 and $12.02 on December 31, 2021 and 2020, respectively. If the aggregate intrinsic value is negative, it is assigned a nil value. The total intrinsic value of stock options exercised was immaterial for the years ended December 31, 2021 and 2020. For the year ended December 31, 2019, the total intrinsic value of stock options exercised was $4 million. The weighted-average fair values of options granted were $6.01, $1.71, and $4.55 during the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, $2 million in unrecognized compensation expense associated with stock options will be recognized over a weighted-average period of 1.5 years. The following table summarizes the activities for our RSUs for the year ended December 31, 2021: Quantity Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 12,309,646 $ 12.07 Granted 3,697,135 15.82 Vested (4,899,238) 12.43 Forfeited (871,986) 13.52 Unvested at December 31, 2021 10,235,557 $ 13.16 The total fair value of RSUs vested, as of their respective vesting dates, was $62 million, $52 million, and $47 million during the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, approximately $85 million in unrecognized compensation expense associated with RSUs will be recognized over a weighted average period of 2.2 years. The following table summarizes the activities for our PSUs for the year ended December 31, 2021: Quantity Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 2,846,795 $ 14.18 Granted 2,066,181 15.83 Vested (891,395) 17.84 Forfeited (244,436) 15.46 Unvested at December 31, 2021 3,777,145 $ 11.42 The total fair value of PSUs vested, as of their respective vesting dates, was $15 million, $14 million, and $11 million during the years ended December 31, 2021, 2020 and 2019, respectively. The recognition of compensation expense associated with PSUs is contingent upon the achievement of annual company-based performance measures. During the year ended December 31, 2020, we amended the 2020 performance metrics associated with PSUs that vest in March 2021 due to the impact of COVID-19 on our performance and these awards became subject to variable accounting based on the fair value at the end of each period with the cumulative effect of changes in fair value recorded each reporting period through March 2021. During the year ended December 31, 2021, we amended the performance criteria for all other outstanding PSUs as of March 2021. During the years ended December 31, 2021, 2020 and 2019, we assessed the probability of achieving the performance measures associated with PSU awards each reporting period and, if there was an adjustment, recorded the cumulative effect of the adjustment in that respective reporting period. As of December 31, 2021, unrecognized compensation expense associated with PSUs expected to vest totaled $31 million and $13 million for the annual measurement periods ending December 31, 2022 and 2023, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 15. Earnings Per Share The following table reconciles the numerators and denominators used in the computations of basic and diluted earnings per share from continuing operations (in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Numerator: (Loss) income from continuing operations $ (923,775) $ (1,283,927) $ 164,312 Less: Net income attributable to non-controlling interests 2,162 1,200 3,954 Less: Preferred stock dividends 21,602 7,659 — Net (loss) income from continuing operations available to common stockholders, basic and diluted $ (947,539) $ (1,292,786) $ 160,358 Denominator: Basic weighted-average common shares outstanding 320,922 289,855 274,168 Add: Dilutive effect of stock options and restricted stock awards — — 2,049 Diluted weighted-average common shares outstanding 320,922 289,855 276,217 Earnings per share from continuing operations: Basic $ (2.95) $ (4.46) $ 0.58 Diluted $ (2.95) $ (4.46) $ 0.58 Basic earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding plus the effect of all dilutive common stock equivalents during each period. The diluted weighted-average common shares outstanding calculation excludes 4 million and 2 million of dilutive stock options and restricted stock awards for the years ended December 31, 2021 and 2020, respectively, as their effect would be anti-dilutive given the net loss incurred in those periods. The calculation of diluted weighted-average shares excludes the impact of 2 million for the year ended December 31, 2021 and 3 million for the years ended December 31, 2020 and 2019 of anti-dilutive common stock equivalents. We have used the if-converted method for calculating any potential dilutive effect of the Exchangeable Notes on our diluted net income per share. Under the if-converted method, the Exchangeable Notes are assumed to be converted at the beginning of the period and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period being presented and interest expense, net of tax, recorded in connection with the Exchangeable Notes is added back to the numerator, only in the periods in which such effect is dilutive. The approximately 42 million and 44 million resulting common shares related to the Exchangeable Notes are not included in the dilutive weighted-average common shares outstanding calculation for the years ended December 31, 2021 and 2020, respectively, as their effect would be anti-dilutive given the net loss incurred in those periods. There was a $0.03 decrease to our earnings per share for the year ended December 31, 2020, as a result of the full retrospective adoption on January 1, 2021 of updated guidance affecting the accounting for the Exchangeable Notes. See Note 1. Summary of Business and Significant Accounting Policies for further information. Likewise, the potential dilutive effect of our Preferred Stock outstanding during the period was calculated using the if- converted method assuming the conversion as of the earliest period reported or at the date of issuance, if later. The approximately 39 million and 40 million resulting common shares related to the Preferred Stock are not included in the dilutive weighted-average common shares outstanding calculation for the years ended December 31, 2021 and 2020, respectively, as their effect would be anti-dilutive given the net loss incurred in those periods. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Plans | 16. Pension and Other Postretirement Benefit Plans We sponsor the Sabre Inc. 401(k) Savings Plan (“401(k) Plan”), which is a tax qualified defined contribution plan that allows tax-deferred savings by eligible employees to provide funds for their retirement. We make a matching contribution equal to 100% of each pre-tax dollar contributed by the participant on the first 6% of eligible compensation. During 2020, we temporarily suspended our 401(k) match program for US-based employees in connection with our cost reduction efforts in response to market conditions as the result of the COVID-19 pandemic. We recognized expenses related to the 401(k) Plan of approximately $18 million, $7 million and $23 million for the years ended December 31, 2021, 2020 and 2019, respectively. We sponsor the Sabre Inc. Legacy Pension Plan (“LPP”), which is a tax qualified defined benefit pension plan for employees meeting certain eligibility requirements. The LPP was amended to freeze pension benefit accruals as of December 31, 2005, and as a result, no additional pension benefits have been accrued since that date. In April 2008, we amended the LPP to add a lump sum optional form of payment which participants may elect when their plan benefits commence. The effect of the amendment was to decrease the projected benefit obligation by $34 million, which is being amortized over 23.5 years, representing the weighted average of the lump sum benefit period and the life expectancy of all plan participants. We also sponsor postretirement benefit plans for certain employees in Canada and other jurisdictions. The following tables provide a reconciliation of the changes in the LPP’s benefit obligations and fair value of assets during the years ended December 31, 2021 and 2020, and the unfunded status as of December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Change in benefit obligation: Benefit obligation at January 1 $ (469,016) $ (463,436) Interest cost (11,822) (14,675) Actuarial gain (loss), net 22,387 (53,831) Benefits paid 18,992 18,476 Lump sum settlement 21,500 44,450 Benefit obligation at December 31 $ (417,959) $ (469,016) Change in plan assets: Fair value of assets at January 1 $ 345,253 $ 338,264 Actual return on plan assets 26,330 55,215 Employer contributions 2,700 14,700 Benefits paid (18,992) (18,476) Lump sum settlement (21,500) (44,450) Fair value of assets at December 31 $ 333,791 $ 345,253 Unfunded status at December 31 $ (84,168) $ (123,763) The actuarial gain, net of $22 million for the year ended December 31, 2021 is attributable to an increase in the discount rate. The actuarial loss, net of $54 million for the year ended December 31, 2020 is attributable to a decrease in the discount rate. During the year ended December 31, 2021 and 2020 lump sum settlements occurred within our defined benefit pension plan which resulted in a loss of $8 million and $18 million, respectively, recorded to Other, net. The net benefit obligation of $84 million and $124 million as of December 31, 2021 and 2020, respectively, is included in other noncurrent liabilities in our consolidated balance sheets. The amounts recognized in accumulated other comprehensive income (loss) associated with the LPP, net of deferred taxes of $40 million as of December 31, 2021 and 2020, are as follows (in thousands): December 31, 2021 2020 Net actuarial loss $ (115,772) $ (159,709) Prior service credit 7,666 9,099 Pension settlement 21,534 14,005 Accumulated other comprehensive loss $ (86,572) $ (136,605) The following table provides the components of net periodic benefit costs associated with the LPP and the principal assumptions used in the measurement of the LPP benefit obligations and net benefit costs for the three years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Interest cost (1) $ 11,822 $ 14,675 $ 18,324 Expected return on plan assets (1) (14,334) (15,420) (18,510) Amortization of prior service credit (1) (1,432) (1,432) (1,432) Amortization of actuarial loss (1) 7,985 8,622 6,516 Net periodic benefit $ 4,041 $ 6,445 $ 4,898 Settlement charge (1) 7,529 18,071 — Net cost $ 11,570 $ 24,516 $ 4,898 Weighted-average discount rate used to measure benefit obligations 2.97 % 2.60 % 3.53 % Weighted average assumptions used to determine net benefit cost: Discount rate (2) 2.60 % 3.53 % 4.41 % Expected return on plan assets 5.00 % 5.00 % 5.75 % ________________________________ (1) Included in Other, net on our consolidated statement of operations. (2) Discount rates are as of January 1 of the respective years. Due to settlements during the year additional discount rates assumed are as follows: August 31, 2020: 2.76%, June 30, 2021: 2.89%, September 30, 2021: 2.96%. The following table provides the pre-tax amounts recognized in other comprehensive income (loss), including the amortization of the actuarial loss and prior service credit, associated with the LPP for the years ended December 31, 2021, 2020 and 2019 (in thousands): Obligations Recognized in Year Ended December 31, Other Comprehensive Income (Loss) 2021 2020 2019 Net actuarial loss (gain) $ (37,258) $ 15,225 $ 11,196 Pension settlement (7,529) (18,071) — Amortization of actuarial loss (7,985) (8,611) (6,516) Amortization of prior service credit 1,432 1,432 1,432 Total (income) loss recognized in other comprehensive income (loss) $ (51,340) $ (10,025) $ 6,112 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (39,771) $ 14,491 $ 11,010 Our overall investment strategy for the LPP is to provide and maintain sufficient assets to meet pension obligations both as an ongoing business, as well as in the event of termination, at the lowest cost consistent with prudent investment management, actuarial circumstances and economic risk, while minimizing the earnings impact. Diversification is provided by using an asset allocation primarily between equity and debt securities in proportions expected to provide opportunities for reasonable long term returns with acceptable levels of investment risk. Fair values of the applicable assets are determined as follows: Mutual Fund —The fair value of our mutual funds are estimated by using market quotes as of the last day of the period. Common Collective Trusts —The fair value of our common collective trusts are estimated by using market quotes as of the last day of the period, quoted prices for similar securities and quoted prices in non-active markets. Real Estate —The fair value of our real estate funds are derived from the fair value of the underlying real estate assets held by the funds. These assets are initially valued at cost and are reviewed periodically utilizing available market data to determine if the assets held should be adjusted. The basis for the selected target asset allocation included consideration of the demographic profile of plan participants, expected future benefit obligations and payments, projected funded status of the plan and other factors. The target allocations for LPP assets are 40% global equities, 15% real estate assets, 15% diversified credit and 28% liability hedging assets, and 2% cash. It is recognized that the investment management of the LPP assets has a direct effect on the achievement of its goal. As defined in Note 11. Fair Value Measurements, the following tables present the fair value of the LPP assets as of December 31, 2021 and 2020: Fair Value Measurements at December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Common collective trusts: Foreign equity securities $ — $ 269,860 $ — $ 269,860 U.S. equity securities — 54,944 — 54,944 Money market mutual fund 1,104 — — 1,104 Limited partnership interest: Real estate — — 7,883 7,883 Total assets at fair value $ 1,104 $ 324,804 $ 7,883 $ 333,791 Fair Value Measurements at December 31, 2020 Quoted Prices in Significant Significant Total Common collective trusts: Foreign equity securities $ — $ 263,244 $ — $ 263,244 U.S. equity securities — 65,257 — 65,257 Money market mutual fund 8,017 — — 8,017 Limited partnership interest: Real estate — — 8,735 8,735 Total assets at fair value $ 8,017 $ 328,501 $ 8,735 $ 345,253 The following table provides a rollforward of plan assets valued using significant unobservable inputs (level 3), in thousands: Real Estate Ending balance at December 31, 2019 $ 9,948 Contributions 87 Net distributions (300) Redemptions (573) Advisory fee (92) Net investment income 400 Unrealized loss (728) Net realized loss (7) Ending balance at December 31, 2020 $ 8,735 Net distributions (235) Redemptions (977) Advisory fee (83) Net investment income 330 Unrealized gain 89 Net realized gain 24 Ending balance at December 31, 2021 $ 7,883 We contributed $3 million and $15 million to fund our defined benefit pension plans during the years ended December 31, 2021 and 2020, respectively. Annual contributions to our defined benefit pension plans in the United States, Canada, and other jurisdictions are based on several factors that may vary from year to year. Our funding practice is to contribute the minimum required contribution as defined by law while also maintaining an 80% funded status as defined by the Pension Protection Act of 2006. Thus, past contributions are not always indicative of future contributions. On March 11, 2021, the American Rescue Plan Act ("ARPA") of 2021 was signed into law, which modified funding requirements for single-employer defined benefit pension plans by restarting and extending the amortization of funding shortfalls and extending and enhancing interest rate stabilization percentages. We have elected to use excess contributions resulting from a reduction to past contribution requirements allowed by ARPA to offset contributions for calendar year 2021 and 2022. As such, we do not expect to make contributions to our defined benefit pension plans in 2022. The expected long term rate of return on plan assets for each measurement date was selected after giving consideration to historical returns on plan assets, assessments of expected long term inflation and market returns for each asset class and the target asset allocation strategy. We do not anticipate the return of any plan assets to us in 2022. We expect the LPP to make the following estimated future benefit payments (in thousands): Amount 2022 $ 28,674 2023 26,873 2024 30,521 2025 33,280 2026 31,257 2027-2031 148,135 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies Purchase Commitments In the ordinary course of business, we make various commitments in connection with the purchase of goods and services from specific suppliers. We have outstanding commitments of approximately $2.8 billion. These purchase commitments extend through 2030. Legal Proceedings While certain legal proceedings and related indemnification obligations to which we are a party specify the amounts claimed, these claims may not represent reasonably possible losses. Given the inherent uncertainties of litigation, the ultimate outcome of these matters cannot be predicted at this time, nor can the amount of possible loss or range of loss, if any, be reasonably estimated, except in circumstances where an aggregate litigation accrual has been recorded for probable and reasonably estimable loss contingencies. A determination of the amount of accrual required, if any, for these contingencies is made after careful analysis of each matter. The required accrual may change in the future due to new information or developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. Antitrust Litigation and Investigations US Airways Antitrust Litigation In April 2011, US Airways filed suit against us in federal court in the Southern District of New York, alleging violations of the Sherman Act Section 1 (anticompetitive agreements) and Section 2 (monopolization). The complaint was filed fewer than two months after we entered into a new distribution agreement with US Airways. In September 2011, the court dismissed all claims relating to Section 2. The claims that were not dismissed are claims brought under Section 1 of the Sherman Act, relating to our contracts with US Airways, which US Airways claims contain anticompetitive provisions, and an alleged conspiracy with the other GDSs, allegedly to maintain the industry structure and not to compete for content. We strongly deny all of the allegations made by US Airways. Sabre filed summary judgment motions in April 2014. In January 2015, the court issued an order granting Sabre's summary judgment motions in part, eliminating a majority of US Airways' alleged damages and rejecting its request for injunctive relief by which US Airways sought to bar Sabre from enforcing certain provisions in our contracts. In September 2015, the court also dismissed US Airways' claim for declaratory relief. In February 2017, US Airways sought reconsideration of the court's opinion dismissing the claim for declaratory relief, which the court denied in March 2017. The trial on the remaining claims commenced in October 2016. In December 2016, the jury issued a verdict in favor of US Airways with respect to its claim under Section 1 of the Sherman Act regarding Sabre's contract with US Airways and awarded it $5 million in single damages. The jury rejected US Airways' claim alleging a conspiracy with the other GDSs. Based on the jury’s verdict, in March 2017 the court entered final judgment in favor of US Airways in the amount of $15 million, which is three times the jury’s award of $5 million as required by the Sherman Act. As a result of the jury's verdict, US Airways was also entitled to receive reasonable attorneys’ fees and costs under the Sherman Act. As such, it filed a motion seeking approximately $125 million in attorneys’ fees and costs, the amount of which we strongly dispute. In January 2018, the court denied US Airways' motion seeking attorneys' fees and costs, without prejudice. In the fourth quarter of 2016, we accrued a loss of $32 million, which represented the court's final judgment of $15 million, plus our estimate of $17 million for US Airways' reasonable attorneys’ fees, expenses and costs. In April 2017, we filed an appeal with the United States Court of Appeals for the Second Circuit seeking a reversal of the judgment. US Airways also filed a counter-appeal challenging earlier court orders, including the above-referenced orders dismissing and/or issuing summary judgment as to portions of its claims and damages. In connection with this appeal, we posted an appellate bond equal to the aggregate amount of the $15 million judgment entered plus interest, which stayed the judgment pending the appeal. The Second Circuit heard oral arguments on this matter in December 2018. In September 2019, the Second Circuit issued its Order and Opinion. The Second Circuit vacated the judgment with respect to US Airways’ claim under Section 1, reversed the trial court’s dismissal of US Airways’ claims relating to Section 2, and remanded the case to district court for a new trial. In addition, the Second Circuit affirmed the trial court’s ruling limiting US Airways’ damages. The judgment in our favor on US Airways' conspiracy claim remains intact. The lawsuit has been remanded to federal court in the Southern District of New York for further proceedings. The trial court has scheduled the trial to begin on April 25, 2022. We continue to believe that our business practices and contract terms are lawful. As a result of the Second Circuit’s opinion, we believe that the claims associated with this case are not probable; therefore, in the third quarter of 2019, we reversed our previously accrued loss of $32 million and do not have any losses accrued for this matter as of December 31, 2021. We have and will incur significant fees, costs and expenses for as long as the litigation is ongoing. In addition, litigation by its nature is highly uncertain and fraught with risk, and it is therefore difficult to predict the outcome of any particular matter, including any changes to our business that may be required as a result of the litigation. If favorable resolution of the matter is not reached upon remand, any monetary damages are subject to trebling under the antitrust laws and US Airways would be eligible to be reimbursed by us for its reasonable costs and attorneys’ fees. Depending on the amount of any such judgment, if we do not have sufficient cash on hand, we may be required to seek private or public financing. Depending on the outcome of the litigation, any of these consequences could have a material adverse effect on our business, financial condition and results of operations. American Airlines Commercial Litigation On June 29, 2021, American Airlines filed suit against us in state district court in Tarrant County, Texas, alleging that our New Airline Storefront, a modern retailing experience designed to enhance comparison shopping of airline offers in the GDS, and a new value-based incentive model with agencies breach our contract with American Airlines. American Airlines is seeking a temporary and permanent injunction preventing the alleged breach of contract. We strongly deny the allegations and have filed our response denying American Airlines’ allegations and seeking a declaratory judgment that, among other things, New Airline Storefront does not violate the contract and that the contract does not prohibit Sabre’s value-based fee arrangements. In October 2021, the court heard arguments to determine whether to grant a temporary injunction preventing the alleged breach of contract, and on October 27, 2021, the court issued a ruling denying the temporary injunction. The Court also denied American Airlines’ subsequent motion seeking reconsideration of the Court’s denial of the temporary injunction. We could incur significant fees, costs and expenses for as long as the litigation is ongoing. If we cannot resolve this matter favorably, we could be limited in our ability to utilize New Airline Storefront and make the value-based incentive payments until our contract with American Airlines terminates. Furthermore, if this dispute were to result in the termination of our distribution contract with American Airlines, we may be unable to negotiate a new contract with American Airlines on as favorable terms or at all, which could have a material adverse effect on our business, financial condition and results of operations. Indian Income Tax Litigation We are currently a defendant in income tax litigation brought by the Indian Director of Income Tax (“DIT”) in the Supreme Court of India. The dispute arose in 1999 when the DIT asserted that we have a permanent establishment within the meaning of the Income Tax Treaty between the United States and the Republic of India and accordingly issued tax assessments for assessment years ending March 1998 and March 1999, and later issued further tax assessments for assessment years ending March 2000 through March 2006. The DIT has continued to issue further tax assessments on a similar basis for subsequent years; however, the tax assessments for assessment years ending March 2007 and later are no longer material. We appealed the tax assessments for assessment years ending March 1998 through March 2006 and the Indian Commissioner of Income Tax Appeals returned a mixed verdict. We filed further appeals with the Income Tax Appellate Tribunal (“ITAT”). The ITAT ruled in our favor on June 19, 2009 and July 10, 2009, stating that no income would be chargeable to tax for assessment years ending March 1998 and March 1999, and from March 2000 through March 2006. The DIT appealed those decisions to the Delhi High Court, which found in our favor on July 19, 2010. The DIT has appealed the decision to the Supreme Court of India and our case is currently pending before that court. We have appealed the tax assessments for the assessment years ended March 2013 to March 2018 with the ITAT and no trial date has been set for these subsequent years. In addition, Sabre Asia Pacific Pte Ltd ("SAPPL") is currently a defendant in similar income tax litigation brought by the DIT. The dispute arose when the DIT asserted that SAPPL has a permanent establishment within the meaning of the Income Tax Treaty between Singapore and India and accordingly issued tax assessments for assessment years ending March 2000 through March 2005. SAPPL appealed the tax assessments, and the Indian Commissioner of Income Tax (Appeals) returned a mixed verdict. SAPPL filed further appeals with the ITAT. The ITAT ruled in SAPPL’s favor, finding that no income would be chargeable to tax for assessment years ending March 2000 through March 2005. The DIT appealed those decisions to the Bombay High Court and our case is pending before that court. The DIT also assessed taxes on a similar basis plus some additional issues for assessment years ending March 2006 through March 2018 and appeals for assessment years ending March 2006 through March 2018 are pending before the ITAT or the High Court depending on the year. If the DIT were to fully prevail on every claim against us, including SAPPL, we could be subject to taxes, interest and penalties of approximately $46 million as of December 31, 2021. We intend to continue to aggressively defend against each of the foregoing claims. Although we do not believe that the outcome of the proceedings will result in a material impact on our business or financial condition, litigation is by its nature uncertain. We do not believe this outcome is more likely than not and therefore have not made any provisions or recorded any liability for the potential resolution of any of these claims. Indian Service Tax Litigation SAPPL's Indian subsidiary is also subject to litigation by the India Director General (Service Tax) ("DGST"), which has assessed the subsidiary for multiple years related to its alleged failure to pay service tax on marketing fees and reimbursements of expenses. Indian courts have returned verdicts favorable to the Indian subsidiary. The DGST has appealed the verdict to the Indian Supreme Court. We do not believe that an adverse outcome is probable and therefore have not made any provisions or recorded any liability for the potential resolution of any of these claims. Litigation Relating to Routine Proceedings We are also engaged from time to time in other routine legal and tax proceedings incidental to our business. We do not believe that any of these routine proceedings will have a material impact on the business or our financial condition. Other SynXis Central Reservation System As previously disclosed, we became aware of an incident involving unauthorized access to payment information contained in a subset of hotel reservations processed through the Sabre Hospitality Solutions SynXis Central Reservation System (the “HS Central Reservation System”). Our investigation was supported by third party experts, including a leading cybersecurity firm. Our investigation determined that an unauthorized party: obtained access to account credentials that permitted access to a subset of hotel reservations processed through the HS Central Reservation System; used the account credentials to view a credit card summary page on the HS Central Reservation System and access payment card information (although we use encryption, this credential had the right to see unencrypted card data); and first obtained access to payment card information and some other reservation information on August 10, 2016. The last access to payment card information was on March 9, 2017. The unauthorized party was able to access information for certain hotel reservations, including cardholder name; payment card number; card expiration date; and, for a subset of reservations, card security code. The unauthorized party was also able, in some cases, to access certain information such as guest name(s), email, phone number, address, and other information if provided to the HS Central Reservation System. Information such as Social Security, passport, or driver’s license number was not accessed. The investigation did not uncover forensic evidence that the unauthorized party removed any information from the system, but it is a possibility. We took successful measures to ensure this unauthorized access to the HS Central Reservation System was stopped and is no longer possible. There is no indication that any of our systems beyond the HS Central Reservation System, such as Sabre’s Travel Solutions platforms, were affected or accessed by the unauthorized party. We notified law enforcement and the payment card brands and engaged a payment card industry data ("PCI") forensic investigator to investigate this incident at the payment card brands' request. We have notified customers and other companies that use or interact with, directly or indirectly, the HS Central Reservation System about the incident. In December 2020, we entered into settlement agreements with certain state Attorneys General to resolve their investigation into this incident. As part of these settlement agreements, we paid $2 million to the states represented by the Attorneys General in the first quarter of 2021 and agreed to implement certain security controls and processes. Separately, in November 2017, Sabre Hospitality Solutions observed a pattern of activity that, after further investigation, led it to believe that an unauthorized party improperly obtained access to certain hotel user credentials for purposes of accessing the HS Central Reservation System. We deactivated the compromised accounts and notified law enforcement of this activity. We also notified the payment card brands, and at their request, we have engaged a PCI forensic investigator to investigate this incident. We did not find any evidence of a breach of the network security of the HS Central Reservation System, and we believe that the number of affected reservations represented only a fraction of 1% of the bookings in the HS Central Reservation System. Although the costs related to these incidents, including any associated penalties assessed by any other governmental authority or payment card brand or indemnification obligations to our customers, as well as any other impacts or remediation related to this incident, may be material, it is not possible at this time to determine whether we will incur, or to reasonably estimate the amount of, any liabilities in connection with them, with the exception of the payment related to the settlement agreements as described above. We maintain insurance that covers certain aspects of cyber risks, including the payment related to the settlement agreements, and we continue to work with our insurance carriers in these matters. Other Tax Matters We operate in numerous jurisdictions in which taxing authorities may challenge our position with respect to income and non-income based taxes. We routinely receive inquiries and may also from time to time receive challenges or assessments from these taxing authorities. With respect to non-income based taxes, we recognize liabilities when we believe it is probable that amounts will be owed to the taxing authorities and such amounts are estimable. For example, in most countries we pay and collect Value Added Tax (“VAT”) when procuring goods and services, or providing services, within the normal course of business. VAT receivables are established in jurisdictions where VAT paid exceeds VAT collected and are recoverable through the filing of refund claims. These receivables have inherent audit and collection risks unique to the specific jurisdictions that evaluate our refund claims. We intend to vigorously defend our positions against any claims that are not insignificant, including through litigation when necessary. As of December 31, 2021, we do not believe that an adverse outcome is probable with respect to current outstanding claims; as a result, we have not accrued any material amounts for exposure related to such contingencies or adverse decisions. Nevertheless, we may incur expenses in future periods related to such matters, including litigation costs and |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 18. Segment Information Our reportable segments are based upon our internal organizational structure; the manner in which our operations are managed; the criteria used by our Chief Executive Officer, who is our Chief Operating Decision Maker ("CODM"), to evaluate segment performance; the availability of separate financial information; and overall materiality considerations. We now operate our business and present our results through two business segments effective the third quarter of 2020 (i) Travel Solutions, our global travel solutions for travel suppliers and travel buyers, including a broad portfolio of software technology products and solutions for airlines, and (ii) Hospitality Solutions, an extensive suite of software solutions for hoteliers. All revenue and expenses previously assigned to the Travel Network and Airline Solutions business segments have been consolidated into a unified revenue and expense structure which aligns with information that our CODM utilizes beginning in the third quarter of 2020 to evaluate segment performance and allocate resources. These changes did not impact the historical Hospitality Solutions reporting segment's revenue and expenses. Our CODM utilizes Adjusted Operating (Loss) Income , which is not a recognized term under GAAP, as the measure of profitability to evaluate performance of our segments and allocate resources. Our uses of Adjusted Operating (Loss) Income has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We define Adjusted Operating (Loss) Income as operating (loss) income adjusted for equity method (loss) income, acquisition-related amortization, restructuring and other costs, acquisition-related costs, litigation costs, net, and stock-based compensation. Our CODM does not review total assets by segment as operating evaluations and resource allocation decisions are not made on the basis of total assets by segment. Certain of our costs associated with our technology organization are allocated to the segments based on the segments' usage of resources. Benefit expenses, facility and lease costs and associated depreciation expense are allocated to the segments based on headcount. Unallocated corporate costs include certain shared expenses such as accounting, finance, human resources, legal, corporate systems, amortization of acquired intangible assets, impairment and related charges, stock-based compensation, restructuring charges, legal reserves and other items not identifiable with one of our segments. We account for significant intersegment transactions as if the transactions were with third parties, that is, at estimated current market prices. The majority of the intersegment revenues and cost of revenues are fees charged by Travel Solutions to Hospitality Solutions for hotel stays booked through our GDS. Segment information for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): Year Ended December 31, 2021 2020 2019 Revenue Travel Solutions $ 1,503,539 $ 1,176,694 $ 3,723,000 Hospitality Solutions 202,628 174,628 292,880 Eliminations (17,292) (17,222) (40,892) Total revenue $ 1,688,875 $ 1,334,100 $ 3,974,988 Adjusted Operating (Loss) Income (a) Travel Solutions $ (222,679) $ (523,122) $ 729,266 Hospitality Solutions (39,806) (63,915) (21,632) Corporate (196,832) (158,237) (194,226) Total $ (459,317) $ (745,274) $ 513,408 Depreciation and amortization Travel Solutions $ 170,673 $ 250,540 $ 292,097 Hospitality Solutions 26,354 42,789 53,098 Total segments 197,027 293,329 345,195 Corporate 65,158 70,414 69,426 Total $ 262,185 $ 363,743 $ 414,621 Capital Expenditures Travel Solutions $ 25,128 $ 23,481 $ 52,642 Hospitality Solutions 224 3,177 11,324 Total segments 25,352 26,658 63,966 Corporate 28,950 38,762 51,200 Total $ 54,302 $ 65,420 $ 115,166 (a) The following table sets forth the reconciliation of operating (loss) income in our statement of operations to Adjusted Operating (Loss) Income (in thousands): Year Ended December 31, 2021 2020 2019 Operating (loss) income $ (665,487) $ (988,039) $ 363,417 Add back: Equity method (loss) income (264) (2,528) 2,044 Impairment and related charges (1) — 8,684 — Acquisition-related amortization (2) 64,144 65,998 64,604 Restructuring and other costs (3) (7,608) 85,797 — Acquisition-related costs (4) 6,744 16,787 41,037 Litigation costs, net (5) 22,262 (1,919) (24,579) Stock-based compensation 120,892 69,946 66,885 Adjusted Operating (loss) income $ (459,317) $ (745,274) $ 513,408 (1) Impairment and related charges represents $5 million associated with s oftware developed for internal use and $4 million associated with capitalized implementation costs related to a specific customer based on our analysis of the recoverability of such amounts. (2) Acquisition-related amortization represents amortization of intangible assets from the take-private transaction in 2007 as well as intangibles associated with acquisitions since that date. (3) Restructuring and other costs represent charges, and adjustments to those charges, associated with business restructuring and associated changes, including the Strategic Realignment, as well as other measures to support the new organizational structure and to respond to the impacts of the COVID-19 pandemic on our business, facilities and cost structure. See Note 4. Restructuring Activities for further details. (4) Acquisition-related costs represent fees and expenses incurred associated with the now-terminated agreement to acquire Farelogix, as well as costs related to the acquisition of Radixx in 2019 and other acquisition and disposition related activities. See Note 3. Acquisitions and Dispositions for further information. (5) Litigation costs, net represent charges associated with antitrust litigation and other foreign non-income tax contingency matters. In 2020, we reversed the previously accrued non-income tax expense of $4 million due to success in our claims. In 2019, we recorded the reversal of our previously accrued loss related to the US Airways legal matter for $32 million. See Note 17. Commitments and Contingencies for further information. A significant portion of our revenue is generated through transaction-based fees that we charge to our customers. For Travel Solutions, we generate revenue from our distribution activities through transaction fees for bookings on our GDS, and from our IT solutions through recurring usage-based fees for the use of our SaaS and hosted systems, as well as upfront fees and professional services fees. For Hospitality Solutions, we generate revenue from recurring usage-based fees for the use of our SaaS and hosted systems, as well as upfront fees and professional services fees. Transaction-based revenue accounted for approximately 72% , 79% and 91% of our Travel Solutions revenue for each of the years ended December 31, 2021, 2020 and 2019. Transaction-based revenue accounted for approximately 72% , 68% and 80% for the years ended December 31, 2021, 2020 and 2019, respectively, of our Hospitality Solutions revenue. All joint venture equity income relates to Travel Solutions. Our revenues and long-lived assets, excluding goodwill and intangible assets, by geographic region are summarized below. Distribution revenue for the Travel Solutions business is attributed to countries based on the location of the travel supplier and IT Solutions revenue is based on the location of the customer. For Hospitality Solutions, revenue is attributed to countries based on the location of the customer. The majority of our revenues and long-lived assets are derived from the United States, Europe, and Asia-Pacific ("APAC") as follows (in thousands): Year Ended December 31, 2021 2020 2019 Revenue: United States $ 734,568 $ 636,854 $ 1,306,450 Europe 341,862 287,421 913,245 APAC 184,075 151,206 822,679 All Other 428,370 258,619 932,614 Total $ 1,688,875 $ 1,334,100 $ 3,974,988 As of December 31, 2021 2020 Long-lived assets United States $ 293,610 $ 417,070 Europe 33,963 39,160 APAC 10,844 17,956 All Other 10,983 14,415 Total $ 349,400 $ 488,601 |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS DECEMBER 31, 2021, 2020 AND 2019 (In millions) Balance at Beginning Charged to Expense or Other Accounts Write-offs and Other Adjustments Balance at End of Period Allowance for Credit Losses Year Ended December 31, 2021 $ 97.6 $ (7.8) $ (30.2) $ 59.6 Year ended December 31, 2020 $ 57.7 $ 65.7 $ (25.8) $ 97.6 Year ended December 31, 2019 $ 45.3 $ 20.6 $ (8.2) $ 57.7 Valuation Allowance for Deferred Tax Assets Year Ended December 31, 2021 $ 268.1 $ 162.7 $ (0.9) $ 429.9 Year ended December 31, 2020 $ 38.3 $ 218.4 $ 11.4 $ 268.1 Year ended December 31, 2019 $ 59.3 $ — $ (21.0) $ 38.3 |
Summary of Business and Signi_2
Summary of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). We consolidate all majority-owned subsidiaries and companies over which we exercise control through majority voting rights. No entities are consolidated due to control through operating agreements, financing agreements or as the primary beneficiary of a variable interest entity. The consolidated financial statements include our accounts after elimination of all significant intercompany balances and transactions. All dollar amounts in the financial statements and the tables in the notes, except per share amounts, are stated in thousands of U.S. dollars unless otherwise indicated. All amounts in the notes reference results from continuing operations unless otherwise indicated. The preparation of these annual financial statements in conformity with GAAP requires that certain amounts be recorded based on estimates and assumptions made by management. Actual results could differ from these estimates and assumptions. Our accounting policies, which utilize significant estimates and assumptions, include, among other things, estimation of the collectability of accounts receivable, estimation of future cancellations of bookings processed through the Sabre GDS, revenue recognition for Software-as-a-Service ("SaaS") arrangements, determination of the fair value of assets and liabilities acquired in a business combination, determination of the fair value of derivatives, the evaluation of the recoverability of the carrying value of intangible assets and goodwill, assumptions utilized in the determination of pension and other postretirement benefit liabilities, the evaluation of the recoverability of capitalized implementation costs, assumptions utilized to evaluate the recoverability of deferred customer advance and discounts, estimation of loss contingencies, and evaluation of uncertainties surrounding the calculation of our tax assets and liabilities. |
Revenue Recognition | Revenue Recognition Travel Solutions and Hospitality Solutions’ revenue recognition is primarily driven by GDS and reservation system transactions. Timing of revenue recognition is primarily based on the consistent provision of services in a stand-ready series SaaS environment and the amount of revenue recognized varies with the volume of transactions processed. Revenue is recognized if it is not considered probable of reversal. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account under Accounting Standards Codification ("ASC") 606. The transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Most of our contracts for GDS services and central reservation system (CRS) services for Hospitality Solutions have a single stand-ready series performance obligation. For Travel Solutions' IT Solutions revenue, many of our contracts may have multiple performance obligations, which generally include software and product solutions through SaaS and hosted delivery, and other service fees. In addition, at times we enter into agreements with customers to provide access to Travel Solutions’ GDS and, at or near the same time, enter into a separate agreement to provide IT solutions through SaaS and hosted delivery, resulting in multiple performance obligations within a combined agreement. Our significant product and services and methods of recognition are as follows: Stand-ready series revenue recognition We recognize revenue from usage-based fees for the use of the software which represents a stand-ready performance obligation. Variability in the usage-based fee that does not align with the value provided to the customer can result in a difference between billings to the customer and the timing of contract performance and revenue recognition, which may result in the recognition of a contract asset. This can result in a requirement to forecast expected usage-based fees and volumes over the contract term in order to determine the rate for revenue recognition. This variable consideration is constrained if there is an inability to reliably forecast this revenue or if future reversal is considered probable. Additionally, we may occasionally recognize revenue in the current period for performance obligations partially or fully satisfied in the previous periods resulting from changes in estimates for the transaction price, including any changes to our assessment of whether an estimate of variable consideration is constrained. Travel Solutions —Travel Solutions generates distribution revenue for bookings made through our GDS (e.g., Air, and Lodging, Ground and Sea ("LGS")). GDS services link and engage transactions between travel agents and travel suppliers. Revenue is generated from contracts with the travel suppliers as each booking is made or transaction occurs and represents a stand-ready series performance obligation where our systems perform the same service each day for the customer, based on the customer’s level of usage. Distribution revenue associated with car rental, hotel transactions and other travel providers is recognized at the time the reservation is used by the customer. Distribution revenue associated with airline travel reservations is recognized at the time of booking of the reservation, net of estimated future cancellations. Cancellations prior to the day of departure are estimated based on historical and expected levels of cancellation rates, adjusted to take into account any recent factors which could cause a change in those rates. Travel Solutions also generates IT solutions revenue from its product offerings including reservation systems for full-service and low-cost carriers, commercial and operations products, agency solutions and booking data. Reservation system revenue is primarily generated based on the number of passengers boarded. Generally, customers are charged a fixed, upfront solutions fee and a recurring usage-based fee for the use of the software in a stand-ready series performance obligation. In the context of both our reservation systems and our commercial and operations products, upfront solutions fees are recognized primarily on a straight-line basis over the relevant contract term, upon cut-over of the primary SaaS solution. Hospitality Solutions —Hospitality Solutions provides technology solutions and other professional services, through SaaS and hosted delivery models, to hoteliers around the world. Generally, customers are charged an upfront solutions fee and a recurring usage-based fee for the use of the software, which represents a stand-ready series performance obligation where our systems perform the same service each day for the customer, based on the customer’s level of usage. Upfront solutions fees are recognized primarily on a straight-line basis over the relevant contract term, upon cut-over of the primary SaaS solution. Contract Assets and Deferred Customer Advances and Discounts Deferred customer advances and discounts are amortized against revenue in future periods as the related revenue is earned. Our contract assets include revenue recognized for services already transferred to a customer, for which the fulfillment of another contractual performance obligation is required, before we have the unconditional right to bill and collect based on contract terms. Contract assets are reviewed for recoverability on a periodic basis based on a review of impairment indicators. Deferred customer advances and discounts are reviewed for recoverability based on future contracted revenues and estimated direct costs of the contract when a significant event occurs that could impact the recoverability of the assets, such as a significant contract modification or early renewal of contract terms. For the years ended December 31, 2021, 2020 and 2019, we did not impair any of these assets as a result of the related contract becoming uncollectible, modified or canceled. Contracts are priced to generate total revenues over the life of the contract that exceed any discounts or advances provided and any upfront costs incurred to implement the customer contract. Other revenue recognition patterns Travel Solutions also provides other services including development labor or professional consulting. These services can be sold separately or with other products and services, and Travel Solutions may bundle multiple technology solutions in one arrangement with these other services. Revenue from other services consisting of development services that represent minor configuration or professional consulting is generally recognized over the period the services are performed or upon completed delivery. Travel Solutions also directly licenses certain software to its customers where the customer obtains on-site control of the license. Revenue from software license fees is recognized when the customer gains control of the software enabling them to directly use the software and obtain substantially all of the remaining benefits. Fees for ongoing software maintenance are recognized ratably over the life of the contract. Under these arrangements, often we are entitled to minimum fees which are collected over the term of the agreement, while the revenue from the license is recognized at the point when the customer gains control, which results in current and long-term unbilled receivables for these arrangements. Variability in the amounts billed to the customer and revenue recognized coincides with the customer’s level of usage with the exception of upfront solution fees, non-usage based variable consideration, license and maintenance agreements and other services including development labor and professional consulting. Contracts with the same customer which are entered into at or around the same period are analyzed for revenue recognition purposes on a combined basis across our businesses which can impact timing of revenue recognition. For contracts with multiple performance obligations, we account for separate performance obligations on an individual basis with value assigned to each performance obligation based on our best estimate of relative standalone selling price ("SSP"). Judgment is required to determine the SSP for each distinct performance obligation. SSP is assessed annually using a historical analysis of contracts with customers executed in the most recently completed calendar year to determine the range of selling prices applicable to a distinct good or service. In making these judgments, we analyze various factors, including discounting practices, price lists, contract prices, value differentiators, customer segmentation and overall market and economic conditions. Based on these results, the estimated SSP is set for each distinct product or service delivered to customers. As our market strategies evolve, we may modify pricing practices in the future which could result in changes to SSP. Revenue recognition from our Travel Solutions business requires significant judgments such as identifying distinct performance obligations including estimating the total contract consideration and allocating amounts to each distinct performance obligation, determining whether variable pricing within a contract meets the allocation objective, assessing revenue for constraint particularly due to impacts of the COVID-19 pandemic on our customers and contracts and forecasting future volumes. For a small number of our contracts, we are required to forecast volumes as a result of pricing variability within the contract in order to calculate the rate for revenue recognition. Any changes in these judgments and estimates could have an impact on the revenue recognized in future periods. |
Incentive Consideration | Incentive ConsiderationCertain service contracts with significant travel agency customers contain booking productivity clauses and other provisions that allow travel agency customers to receive cash payments or other consideration. We establish liabilities for these commitments and recognize the related expense as these travel agencies earn incentive consideration based on the applicable contractual terms. Periodically, we make cash payments to these travel agencies at inception or modification of a service contract which are capitalized and amortized to cost of revenue over the expected life of the service contract, which is generally three |
Advertising Costs | Advertising CostsAdvertising costs are expensed as incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents We classify all highly liquid instruments, including money market funds and money market securities with original maturities of three months or less, as cash equivalents. |
Restricted Cash | Restricted CashRestricted cash primarily includes $21 million of cash collateral for standby letters of credit associated with guarantees related to our bilateral letter of credit facility issued in conjunction with the 2021 Refinancing (as defined below). |
Allowance for Credit Losses and Concentration of Credit Risk | Allowance for Credit Losses and Concentration of Credit Risk We are exposed to credit losses primarily through our sales of services provided to participants in the travel and transportation industry, which we consider to be our singular portfolio segment. We develop and document our methodology used in determining the allowance for credit losses at the portfolio segment level. Within the travel portfolio segment, we identify airlines, hoteliers and travel agencies as each presenting unique risk characteristics associated with historical credit loss patterns unique to each and we determine the adequacy of our allowance for credit loss by assessing the risks and losses inherent in our receivables related to each. The majority of our receivables are trade receivables due in less than one year. In addition to our short-term trade and unbilled receivables, our receivables also include contract assets and long-term trade unbilled receivables. See Note 2. Revenue from Contracts with Customers for more information about these financial assets. Contract assets and long-term receivables are reviewed for recoverability on a periodic basis based on a review of subjective factors and trends in collection data including the aging of our trade receivable balances with these customers and expectations of future global economic growth. We believe our credit risk is mitigated with carriers who use the Airline Clearing House (“ACH”) and other similar clearing houses, as ACH requires participants to deposit certain balances into their demand deposit accounts by certain deadlines, which facilitates a timely settlement process. For those carriers from which we do not collect payments through the ACH or other similar clearing houses, our credit risk is higher. We monitor our ongoing credit exposure for these carriers through active review of customer balances against contract terms and due dates with account management. Our activities include established collection processes, account reconciliations, dispute resolution and payment confirmations. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. We generally do not require security or collateral from our customers as a condition of sale. We evaluate the collectability of our receivables based on a combination of factors. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations to us, such as bankruptcy filings or failure to pay amounts due to us or others, we specifically provide for credit losses against amounts due to reduce the recorded receivable to the amount we reasonably believe will be collected. For all other customers, we record reserves for receivables, including unbilled receivables and contract assets, based on historical experience and the length of time the receivables are past due. The estimate of credit losses is developed by analyzing historical twelve-month collection rates and adjusting for current customer-specific factors indicating financial instability and other macroeconomic factors that correlate with the expected collectability of our receivables. |
Derivative Financial Instruments | Derivative Financial Instruments We recognize all derivatives on the consolidated balance sheets at fair value. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are offset against the change in fair value of the hedged item through earnings (a “fair value hedge”) or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings (a “cash flow hedge”). For derivative instruments not designated as hedging instruments, the gain or loss resulting from the change in fair value is recognized in current earnings during the period of change. No hedging ineffectiveness was recorded in earnings during the periods presented. Hedging Objectives—We are exposed to certain risks relating to ongoing business operations. The primary risks managed by using derivative instruments are foreign currency exchange rate risk and interest rate risk. Forward contracts on various foreign currencies are entered into to manage the foreign currency exchange rate risk on operational expenditures' exposure denominated in foreign currencies. Interest rate swaps are entered into to manage interest rate risk associated with our floating-rate borrowings. In accordance with authoritative guidance on accounting for derivatives and hedging, we designate foreign currency forward contracts as cash flow hedges on operational exposure and interest rate swaps as cash flow hedges of floating-rate borrowings. Cash Flow Hedging Strategy—To protect against the reduction in value of forecasted foreign currency cash flows, we hedge portions of our revenues and expenses denominated in foreign currencies with forward contracts. For example, when the dollar strengthens significantly against the foreign currencies, the decline in present value of future foreign currency expense is offset by losses in the fair value of the forward contracts designated as hedges. Conversely, when the dollar weakens, the increase in the present value of future foreign currency expense is offset by gains in the fair value of the forward contracts. Due to the uncertainty driven by the COVID-19 pandemic on our foreign currency exposures, we have paused entering into new cash flow hedges of forecasted foreign currency cash flows until we have more clarity regarding the recovery trajectory and its impacts on net exposures. We enter into interest rate swap agreements to manage interest rate risk exposure. The interest rate swap agreements modify our exposure to interest rate risk by converting floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense and net earnings. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreements without an exchange of the underlying principal amount. For derivative instruments that are designated and qualify as cash flow hedges, the effective portions and ineffective portions of the gain or loss on the derivative instruments, and the hedge components excluded from the assessment of effectiveness, are reported as a component of other comprehensive income (loss) (“OCI”) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. Derivatives not designated as hedging instruments are carried at fair value with changes in fair value reflected in Other, net in the consolidated statement of operations. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization, which is calculated on the straight-line basis. Our depreciation and amortization policies are as follows: Buildings Lesser of lease term or 35 years Leasehold improvements Lesser of lease term or useful life Furniture and fixtures 5 to 15 years Equipment, general office and computer 3 to 5 years Software developed for internal use 3 to 5 years We capitalize certain costs related to our infrastructure, software applications and reservation systems under authoritative guidance on software developed for internal use. Capitalizable costs consist of (a) certain external direct costs of materials and services incurred in developing or obtaining internal use computer software and (b) payroll and payroll related costs for employees who are directly associated with and who devote time to our GDS and SaaS-related development projects. Costs incurred during the preliminary project stage or costs incurred for data conversion activities and training, maintenance and general and administrative or overhead costs are expensed as incurred. Costs that cannot be separated between maintenance of, and relatively minor upgrades and enhancements to, internal use software are also expensed as incurred. See Note 6. Balance Sheet Components, for amounts capitalized as property and equipment in our consolidated balance sheets. Depreciation and amortization of property and equipment totaled $154 million, $248 million and $295 million for the years ended December 31, 2021, 2020 and 2019, respectively. Amortization of software developed for internal use, included in depreciation and amortization, totaled $132 million, $203 million and $241 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the years ended December 31, 2021, 2020 and 2019, we capitalized $39 million, $41 million, and $89 million, respectively, related to software developed for internal use. |
Leases | Leases We lease certain facilities under long term operating leases. We determine if an arrangement is a lease at inception. We evaluate lessee agreements with a minimum term greater than one year for recording on the balance sheet. Operating lease assets are included in operating lease right-of-use (“ROU”) assets within other assets, net and operating lease liabilities are included in other current liabilities and other noncurrent liabilities in our consolidated balance sheets. Finance lease assets are included in property and equipment with associated liabilities included in current portion of debt and long-term debt in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our internal borrowing rate for leases with a lease term of less than or equal to five years. For leases with a lease term greater than five years, we use our incremental borrowing rate based on the estimated rate of interest for corporate bond borrowings over a similar term of the lease payments. Certain of our lease agreements contain renewal options, early termination options and/or payment escalations based on fixed annual increases, local consumer price index changes or market rental reviews. We recognize rent expense with fixed rate increases and/or fixed rent reductions on a straight-line basis over the term of the lease. |
Business Combinations | Business Combinations Business combinations are accounted for under the acquisition method of accounting. Under this method, the assets acquired and liabilities assumed are recognized at their respective fair values as of the date of acquisition. The excess, if any, of the acquisition price over the fair values of the assets acquired and liabilities assumed is recorded as goodwill. For significant acquisitions, we utilize third-party appraisal firms to assist us in determining the fair values for certain assets acquired and liabilities assumed. The measurement of these fair values requires us to make significant estimates and assumptions which are inherently uncertain. Adjustments to the fair values of assets acquired and liabilities assumed are made until we obtain all relevant information regarding the facts and circumstances that existed as of the acquisition date (the “measurement period”), not to exceed one year from the date of the acquisition. We recognize measurement-period adjustments in the period in which we determine the amounts, including the effect on earnings of any amounts we would have recorded in previous periods if the accounting had been completed at the acquisition date. |
Assets Held For Sale | Assets Held for Sale We periodically divest assets that we do not consider core to our business strategy. The carrying value of the net assets held for sale are compared to their fair value, less cost to sell, and any initial adjustments of the carrying value to fair value, less cost to sell are recorded when the held for sale criteria are met. Gains or losses associated with the disposal of assets held for sale are recorded within other operating costs. When the net assets constitute a business, we allocate a portion of the goodwill from the related reporting unit to the carrying value of the net assets held for sale. The amount of goodwill allocated is based on the relative fair values of the business to be disposed of and the portion of the reporting unit that will be retained. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired in business combinations. Goodwill is not amortized but is reviewed for impairment on an annual basis or more frequently if events and circumstances indicate the carrying amount may not be recoverable. Definite-lived intangible assets are amortized on a straight-line basis and assigned useful economic lives of two We perform our annual goodwill impairment assessment as of October 1 of each year and interim assessments as required upon the identification of a triggering event. We begin with the qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value before applying the quantitative assessment described below. If it is determined through the evaluation of events or circumstances that the carrying value may not be recoverable, we perform a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned to the sum of the carrying value of the assets and liabilities of that unit. If the sum of the carrying value of the assets and liabilities of a reporting unit exceeds the estimated fair value of that reporting unit, the carrying value of the reporting unit’s goodwill is reduced to its fair value through an adjustment to the goodwill balance, resulting in an impairment charge. We have two reporting units associated with our continuing operations: Travel Solutions and Hospitality Solutions. We did not record any goodwill impairment charges for the years ended December 31, 2021 , 2020 and 2019. See Note 5. Goodwill and Intangible Assets for additional information. |
Equity Method Investments | Equity Method InvestmentsWe utilize the equity method to account for our interests in joint ventures that we do not control but over which we exert significant influence. We periodically evaluate equity and debt investments in entities accounted for under the equity method for impairment by reviewing updated financial information provided by the investee, including valuation information from new financing transactions by the investee and information relating to competitors of investees when available. |
Contract Acquisition Costs and Capitalized Implementation Costs | Contract Acquisition Costs and Capitalized Implementation Costs We incur contract acquisition costs related to new contracts with our customers in the form of sales commissions based on estimated contract value for our Travel Solutions and Hospitality Solutions businesses. These costs are capitalized and reviewed for impairment on an annual basis. We generally amortize these costs, and those for renewals, over the average contract term for those businesses, excluding commissions on contracts with a term of one year or less, which are generally expensed in the period earned and recorded within selling, general and administrative expenses. three |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are determined based on differences between financial reporting and income tax basis of assets and liabilities and are measured using the tax rates and laws enacted at the time of such determination. We regularly review our deferred tax assets for recoverability and a valuation allowance is provided when it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. In assessing the need for a valuation allowance, we make estimates and assumptions regarding projected future taxable income, the reversal of deferred tax liabilities and implementation of tax planning strategies. We reassess these assumptions regularly which could cause an increase or decrease to the valuation allowance, resulting in an increase or decrease in the effective tax rate, and could materially impact our results of operations. We recognize liabilities when we believe that an uncertain tax position may not be fully sustained upon examination by the tax authorities. We use significant judgment in determining whether a tax position's technical merits are more likely than not to be sustained and in measuring the amount of tax benefit that qualifies for recognition. For matters that are determined will more likely than not be sustained, we measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. We recognize penalties and interest accrued related to income taxes as a component of the provision for income taxes. As the matters challenged by the taxing authorities are typically complex and open to subjective interpretation, their ultimate outcome may differ from the amounts recognized. The Tax Cuts and Jobs Act (the “TCJA”), which was enacted on December 22, 2017, imposes a tax on global low-taxed intangible income (“GILTI”) in tax years beginning after December 31, 2017. GILTI provisions are applicable to certain profits of a controlled foreign corporation that exceed the U.S. stockholder's deemed “routine” investment return under the TCJA and results in income includable in the return of U.S. shareholders. We recognize liabilities, if any, related to this provision of the TCJA in the year in which the liability arises and not as a deferred tax liability. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits We recognize the funded status of our defined benefit pension plans and other postretirement benefit plans in our consolidated balance sheets. The funded status is the difference between the fair value of plan assets and the benefit obligation as of the balance sheet date. The fair value of plan assets represents the cumulative contributions made to fund the pension and other postretirement benefit plans which are invested primarily in domestic and foreign equities and fixed income securities. The benefit obligation of our pension and other postretirement benefit plans are actuarially determined using certain assumptions approved by us. The benefit obligation is adjusted annually in the fourth quarter to reflect actuarial changes and may also be adjusted upon the adoption of plan amendments. These adjustments are initially recorded in accumulated other comprehensive income (loss) and are subsequently amortized over the life expectancy of the plan participants as a component of net periodic benefit costs. |
Equity-Based Compensation | Equity-Based Compensation We account for our stock awards and options by recognizing compensation expense, measured at the grant date based on the fair value of the award, on a straight-line basis over the award vesting period, giving consideration as to whether the amount of compensation cost recognized at any date is equal to the portion of grant date value that is vested at that date. Compensation expense on stock awards subject to performance conditions, which is based on the quantity of awards we have determined are probable of vesting, is recognized over the longer of the estimated performance goal attainment period or time vesting period. We recognize equity-based compensation expense net of any actual forfeitures. We measure the grant date fair value of stock option awards as calculated by the Black-Scholes option-pricing model which requires certain subjective assumptions, including the expected term of the option, the expected volatility of our common stock, risk-free interest rates and expected dividend yield. The expected term is estimated by using the “simplified method” which is based on the midpoint between the vesting date and the expiration of the contractual term. We utilized the simplified method due to the lack of sufficient historical experience under our current grant terms. The expected volatility is based on the historical volatility of our stock price. The expected risk-free interest rates are based on the yields of U.S. Treasury securities with maturities appropriate for the expected term of the stock options. The expected dividend yield was based on the calculated yield on our common stock at the time of grant assuming quarterly dividends totaling $0.14 per share for awards granted prior to the suspension of our common stock dividends on March 16, 2020. Subsequent to March 16, 2020, a zero expected dividend was used. |
Foreign Currency | Foreign CurrencyWe remeasure foreign currency transactions into the relevant functional currency and record the foreign currency transaction gains or losses as a component of other, net in our consolidated statements of operations. We translate the financial statements of our non-U.S. dollar functional currency foreign subsidiaries into U.S. dollars in consolidation and record the translation gains or losses as a component of other comprehensive income (loss). Translation gains or losses of foreign subsidiaries related to divested businesses are reclassified into earnings as a component of other, net in our consolidated statements of operations once the liquidation of the respective foreign subsidiaries is substantially complete. |
Adoption of New Accounting Standards and Recent Accounting Pronouncements | Adoption of New Accounting Standards In December 2021, the Financial Accounting Standards Board ("FASB") issued guidance that requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606: Revenue from contracts with customers . We adopted this standard in the fourth quarter of 2021, which did not have a material impact on our consolidated financial statements. In August 2020, the FASB issued updated guidance limiting the accounting models for convertible instruments, which requires the senior exchangeable notes due 2025 (the "Exchangeable Notes") entered into April 2020 to be accounted for as a single liability measured at amortized cost. We elected to early adopt this standard on January 1, 2021 using the full retrospective method, which requires us to restate each prior reporting period presented. As a result of adoption, the component of the Exchangeable Notes originally bifurcated as equity was derecognized and accounted for as a liability. The net deferred tax liability originally recognized within equity in connection with the debt discount and issuance costs was also derecognized. The debt issuance costs that were originally allocated to equity were reclassified to debt and amortized using an effective interest rate of approximately 5%. As a result of derecognizing the net deferred tax liability of $18 million related to the debt discount, the valuation allowance associated with the deferred tax asset increased by $17 million for the year ended December 31, 2020. The impact of the adoption of the guidance on our consolidated statements of operations for the year end December 31, 2020 was a decrease in interest, net of $9 million, and a decrease in benefit for income taxes of $19 million. This increased our net loss attributable to common stockholders by $10 million for the year ended December 31, 2020. There was a $0.03 decrease in earnings per share for the year ended December 31, 2020 as a result of the adoption. The impacts to our consolidated balance sheets as of December 31, 2020 are shown below (in thousands): December 31, 2020 As Originally Reported Adjustments Recast Deferred income taxes $ 72,744 $ (548) $ 72,196 Long-term debt 4,639,782 78,026 4,717,808 Additional paid-in capital 3,052,953 (67,876) 2,985,077 Accumulated deficit (2,090,022) (9,602) (2,099,624) Total stockholders’ equity 362,632 (77,478) 285,154 Total liabilities and stockholders’ equity 6,077,722 — 6,077,722 In December 2019, the FASB issued updated guidance which simplifies the accounting for income taxes, eliminates certain exceptions within existing income tax guidance, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. We adopted this standard prospectively in the first quarter of 2021, which did not have a material impact on our consolidated financial statements. In October 2018, the FASB issued updated guidance that eliminates the requirement that entities consider indirect interests held through related parties under common control in their entirety when assessing whether a decision-making fee is a variable interest and instead requires entities to consider these indirect interests on a proportional basis. We adopted this standard in the first quarter of 2020, which did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued updated guidance on customer's accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. Under this updated standard, a customer in a cloud-computing arrangement that is a service contract is required to follow guidance on software developed for internal use to determine which implementation costs to capitalize as assets or expense as incurred. This standard aligns the accounting for implementation costs for hosting arrangements, regardless of whether they convey a license to the hosted software. The standard requires that capitalized implementation costs related to a hosting arrangement that is a service contract be amortized over the term of the hosting arrangement, beginning when the component of the hosting arrangement is ready for its intended use, similar to requirements in guidance on software developed for internal use. In addition, costs incurred during the preliminary project and post-implementation phases are expensed as they are incurred. We adopted this standard prospectively in the first quarter of 2020, which did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued updated guidance for the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Under this updated standard, the current "incurred loss" approach is replaced with an "expected loss" model for instruments measured at amortized cost. We adopted this standard in the first quarter of 2020, resulting in a $10 million increase in the allowance for credit losses, partially offset by a $1 million decrease in deferred tax liabilities and a $1 million increase in accounts receivable with a corresponding increase of approximately $8 million in our opening retained deficit as of January 1, 2020. See Note 8. Credit Losses for more information on the impacts from adoption and ongoing considerations. Recent Accounting Pronouncements |
Fair Value Measurements | Interest Rate Swaps— The fair value of our interest rate swaps are estimated using a combined income and market-based valuation methodology based upon Level 2 inputs, including credit ratings and forward interest rate yield curves obtained from independent pricing services. Pension Plan Assets —See Note 16. Pension and Other Postretirement Benefit Plans, for fair value information on our pension plan assets. |
Summary of Business and Signi_3
Summary of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Depreciation and Amortization Policies for Property and Equipment | Our depreciation and amortization policies are as follows: Buildings Lesser of lease term or 35 years Leasehold improvements Lesser of lease term or useful life Furniture and fixtures 5 to 15 years Equipment, general office and computer 3 to 5 years Software developed for internal use 3 to 5 years Property and equipment, net consists of the following (in thousands): December 31, 2021 2020 Buildings and leasehold improvements $ 38,792 $ 37,766 Furniture, fixtures and equipment 35,675 38,290 Computer equipment 318,156 391,126 Software developed for internal use 1,769,840 1,891,718 Property and equipment 2,162,463 2,358,900 Accumulated depreciation and amortization (1,912,651) (1,995,409) Property and equipment, net $ 249,812 $ 363,491 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impacts to our consolidated balance sheets as of December 31, 2020 are shown below (in thousands): December 31, 2020 As Originally Reported Adjustments Recast Deferred income taxes $ 72,744 $ (548) $ 72,196 Long-term debt 4,639,782 78,026 4,717,808 Additional paid-in capital 3,052,953 (67,876) 2,985,077 Accumulated deficit (2,090,022) (9,602) (2,099,624) Total stockholders’ equity 362,632 (77,478) 285,154 Total liabilities and stockholders’ equity 6,077,722 — 6,077,722 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table presents our assets and liabilities with customers as of December 31, 2021 and December 31, 2020 (in thousands): Account Consolidated Balance Sheet Location December 31, 2021 December 31, 2020 Contract assets and customer advances and discounts (1) Prepaid expenses and other current assets / other assets, net $ 79,682 $ 88,850 Trade and unbilled receivables, net Accounts receivable, net 258,800 253,511 Long-term trade unbilled receivables, net Other assets, net 23,709 38,156 Contract liabilities Deferred revenues / other noncurrent liabilities 135,273 176,956 _______________________________ (1) Includes contract assets of $11 million and $8 million for December 31, 2021 and 2020, respectively. |
Disaggregation of Revenue | The following table presents our revenues disaggregated by business (in thousands): Year Ended December 31, 2021 2020 2019 Distribution $ 901,478 $ 582,115 $ 2,730,845 IT Solutions (1) 602,061 594,579 992,155 Total Travel Solutions 1,503,539 1,176,694 3,723,000 SynXis Software and Service 178,940 156,749 257,612 Other 23,688 17,879 35,268 Total Hospitality Solutions 202,628 174,628 292,880 Eliminations (17,292) (17,222) (40,892) Total Sabre Revenue $ 1,688,875 $ 1,334,100 $ 3,974,988 _______________________________ (1) Includes license fee revenue recognized upon delivery to the customer of $22 million and $31 million for the years ended December 31, 2021 and 2020, respectively. |
Capitalized Contract Costs | The following table presents the activity of our acquisition costs and capitalized implementation costs for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Contract acquisition costs: Beginning balance $ 21,871 $ 23,595 Additions 7,609 5,590 Amortization (7,171) (7,314) Ending balance $ 22,309 $ 21,871 Capitalized implementation costs: Beginning balance $ 145,712 $ 175,968 Additions 19,027 17,301 Amortization (34,750) (37,094) Impairment (1) (1,315) (9,562) Assets classified as held for sale, net (19,169) — Other 257 (901) Ending balance $ 109,762 $ 145,712 _______________________________ (1) Includes an impairment charge related to a specific customer of $4 million and $6 million in other impairments for the year ended December 31, 2020. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Disposal Groups, Including Discontinued Operations | The assets and liabilities held for sale, measured at the lower of carrying value or fair value, less cost to sell, were as follows as of December 31, 2021 (in thousands): As of December 31, 2021 Assets: Accounts receivable, net $ 21,151 Prepaid expenses and other current assets 207 Current assets held for sale 21,358 Property and equipment, net of accumulated depreciation 9,496 Goodwill 152,742 Acquired customer relationships, net of accumulated amortization 2,785 Other assets, net 38,181 Long-term assets held for sale 203,204 Total assets held for sale $ 224,562 Liabilities: Accounts payable $ 73 Accrued compensation and related benefits 715 Deferred revenues 19,753 Other accrued liabilities 551 Current liabilities held for sale 21,092 Other noncurrent liabilities 15,476 Long-term liabilities held for sale 15,476 Total liabilities held for sale $ 36,568 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes the accrued liability related to severance and related benefits costs as recorded within accrued compensation and related benefits within our consolidated balance sheet (in thousands): Year Ended Balance as of January 1, 2021 $ 23,253 Cash payments (13,803) Non-cash adjustments (7,137) Balance as of December 31, 2021 $ 2,313 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill during the years ended December 31, 2021 and 2020 are as follows (in thousands): Travel Hospitality Solutions Total Goodwill Balance as of December 31, 2019 $ 2,478,440 $ 154,811 $ 2,633,251 Adjustments (1) (2,239) 5,534 3,295 Balance as of December 31, 2020 $ 2,476,201 $ 160,345 $ 2,636,546 Reclassified to assets held for sale (152,742) — (152,742) Adjustments (1) (8,942) (4,656) (13,598) Balance as of December 31, 2021 $ 2,314,517 $ 155,689 $ 2,470,206 ________________________ |
Schedule of Amortization of Intangible Assets | The following table presents our intangible assets as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired customer relationships $ 1,028,841 $ (771,479) $ 257,362 $ 1,050,485 $ (761,335) $ 289,150 Trademarks and brand names 333,537 (169,260) 164,277 333,538 (158,491) 175,047 Reacquired rights 113,500 (105,393) 8,107 113,500 (89,179) 24,321 Purchased technology 435,914 (426,306) 9,608 436,988 (418,926) 18,062 Acquired contracts, supplier and distributor agreements 37,600 (36,271) 1,329 37,599 (32,813) 4,786 Non-compete agreements 14,686 (14,686) — 14,686 (14,686) — Total intangible assets $ 1,964,078 $ (1,523,395) $ 440,683 $ 1,986,796 $ (1,475,430) $ 511,366 |
Schedule of Estimated Amortization of Intangible Assets Subject to Amortization | Estimated amortization expense related to intangible assets subject to amortization for each of the five succeeding years and beyond is as follows (in thousands): 2022 $ 50,866 2023 37,160 2024 33,938 2025 31,224 2026 30,952 2027 and thereafter 256,543 Total $ 440,683 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2021 2020 Prepaid Expenses $ 71,162 $ 77,232 Value added tax receivable 33,123 30,782 Other 17,306 24,958 Prepaid expenses and other current assets $ 121,591 $ 132,972 |
Components of Property and Equipment | Our depreciation and amortization policies are as follows: Buildings Lesser of lease term or 35 years Leasehold improvements Lesser of lease term or useful life Furniture and fixtures 5 to 15 years Equipment, general office and computer 3 to 5 years Software developed for internal use 3 to 5 years Property and equipment, net consists of the following (in thousands): December 31, 2021 2020 Buildings and leasehold improvements $ 38,792 $ 37,766 Furniture, fixtures and equipment 35,675 38,290 Computer equipment 318,156 391,126 Software developed for internal use 1,769,840 1,891,718 Property and equipment 2,162,463 2,358,900 Accumulated depreciation and amortization (1,912,651) (1,995,409) Property and equipment, net $ 249,812 $ 363,491 |
Schedule of Other Assets | Other assets, net consist of the following (in thousands): December 31, 2021 2020 Capitalized implementation costs, net $ 109,762 $ 145,712 Deferred upfront incentive consideration 84,099 127,104 Long-term contract assets and customer advances and discounts (1) 82,742 86,610 Right-of-Use asset (2) 99,587 125,110 Long-term trade unbilled receivables (1) 23,709 38,156 Other 75,525 107,076 Other assets, net $ 475,424 $ 629,768 ________________________________ (1) Refer to Note 2. Revenue from Contracts with Customers for additional information. (2) Refer to Note 12. Leases, for additional information. |
Schedule of Other Noncurrent Liabilities | Other noncurrent liabilities consist of the following (in thousands): December 31, 2021 2020 Pension and other postretirement benefits $ 85,666 $ 127,841 Deferred revenue 45,734 69,934 Lease liabilities (1) 79,368 97,403 Other 86,269 85,443 Other noncurrent liabilities $ 297,037 $ 380,621 ___________________________ (1) Refer to Note 12. Leases, for additional information. |
Accumulated Other Comprehensive Loss, Net of Related Deferred Income Taxes | Accumulated other comprehensive loss consists of the following (in thousands): December 31, 2021 2020 Defined benefit pension and other postretirement benefit plans $ (84,773) $ (135,596) Unrealized foreign currency translation gain 6,282 13,671 Share of other comprehensive loss of equity method investment (1,796) (1,195) Unrealized loss on foreign currency forward contracts, interest rate swaps and available-for-sale securities — (12,837) Total accumulated other comprehensive loss, net of tax $ (80,287) $ (135,957) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Income Taxes From Continuing Operations | The components of pretax income from continuing operations, generally based on the jurisdiction of the legal entity, were as follows: Year Ended December 31, 2021 2020 2019 Components of pre-tax (loss) income: Domestic $ (738,394) $ (1,023,243) $ 30,960 Foreign (199,993) (281,696) 168,678 $ (938,387) $ (1,304,939) $ 199,638 |
Summary of Provision for Income Tax Relating to Continuing Operations | The provision for income taxes relating to continuing operations consists of the following: Year Ended December 31, 2021 2020 2019 Current portion: Federal $ (1,575) $ (5,067) $ 4,488 State and Local (709) (435) 3,781 Non U.S. 15,187 11,823 49,982 Total current 12,903 6,321 58,251 Deferred portion: Federal (2,223) (16,548) (14,215) State and Local 563 (3,379) (1,692) Non U.S. (25,855) (7,406) (7,018) Total deferred (27,515) (27,333) (22,925) Total provision for income taxes $ (14,612) $ (21,012) $ 35,326 |
Schedule of Reconciliation of Statutory Income Taxes and Effective Income Taxes Relating to Continuing Operation | The provision for income taxes relating to continuing operations differs from amounts computed at the statutory federal income tax rate as follows: Year Ended December 31, 2021 2020 2019 Income tax provision at statutory federal income tax rate $ (197,061) $ (274,037) $ 41,924 State income taxes, net of federal benefit (9,414) (15,003) 2,223 Impact of non U.S. taxing jurisdictions, net 26,029 38,994 9,458 Employee stock based compensation 9,836 13,985 8,380 Research tax credit (16,901) (11,328) (28,593) Tax receivable agreement (TRA) (1) — — (536) Valuation Allowance 176,921 218,687 957 Other, net (4,022) 7,690 1,513 Total provision for income taxes $ (14,612) $ (21,012) $ 35,326 ___________________________ (1) Amount includes adjustments to the TRA, which are not taxable. |
Summary of Deferred Tax Assets and Liabilities | The components of our deferred tax assets and liabilities are as follows: As of December 31, 2021 2020 Deferred tax assets: Employee benefits other than pension $ 36,670 $ 21,903 Lease liabilities 22,214 22,108 Deferred revenue 37,348 33,824 Pension obligations 19,129 27,865 Tax loss carryforwards 377,286 259,095 Incentive consideration 4,864 4,158 Tax credit carryforwards 57,657 47,110 Suspended loss 14,592 14,528 Software developed for internal use 16,208 — Accrued expenses 12,946 1,209 Total deferred tax assets 598,914 431,800 Deferred tax liabilities: Bond discounts (1,731) (1,158) Right of use assets (22,276) (21,376) Depreciation and amortization (6,419) (8,284) Software developed for internal use — (19,917) Intangible assets (98,072) (110,625) Unrealized gains and losses (24,118) (24,109) Non U.S. operations (17,543) (15,674) Investment in partnership (8,528) (7,565) Other (1,580) (3,031) Total deferred tax liabilities (180,267) (211,739) Valuation allowance (429,935) (268,076) Net deferred tax liability $ (11,288) $ (48,015) |
Summary of Reconciliation of Unrecognized Tax Benefit | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 73,054 $ 64,645 $ 70,327 Additions for tax positions taken in the current year 3,655 3,090 5,149 Additions for tax positions of prior years 12,625 7,504 12,679 Additions for tax positions from acquisitions — — 1,294 Reductions for tax positions of prior years (29) — (19,611) Reductions for tax positions of expired statute of limitations (4,376) (656) (1,192) Settlements — (1,529) (4,001) Balance at end of year $ 84,929 $ 73,054 $ 64,645 As of December 31, 2021, 2020, and 2019, the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $73 million, $55 million, and $48 million, respectively. We believe that it is reasonably possible that $6 million in unrecognized tax benefits may be resolved in the next twelve months, due to statute of limitations expiration. |
Summary of Income Tax Examinations | The following table summarizes, by major tax jurisdiction, our tax years that remain subject to examination by taxing authorities: Tax Jurisdiction Years Subject to Examination United Kingdom 2016 - forward Singapore 2016 - forward India 1996 - forward Uruguay 2015 - forward U.S. Federal 2014, 2015, 2018 - forward Texas 2016 - forward |
Credit Losses (Tables)
Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Allowance for Credit Loss | Our allowance for credit losses for the year ended December 31, 2021 for our portfolio segment is summarized as follows (in thousands): Year Ended Balance at December 31, 2020 $ 97,569 Provision for expected credit losses (7,788) Write-offs (27,843) Other (2,292) Balance at December 31, 2021 $ 59,646 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table sets forth the face values of our outstanding debt as of December 31, 2021 and 2020 (in thousands): December 31, Rate Maturity 2021 2020 Senior secured credit facilities: Term Loan B L+2.00% February 2024 $ 1,805,806 $ 1,824,616 Other Term Loan B (1) L+4.00% December 2027 — 637,000 Term Loan B-1 (1) L+3.50% December 2027 401,980 — Term Loan B-2 (1) L+3.50% December 2027 640,780 — Revolver, $400 million (1) L+2.75% November 2023 — 375,000 9.250% senior secured notes due 2025 9.25% April 2025 775,000 775,000 7.375% senior secured notes due 2025 7.375% September 2025 850,000 850,000 4.00% senior exchangeable notes due 2025 4.00% April 2025 333,220 345,000 Finance lease obligations — 889 Face value of total debt outstanding 4,806,786 4,807,505 Less current portion of debt outstanding (29,290) (26,068) Face value of long-term debt outstanding $ 4,777,496 $ 4,781,437 _____________________________ (1) The balances under the Other Term Loan B facility and the Revolver were refinanced pursuant to the 2021 Refinancing (as defined below), with the proceeds of the Term Loan B-1 and Term Loan B-2. |
Schedule of Long-term Debt Instruments | Eurocurrency borrowings Base rate borrowings Applicable Margin (1) Applicable Margin Term Loan B 2.00% 1.00% Term Loan B-1 3.50% 2.50% Term Loan B-2 3.50% 2.50% _____________________________ (1) Term Loan B is subject to a 0.00% floor, while Term Loan B-1 and Term Loan B-2 are subject to a 0.50% floor. Our effective interest rates on borrowings under the Amended and Restated Credit Agreement for the years ended December 31, 2021, 2020 and 2019, inclusive of amounts charged to interest expense, are as follows: Year Ended December 31, 2021 2020 2019 Including the impact of interest rate swaps 3.91 % 4.03 % 4.64 % Excluding the impact of interest rate swaps 3.33 % 3.26 % 4.63 % |
Convertible Debt | The following table sets forth the carrying value of the Exchangeable Notes as of December 31, 2021 (in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 Principal $ 333,220 $ 345,000 Less: Unamortized debt discount 7,917 10,443 Net carrying value (1) $ 325,303 $ 334,557 |
Interest Income and Interest Expense Disclosure | The following table sets forth interest expense recognized related to the Exchangeable Notes for year ended December 31, 2021 (in thousands): Year Ended Year Ended Contractual interest expense $ 13,576 $ 9,698 Amortization of issuance costs 2,209 1,527 |
Schedule of Maturities of Long-term Debt | As of December 31, 2021, aggregate maturities of our long-term debt were as follows (in thousands): Amount Years Ending December 31, 2022 $ 29,290 2023 29,290 2024 1,778,665 2025 1,968,700 2026 10,480 Thereafter 990,361 Total $ 4,806,786 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding and Matured Interest Rate Swaps | Interest swaps matured during the years ended December 31, 2021, 2020 and 2019 as follows: Notional Amount Interest Rate Received Interest Rate Paid Effective Date Maturity Date Designated as Hedging Instrument $1,350 million 1 month LIBOR (1) 2.27% December 31, 2018 December 31, 2019 $1,200 million 1 month LIBOR (1) 2.19% December 31, 2019 December 31, 2020 $600 million 1 month LIBOR (1) 2.81% December 31, 2020 December 31, 2021 ____________________ (1) Subject to a 1% floor. |
Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments | The estimated fair values of our derivatives designated as hedging instruments as of December 31, 2021 and 2020 are as follows (in thousands): Derivative Liabilities Fair Value as of December 31, Derivatives Designated as Hedging Instruments Consolidated Balance Sheet Location 2021 2020 Interest rate swaps Other accrued liabilities $ — $ (16,038) Total $ — $ (16,038) |
Derivative Instruments, Gain (Loss) | The effects of derivative instruments, net of taxes, on OCI for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): Amount of Loss Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 2019 Foreign exchange contracts $ — $ (4,652) $ (360) Interest rate swaps (134) (15,869) (14,857) Total $ (134) $ (20,521) $ (15,217) Amount of Loss Reclassified from Accumulated Year Ended December 31, Derivatives in Cash Flow Hedging Relationships Income Statement Location 2021 2020 2019 Foreign exchange contracts Cost of revenue, excluding technology costs $ — $ 2,992 $ 5,351 Interest rate swaps Interest expense, net 12,805 14,898 156 Total $ 12,805 $ 17,890 $ 5,507 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present our liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2020 (in thousands): Fair Value at Reporting Date Using December 31, 2020 Level 1 Level 2 Level 3 Derivatives (1) : Interest rate swap contracts $ (16,038) $ — $ (16,038) $ — Total $ (16,038) $ — $ (16,038) $ — ____________________ (1) See Note 10. Derivatives for further details. |
Schedule of Fair Value and Carrying Value of Notes and Term Loans | The following table presents the fair value and carrying value of our senior notes and borrowings under our senior secured credit facilities as of December 31, 2021 and 2020 (in thousands): Fair Value at December 31, Carrying Value (1) at December 31, Financial Instrument 2021 2020 2021 2020 Term Loan B $ 1,767,432 $ 1,785,843 $ 1,803,318 $ 1,821,016 Term Loan B-1 397,458 — 401,036 — Term Loan B-2 633,171 — 635,416 — Other Term Loan B (1) — 639,389 — 630,663 Revolver, $400 million — 375,000 — 375,000 9.25% senior secured notes due 2025 877,916 925,610 775,000 775,000 7.375% senior secured notes due 2025 886,423 925,030 850,000 850,000 4.00% senior exchangeable notes due 2025 454,459 610,907 333,220 345,000 _____________________ (1) Excludes net unamortized debt issuance costs. Assets that are Measured at Fair Value on a Nonrecurring Basis As described in Note 1. Summary of Business and Significant Accounting Policies, we assess goodwill and other intangible assets with indefinite lives for impairment annually or more frequently if indicators arise. We continually monitor events and changes in circumstances such as changes in market conditions, near and long-term demand and other relevant factors, that could indicate that the fair value of any one of our reporting units may more likely than not have fallen below its respective carrying amount. We have not identified any triggering events or changes in circumstances that would require us to perform a goodwill impairment test and we did not record any goodwill impairment charges for the year ended December 31, 2021. As we cannot predict the duration or scope of the COVID-19 pandemic, future impairments may occur and the negative financial impact to our consolidated financial statements and results of operations of potential future impairments cannot be reasonably estimated but could be material. See Note 5. Goodwill and Intangible Assets for additional information. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The following table presents the components of lease expense for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Operating lease cost $ 28,932 $ 25,442 Finance lease cost: Amortization of right-of-use assets $ 1,076 $ 6,743 Interest on lease liabilities 34 124 Total finance lease cost $ 1,110 $ 6,867 The following table presents supplemental cash flow information related to leases (in thousands): Year Ended December 31, 2021 2020 Supplemental Cash Flow Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 26,517 $ 23,694 Operating cash flows used in finance leases 34 124 Financing cash flows used in finance leases 75 4,600 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 296 $ 89,328 The following table presents other supplemental information related to leases: December 31, 2021 2020 Weighted Average Remaining Lease Term (in years) Operating leases 7.9 7.9 Finance leases — 1 Weighted Average Discount Rate Operating leases 5.5 % 5.3 % Finance leases — % 4.0 % |
Supplemental Balance Sheet Information | The following table presents supplemental balance sheet information related to leases (in thousands): December 31, 2021 2020 Operating Leases Operating lease right-of-use assets $ 99,587 $ 125,110 Other accrued liabilities 21,106 37,892 Other noncurrent liabilities 79,368 97,403 Total operating lease liabilities $ 100,474 $ 135,295 Finance Leases Property and equipment 33,819 34,931 Accumulated depreciation (33,819) (32,747) Property and equipment, net $ — $ 2,184 Other accrued liabilities — 889 Total finance lease liabilities $ — $ 889 |
Future Minimum Lease Payment Obligations Under Operating Leases | Future minimum lease payments under non-cancellable leases as of December 31, 2021 are as follows (in thousands): Year Ending December 31, Operating Leases 2022 $ 21,684 2023 17,126 2024 15,682 2025 11,125 2026 11,726 Thereafter 48,993 Total 126,336 Imputed Interest (25,862) Total $ 100,474 |
Equity-Based Awards (Tables)
Equity-Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes the weighted-average assumptions used: Year Ended December 31, 2021 2020 2019 Exercise price $ 11.81 $ 8.24 $ 21.37 Average risk-free interest rate 0.67 % 0.70 % 2.40 % Expected life (in years) 6.00 6.00 6.11 Expected volatility 54.95 % 36.41 % 26.32 % Dividend yield — % 5.11 % 2.62 % |
Share-based Payment Arrangement, Option, Activity | The following table summarizes the stock option award activities under our outstanding equity-based compensation plans and agreements for the year ended December 31, 2021: Weighted-Average Quantity Exercise Price Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) (1) Outstanding at December 31, 2020 3,300,256 $ 13.59 7.9 $ 7,401 Granted 19,641 11.81 Exercised (84,341) 8.81 Forfeited (61,383) 15.39 Expired (130,897) 22.95 Outstanding at December 31, 2021 3,043,276 $ 13.27 7.2 $ 733 Vested and exercisable at December 31, 2021 1,672,903 $ 16.37 6.4 $ 240 ______________________ |
Restricted Stock Activities | The following table summarizes the activities for our RSUs for the year ended December 31, 2021: Quantity Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 12,309,646 $ 12.07 Granted 3,697,135 15.82 Vested (4,899,238) 12.43 Forfeited (871,986) 13.52 Unvested at December 31, 2021 10,235,557 $ 13.16 |
Performance Stock Activities | The following table summarizes the activities for our PSUs for the year ended December 31, 2021: Quantity Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 2,846,795 $ 14.18 Granted 2,066,181 15.83 Vested (891,395) 17.84 Forfeited (244,436) 15.46 Unvested at December 31, 2021 3,777,145 $ 11.42 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings per Share | The following table reconciles the numerators and denominators used in the computations of basic and diluted earnings per share from continuing operations (in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Numerator: (Loss) income from continuing operations $ (923,775) $ (1,283,927) $ 164,312 Less: Net income attributable to non-controlling interests 2,162 1,200 3,954 Less: Preferred stock dividends 21,602 7,659 — Net (loss) income from continuing operations available to common stockholders, basic and diluted $ (947,539) $ (1,292,786) $ 160,358 Denominator: Basic weighted-average common shares outstanding 320,922 289,855 274,168 Add: Dilutive effect of stock options and restricted stock awards — — 2,049 Diluted weighted-average common shares outstanding 320,922 289,855 276,217 Earnings per share from continuing operations: Basic $ (2.95) $ (4.46) $ 0.58 Diluted $ (2.95) $ (4.46) $ 0.58 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Reconciliation of Plans Benefit Obligations, Fair Value of Assets and Funded Status | The following tables provide a reconciliation of the changes in the LPP’s benefit obligations and fair value of assets during the years ended December 31, 2021 and 2020, and the unfunded status as of December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Change in benefit obligation: Benefit obligation at January 1 $ (469,016) $ (463,436) Interest cost (11,822) (14,675) Actuarial gain (loss), net 22,387 (53,831) Benefits paid 18,992 18,476 Lump sum settlement 21,500 44,450 Benefit obligation at December 31 $ (417,959) $ (469,016) Change in plan assets: Fair value of assets at January 1 $ 345,253 $ 338,264 Actual return on plan assets 26,330 55,215 Employer contributions 2,700 14,700 Benefits paid (18,992) (18,476) Lump sum settlement (21,500) (44,450) Fair value of assets at December 31 $ 333,791 $ 345,253 Unfunded status at December 31 $ (84,168) $ (123,763) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The amounts recognized in accumulated other comprehensive income (loss) associated with the LPP, net of deferred taxes of $40 million as of December 31, 2021 and 2020, are as follows (in thousands): December 31, 2021 2020 Net actuarial loss $ (115,772) $ (159,709) Prior service credit 7,666 9,099 Pension settlement 21,534 14,005 Accumulated other comprehensive loss $ (86,572) $ (136,605) The following table provides the pre-tax amounts recognized in other comprehensive income (loss), including the amortization of the actuarial loss and prior service credit, associated with the LPP for the years ended December 31, 2021, 2020 and 2019 (in thousands): Obligations Recognized in Year Ended December 31, Other Comprehensive Income (Loss) 2021 2020 2019 Net actuarial loss (gain) $ (37,258) $ 15,225 $ 11,196 Pension settlement (7,529) (18,071) — Amortization of actuarial loss (7,985) (8,611) (6,516) Amortization of prior service credit 1,432 1,432 1,432 Total (income) loss recognized in other comprehensive income (loss) $ (51,340) $ (10,025) $ 6,112 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (39,771) $ 14,491 $ 11,010 |
Schedule of Components of Net Periodic Benefit Cost | The following table provides the components of net periodic benefit costs associated with the LPP and the principal assumptions used in the measurement of the LPP benefit obligations and net benefit costs for the three years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Interest cost (1) $ 11,822 $ 14,675 $ 18,324 Expected return on plan assets (1) (14,334) (15,420) (18,510) Amortization of prior service credit (1) (1,432) (1,432) (1,432) Amortization of actuarial loss (1) 7,985 8,622 6,516 Net periodic benefit $ 4,041 $ 6,445 $ 4,898 Settlement charge (1) 7,529 18,071 — Net cost $ 11,570 $ 24,516 $ 4,898 Weighted-average discount rate used to measure benefit obligations 2.97 % 2.60 % 3.53 % Weighted average assumptions used to determine net benefit cost: Discount rate (2) 2.60 % 3.53 % 4.41 % Expected return on plan assets 5.00 % 5.00 % 5.75 % ________________________________ (1) Included in Other, net on our consolidated statement of operations. (2) Discount rates are as of January 1 of the respective years. Due to settlements during the year additional discount rates assumed are as follows: August 31, 2020: 2.76%, June 30, 2021: 2.89%, September 30, 2021: 2.96%. |
Schedule of Fair Value of LPP Assets | As defined in Note 11. Fair Value Measurements, the following tables present the fair value of the LPP assets as of December 31, 2021 and 2020: Fair Value Measurements at December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Common collective trusts: Foreign equity securities $ — $ 269,860 $ — $ 269,860 U.S. equity securities — 54,944 — 54,944 Money market mutual fund 1,104 — — 1,104 Limited partnership interest: Real estate — — 7,883 7,883 Total assets at fair value $ 1,104 $ 324,804 $ 7,883 $ 333,791 Fair Value Measurements at December 31, 2020 Quoted Prices in Significant Significant Total Common collective trusts: Foreign equity securities $ — $ 263,244 $ — $ 263,244 U.S. equity securities — 65,257 — 65,257 Money market mutual fund 8,017 — — 8,017 Limited partnership interest: Real estate — — 8,735 8,735 Total assets at fair value $ 8,017 $ 328,501 $ 8,735 $ 345,253 |
Schedule of Plan Assets Valued Using Significant Unobservable Inputs (Level 3) | The following table provides a rollforward of plan assets valued using significant unobservable inputs (level 3), in thousands: Real Estate Ending balance at December 31, 2019 $ 9,948 Contributions 87 Net distributions (300) Redemptions (573) Advisory fee (92) Net investment income 400 Unrealized loss (728) Net realized loss (7) Ending balance at December 31, 2020 $ 8,735 Net distributions (235) Redemptions (977) Advisory fee (83) Net investment income 330 Unrealized gain 89 Net realized gain 24 Ending balance at December 31, 2021 $ 7,883 |
Summary of Estimated Future Benefit Payments | We expect the LPP to make the following estimated future benefit payments (in thousands): Amount 2022 $ 28,674 2023 26,873 2024 30,521 2025 33,280 2026 31,257 2027-2031 148,135 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | Segment information for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): Year Ended December 31, 2021 2020 2019 Revenue Travel Solutions $ 1,503,539 $ 1,176,694 $ 3,723,000 Hospitality Solutions 202,628 174,628 292,880 Eliminations (17,292) (17,222) (40,892) Total revenue $ 1,688,875 $ 1,334,100 $ 3,974,988 Adjusted Operating (Loss) Income (a) Travel Solutions $ (222,679) $ (523,122) $ 729,266 Hospitality Solutions (39,806) (63,915) (21,632) Corporate (196,832) (158,237) (194,226) Total $ (459,317) $ (745,274) $ 513,408 Depreciation and amortization Travel Solutions $ 170,673 $ 250,540 $ 292,097 Hospitality Solutions 26,354 42,789 53,098 Total segments 197,027 293,329 345,195 Corporate 65,158 70,414 69,426 Total $ 262,185 $ 363,743 $ 414,621 Capital Expenditures Travel Solutions $ 25,128 $ 23,481 $ 52,642 Hospitality Solutions 224 3,177 11,324 Total segments 25,352 26,658 63,966 Corporate 28,950 38,762 51,200 Total $ 54,302 $ 65,420 $ 115,166 (a) The following table sets forth the reconciliation of operating (loss) income in our statement of operations to Adjusted Operating (Loss) Income (in thousands): Year Ended December 31, 2021 2020 2019 Operating (loss) income $ (665,487) $ (988,039) $ 363,417 Add back: Equity method (loss) income (264) (2,528) 2,044 Impairment and related charges (1) — 8,684 — Acquisition-related amortization (2) 64,144 65,998 64,604 Restructuring and other costs (3) (7,608) 85,797 — Acquisition-related costs (4) 6,744 16,787 41,037 Litigation costs, net (5) 22,262 (1,919) (24,579) Stock-based compensation 120,892 69,946 66,885 Adjusted Operating (loss) income $ (459,317) $ (745,274) $ 513,408 (1) Impairment and related charges represents $5 million associated with s oftware developed for internal use and $4 million associated with capitalized implementation costs related to a specific customer based on our analysis of the recoverability of such amounts. (2) Acquisition-related amortization represents amortization of intangible assets from the take-private transaction in 2007 as well as intangibles associated with acquisitions since that date. (3) Restructuring and other costs represent charges, and adjustments to those charges, associated with business restructuring and associated changes, including the Strategic Realignment, as well as other measures to support the new organizational structure and to respond to the impacts of the COVID-19 pandemic on our business, facilities and cost structure. See Note 4. Restructuring Activities for further details. (4) Acquisition-related costs represent fees and expenses incurred associated with the now-terminated agreement to acquire Farelogix, as well as costs related to the acquisition of Radixx in 2019 and other acquisition and disposition related activities. See Note 3. Acquisitions and Dispositions for further information. (5) Litigation costs, net represent charges associated with antitrust litigation and other foreign non-income tax contingency matters. In 2020, we reversed the previously accrued non-income tax expense of $4 million due to success in our claims. In 2019, we recorded the reversal of our previously accrued loss related to the US Airways legal matter for $32 million. See Note 17. Commitments and Contingencies for further information. |
Schedule of Revenues by Geographic Area | Our revenues and long-lived assets, excluding goodwill and intangible assets, by geographic region are summarized below. Distribution revenue for the Travel Solutions business is attributed to countries based on the location of the travel supplier and IT Solutions revenue is based on the location of the customer. For Hospitality Solutions, revenue is attributed to countries based on the location of the customer. The majority of our revenues and long-lived assets are derived from the United States, Europe, and Asia-Pacific ("APAC") as follows (in thousands): Year Ended December 31, 2021 2020 2019 Revenue: United States $ 734,568 $ 636,854 $ 1,306,450 Europe 341,862 287,421 913,245 APAC 184,075 151,206 822,679 All Other 428,370 258,619 932,614 Total $ 1,688,875 $ 1,334,100 $ 3,974,988 |
Schedule of Long-Lived Assets by Geographic Area | As of December 31, 2021 2020 Long-lived assets United States $ 293,610 $ 417,070 Europe 33,963 39,160 APAC 10,844 17,956 All Other 10,983 14,415 Total $ 349,400 $ 488,601 |
Summary of Business and Signi_4
Summary of Business and Significant Accounting Policies - Additional Information (Details) | Mar. 17, 2020 | Jan. 01, 2020USD ($) | Dec. 31, 2021USD ($)segmentreporting_unit$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Jan. 01, 2021 | Dec. 31, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Number of business segments | segment | 2 | ||||||
Cancellation reserve | $ 59,646,000 | $ 97,569,000 | $ 58,000,000 | ||||
Increase (decrease) in allowance for credit loss | (38,000,000) | ||||||
Provision for credit losses, prior period decrease | 74,000,000 | ||||||
Advertising expense | 4,000,000 | 8,000,000 | 19,000,000 | ||||
Restricted cash | 21,039,000 | 0 | |||||
Depreciation and amortization of property and equipment | 154,000,000 | 248,000,000 | 295,000,000 | ||||
Capitalized software development additions | $ 39,000,000 | 41,000,000 | 89,000,000 | ||||
Impairment of intangible assets | 5,000,000 | ||||||
Tangible impairment charge | 4,000,000 | ||||||
Number of reporting units | reporting_unit | 2 | ||||||
Goodwill impairment charges | $ 0 | 0 | 0 | ||||
Investments in joint ventures | $ 23,000,000 | $ 24,000,000 | $ 24,000,000 | ||||
Dividend per common share (in dollars per share) | $ / shares | $ 0 | $ 0.14 | $ 0.56 | ||||
Dividend yield | 0.00% | ||||||
Income tax expense (benefit) | $ (14,612,000) | $ (21,012,000) | $ 35,326,000 | ||||
Net income (loss) attributable to common stockholders | $ 950,071,000 | $ 1,289,998,000 | $ (158,592,000) | ||||
Basic (in dollars per share) | $ / shares | $ (2.96) | $ (4.45) | $ 0.57 | ||||
Total stockholders’ equity | $ (499,717,000) | $ 285,154,000 | $ 947,669,000 | $ 974,271,000 | |||
Air Bookings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cancellation reserve | 18,000,000 | 18,000,000 | |||||
Retained Earnings (Deficit) | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders’ equity | $ (3,049,695,000) | (2,099,624,000) | (763,482,000) | $ (768,566,000) | |||
Accounting Standards Update 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase (decrease) in allowance for credit loss | $ 10,000,000 | ||||||
Decrease in deferred tax liabilities | 1,000,000 | ||||||
Increase in accounts receivable | 1,000,000 | ||||||
Accounting Standards Update 2020-06 Retrospective | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Debt instrument, debt issuance costs, effective amortization rate | 5.00% | ||||||
Net deferred tax liability in connection with debt discount and issuance costs | 18,000,000 | ||||||
Valuation allowance, deferred tax asset, increase (decrease), amount | 17,000,000 | ||||||
Decrease in interest expense | 9,000,000 | ||||||
Income tax expense (benefit) | 19,000,000 | ||||||
Net income (loss) attributable to common stockholders | $ 10,000,000 | ||||||
Basic (in dollars per share) | $ / shares | $ (0.03) | ||||||
Total stockholders’ equity | $ 285,154,000 | ||||||
Hospitality Solutions | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Impairment of intangible assets | 5,000,000 | ||||||
Ess Elektroniczne Systemy Spzedazy Sp Zo | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Voting interest percentage | 40.00% | ||||||
Sabre Bulgaria A D | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Voting interest percentage | 20.00% | ||||||
Adoption of New Accounting Standard | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders’ equity | (7,600,000) | ||||||
Adoption of New Accounting Standard | Accounting Standards Update 2016-13 | Retained Earnings (Deficit) | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders’ equity | $ 8,000,000 | ||||||
Costs to Fulfill Contracts | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Amortization of capitalized implementation costs, included in depreciation and amortization | $ 34,750,000 | 37,094,000 | 39,000,000 | ||||
Software developed for internal use | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Amortization | $ 132,000,000 | $ 203,000,000 | $ 241,000,000 | ||||
Minimum | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Expected life of service contracts with significant travel agency customers | 3 years | ||||||
Amortization period | 2 years | ||||||
Amortization of capitalized implementation costs | 3 years | ||||||
Minimum | NMCs | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Voting interest percentage | 20.00% | ||||||
Maximum | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Expected life of service contracts with significant travel agency customers | 10 years | ||||||
Amortization period | 30 years | ||||||
Amortization of capitalized implementation costs | 10 years | ||||||
Maximum | NMCs | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Voting interest percentage | 49.00% |
Summary of Business and Signi_5
Summary of Business and Significant Accounting Policies - Depreciation and Amortization Policies for Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings | Maximum | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful life | 35 years |
Furniture and fixtures | Minimum | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful life | 5 years |
Furniture and fixtures | Maximum | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful life | 15 years |
Equipment, general office and computer | Minimum | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Equipment, general office and computer | Maximum | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful life | 5 years |
Software developed for internal use | Minimum | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Software developed for internal use | Maximum | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful life | 5 years |
Summary of Business and Signi_6
Summary of Business and Significant Accounting Policies - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Deferred income taxes | $ 38,344 | $ 72,196 | ||
Long-term debt | 4,723,685 | 4,717,808 | ||
Additional paid-in capital | 3,115,719 | 2,985,077 | ||
Accumulated deficit | (3,049,695) | (2,099,624) | ||
Total stockholders’ equity | (499,717) | 285,154 | $ 947,669 | $ 974,271 |
Total liabilities and stockholders’ (deficit) equity | $ 5,291,330 | 6,077,722 | ||
Accounting Standards Update 2020-06 Retrospective | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Deferred income taxes | 72,196 | |||
Long-term debt | 4,717,808 | |||
Additional paid-in capital | 2,985,077 | |||
Accumulated deficit | (2,099,624) | |||
Total stockholders’ equity | 285,154 | |||
Total liabilities and stockholders’ (deficit) equity | 6,077,722 | |||
As Originally Reported | Accounting Standards Update 2020-06 Retrospective | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Deferred income taxes | 72,744 | |||
Long-term debt | 4,639,782 | |||
Additional paid-in capital | 3,052,953 | |||
Accumulated deficit | (2,090,022) | |||
Total stockholders’ equity | 362,632 | |||
Total liabilities and stockholders’ (deficit) equity | 6,077,722 | |||
Adjustments | Accounting Standards Update 2020-06 Retrospective | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Deferred income taxes | (548) | |||
Long-term debt | 78,026 | |||
Additional paid-in capital | (67,876) | |||
Accumulated deficit | (9,602) | |||
Total stockholders’ equity | (77,478) | |||
Total liabilities and stockholders’ (deficit) equity | $ 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | $ 38,000 | ||
Contract with customer, performance obligation satisfied in previous period | 13,000 | ||
Cancellation reserve | 59,646 | $ 97,569 | $ 58,000 |
Impairment loss | 1,000 | 10,000 | |
Air Bookings | |||
Disaggregation of Revenue [Line Items] | |||
Cancellation reserve | $ 18,000 | $ 18,000 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue from External Customer [Line Items] | ||
Contract assets, noncurrent | $ 82,742 | $ 86,610 |
Contract liabilities | 135,273 | 176,956 |
Contract assets | 11,000 | 8,000 |
Prepaid expenses and other current assets / other assets, net | ||
Revenue from External Customer [Line Items] | ||
Contract assets, current | 79,682 | 88,850 |
Accounts receivable, net | ||
Revenue from External Customer [Line Items] | ||
Contract assets, current | 258,800 | 253,511 |
Other assets, net | ||
Revenue from External Customer [Line Items] | ||
Contract assets, noncurrent | $ 23,709 | $ 38,156 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total Sabre Revenue | $ 1,688,875 | $ 1,334,100 | $ 3,974,988 |
Travel Solutions | License fee | |||
Disaggregation of Revenue [Line Items] | |||
Total Sabre Revenue | 22,000 | 31,000 | |
Operating Segments | Travel Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Total Sabre Revenue | 1,503,539 | 1,176,694 | 3,723,000 |
Operating Segments | Travel Solutions | Distribution | |||
Disaggregation of Revenue [Line Items] | |||
Total Sabre Revenue | 901,478 | 582,115 | 2,730,845 |
Operating Segments | Travel Solutions | IT Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Total Sabre Revenue | 602,061 | 594,579 | 992,155 |
Operating Segments | Hospitality Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Total Sabre Revenue | 202,628 | 174,628 | 292,880 |
Operating Segments | Hospitality Solutions | SynXis Software and Service | |||
Disaggregation of Revenue [Line Items] | |||
Total Sabre Revenue | 178,940 | 156,749 | 257,612 |
Operating Segments | Hospitality Solutions | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total Sabre Revenue | 23,688 | 17,879 | 35,268 |
Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Total Sabre Revenue | $ (17,292) | $ (17,222) | $ (40,892) |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Contract Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Capitalized Contract Cost [Roll Forward] | |||
Beginning balance | $ 145,712 | ||
Impairment | (1,000) | $ (10,000) | |
Assets classified as held for sale, net | (19,169) | 0 | |
Ending balance | 109,762 | 145,712 | |
Contract cost impairment loss | 1,000 | 10,000 | |
Costs to Obtain Contracts | |||
Capitalized Contract Cost [Roll Forward] | |||
Beginning balance | 21,871 | 23,595 | |
Additions | 7,609 | 5,590 | |
Amortization | (7,171) | (7,314) | |
Ending balance | 22,309 | 21,871 | $ 23,595 |
Costs to Fulfill Contracts | |||
Capitalized Contract Cost [Roll Forward] | |||
Beginning balance | 145,712 | 175,968 | |
Additions | 19,027 | 17,301 | |
Amortization | (34,750) | (37,094) | (39,000) |
Impairment | (1,315) | (9,562) | |
Other | 257 | (901) | |
Ending balance | 145,712 | $ 175,968 | |
Contract cost impairment loss | $ 1,315 | 9,562 | |
Costs to Fulfill Contracts | One Customer | |||
Capitalized Contract Cost [Roll Forward] | |||
Impairment | (4,000) | ||
Contract cost impairment loss | 4,000 | ||
Costs to Fulfill Contracts | Other Customer | |||
Capitalized Contract Cost [Roll Forward] | |||
Other impairments | $ 6,000 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | |||||
Net cash consideration | $ 0 | $ 0 | $ 107,462 | ||
Forecast | Disposal Group, Not Discontinued Operations | AirCentre Airline Operations | Travel Solutions | |||||
Business Acquisition [Line Items] | |||||
Disposal group, including discontinued operation, consideration | $ 392,500 | ||||
Radixx Solutions International, Inc. | |||||
Business Acquisition [Line Items] | |||||
Net cash consideration | $ 107,000 | ||||
Department of Justice Lawsuit | |||||
Business Acquisition [Line Items] | |||||
Litigation charge | 46,000 | ||||
Acquisition termination fee | 25,000 | ||||
Termination fees | $ 21,000 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Current assets held for sale | $ 21,358 | $ 0 |
Long-term assets held for sale | 203,204 | 0 |
Liabilities: | ||
Current liabilities held for sale | 21,092 | 0 |
Long-term liabilities held for sale | 15,476 | $ 0 |
Disposal Group, Held-for-sale, Not Discontinued Operations | AirCentre Airline Operations | Travel Solutions | ||
Assets: | ||
Accounts receivable, net | 21,151 | |
Prepaid expenses and other current assets | 207 | |
Current assets held for sale | 21,358 | |
Property and equipment, net of accumulated depreciation | 9,496 | |
Goodwill | 152,742 | |
Acquired customer relationships, net of accumulated amortization | 2,785 | |
Other assets, net | 38,181 | |
Long-term assets held for sale | 203,204 | |
Total assets held for sale | 224,562 | |
Liabilities: | ||
Accounts payable | 73 | |
Accrued compensation and related benefits | 715 | |
Deferred revenues | 19,753 | |
Other accrued liabilities | 551 | |
Current liabilities held for sale | 21,092 | |
Other noncurrent liabilities | 15,476 | |
Long-term liabilities held for sale | 15,476 | |
Total liabilities held for sale | $ 36,568 |
Restructuring Activities - Narr
Restructuring Activities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other costs | $ (7,608) | $ 85,797 | $ 0 |
Payments for restructuring | 7,000 | ||
Restructuring and related cost, cost incurred to date | $ 79,000 | ||
Cost of revenue | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other costs | 19,000 | ||
Technology costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other costs | 32,000 | ||
Selling, general and administrative costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other costs | $ 35,000 |
Restructuring Activities - Sche
Restructuring Activities - Schedule of Accrued Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | |||
Cash payments | $ 7,608 | $ (85,797) | $ 0 |
Non-cash adjustments | (7,000) | ||
Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 23,253 | ||
Cash payments | (13,803) | ||
Non-cash adjustments | (7,137) | ||
Ending balance | $ 2,313 | $ 23,253 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Change in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 2,636,546 | $ 2,633,251 |
Adjustments | (13,598) | 3,295 |
Reclassified to assets held for sale | (152,742) | |
Ending Balance | 2,470,206 | 2,636,546 |
Travel Solutions | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 2,476,201 | 2,478,440 |
Adjustments | (8,942) | (2,239) |
Reclassified to assets held for sale | (152,742) | |
Ending Balance | 2,314,517 | 2,476,201 |
Hospitality Solutions | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 160,345 | 154,811 |
Adjustments | (4,656) | 5,534 |
Reclassified to assets held for sale | 0 | |
Ending Balance | $ 155,689 | $ 160,345 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,964,078 | $ 1,986,796 |
Accumulated Amortization | (1,523,395) | (1,475,430) |
Net Carrying Amount | 440,683 | 511,366 |
Acquired customer relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,028,841 | 1,050,485 |
Accumulated Amortization | (771,479) | (761,335) |
Net Carrying Amount | 257,362 | 289,150 |
Trademarks and brand names | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 333,537 | 333,538 |
Accumulated Amortization | (169,260) | (158,491) |
Net Carrying Amount | 164,277 | 175,047 |
Reacquired rights | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 113,500 | 113,500 |
Accumulated Amortization | (105,393) | (89,179) |
Net Carrying Amount | 8,107 | 24,321 |
Purchased technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 435,914 | 436,988 |
Accumulated Amortization | (426,306) | (418,926) |
Net Carrying Amount | 9,608 | 18,062 |
Acquired contracts, supplier and distributor agreements | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 37,600 | 37,599 |
Accumulated Amortization | (36,271) | (32,813) |
Net Carrying Amount | 1,329 | 4,786 |
Non-compete agreements | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,686 | 14,686 |
Accumulated Amortization | (14,686) | (14,686) |
Net Carrying Amount | $ 0 | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 64 | $ 66 | $ 65 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Future Finite Lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 50,866 | |
2023 | 37,160 | |
2024 | 33,938 | |
2025 | 31,224 | |
2026 | 30,952 | |
2027 and thereafter | 256,543 | |
Net Carrying Amount | $ 440,683 | $ 511,366 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Receivables, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid Expenses | $ 71,162 | $ 77,232 |
Value added tax receivable | 33,123 | 30,782 |
Other | 17,306 | 24,958 |
Prepaid expenses and other current assets | $ 121,591 | $ 132,972 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 2,162,463 | $ 2,358,900 |
Accumulated depreciation and amortization | (1,912,651) | (1,995,409) |
Property and equipment, net | 249,812 | 363,491 |
Buildings and leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 38,792 | 37,766 |
Furniture, fixtures and equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 35,675 | 38,290 |
Computer equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 318,156 | 391,126 |
Software developed for internal use | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 1,769,840 | $ 1,891,718 |
Balance Sheet Components - Ot_2
Balance Sheet Components - Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Capitalized implementation costs, net | $ 109,762 | $ 145,712 |
Deferred upfront incentive consideration | 84,099 | 127,104 |
Long-term contract assets and customer advances and discounts | 82,742 | 86,610 |
Right-of-Use asset | 99,587 | 125,110 |
Long-term trade unbilled receivables | 23,709 | 38,156 |
Other | 75,525 | 107,076 |
Other assets, net | $ 475,424 | $ 629,768 |
Balance Sheet Components - Ot_3
Balance Sheet Components - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Pension and other postretirement benefits | $ 85,666 | $ 127,841 |
Deferred revenue | 45,734 | 69,934 |
Lease liabilities | 79,368 | 97,403 |
Other | 86,269 | 85,443 |
Other noncurrent liabilities | $ 297,037 | $ 380,621 |
Balance Sheet Components - Accu
Balance Sheet Components - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Defined benefit pension and other postretirement benefit plans | $ (84,773) | $ (135,596) |
Unrealized foreign currency translation gain | 6,282 | 13,671 |
Share of other comprehensive loss of equity method investment | (1,796) | (1,195) |
Unrealized loss on foreign currency forward contracts, interest rate swaps and available-for-sale securities | 0 | (12,837) |
Total accumulated other comprehensive loss, net of tax | $ (80,287) | $ (135,957) |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Pretax Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of pre-tax (loss) income: | |||
Domestic | $ (738,394) | $ (1,023,243) | $ 30,960 |
Foreign | (199,993) | (281,696) | 168,678 |
(Loss) income from continuing operations before income taxes | $ (938,387) | $ (1,304,939) | $ 199,638 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes Relating to Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current portion: | |||
Federal | $ (1,575) | $ (5,067) | $ 4,488 |
State and Local | (709) | (435) | 3,781 |
Non U.S. | 15,187 | 11,823 | 49,982 |
Total current | 12,903 | 6,321 | 58,251 |
Deferred portion: | |||
Federal | (2,223) | (16,548) | (14,215) |
State and Local | 563 | (3,379) | (1,692) |
Non U.S. | (25,855) | (7,406) | (7,018) |
Total deferred | (27,515) | (27,333) | (22,925) |
Total provision for income taxes | $ (14,612) | $ (21,012) | $ 35,326 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Statutory Income Taxes and Effective Income Taxes Relating to Continuing Operation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision at statutory federal income tax rate | $ (197,061) | $ (274,037) | $ 41,924 |
State income taxes, net of federal benefit | (9,414) | (15,003) | 2,223 |
Impact of non U.S. taxing jurisdictions, net | 26,029 | 38,994 | 9,458 |
Employee stock based compensation | 9,836 | 13,985 | 8,380 |
Research tax credit | (16,901) | (11,328) | (28,593) |
Tax receivable agreement (TRA) | 0 | 0 | (536) |
Valuation Allowance | 176,921 | 218,687 | 957 |
Other, net | (4,022) | 7,690 | 1,513 |
Total provision for income taxes | $ (14,612) | $ (21,012) | $ 35,326 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | ||||
TRA liability benefit | $ 5,000 | |||
Reduction related to certain audit and transfer pricing adjustments | $ 3,000 | |||
Valuation allowance | $ 176,921 | $ 218,687 | 957 | |
Recognized penalties and interest (benefits) | (3,000) | 6,000 | (7,000) | |
Unrecognized tax benefits, including interest and penalty | 110,000 | 96,000 | ||
Cumulative accrued interest and penalties | 25,000 | 23,000 | ||
Unrecognized tax benefits increase | 44,000 | 47,000 | 42,000 | |
Unrecognized tax benefits that, if recognized, would impact the effective tax rate | 73,000 | $ 55,000 | $ 48,000 | |
Reasonably possible amount of unrecognized tax benefits may be resolved in the next twelve month | 6,000 | |||
Research | ||||
Income Tax Disclosure [Line Items] | ||||
Research tax credit carryforwards | 31,000 | |||
Domestic Tax Authority | ||||
Income Tax Disclosure [Line Items] | ||||
Deferred tax assets for NOL indefinite carry forwards | 969,000 | |||
Net operating loss carry forwards | 33,000 | |||
Valuation allowance | 322,000 | |||
State Tax Authority | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carry forwards | 18,000 | |||
Valuation allowance | 22,000 | |||
State Tax Authority | Research | ||||
Income Tax Disclosure [Line Items] | ||||
Research tax credit carryforwards | 19,000 | |||
Foreign Tax Authority | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carry forwards | 508,000 | |||
Valuation allowance | 86,000 | |||
Foreign Tax Authority | Research | ||||
Income Tax Disclosure [Line Items] | ||||
Research tax credit carryforwards | $ 9,000 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Employee benefits other than pension | $ 36,670 | $ 21,903 |
Lease liabilities | 22,214 | 22,108 |
Deferred revenue | 37,348 | 33,824 |
Pension obligations | 19,129 | 27,865 |
Tax loss carryforwards | 377,286 | 259,095 |
Incentive consideration | 4,864 | 4,158 |
Tax credit carryforwards | 57,657 | 47,110 |
Suspended loss | 14,592 | 14,528 |
Software developed for internal use | 16,208 | 0 |
Accrued expenses | 12,946 | 1,209 |
Total deferred tax assets | 598,914 | 431,800 |
Deferred tax liabilities: | ||
Bond discounts | (1,731) | (1,158) |
Right of use assets | (22,276) | (21,376) |
Depreciation and amortization | (6,419) | (8,284) |
Software developed for internal use | 0 | (19,917) |
Intangible assets | (98,072) | (110,625) |
Unrealized gains and losses | (24,118) | (24,109) |
Non U.S. operations | (17,543) | (15,674) |
Investment in partnership | (8,528) | (7,565) |
Other | (1,580) | (3,031) |
Total deferred tax liabilities | (180,267) | (211,739) |
Valuation allowance | (429,935) | (268,076) |
Net deferred tax liability | $ (11,288) | $ (48,015) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 73,054 | $ 64,645 | $ 70,327 |
Additions for tax positions taken in the current year | 3,655 | 3,090 | 5,149 |
Additions for tax positions of prior years | 12,625 | 7,504 | 12,679 |
Additions for tax positions from acquisitions | 0 | 0 | 1,294 |
Reductions for tax positions of prior years | (29) | 0 | (19,611) |
Reductions for tax positions of expired statute of limitations | (4,376) | (656) | (1,192) |
Settlements | 0 | (1,529) | (4,001) |
Balance at end of year | $ 84,929 | $ 73,054 | $ 64,645 |
Income Taxes - Tax Receivable A
Income Taxes - Tax Receivable Agreement (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||||||
Payments for TRA | $ 0 | $ 71,958 | $ 101,482 | |||
Early termination payment | $ 1,000 | |||||
IRS | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Payments for TRA | $ 72,000 | $ 105,000 |
Credit Losses - Narrative (Deta
Credit Losses - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Increase (decrease) in allowance for credit loss | $ (38,000) | ||||
Total stockholders’ equity | (499,717) | $ 285,154 | $ 947,669 | $ 974,271 | |
Provision for expected credit losses | $ (7,788) | 65,710 | 20,563 | ||
ACH Payment | Customer Concentration Risk | Commercial Air Travel | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Concentration risk percentage | 53.00% | ||||
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Commercial Air Travel | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Concentration risk percentage | 82.00% | ||||
Retained Earnings (Deficit) | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total stockholders’ equity | $ (3,049,695) | $ (2,099,624) | (763,482) | $ (768,566) | |
Accounting Standards Update 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Increase (decrease) in allowance for credit loss | $ 10,000 | ||||
Decrease in deferred tax liabilities | 1,000 | ||||
Increase in accounts receivable | 1,000 | ||||
Adoption of New Accounting Standard | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total stockholders’ equity | $ (7,600) | ||||
Adoption of New Accounting Standard | Accounting Standards Update 2016-13 | Retained Earnings (Deficit) | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total stockholders’ equity | $ 8,000 |
Credit Losses - Allowance for C
Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 97,569 | $ 58,000 | |
Provision for expected credit losses | (7,788) | 65,710 | $ 20,563 |
Write-offs | (27,843) | ||
Other | (2,292) | ||
Ending balance | $ 59,646 | $ 97,569 | $ 58,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | Jul. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | |||
Outstanding debt | $ 4,753,000 | $ 4,744,000 | |
Debt issuance costs | 45,000 | 54,000 | |
Net unamortized discount | 9,000 | 10,000 | |
Outstanding letters of credit | 10,000 | ||
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Cash collateral for borrowed securities | 20,000 | ||
Line of Credit | Revolving Credit Facility | Revolver, $400 million | |||
Line of Credit Facility [Line Items] | |||
Proceeds from issuance of debt, net | $ 25,000 | ||
Face value of outstanding debt | $ 400,000 | 0 | 375,000 |
Line of Credit | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Outstanding letters of credit | 10,000 | ||
Term Loan | Other Term Loan B | |||
Line of Credit Facility [Line Items] | |||
Face value of outstanding debt | 0 | 637,000 | |
Term Loan | Term Loan B-1 | |||
Line of Credit Facility [Line Items] | |||
Face value of outstanding debt | 401,980 | 0 | |
Term Loan | Term Loan B-2 | |||
Line of Credit Facility [Line Items] | |||
Face value of outstanding debt | $ 640,780 | $ 0 |
Debt - Face Value of Outstandin
Debt - Face Value of Outstanding Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Jul. 12, 2021 | Dec. 31, 2020 | Aug. 27, 2020 | Apr. 17, 2020 | |
Debt Instrument [Line Items] | |||||
Finance lease obligations | $ 0 | $ 889 | |||
Face value of total debt outstanding | 4,806,786 | 4,807,505 | |||
Less current portion of debt outstanding | (29,290) | (26,068) | |||
Face value of long-term debt outstanding | 4,777,496 | 4,781,437 | |||
Term Loan | Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Face value of outstanding debt | $ 1,805,806 | 1,824,616 | |||
Basis spread on LIBOR | 2.00% | ||||
Term Loan | Other Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Face value of outstanding debt | $ 0 | 637,000 | |||
Basis spread on LIBOR | 4.00% | ||||
Term Loan | Term Loan B-1 | |||||
Debt Instrument [Line Items] | |||||
Face value of outstanding debt | $ 401,980 | 0 | |||
Basis spread on LIBOR | 3.50% | ||||
Term Loan | Term Loan B-2 | |||||
Debt Instrument [Line Items] | |||||
Face value of outstanding debt | $ 640,780 | 0 | |||
Basis spread on LIBOR | 3.50% | ||||
Line of Credit | Revolver, $400 million | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Face value of outstanding debt | $ 0 | $ 400,000 | 375,000 | ||
Basis spread on LIBOR | 2.75% | ||||
Senior Secured Notes | 9.250% senior secured notes due 2025 | |||||
Debt Instrument [Line Items] | |||||
Face value of outstanding debt | $ 775,000 | 775,000 | |||
Debt instrument interest rate percentage | 9.25% | 9.25% | |||
Senior Secured Notes | 7.375% senior secured notes due 2025 | |||||
Debt Instrument [Line Items] | |||||
Face value of outstanding debt | $ 850,000 | 850,000 | |||
Debt instrument interest rate percentage | 7.375% | 7.375% | |||
Senior Secured Notes | 4.00% senior exchangeable notes due 2025 | |||||
Debt Instrument [Line Items] | |||||
Face value of outstanding debt | $ 333,220 | $ 345,000 | |||
Debt instrument interest rate percentage | 4.00% |
Debt - Senior Secured Credit Fa
Debt - Senior Secured Credit Facilities Narrative (Details) | Jul. 12, 2021USD ($) | Dec. 17, 2020USD ($) | Aug. 27, 2020 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 02, 2021USD ($) | Dec. 16, 2020USD ($) | Aug. 23, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||
Proceeds of borrowings from lenders | $ 1,070,380,000 | $ 2,982,000,000 | $ 45,000,000 | ||||||
Loss on extinguishment of debt | 13,070,000 | 21,626,000 | $ 0 | ||||||
Payments of debt restructuring costs | $ 2,000,000 | ||||||||
Debt instrument, reinvestment period for covenant compliance | 15 months | ||||||||
Senior Secured Credit Facilities | |||||||||
Debt Instrument [Line Items] | |||||||||
Monthly basis of liquidity amount required | $ 300,000,000 | $ 450,000,000 | |||||||
Debt instrument, covenant, minimum liquidity | $ 300,000,000 | ||||||||
Debt instrument, unamortized discount | 3,000,000 | ||||||||
Debt instrument, unamortized premium | 6,000,000 | ||||||||
Debt instrument, fee amount | 6,000,000 | ||||||||
Senior Secured Credit Facilities | Federal Funds Effective Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 0.50% | ||||||||
Senior Secured Credit Facilities | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 1.00% | ||||||||
Term Loan | Other Term Loan B | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 4.00% | ||||||||
Proceeds of borrowings from lenders | 637,000,000 | ||||||||
Proceeds from debt, net of issuance costs | $ 623,000,000 | ||||||||
Extinguishment of debt | 634,000,000 | ||||||||
Equal quarterly principal installments | 0.25% | ||||||||
Periodic payment | $ 24,000,000 | ||||||||
Excess cash flow payment percentage | 50.00% | ||||||||
Term Loan | Other Term Loan B | Eurocurrency | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 4.00% | ||||||||
Floor interest rate | 0.75% | ||||||||
Term Loan | Other Term Loan B | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 3.00% | ||||||||
Floor interest rate | 1.75% | ||||||||
Term Loan | Term Loan A | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of debt | $ 134,000,000 | ||||||||
Term Loan | Term Loan B-1 | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 3.50% | ||||||||
Term Loan | Term Loan B-1 | Eurocurrency | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 3.50% | ||||||||
Term Loan | Term Loan B-1 | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 2.50% | ||||||||
Term Loan | Term Loan B-2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 3.50% | ||||||||
Term Loan | Term Loan B-2 | Eurocurrency | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 3.50% | ||||||||
Term Loan | Term Loan B-2 | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 2.50% | ||||||||
Term Loan | Term Loan B | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 2.00% | ||||||||
Term Loan | Term Loan B | Eurocurrency | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 2.00% | ||||||||
Floor interest rate | 0.00% | ||||||||
Term Loan | Term Loan B | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 1.00% | ||||||||
Senior Secured Notes | Term Loan A And 5.25% Senior Secured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt | 11,000,000 | ||||||||
Redemption premium | 6,000,000 | ||||||||
Write-off of deferred debt issuance costs | $ 5,000,000 | ||||||||
Senior Secured Notes | Senior Secured Notes 5.25% Due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of debt | $ 500,000,000 | ||||||||
Debt instrument interest rate percentage | 5.25% | ||||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Increase in interest rate | 0.25% | ||||||||
Revolving Credit Facility | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Decrease in variable basis spread, quarterly | 0.25% | ||||||||
Decrease in variable basis spread, maximum | 0.75% | ||||||||
Senior secured first-lien net leverage ratio, threshold one | 3.75 | ||||||||
Senior secured first-lien net leverage ratio, threshold two | 3 | ||||||||
Senior secured first-lien net leverage ratio, threshold three | 2.25 | ||||||||
Extinguishment of debt | 400,000,000 | ||||||||
Revolving Credit Facility | Line of Credit | Eurocurrency | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 2.50% | ||||||||
Revolving Credit Facility | Line of Credit | Eurocurrency | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 1.75% | ||||||||
Revolving Credit Facility | Line of Credit | Base Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 1.50% | ||||||||
Revolving Credit Facility | Line of Credit | Base Rate | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Marginal interest rate | 0.75% | ||||||||
Revolving Credit Facility | Line of Credit | Term Loan A | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | $ 570,000,000 | ||||||||
Revolving Credit Facility | Line of Credit | Term Loan B-1 | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | 404,000,000 | ||||||||
Revolving Credit Facility | Line of Credit | Term Loan B-2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | $ 644,000,000 | ||||||||
Revolving Credit Facility | Line of Credit | Revolver, $400 million | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | 400,000,000 | ||||||||
Marginal interest rate | 2.75% | ||||||||
Revolving Credit Facility | Line of Credit | Term Loan B | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | $ 1,891,000,000 | ||||||||
Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | $ 20,000,000 |
Debt - Schedule of Applicable M
Debt - Schedule of Applicable Margins (Details) - Term Loan | 12 Months Ended |
Dec. 31, 2021 | |
Term Loan B | |
Line of Credit Facility [Line Items] | |
Marginal interest rate | 2.00% |
Term Loan B | Eurocurrency | |
Line of Credit Facility [Line Items] | |
Marginal interest rate | 2.00% |
Floor interest rate | 0.00% |
Term Loan B | Base Rate | |
Line of Credit Facility [Line Items] | |
Marginal interest rate | 1.00% |
Term Loan B-1 | |
Line of Credit Facility [Line Items] | |
Marginal interest rate | 3.50% |
Term Loan B-1 | Eurocurrency | |
Line of Credit Facility [Line Items] | |
Marginal interest rate | 3.50% |
Term Loan B-1 | Base Rate | |
Line of Credit Facility [Line Items] | |
Marginal interest rate | 2.50% |
Term Loan B-2 | |
Line of Credit Facility [Line Items] | |
Marginal interest rate | 3.50% |
Term Loan B-2 | Eurocurrency | |
Line of Credit Facility [Line Items] | |
Marginal interest rate | 3.50% |
Term Loan B-2 | Base Rate | |
Line of Credit Facility [Line Items] | |
Marginal interest rate | 2.50% |
Term Loan B-1 And Term Loan B-2 | Eurocurrency | |
Line of Credit Facility [Line Items] | |
Marginal interest rate | 3.50% |
Floor interest rate | 0.50% |
Term Loan B-1 And Term Loan B-2 | Base Rate | |
Line of Credit Facility [Line Items] | |
Marginal interest rate | 2.50% |
Floor interest rate | 1.50% |
Debt - Schedule of Effective In
Debt - Schedule of Effective Interest Rates (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | |||
Including the impact of interest rate swaps | 3.91% | 4.03% | 4.64% |
Excluding the impact of interest rate swaps | 3.33% | 3.26% | 4.63% |
Debt - Senior Secured Credit _2
Debt - Senior Secured Credit Facilities due 2025 Narrative (Details) - USD ($) | Dec. 17, 2020 | Aug. 27, 2020 | Apr. 17, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||||
Proceeds of borrowings from lenders | $ 1,070,380,000 | $ 2,982,000,000 | $ 45,000,000 | |||
Repayments of debt | 1,061,050,000 | 1,533,597,000 | 106,560,000 | |||
Loss on extinguishment of debt | $ 13,070,000 | 21,626,000 | $ 0 | |||
Senior Secured Notes | 7.375% senior secured notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Face value of debt instruments at the time of issuance | $ 850,000,000 | |||||
Debt instrument interest rate percentage | 7.375% | 7.375% | ||||
Proceeds of borrowings from lenders | $ 839,000,000 | |||||
Senior Secured Notes | 9.250% senior secured notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Face value of debt instruments at the time of issuance | $ 775,000,000 | |||||
Debt instrument interest rate percentage | 9.25% | 9.25% | ||||
Proceeds from debt, net of issuance costs | $ 763,000,000 | |||||
Senior Secured Notes | Term Loan A, Term Loan B and 5.375% Senior Secured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | 10,000,000 | |||||
Redemption premium | 7,000,000 | |||||
Write-off of deferred debt issuance costs | $ 3,000,000 | |||||
Senior Secured Notes | Term Loan B-1 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate percentage | 5.375% | |||||
Extinguishment of debt | $ 530,000,000 | |||||
Term Loan | Term Loan A | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of debt | $ 134,000,000 | |||||
Repayments of debt | 319,000,000 | |||||
Term Loan | Term Loan B | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | $ 3,000,000 |
Debt - Exchangeable Notes Narra
Debt - Exchangeable Notes Narrative (Details) | Apr. 17, 2020USD ($)day$ / shares | Dec. 31, 2021USD ($)shares | Jan. 01, 2021 | Dec. 31, 2020USD ($) |
Convertible Debt | 4.00% senior exchangeable notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Face value of debt instruments at the time of issuance | $ 345,000,000 | |||
Debt instrument interest rate percentage | 4.00% | |||
Percent of the product of the last reported sale price per share | 130.00% | |||
Convertible trading days | day | 20 | |||
Number of consecutive trading days | day | 30 | |||
Redemption price, percentage of principal amount | 100.00% | |||
If-converted value exceeding the principal amount | $ 30,000,000 | |||
Conversion rate (in dollars per share) | $ / shares | $ 7.88 | |||
Proceeds from debt, net of issuance costs | $ 336,000,000 | |||
Debt conversion, converted instrument, amount | $ 10,000,000 | |||
Debt conversion, converted instrument, shares issued (in shares) | shares | 1,269,497 | |||
Debt instrument, repurchased face amount | $ 2,000,000 | |||
Debt instrument, repurchase amount | 3,000,000 | |||
Face value of outstanding debt | $ 333,220,000 | $ 345,000,000 | ||
Effective interest rate | 5.00% | |||
Convertible Debt | 4.00% senior exchangeable notes due 2025 | Measurement Period | ||||
Debt Instrument [Line Items] | ||||
Percent of the product of the last reported sale price per share | 98.00% | |||
Number of consecutive trading days | day | 5 | |||
Number of consecutive business days | day | 5 | |||
Senior Secured Notes | 4.00% senior exchangeable notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate percentage | 4.00% | |||
Face value of outstanding debt | $ 333,220,000 | $ 345,000,000 | ||
Senior Secured Notes | Senior Secured Notes 4.000% Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Conversion rate | 0.1269499 |
Debt - Carrying Value of Exchan
Debt - Carrying Value of Exchangeable Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Net carrying value | $ 4,753,000 | $ 4,744,000 |
Convertible Debt | 4.00% senior exchangeable notes due 2025 | ||
Debt Instrument [Line Items] | ||
Principal | 333,220 | 345,000 |
Less: Unamortized debt discount | 7,917 | 10,443 |
Net carrying value | $ 325,303 | $ 334,557 |
Debt - Interest Expense Recogni
Debt - Interest Expense Recognized (Details) - Convertible Debt - 4.00% senior exchangeable notes due 2025 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Contractual interest expense | $ 13,576 | $ 9,698 |
Amortization of issuance costs | $ 2,209 | $ 1,527 |
Debt - Aggregate Maturities of
Debt - Aggregate Maturities of Long-Term Debt (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 29,290 |
2023 | 29,290 |
2024 | 1,778,665 |
2025 | 1,968,700 |
2026 | 10,480 |
Thereafter | 990,361 |
Face value of total debt outstanding | $ 4,806,786 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2018 | Apr. 30, 2018 | |
Derivative [Line Items] | |||||
Hedging ineffectiveness recorded in earnings | $ 0 | $ 0 | |||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Notional Amount | $ 750,000,000 | $ 750,000,000 | |||
Interest Rate Swap, Floating Term Loan B, 2019 | Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Notional Amount | $ 600,000,000 | ||||
Interest Rate Swap, Floating Term Loan B, 2020 | Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Notional Amount | 300,000,000 | ||||
Interest Rate Swap, Floating Term Loan B, 2021 | Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Notional Amount | $ 450,000,000 | ||||
Interest Rate Swap, Floating Term Loan B, 2020 And 2021 | Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Notional Amount | $ 150,000,000 |
Derivatives - Schedule of Outst
Derivatives - Schedule of Outstanding and Matured Interest Rate Swaps (Details) $ in Millions | Dec. 31, 2021USD ($) |
Derivative [Line Items] | |
Floor rate | 1.00% |
Designated as Hedging Instrument | 2.27% Interest Rate Swap Outstanding | |
Derivative [Line Items] | |
Notional Amount | $ 1,350 |
Interest Rate Paid | 2.27% |
Designated as Hedging Instrument | 2.19% Interest Rate Swap Outstanding | |
Derivative [Line Items] | |
Notional Amount | $ 1,200 |
Interest Rate Paid | 2.19% |
Designated as Hedging Instrument | 2.81% Interest Rate Swap Outstanding | |
Derivative [Line Items] | |
Notional Amount | $ 600 |
Interest Rate Paid | 2.81% |
Derivatives - Schedule of Estim
Derivatives - Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Total | $ 0 | $ (16,038) |
Other accrued liabilities | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative liability | $ 0 | $ (16,038) |
Derivatives - Schedule of Effec
Derivatives - Schedule of Effects of Derivative Instruments Net of Taxes on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Amount of Loss Recognized in OCI on Derivative, Effective Portion | $ (134) | $ (20,521) | $ (15,217) |
Amount of Loss Reclassified from Accumulated OCI into Income, Effective Portion | 12,805 | 17,890 | 5,507 |
Designated as Hedging Instrument | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Amount of Loss Recognized in OCI on Derivative, Effective Portion | (134) | (20,521) | (15,217) |
Amount of Loss Reclassified from Accumulated OCI into Income, Effective Portion | 12,805 | 17,890 | 5,507 |
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Amount of Loss Recognized in OCI on Derivative, Effective Portion | 0 | (4,652) | (360) |
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | Cost of revenue, excluding technology costs | |||
Derivative [Line Items] | |||
Amount of Loss Reclassified from Accumulated OCI into Income, Effective Portion | 0 | 2,992 | 5,351 |
Interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Amount of Loss Recognized in OCI on Derivative, Effective Portion | (134) | (15,869) | (14,857) |
Interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging | Interest expense, net | |||
Derivative [Line Items] | |||
Amount of Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 12,805 | $ 14,898 | $ 156 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring $ in Thousands | Dec. 31, 2020USD ($) |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Total | $ (16,038) |
Level 1 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Total | 0 |
Level 2 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Total | (16,038) |
Level 3 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Total | 0 |
Interest rate swaps | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Derivative asset (liabilities), net | (16,038) |
Interest rate swaps | Level 1 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Derivative asset (liabilities), net | 0 |
Interest rate swaps | Level 2 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Derivative asset (liabilities), net | (16,038) |
Interest rate swaps | Level 3 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Derivative asset (liabilities), net | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |||
Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value and Carrying Value of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jul. 12, 2021 | Dec. 31, 2020 | Aug. 27, 2020 | Apr. 17, 2020 |
Term Loan B | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Face value of outstanding debt | $ 1,805,806 | $ 1,824,616 | |||
Term Loan B | Fair Value | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 1,767,432 | 1,785,843 | |||
Term Loan B | Carrying Value | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 1,803,318 | 1,821,016 | |||
Term Loan B-1 | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Face value of outstanding debt | 401,980 | 0 | |||
Term Loan B-1 | Fair Value | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 397,458 | 0 | |||
Term Loan B-1 | Carrying Value | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 401,036 | 0 | |||
Term Loan B-2 | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Face value of outstanding debt | 640,780 | 0 | |||
Term Loan B-2 | Fair Value | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 633,171 | 0 | |||
Term Loan B-2 | Carrying Value | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 635,416 | 0 | |||
Other Term Loan B | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Face value of outstanding debt | 0 | 637,000 | |||
Other Term Loan B | Fair Value | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 0 | 639,389 | |||
Other Term Loan B | Carrying Value | Term Loan | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 0 | 630,663 | |||
Revolver, $400 million | Line of Credit | Revolving Credit Facility | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Face value of outstanding debt | 0 | $ 400,000 | 375,000 | ||
Revolver, $400 million | Fair Value | Line of Credit | Revolving Credit Facility | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 0 | 375,000 | |||
Revolver, $400 million | Carrying Value | Line of Credit | Revolving Credit Facility | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 0 | 375,000 | |||
9.250% senior secured notes due 2025 | Senior Secured Notes | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Face value of outstanding debt | $ 775,000 | 775,000 | |||
Debt instrument interest rate percentage | 9.25% | 9.25% | |||
9.250% senior secured notes due 2025 | Fair Value | Senior Secured Notes | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | $ 877,916 | 925,610 | |||
9.250% senior secured notes due 2025 | Carrying Value | Senior Secured Notes | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 775,000 | 775,000 | |||
7.375% senior secured notes due 2025 | Senior Secured Notes | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Face value of outstanding debt | $ 850,000 | 850,000 | |||
Debt instrument interest rate percentage | 7.375% | 7.375% | |||
7.375% senior secured notes due 2025 | Fair Value | Senior Secured Notes | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | $ 886,423 | 925,030 | |||
7.375% senior secured notes due 2025 | Carrying Value | Senior Secured Notes | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | 850,000 | 850,000 | |||
4.00% senior exchangeable notes due 2025 | Senior Secured Notes | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Face value of outstanding debt | $ 333,220 | 345,000 | |||
Debt instrument interest rate percentage | 4.00% | ||||
4.00% senior exchangeable notes due 2025 | Fair Value | Senior Secured Notes | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | $ 454,459 | 610,907 | |||
4.00% senior exchangeable notes due 2025 | Carrying Value | Senior Secured Notes | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Financial instrument fair value, notes payable | $ 333,220 | $ 345,000 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 28,932 | $ 25,442 |
Finance lease cost: | ||
Amortization of right-of-use assets | 1,076 | 6,743 |
Interest on lease liabilities | 34 | 124 |
Total finance lease cost | $ 1,110 | $ 6,867 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows used in operating leases | $ 26,517 | $ 23,694 |
Operating cash flows used in finance leases | 34 | 124 |
Financing cash flows used in finance leases | 75 | 4,600 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 296 | $ 89,328 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Operating lease right-of-use assets | $ 99,587 | $ 125,110 |
Other accrued liabilities | 21,106 | 37,892 |
Other noncurrent liabilities | 79,368 | 97,403 |
Total operating lease liabilities | $ 100,474 | $ 135,295 |
Operating lease right-of-use assets, extensible enumeration | Other assets, net | Other assets, net |
Operating lease, liability, current, extensible enumeration | Other accrued liabilities | Other accrued liabilities |
Operating lease, liability, noncurrent, extensible enumeration | Other noncurrent liabilities | Other noncurrent liabilities |
Finance Leases | ||
Property and equipment | $ 33,819 | $ 34,931 |
Accumulated depreciation | (33,819) | (32,747) |
Property and equipment, net | 0 | 2,184 |
Other accrued liabilities | 0 | 889 |
Total finance lease liabilities | $ 0 | $ 889 |
Finance lease, right-of-use assets, extensible enumeration | Property and equipment, net of accumulated depreciation | Property and equipment, net of accumulated depreciation |
Finance lease, liability, current, extensible enumeration | Other accrued liabilities | Other accrued liabilities |
Finance leases | 0 years | 1 year |
Leases - Supplemental Informati
Leases - Supplemental Information (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted Average Remaining Lease Term (in years) | ||
Operating leases | 7 years 10 months 24 days | 7 years 10 months 24 days |
Finance leases | 0 years | 1 year |
Weighted Average Discount Rate | ||
Operating leases | 5.50% | 5.30% |
Finance leases | 0.00% | 4.00% |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands, ft² in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021USD ($)buildinglease | Dec. 31, 2021USD ($)ft²countrylocation | Dec. 31, 2020USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease liabilities | $ 100,474 | $ 100,474 | $ 135,295 |
Operating lease right-of-use assets | $ 99,587 | $ 99,587 | $ 125,110 |
Square feet of office space leased (in sqft) | ft² | 1.3 | ||
Number of locations with leased office spaces | location | 65 | ||
Number of countries with leased office spaces | country | 38 | ||
Optional lease extension term | 10 years | ||
Option period to terminate leases | 2 years | ||
Two Headquarter Buildings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Sale-leaseback transaction, number of headquarters buildings | building | 2 | ||
Sale-leaseback transaction, purchase price | $ 69,000 | $ 69,000 | |
Number of contracts | lease | 2 | ||
Renewal term | 10 years | 10 years | |
Lease liabilities | $ 46,000 | $ 46,000 | |
Sale-leaseback gain | 10,000 | ||
Operating lease right-of-use assets | $ 56,000 | $ 56,000 | |
Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating remaining lease term | 1 year | 1 year | |
Minimum | Two Headquarter Buildings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Sale-leaseback transaction, term of contract | 12 years | ||
Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating remaining lease term | 12 years | 12 years | |
Maximum | Two Headquarter Buildings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Sale-leaseback transaction, term of contract | 18 months |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 21,684 | |
2023 | 17,126 | |
2024 | 15,682 | |
2025 | 11,125 | |
2026 | 11,726 | |
Thereafter | 48,993 | |
Total | 126,336 | |
Imputed Interest | (25,862) | |
Total | $ 100,474 | $ 135,295 |
Stock and Stockholders' Equity
Stock and Stockholders' Equity (Details) | Feb. 02, 2022$ / shares | Aug. 24, 2020USD ($)daydirectordividendPeriod$ / sharesRateshares | Apr. 17, 2020USD ($)day | Mar. 30, 2020USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Feb. 28, 2017USD ($) | |
Class of Stock [Line Items] | ||||||||||
Shares sold in offering (in shares) | shares | 41,071,429 | |||||||||
Offering proceeds | $ 275,000,000 | |||||||||
Accrued preferred stock dividends | $ 21,602,000 | $ 7,659,000 | [1] | |||||||
Dividends paid on preferred stock | 21,629,000 | $ 5,850,000 | $ 0 | |||||||
Common stock cash dividend paid (in dollars per share) | $ / shares | $ 0.14 | $ 0.14 | ||||||||
Cash dividends paid to common stockholders | $ 39,000,000 | $ 0 | $ 38,544,000 | $ 153,508,000 | ||||||
Authorized to repurchase | $ 500,000,000 | |||||||||
Number of shares repurchased (in shares) | shares | 0 | 0 | 3,673,768 | |||||||
Value of shares repurchased | $ 77,636,000 | |||||||||
Remaining authorized amount | $ 287,000,000 | $ 287,000,000 | ||||||||
Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Conversion of stock, shares issued (in shares) | shares | 595,240 | |||||||||
4.00% senior exchangeable notes due 2025 | Convertible Debt | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of consecutive trading days | day | 30 | |||||||||
Face value of debt instruments at the time of issuance | $ 345,000,000 | |||||||||
Debt conversion, converted instrument, amount | $ 10,000,000 | |||||||||
Debt conversion, converted instrument, shares issued (in shares) | shares | 1,269,497 | |||||||||
Face value of outstanding debt | $ 333,220,000 | $ 333,220,000 | $ 345,000,000 | |||||||
6.50% Series A Mandatory Convertible Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares sold in offering (in shares) | shares | 3,340,000 | |||||||||
Annual percentage rate | 6.50% | 6.50% | 6.50% | |||||||
Offering proceeds | $ 323,000,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 100 | |||||||||
Annual liquidation preference (in dollars per share) | $ / shares | $ 6.50 | |||||||||
Accrued preferred stock dividends | $ 22,000,000 | |||||||||
Number of consecutive trading days | day | 20 | |||||||||
Conversion of stock, shares converted (in shares) | shares | 50,000 | |||||||||
Number of dividend periods with no stock declared or paid | dividendPeriod | 6 | |||||||||
Number of new directors to elect | director | 2 | |||||||||
6.50% Series A Mandatory Convertible Preferred Stock | Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred dividend declared (in dollars per share) | $ / shares | $ 1.625 | |||||||||
6.50% Series A Mandatory Convertible Preferred Stock | Minimum | ||||||||||
Class of Stock [Line Items] | ||||||||||
Conversion rate | Rate | 1190.48% | |||||||||
Shares issued at conversion (in shares) | shares | 39,000,000 | |||||||||
6.50% Series A Mandatory Convertible Preferred Stock | Maximum | ||||||||||
Class of Stock [Line Items] | ||||||||||
Conversion rate | Rate | 1428.57% | |||||||||
Shares issued at conversion (in shares) | shares | 47,000,000 | |||||||||
[1] | Our mandatory convertible preferred stock accumulates cumulative dividends at an annual rate of 6.50%. |
Equity-Based Awards - Additiona
Equity-Based Awards - Additional Information (Details) - USD ($) | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock reserved and available for issuance (in shares) | 18,438,450 | 18,438,450 | |||
Vesting period | 4 years | ||||
Options granted exercisable period | 10 years | ||||
Stock-based compensation expense | $ 120,892,000 | $ 69,946,000 | $ 66,885,000 | ||
Stock options exercised, intrinsic value | $ 0 | $ 0 | $ 4,000,000 | ||
Weighted-average fair value (in dollars per share) | $ 6.01 | $ 1.71 | $ 4.55 | ||
Unrecognized compensation expense | $ 2,000,000 | $ 2,000,000 | |||
Unrecognized compensation expense that will be recognized over a weighted-average period | 1 year 6 months | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Unrecognized compensation expense | $ 85,000,000 | $ 85,000,000 | |||
Unrecognized compensation expense that will be recognized over a weighted-average period | 2 years 2 months 12 days | ||||
Total fair value of equity instruments other than options | $ 62,000,000 | $ 52,000,000 | $ 47,000,000 | ||
RSUs | Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
RSUs | Tranche Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
RSUs | Tranche Three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
RSUs | Tranche Four | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | 3 years | |||
Unrecognized compensation expense | 31,000,000 | $ 31,000,000 | |||
Total fair value of equity instruments other than options | $ 15,000,000 | $ 14,000,000 | $ 11,000,000 | ||
PSUs | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
PSUs | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
PSUs | Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
PSUs | Tranche Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
PSUs | Tranche Three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
PSUs | Tranche Four | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
PSUs | Forecast | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 13,000,000 | ||||
2021 Omnibus Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock reserved and available for issuance (in shares) | 12,000,000 | 12,000,000 | |||
Sovereign MEIP, Sovereign 2012 MEIP, 2014 Omnibus, and 2016 Omnibus Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock reserved and available for issuance (in shares) | 6,438,450 | 6,438,450 | |||
2019 Director Equity Compensation Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock reserved and available for issuance (in shares) | 500,000 | 500,000 | |||
2019, 2016, and 2014 Omnibus Plans | Time Based Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
2019, 2016, and 2014 Omnibus Plans | Time Based Options | Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
2019, 2016, and 2014 Omnibus Plans | Time Based Options | Tranche Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
2019, 2016, and 2014 Omnibus Plans | Time Based Options | Tranche Three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
2019, 2016, and 2014 Omnibus Plans | Time Based Options | Tranche Four | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting percentage | 25.00% | ||||
2021 and 2019 Omnibus Plans | Time Based Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years |
Equity-Based Awards - Weighted
Equity-Based Awards - Weighted Average Assumptions Used to Estimate Fair Value of Stock Options Granted (Details) - $ / shares | Mar. 17, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 0.00% | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price (in dollars per share) | $ 11.81 | $ 8.24 | $ 21.37 | |
Average risk-free interest rate | 0.67% | 0.70% | 2.40% | |
Expected life (in years) | 6 years | 6 years | 6 years 1 month 9 days | |
Expected volatility | 54.95% | 36.41% | 26.32% | |
Dividend yield | 0.00% | 5.11% | 2.62% |
Equity-Based Awards - Stock Opt
Equity-Based Awards - Stock Option Award Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Quantity | ||
Outstanding beginning balance (in shares) | 3,300,256 | |
Granted (in shares) | 19,641 | |
Exercised (in shares) | (84,341) | |
Forfeited (in shares) | (61,383) | |
Expired (in shares) | (130,897) | |
Outstanding ending balance (in shares) | 3,043,276 | 3,300,256 |
Vested and exercisable ending balance (in shares) | 1,672,903 | |
Exercise Price | ||
Outstanding beginning balance (in dollars per share) | $ 13.59 | |
Granted (in dollars per share) | 11.81 | |
Exercised (in dollars per share) | 8.81 | |
Forfeited (in dollars per share) | 15.39 | |
Expired (in dollars per share) | 22.95 | |
Outstanding ending balance (in dollars per share) | 13.27 | $ 13.59 |
Vested and exercisable at ending balance (in dollars per share) | $ 16.37 | |
Remaining Contractual Term (years) | ||
Outstanding balance | 7 years 2 months 12 days | 7 years 10 months 24 days |
Vested and exercisable ending balance | 6 years 4 months 24 days | |
Aggregate Intrinsic Value (in thousands) | ||
Outstanding balance | $ 733 | $ 7,401 |
Vested and exercisable ending balance | $ 240 | |
Closing price of common stock (in dollars per share) | $ 8.59 | $ 12.02 |
Equity-Based Awards - Unit Acti
Equity-Based Awards - Unit Activities (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
RSUs | |
Quantity | |
Unvested, beginning of year (in shares) | shares | 12,309,646 |
Granted (in shares) | shares | 3,697,135 |
Vested (in shares) | shares | (4,899,238) |
Forfeited (in shares) | shares | (871,986) |
Unvested at end of year (in shares) | shares | 10,235,557 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning of year (in dollars per share) | $ / shares | $ 12.07 |
Granted (in dollars per share) | $ / shares | 15.82 |
Vested (in dollars per share) | $ / shares | 12.43 |
Forfeited (in dollars per share) | $ / shares | 13.52 |
Unvested at end of year (in dollars per share) | $ / shares | $ 13.16 |
PSUs | |
Quantity | |
Unvested, beginning of year (in shares) | shares | 2,846,795 |
Granted (in shares) | shares | 2,066,181 |
Vested (in shares) | shares | (891,395) |
Forfeited (in shares) | shares | (244,436) |
Unvested at end of year (in shares) | shares | 3,777,145 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning of year (in dollars per share) | $ / shares | $ 14.18 |
Granted (in dollars per share) | $ / shares | 15.83 |
Vested (in dollars per share) | $ / shares | 17.84 |
Forfeited (in dollars per share) | $ / shares | 15.46 |
Unvested at end of year (in dollars per share) | $ / shares | $ 11.42 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | ||||
(Loss) income from continuing operations | $ (923,775) | $ (1,283,927) | $ 164,312 | |
Less: Net income attributable to non-controlling interests | 2,162 | 1,200 | 3,954 | |
Less: Preferred stock dividends | $ 21,602 | 21,602 | 7,659 | 0 |
Net (loss) income from continuing operations available to common stockholders, basic and diluted | $ (947,539) | $ (1,292,786) | $ 160,358 | |
Denominator: | ||||
Basic weighted-average common shares outstanding (in shares) | 320,922 | 289,855 | 274,168 | |
Add: Dilutive effect of stock options and restricted stock awards (in shares) | 0 | 0 | 2,049 | |
Diluted weighted-average common shares outstanding (in shares) | 320,922 | 289,855 | 276,217 | |
Earnings per share from continuing operations: | ||||
Basic (in dollars per share) | $ (2.95) | $ (4.46) | $ 0.58 | |
Diluted (in dollars per share) | $ (2.95) | $ (4.46) | $ 0.58 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock equivalents (in shares) | 2 | 3 | 3 |
Basic (in dollars per share) | $ 2.96 | $ 4.45 | $ (0.57) |
Accounting Standards Update 2020-06 Retrospective | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Basic (in dollars per share) | $ 0.03 | ||
Stock Options and Restricted Stock Awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock equivalents (in shares) | 4 | 2 | |
Convertible Debt Securities | Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock equivalents (in shares) | 39 | 40 | |
4.00% senior exchangeable notes due 2025 | Senior Secured Notes | Convertible Debt Securities | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock equivalents (in shares) | 42 | 44 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2008 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||||
Pension obligations | $ 19,129,000 | $ 27,865,000 | ||
Pension Benefits | ||||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||||
Actuarial loss, net | (22,387,000) | 53,831,000 | ||
Settlement charge | 7,529,000 | 18,071,000 | $ 0 | |
Net benefit obligation | (84,168,000) | (123,763,000) | ||
Pension obligations | 40,000,000 | 40,000,000 | ||
Pension Benefits | Deferred revenues / other noncurrent liabilities | ||||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||||
Net benefit obligation | $ 84,000,000 | 124,000,000 | ||
401(k) Plan | ||||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||||
Percent match of contribution plan | 100.00% | |||
Percentage of eligible compensation of contribution plan | 6.00% | |||
Expenses recognized related to the 401(k) Plan | $ 18,000,000 | 7,000,000 | $ 23,000,000 | |
LLP | ||||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||||
Decrease in projected benefit obligation | $ 34,000,000 | |||
Benefit obligation amortization period | 23 years 6 months | |||
Contribution to pension plan | $ 3,000,000 | $ 15,000,000 | ||
Defined benefit plan percentage of funded status | 80.00% | |||
Estimated contributions in 2022 | $ 0 | |||
LLP | Global Equities | ||||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||||
Defined benefit plan target allocations percentage | 40.00% | |||
LLP | Real Estate | ||||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||||
Defined benefit plan target allocations percentage | 15.00% | |||
LLP | Money market mutual fund | ||||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||||
Defined benefit plan target allocations percentage | 15.00% | |||
LLP | Liability Heding Assets | ||||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||||
Defined benefit plan target allocations percentage | 28.00% | |||
LLP | Cash | ||||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||||
Defined benefit plan target allocations percentage | 2.00% |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans - Summary of Reconciliation of Changes in Plans Benefit Obligations Fair Value of Assets and Funded Status (Details) - Pension Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in benefit obligation: | |||
Benefit obligation at beginning balance | $ (469,016) | $ (463,436) | |
Interest cost | (11,822) | (14,675) | $ (18,324) |
Actuarial gain (loss), net | 22,387 | (53,831) | |
Benefits paid | 18,992 | 18,476 | |
Lump sum settlement | 21,500 | 44,450 | |
Benefit obligation at ending balance | (417,959) | (469,016) | (463,436) |
Change in plan assets: | |||
Fair value of assets, beginning balance | 345,253 | 338,264 | |
Actual return on plan assets | 26,330 | 55,215 | |
Employer contributions | 2,700 | 14,700 | |
Benefits paid | (18,992) | (18,476) | |
Lump sum settlement | (21,500) | (44,450) | |
Fair value of assets, ending balance | 333,791 | 345,253 | $ 338,264 |
Unfunded status at December 31 | $ (84,168) | $ (123,763) |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefit Plans - Summary of Amounts Recognized In Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||
Accumulated other comprehensive loss | $ (84,773) | $ (135,596) |
Pension Benefits | ||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||
Net actuarial loss | (115,772) | (159,709) |
Prior service credit | 7,666 | 9,099 |
Pension settlement | 21,534 | 14,005 |
Accumulated other comprehensive loss | $ (86,572) | $ (136,605) |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefit Plans - Summary of Net Period Benefit Costs (Details) - Pension Benefits - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Aug. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | ||||||
Interest cost | $ 11,822 | $ 14,675 | $ 18,324 | |||
Expected return on plan assets | (14,334) | (15,420) | (18,510) | |||
Amortization of prior service credit | (1,432) | (1,432) | (1,432) | |||
Amortization of actuarial loss | 7,985 | 8,622 | 6,516 | |||
Net periodic benefit | 4,041 | 6,445 | 4,898 | |||
Settlement charge | 7,529 | 18,071 | 0 | |||
Net cost | $ 11,570 | $ 24,516 | $ 4,898 | |||
Weighted-average discount rate used to measure benefit obligations | 2.97% | 2.60% | 3.53% | |||
Weighted average assumptions used to determine net benefit cost: | ||||||
Discount rate | 2.60% | 3.53% | 4.41% | |||
Expected return on plan assets | 5.00% | 5.00% | 5.75% | |||
Discount rate due to settlement charge | 2.96% | 2.89% | 2.76% |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefit Plans - Summary of Obligations Recognized in Other Comprehensive Income (Details) - Pension Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Net actuarial loss (gain) | $ (37,258) | $ 15,225 | $ 11,196 |
Pension settlement | (7,529) | (18,071) | 0 |
Amortization of actuarial loss | (7,985) | (8,611) | (6,516) |
Amortization of prior service credit | 1,432 | 1,432 | 1,432 |
Total (income) loss recognized in other comprehensive income (loss) | (51,340) | (10,025) | 6,112 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ (39,771) | $ 14,491 | $ 11,010 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefit Plans - Summary of Fair Value of LPP Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Money market mutual fund | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | $ 1,104 | $ 8,017 | |
Real estate | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 7,883 | 8,735 | |
Common Collective Trusts | Foreign equity securities | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 269,860 | 263,244 | |
Common Collective Trusts | U.S. equity securities | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 54,944 | 65,257 | |
Level 1, 2 and 3 | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 333,791 | 345,253 | |
Level 1 | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 1,104 | 8,017 | |
Level 1 | Money market mutual fund | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 1,104 | 8,017 | |
Level 1 | Real estate | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 0 | 0 | |
Level 1 | Common Collective Trusts | Foreign equity securities | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 0 | 0 | |
Level 1 | Common Collective Trusts | U.S. equity securities | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 0 | 0 | |
Level 2 | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 324,804 | 328,501 | |
Level 2 | Money market mutual fund | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 0 | 0 | |
Level 2 | Real estate | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 0 | 0 | |
Level 2 | Common Collective Trusts | Foreign equity securities | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 269,860 | 263,244 | |
Level 2 | Common Collective Trusts | U.S. equity securities | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 54,944 | 65,257 | |
Level 3 | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 7,883 | 8,735 | |
Level 3 | Money market mutual fund | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 0 | 0 | |
Level 3 | Real estate | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 7,883 | 8,735 | $ 9,948 |
Level 3 | Common Collective Trusts | Foreign equity securities | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | 0 | 0 | |
Level 3 | Common Collective Trusts | U.S. equity securities | |||
Defined Benefit Plan And Other Postretirement Benefit Plan Table Text Block [Line Items] | |||
Total assets at fair value | $ 0 | $ 0 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefit Plans - Summary of Change in Plan Assets Valued Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of assets, beginning balance | $ 8,735 | |
Fair value of assets, ending balance | 7,883 | $ 8,735 |
Real Estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of assets, beginning balance | 8,735 | |
Contributions | 87 | |
Net distributions | (235) | (300) |
Redemptions | (977) | (573) |
Advisory fee | (83) | (92) |
Net investment income | 330 | 400 |
Unrealized gain (loss) | 89 | (728) |
Net realized gain (loss) | 24 | (7) |
Fair value of assets, ending balance | 7,883 | 8,735 |
Real Estate | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of assets, beginning balance | 8,735 | 9,948 |
Fair value of assets, ending balance | $ 7,883 | $ 8,735 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefit Plans - Summary of Estimated Future Benefit Payments (Details) - Pension Benefits $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Plan, Estimated Future Benefit Payments | |
2022 | $ 28,674 |
2023 | 26,873 |
2024 | 30,521 |
2025 | 33,280 |
2026 | 31,257 |
2027-2031 | $ 148,135 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2021 | Sep. 30, 2019 | Dec. 31, 2016 | Dec. 31, 2021 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | ||||||||
Outstanding commitments | $ 2,800,000,000 | |||||||
Percentage of bookings affected (fraction of) | 1.00% | |||||||
US Airways Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages awarded | $ 15,000,000 | $ 15,000,000 | ||||||
Litigation accrual | $ 32,000,000 | 32,000,000 | $ 0 | |||||
Attorney fees and expenses | $ 17,000,000 | |||||||
Accrued loss | $ 32,000,000 | $ 32,000,000 | ||||||
US Airways Litigation | US Airways | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages awarded | $ 15,000,000 | $ 5,000,000 | ||||||
Damages sought | $ 125,000,000 | |||||||
Indian Income Tax Litigation | Foreign Tax Authority | ||||||||
Loss Contingencies [Line Items] | ||||||||
Interest and penalties related to income taxes | $ 46,000,000 | |||||||
SynXis Central Reservation System | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments for legal settlements | $ 2,000,000 |
Segment Information - Additiona
Segment Information - Additional Information (Details) - segment | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Number of business segments | 2 | ||
Travel Solutions | Revenue from Contract with Customer Benchmark | Transaction Based Revenue | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 72.00% | 79.00% | 91.00% |
Hospitality Solutions | Revenue from Contract with Customer Benchmark | Transaction Based Revenue | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 72.00% | 68.00% | 80.00% |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,688,875 | $ 1,334,100 | $ 3,974,988 |
Adjusted Operating (Loss) Income | (459,317) | (745,274) | 513,408 |
Depreciation and amortization | 262,185 | 363,743 | 414,621 |
Capital Expenditures | 54,302 | 65,420 | 115,166 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 197,027 | 293,329 | 345,195 |
Capital Expenditures | 25,352 | 26,658 | 63,966 |
Operating Segments | Travel Solutions | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,503,539 | 1,176,694 | 3,723,000 |
Adjusted Operating (Loss) Income | (222,679) | (523,122) | 729,266 |
Depreciation and amortization | 170,673 | 250,540 | 292,097 |
Capital Expenditures | 25,128 | 23,481 | 52,642 |
Operating Segments | Hospitality Solutions | |||
Segment Reporting Information [Line Items] | |||
Revenue | 202,628 | 174,628 | 292,880 |
Adjusted Operating (Loss) Income | (39,806) | (63,915) | (21,632) |
Depreciation and amortization | 26,354 | 42,789 | 53,098 |
Capital Expenditures | 224 | 3,177 | 11,324 |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue | (17,292) | (17,222) | (40,892) |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Adjusted Operating (Loss) Income | (196,832) | (158,237) | (194,226) |
Depreciation and amortization | 65,158 | 70,414 | 69,426 |
Capital Expenditures | $ 28,950 | $ 38,762 | $ 51,200 |
Segment Information - Adjusted
Segment Information - Adjusted Operating (Loss) Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Operating (loss) income | $ (665,487,000) | $ (988,039,000) | $ 363,417,000 | ||
Add back: | |||||
Equity method (loss) income | (264,000) | (2,528,000) | 2,044,000 | ||
Impairment and related charges | 0 | 8,684,000 | 0 | ||
Acquisition-related amortization | 64,144,000 | 65,998,000 | 64,604,000 | ||
Restructuring and other costs | (7,608,000) | 85,797,000 | 0 | ||
Acquisition-related costs | 6,744,000 | 16,787,000 | 41,037,000 | ||
Litigation costs, net | 22,262,000 | (1,919,000) | (24,579,000) | ||
Stock-based compensation | 120,892,000 | 69,946,000 | 66,885,000 | ||
Adjusted Operating (Loss) Income | (459,317,000) | (745,274,000) | 513,408,000 | ||
Impairment of intangible assets | 5,000,000 | ||||
Contract cost impairment loss | 1,000,000 | 10,000,000 | |||
Costs to Fulfill Contracts | |||||
Add back: | |||||
Contract cost impairment loss | 1,315,000 | 9,562,000 | |||
Costs to Fulfill Contracts | One Customer | |||||
Add back: | |||||
Contract cost impairment loss | 4,000,000 | ||||
Hospitality Solutions | |||||
Add back: | |||||
Impairment of intangible assets | 5,000,000 | ||||
Unasserted Claim | |||||
Add back: | |||||
Litigation accrual | $ 4,000,000 | ||||
US Airways Litigation | |||||
Add back: | |||||
Litigation accrual | $ 0 | $ 32,000,000 | |||
Accrued loss | $ (32,000,000) | $ (32,000,000) |
Segment Information - Summary_2
Segment Information - Summary of Revenues and Long-lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue | $ 1,688,875 | $ 1,334,100 | $ 3,974,988 |
Long-lived assets | 349,400 | 488,601 | |
United States | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue | 734,568 | 636,854 | 1,306,450 |
Long-lived assets | 293,610 | 417,070 | |
Europe | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue | 341,862 | 287,421 | 913,245 |
Long-lived assets | 33,963 | 39,160 | |
APAC | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue | 184,075 | 151,206 | 822,679 |
Long-lived assets | 10,844 | 17,956 | |
All Other | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue | 428,370 | 258,619 | $ 932,614 |
Long-lived assets | $ 10,983 | $ 14,415 |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Credit Losses | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning | $ 97.6 | $ 57.7 | $ 45.3 |
Charged to Expense or Other Accounts | (7.8) | 65.7 | 20.6 |
Write-offs and Other Adjustments | (30.2) | (25.8) | (8.2) |
Balance at End of Period | 59.6 | 97.6 | 57.7 |
Valuation Allowance for Deferred Tax Assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning | 268.1 | 38.3 | 59.3 |
Charged to Expense or Other Accounts | 162.7 | 218.4 | 0 |
Write-offs and Other Adjustments | (0.9) | 11.4 | (21) |
Balance at End of Period | $ 429.9 | $ 268.1 | $ 38.3 |