View Filing Data

General and administrative

$ 363

$ 281

Costs and expenses:

Cost of revenue

^[1]

Selling and marketing

^[2]

157

101

Technology and content

^[2]

^[2]

Depreciation

Amortization of intangible assets

Total costs and expenses:

273

185

Interest income and other, net

Other income (expense):

Interest expense

(2)

(2)

Total other expense, net

(4)

(2)

Income before income taxes

Provision for income taxes

(23)

(26)

Earnings per share attributable to common stockholders (Note 13):

$ 63

$ 68

Basic

$ 0.44

$ 0.48

Diluted

$ 0.43

$ 0.47

Weighted average common shares outstanding (Note 13):

Basic

143,145

142,399

Diluted

145,872

145,665

[1]	Excludes amortization as follows:
[2]	Includes stock-based compensation expense as follows:

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Costs and expenses:
Amortization of intangible assets	$ 7	$ 2
Depreciation	14	10
Amortization adjustment	11	6
Stock-based compensation:
Stock-based compensation	16	14
Acquired technology
Costs and expenses:
Amortization of intangible assets	2
Website development costs
Costs and expenses:
Depreciation	9	6
Selling and Marketing
Stock-based compensation:
Stock-based compensation	4	3
Technology and Content
Stock-based compensation:
Stock-based compensation	6	6
General and Administrative
Stock-based compensation:
Stock-based compensation	$ 6	$ 5

Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Statement Of Income And Comprehensive Income [Abstract]

Foreign currency translation adjustments

$ 63

$ 68

Other comprehensive income (loss):

^[1]

(28)

Total other comprehensive income (loss)

(28)

Comprehensive income

$ 35

$ 69

[1]	Foreign currency translation adjustments exclude income taxes due to our practice and intention to indefinitely reinvest the earnings of our foreign subsidiaries in those operations.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Beginning balance at Dec. 31, 2014

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents (Note 4)	$ 505	$ 455
Short-term marketable securities (Note 4)	118	108
Accounts receivable, net of allowance for doubtful accounts of $7 and $7 at March 31, 2015 and December 31, 2014, respectively	229	151
Prepaid expenses and other current assets	42	33
Total current assets	894	747
Long-term marketable securities (Note 4)	19	31
Property and equipment, net (Note 5)	226	195
Other long-term assets	39	38
Intangible assets, net (Note 6)	196	214
Goodwill (Note 6)	720	734
TOTAL ASSETS	2,094	1,959
Current liabilities:
Accounts payable	26	19
Deferred merchant payables	148	93
Deferred revenue	77	57
Credit facility borrowings (Note 7)	40	38
Borrowings, current (Note 7)	40	40
Taxes payable	6	20
Accrued expenses and other current liabilities (Note 9)	115	114
Total current liabilities	452	381
Deferred income taxes, net	39	39
Other long-term liabilities (Note 10)	174	154
Borrowings, net of current portion (Note 7)	250	260
Total Liabilities	915	834
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value Authorized shares: 100,000,000 Shares issued and outstanding: 0 and 0
Additional paid-in capital	692	673
Retained earnings	691	628
Accumulated other comprehensive income (loss)	(59)	(31)
Treasury stock-common stock, at cost, 2,194,173 and 2,194,173 shares, March 31, 2015 and December 31, 2014, respectively	(145)	(145)
Total Stockholders’ Equity	1,179	1,125
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,094	$ 1,959

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Allowance for doubtful accounts	$ 7	$ 7
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,600,000,000	1,600,000,000
Common stock, shares issued	132,898,365	132,315,465
Common stock, shares outstanding	130,704,192	130,121,292
Treasury stock, shares	2,194,173	2,194,173
Class B Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	12,799,999	12,799,999
Common stock, shares outstanding	12,799,999	12,799,999

Consolidated Statements of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2015 - USD ($)
$ in Millions

Total

Class B Common Stock

Common Stock

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

$ 1,125

$ 673

$ 628

$ (31)

$ (145)

Beginning balance, shares at Dec. 31, 2014

12,799,999

132,315,465

(2,194,173)

Foreign currency translation adjustments

(28)

^[1]

(28)

Issuance of common stock related to exercises of options and vesting of RSUs

$ 8

Issuance of common stock related to exercise of options and vesting of RSUs, shares

585,000

^[2]

582,900

Tax benefits on equity awards, net

$ 6

Minimum withholding taxes on net share settlements of equity awards

(13)

Stock-based compensation

Ending balance at Mar. 31, 2015

$ 1,179

$ 692

$ 691

$ (59)

$ (145)

Ending balance, shares at Mar. 31, 2015

12,799,999

132,898,365

(2,194,173)

[1]

Foreign currency translation adjustments exclude income taxes due to our practice and intention to indefinitely reinvest the earnings of our foreign subsidiaries in those operations.

[2]

Inclusive of 203,689 options which were not converted into shares due to net share settlement in order to cover the aggregate exercise price and the minimum amount of required employee withholding taxes. Potential shares that had been convertible under stock options that were withheld under net share settlement remain in the authorized but unissued pool under the 2011 Incentive Plan and can be reissued by the Company. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited consolidated statements of cash flows.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net income	$ 63	$ 68
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment, including amortization of internal-use software and website development	14	10
Stock-based compensation expense	16	14
Amortization of intangible assets	7	2
Deferred tax expense	3	1
Excess tax benefits from stock-based compensation	(7)	(11)
Other, net	2	2
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, prepaid expenses and other assets	(71)	(38)
Accounts payable, accrued expenses and other liabilities	4	(5)
Deferred merchant payables	60	34
Income taxes, net	(13)	18
Deferred revenue	21	14
Net cash provided by operating activities	99	109
Investing activities:
Acquisitions, net of cash acquired	(5)
Capital expenditures, including internal-use software and website development	(31)	(20)
Purchases of marketable securities	(32)	(203)
Sales of marketable securities	25	52
Maturities of marketable securities	9	44
Net cash used in investing activities	(34)	(127)
Financing activities:
Proceeds from credit facilities	2	5
Payments to credit facilities		(3)
Principal payments on long-term debt	(10)	(10)
Proceeds from exercise of stock options	8	2
Payment of minimum withholding taxes on net share settlements of equity awards	(13)	(18)
Excess tax benefits from stock-based compensation	7	11
Other, net	3	(1)
Net cash used in financing activities	(3)	(14)
Effect of exchange rate changes on cash and cash equivalents	(12)
Net increase (decrease) in cash and cash equivalents	50	(32)
Cash and cash equivalents at beginning of period	455	351
Cash and cash equivalents at end of period	505	319
Supplemental disclosure of non-cash investing and financing activities:
Capitalization of construction in-process related to build to suit lease obligation	4	$ 14
Capital expenditures incurred but not yet paid primarily related to build to suit lease	$ 8

Business Description and Basis of Presentation	3 Months Ended
Business Description and Basis of Presentation	Mar. 31, 2015
Accounting Policies [Abstract]
Business Description and Basis of Presentation	NOTE 1: BUSINESS DESCRIPTION AND BASIS OF PRESENTATION We refer to TripAdvisor, Inc. and our wholly-owned subsidiaries as “TripAdvisor,” “the Company,” “us,” “we” and “our” in these notes to the unaudited consolidated financial statements. Description of Business TripAdvisor is an online travel company, empowering users to plan and book the perfect trip. TripAdvisor’s travel research platform aggregates reviews and opinions of members about destinations, accommodations, activities and attractions, and restaurants throughout the world so that our users have access to trusted advice wherever their trips take them. Our platform not only helps users plan their trips with our unique user-generated content, but also enables users to compare real-time pricing and availability so that they can book hotels, vacation rentals, flights, activities and attractions, and restaurants. Our flagship brand is TripAdvisor. TripAdvisor-branded websites include tripadvisor.com in the United States and localized versions of the website in 45 countries worldwide. In addition to the flagship TripAdvisor brand, we manage and operate 24 other media brands, connected by the common goal of providing comprehensive travel planning resources across the travel sector, which include: www.airfarewatchdog.com, www.bookingbuddy.com, www.cruisecritic.com, www.everytrail.com, www.familyvacationcritic.com, www.flipkey.com, www.thefork.com (including www.lafourchette.com, www.eltenedor.com, www.iens.nl and www.besttables.com), www.gateguru.com, www.holidaylettings.co.uk, www.holidaywatchdog.com, www.independenttraveler.com, www.jetsetter.com, www.niumba.com, www.onetime.com, www.oyster.com, www.seatguru.com, www.smartertravel.com, www.tingo.com, www.travelpod.com, www.tripbod.com, www.vacationhomerentals.com, www.viator.com, www.virtualtourist.com, and www.kuxun.cn. We derive the substantial portion of our revenue through the sale of advertising, primarily through click-based advertising and, to a lesser extent, display-based advertising. In addition, we earn revenue from a combination of subscription-based and transaction-based offerings, including: Business Listings; subscription and commission-based offerings from our Vacation Rentals products; transaction revenue from selling room nights through our Jetsetter and Tingo brands; selling destination activities from Viator; fulfilling online restaurant reservations, primarily through Lafourchette; as well as other revenue including content licensing. We have two reportable segments: Hotel and Other. Our Other segment consists of the aggregation of three operating segments, which include our Attractions, Restaurants and Vacation Rentals businesses. Our operating segments are determined based on how our chief operating decision maker manages our business, regularly assesses information and evaluates performance for operating decision-making purposes, including allocation of resources. For further information on our reportable segments see “Note 12 — Segment Information,” in these notes to our unaudited consolidated financial statements. Basis of Presentation The accompanying unaudited financial statements present our results of operations, financial position and cash flows on a consolidated basis. The accompanying unaudited consolidated financial statements include TripAdvisor, our wholly-owned subsidiaries, and entities we control, or in which we have a variable interest and are the primary beneficiary of expected cash profits or losses. We have eliminated significant intercompany transactions and accounts. Certain of our subsidiaries that operate in China have variable interests in affiliated entities in China in order to comply with Chinese laws and regulations, which restrict foreign investment in Internet content provision businesses. Although we do not own the capital stock of some of our Chinese affiliates, we consolidate their results as we are the primary beneficiary of the cash losses or profits of these variable interest affiliates and have the power to direct the activities of these affiliates. Our variable interest entities are not material for all periods presented. We have prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). We have included all adjustments necessary for a fair presentation of the results of the interim period. These adjustments consist of normal recurring items. We prepared the unaudited consolidated financial statements following the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, we have condensed or omitted certain footnotes or other financial information that are normally required by GAAP for annual financial statements. Our interim unaudited consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014, previously filed with the SEC. Reclassifications Pursuant to our disclosure in “Note 16— Segment and Geographic Information” in the notes to our consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014, management revised our reportable segments. All prior periods disclosures have been reclassified to conform to the current reporting structure. These reclassifications had no effect on our unaudited consolidated financial statements. All other reclassifications made to conform the prior period to the current presentation, were not material and had no net effect on our unaudited consolidated financial statements. Accounting Estimates We use estimates and assumptions in the preparation of our unaudited consolidated financial statements in accordance with GAAP. Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our unaudited consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our unaudited consolidated financial statements include: (i) recoverability of intangible assets and goodwill, (ii) recoverability and useful life of long-lived assets, (iii) accounting for income taxes, (iv) purchase accounting for business combinations and (v) stock-based compensation. Seasonality Expenditures by travel advertisers tend to be seasonal. Traditionally, our strongest quarter has been the third quarter, which is a key travel research period, with the weakest quarter being the fourth quarter. However, adverse economic conditions or continued growth of our international operations with differing holiday peaks may influence the typical trend of our seasonality in the future.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2: SIGNIFICANT ACCOUNTING POLICIES New Accounting Pronouncements Not Yet Adopted Revenue From Contracts With Customers In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a retrospective or cumulative effect transition method. In April 2015, the FASB proposed deferring the effective date by one year to December 15, 2017, for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our unaudited consolidated financial statements and related disclosures. There have been no material changes to our significant accounting policies since December 31, 2014. For additional information about our critical accounting policies and estimates, refer to “Note 2— Significant Accounting Policies”, in the notes to our consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014.

Stock Based Awards and Other Equity Instruments

3 Months Ended

Mar. 31, 2015

Stock Based Awards and Other Equity Instruments

NOTE 3: STOCK BASED AWARDS AND OTHER EQUITY INSTRUMENTS

Stock-Based Compensation Expense

The following table presents the amount of stock-based compensation expense related to stock-based awards, primarily stock options and restricted stock units (“RSUs”), on our unaudited consolidated statements of operations during the periods presented:

	Three months ended
	March 31,
	2015			2014
	(in millions)
Selling and marketing	$	4		$	3
Technology and content		6			6
General and administrative		6			5
Total stock-based compensation		16			14
Income tax benefit from stock-based compensation		(6	)		(5	)
Total stock-based compensation, net of tax effect	$	10		$	9

Stock-Based Award Activity and Valuation

2015 Stock Option Activity

During the three months ended March 31, 2015, we have issued 367,659 service-based non-qualified stock options under the Company’s 2011 Stock and Annual Incentive Plan, as amended (the “2011 Incentive Plan”). These stock options have a term of ten years from the date of grant and vest equitably over a four-year requisite service period.

A summary of the status and activity for stock option awards relating to our common stock for the three months ended March 31, 2015, is presented below:

				Weighted		Weighted
				Average		Average
				Exercise		Remaining		Aggregate
	Options			Price Per		Contractual		Intrinsic
	Outstanding			Share		Life		Value
	(in thousands)					(in years)		(in millions)
Options outstanding at January 1, 2015		8,651		$	44.47
Granted		368			86.07
Exercised (1)		(585	)		34.30
Cancelled or expired		(91	)		51.97
Options outstanding at March 31, 2015		8,343		$	46.94		4.9	$	312
Exercisable as of March 31, 2015		4,630		$	34.42		3.1	$	227
Vested and expected to vest after March 31, 2015		8,153		$	46.51		4.8	$	307

(1)

Aggregate intrinsic value represents the difference between the closing stock price of our common stock and the exercise price of outstanding, in-the-money options. Our closing stock price as reported on The NASDAQ Global Select Market as of March 31, 2015 was $83.17. The total intrinsic value of stock options exercised for the three months ended March 31, 2015 and 2014 was $31 million and $36 million, respectively.

The fair value of stock option grants under the 2011 Incentive Plan has been estimated at the date of grant using the Black–Scholes option pricing model with the following weighted average assumptions for the periods presented:

	Three months ended
	March 31,
	2015			2014
Risk free interest rate		1.51	%		1.97	%
Expected term (in years)		5.21			6.38
Expected volatility		41.86	%		48.09	%
Expected dividend yield	— %			— %

The weighted-average grant date fair value of options granted was $33.79 and $47.36 for the three months ended March 31, 2015 and 2014, respectively. The total fair value of stock options vested for the three months ended March 31, 2015 and 2014 was $25 million and $23 million, respectively.

2015 RSU Activity

During the three months ended March 31, 2015, we issued 514,579 RSUs under the 2011 Incentive Plan for which the fair value was measured based on the quoted price of our common stock on the date of grant. These RSUs vest over a four-year requisite service period.

The following table presents a summary of our RSU activity during the three months ended March 31, 2015:

				Weighted
				Average
				Grant-		Aggregate
	RSUs			Date Fair		Intrinsic
	Outstanding			Value Per Share		Value
	(in thousands)					(in millions)
Unvested RSUs outstanding as of January 1, 2015		1,448		$	71.33
Granted		515			87.52
Vested and released (1)		(287	)		64.32
Cancelled		(91	)		65.64
Unvested RSUs outstanding as of March 31, 2015		1,585		$	78.18	$	132

(1)

Inclusive of 88,714 RSUs withheld to satisfy employee minimum tax withholding requirements due to net share settlement. Potential shares which had been convertible under RSUs that were withheld under net share settlement remain in the authorized but unissued pool under the 2011 Incentive Plan and can be reissued by the Company. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited consolidated statements of cash flows.

Unrecognized Stock-Based Compensation

A summary of our remaining unrecognized stock-based compensation expense, net of estimated forfeitures, and the weighted average remaining amortization period at March 31, 2015 related to our non-vested stock options and RSU awards is presented below (in millions, except per year information):

	Stock
	Options		RSUs
Unrecognized compensation expense (net of forfeitures)	$	85	$	99
Weighted average period remaining (in years)		2.7		3.2

Financial Instruments

3 Months Ended

Mar. 31, 2015

Investments All Other Investments [Abstract]

Financial Instruments

NOTE 4: FINANCIAL INSTRUMENTS

Cash, Cash Equivalents and Marketable Securities

The following tables show our cash and available-for-sale securities’ amortized cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short and long-term marketable securities for the periods presented (in millions):

	March 31, 2015
									Cash and		Short-Term		Long-Term
	Amortized		Unrealized		Unrealized		Fair		Cash		Marketable		Marketable
	Cost		Gains		Losses		Value		Equivalents		Securities		Securities
Cash	$	478	$	-	$	-	$	478	$	478	$	-	$	-
Level 1:
Money market funds		27		-		-		27		27		-		-
Level 2:
U.S. agency securities		41		-		-		41		-		38		3
Certificates of deposit		13		-		-		13		-		13		-
Commercial paper		2		-		-		2		-		2		-
Corporate debt securities		81		-		-		81		-		65		16
Subtotal		137		-		-		137		-		118		19
Total	$	642	$	-	$	-	$	642	$	505	$	118	$	19

	December 31, 2014
									Cash and		Short-Term		Long-Term
	Amortized		Unrealized		Unrealized		Fair		Cash		Marketable		Marketable
	Cost		Gains		Losses		Value		Equivalents		Securities		Securities
Cash	$	447	$	-	$	-	$	447	$	447	$	-	$	-
Level 1:
Money market funds		8		-		-		8		8		-		-
Level 2:
U.S. agency securities		38		-		-		38		-		35		3
Certificates of deposit		8		-		-		8		-		8		-
Commercial paper		1		-		-		1		-		1		-
Corporate debt securities		92		-		-		92		-		64		28
Subtotal		139		-		-		139		-		108		31
Total	$	594	$	-	$	-	$	594	$	455	$	108	$	31

Our cash and cash equivalents consist of cash on hand in global financial institutions, money market funds and marketable securities with maturities of 90 days or less at the date purchased. The remaining maturities of our long-term marketable securities range from one to three years and our short-term marketable securities include maturities that were greater than 90 days at the date purchased and have 12 months or less remaining at March 31, 2015.

We classify our cash equivalents and marketable securities within Level 1 and Level 2 as we value our cash equivalents and marketable securities using quoted market prices (Level 1) or alternative pricing sources (Level 2). The valuation technique we used to measure the fair value of money market funds was derived from quoted prices in active markets for identical assets or liabilities. Fair values for our U.S. agency securities, commercial paper, corporate debt securities and certificates of deposit are considered “Level 2” valuations because they are obtained from pricing sources for identical or comparable instruments, rather than direct observations of quoted prices in active markets.

There were no material realized gains or losses related to sales of our marketable securities for the three months ended March 31, 2015 and 2014, respectively. We consider any individual investments in an unrealized loss position to be temporary in nature and do not consider any of our investments other-than-temporarily impaired.

Derivative Financial Instruments

Our current forward contracts are not designated as hedges and have current maturities of less than 90 days. Consequently, any gain or loss resulting from the change in fair value was recognized in our unaudited consolidated statement of operations. We recorded a net gain of $3 million for the three months ended March 31, 2015, related to our settled and outstanding forward contracts in our unaudited consolidated statement of operations in other, net. All gains and losses for the three months ended March 31, 2014 were not material.

The following tables show the fair value and notional principal amounts of our outstanding derivative instruments that are not designated as hedging instruments for the periods presented:

	Balance Sheet Caption	March 31, 2015
		Fair Value of Derivative (2)				U.S. Dollar Notional
		Asset		Liability
		(in millions)
Foreign exchange-forward contracts (1)	Prepaid expenses and other current assets	$	1	$	-	$	28

	Balance Sheet Caption	December 31, 2014
		Fair Value of Derivative (2)				U.S. Dollar Notional
		Asset		Liability
		(in millions)
Foreign exchange-forward contracts (1)	Prepaid expenses and other current assets	$	-	$	-	$	20

(1)	Derivative contracts address foreign exchange fluctuations for the Euro versus the U.S. Dollar.

(2)	We measure the fair value of our outstanding or unsettled derivatives using Level 2 fair value inputs, as we use a pricing model that takes into account the contract terms as well as current foreign currency exchange rates in active markets.

Counterparties to currency exchange derivatives consist of major international financial institutions. We monitor our positions and the credit ratings of the counterparties involved and, by policy limits, the amount of credit exposure to any one party. While we may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated and any credit risk amounts associated with our outstanding or unsettled derivative instruments are deemed to be not material for any period presented.

Other Financial Instruments

Other financial instruments not measured at fair value on a recurring basis include trade receivables, trade payables, deferred merchant payables, short-term debt, accrued and other current liabilities and long-term debt. With the exception of long-term debt, the carrying amount approximates fair value because of the short maturity of these instruments as reported on our unaudited consolidated balance sheets as of March 31, 2015 and December 31, 2014, respectively. The carrying value of the long-term borrowings outstanding on our Credit Agreement bears interest at a variable rate and therefore is also considered to approximate fair value.

We did not have any Level 3 assets or liabilities at March 31, 2015 and December 31, 2014.

Property and Equipment, Net

3 Months Ended

Mar. 31, 2015

Property Plant And Equipment [Abstract]

Property and Equipment, Net

NOTE 5: PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following for the periods presented:

	March 31, 2015			December 31, 2014
	(in millions)
Capitalized software and website development	$	118		$	104
Leasehold improvements		42			40
Computer equipment		33			31
Furniture, office equipment and other		14			11
		207			186
Less: accumulated depreciation		(91	)		(77	)
Construction in progress (1)		110			86
Total	$	226		$	195

(1)

We capitalize construction in progress for build-to-suit lease agreements where we are considered the owner, for accounting purposes only, during the construction period. These amounts represent construction costs to date incurred by the landlord and the Company related to our future corporate headquarters in Needham, MA. During the three months ended March 31, 2015, we capitalized $4 million in non-cash construction costs which were incurred by the landlord, with a corresponding liability recorded in other long-term liabilities, and in addition, we capitalized $20 million in tenant improvements on our unaudited consolidated balance sheet, of which $13 million were paid in cash by the Company. Refer to “Note 12 – Commitments and Contingencies,” in the notes to our consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014 for additional information on our future corporate headquarters lease.

Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

NOTE 6: GOODWILL AND INTANGIBLE ASSETS, NET

The following table summarizes our goodwill activity by segment for the period presented:

	Hotel		Other			Consolidated
	(in millions)
Balances as of December 31, 2014	$	442	$	292		$	734
Additions (1)		1		3			4
Other adjustments (2)		-		(18	)		(18	)
Ending balance as of March 31, 2015	$	443	$	277		$	720


(1)	Additions relate to our 2015 business acquisitions.
(2)	Other adjustments are primarily related to impact of changes in foreign exchange rates.

Intangible assets, which were acquired in business combinations and recorded at fair value on the date of purchase, consist of the following for the periods presented:

	March 31, 2015			December 31, 2014
	(in millions)
Intangible assets with definite lives	$	190		$	202
Less: accumulated amortization		(24	)		(18	)
Intangible assets with definite lives, net		166			184
Intangible assets with indefinite lives		30			30
Total	$	196		$	214

The following table presents the components of our intangible assets with definite lives for the periods presented:

			March 31, 2015							December 31, 2014
	Weighted Average		Gross					Net		Gross					Net
	Remaining Life		Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	(in years)		Amount		Amortization			Amount		Amount		Amortization			Amount
			(in millions)							(in millions)
Trade names and trademarks		9.2	$	51	$	(6	)	$	45	$	52	$	(5	)	$	47
Customer lists and supplier relationships		6.4		76		(7	)		69		77		(5	)		72
Subscriber relationships		5.3		29		(5	)		24		31		(4	)		27
Technology and other		4.1		34		(6	)		28		42		(4	)		38
Total		6.6	$	190	$	(24	)	$	166	$	202	$	(18	)	$	184

Intangible assets with definite lives are amortized on a straight-line basis. The estimated amortization expense for intangible assets with definite lives for each of the next five years, and the expense thereafter, assuming no subsequent impairment of the underlying assets, is expected to be as follows (in millions):

2015(remaining nine months)	$	22
2016		29
2017		27
2018		25
2019		22
2020 and thereafter		41
Total	$	166

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Accrued Expenses and Other Current Liabilities

Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt

NOTE 7: DEBT

Term Loan Facility Due 2016 and Revolving Credit Facility

In 2011, we entered into a credit agreement, by and among TripAdvisor, TripAdvisor Holdings, LLC, and TripAdvisor LLC, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and J.P. Morgan Europe Limited, as London agent (this credit agreement, together with all exhibits, schedules, annexes, certificates, assignments and related documents contemplated thereby, is referred to herein as the “Credit Agreement”), which provides $600 million of borrowing including:


—	the term loan facility in an aggregate principal amount of $400 million with a term of five years due December 2016 (“Term Loan”); and
—	the revolving credit facility in an aggregate principal amount of $200 million available in U.S. dollars, Euros and British pound sterling with a term of five years expiring December 2016 (the “Revolving Credit Facility”).

The Term Loan and any loans under the Revolving Credit Facility bear interest by reference to a base rate or a Eurocurrency rate, in either case plus an applicable margin based on our leverage ratio. We are also required to pay a quarterly commitment fee, on the average daily unused portion of the Revolving Credit Facility for each fiscal quarter and fees in connection with the issuance of letters of credit. The Term Loan and loans under the Revolving Credit Facility currently bear interest at LIBOR plus 150 basis points, or the Eurocurrency Spread, or the alternate base rate (“ABR”) plus 50 basis points, and undrawn amounts are currently subject to a commitment fee of 22.5 basis points. As of March 31, 2015 we are using a one-month interest period Eurocurrency Spread which is approximately 1.7% per annum. Interest is currently payable on a monthly basis while we are borrowing under the one-month interest rate period. The current interest rates are based on current assumptions, leverage and LIBOR rates and do not take into account that rates will reset periodically.

We currently have $290 million in outstanding borrowings under the Term Loan as of March 31, 2015, of which $40 million is recorded in current liabilities on the unaudited consolidated balance sheet. The Term Loan principal is currently repayable in quarterly installments on the last day of each calendar quarter equal to 2.5% of the original principal amount with the balance due on the final maturity date. Principal payments aggregating $10 million were made during the three months ended March 31, 2015.

The Revolving Credit Facility includes $40 million of borrowing capacity available for letters of credit and $40 million for borrowings on same-day notice. As of March 31, 2015 there are no outstanding borrowings under our Revolving Credit Facility.

During the three months ended March 31, 2015 and 2014, we recorded total interest and commitment fees on our Credit Agreement of $1 million and $2 million, respectively, to interest expense on our unaudited consolidated statements of operations. All unpaid interest and commitment fee amounts as of March 31, 2015 and December 31, 2014 were not material.

As of March 31, 2015, we are in compliance with all of our debt covenants.

Chinese Credit Facilities

In addition to our borrowings under the Credit Agreement, we maintain our Chinese Credit Facilities. As of March 31, 2015 and December 31, 2014, we had short-term borrowings outstanding of $40 million and $38 million, respectively.

Certain of our Chinese subsidiaries are entered into a RMB 189,000,000 (approximately $30 million), one-year revolving credit facility with Bank of America (the “Chinese Credit Facility—BOA”) that is currently subject to review on a periodic basis with no specific expiration period. We had $21 million of outstanding borrowings from the Chinese Credit Facility—BOA as of March 31, 2015. Our Chinese Credit Facility—BOA currently bears interest at a rate based on 100% of the People’s Bank of China’s base rate, which was 5.35% as of March 31, 2015.

In addition, certain of our Chinese subsidiaries are entered into a RMB 125,000,000 (approximately $20 million) one-year revolving credit facility with J.P. Morgan Chase Bank (“Chinese Credit Facility—JPM”). We had $19 million of outstanding borrowings from the Chinese Credit Facility—JPM as of March 31, 2015. Our Chinese Credit Facility—JPM currently bears interest at a rate based on 100% of the People’s Bank of China’s base rate, which was 5.35% as of March 31, 2015.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 8: INCOME TAXES Each interim period is considered an integral part of the annual period and, accordingly, we measure our tax expense using an estimated annual effective tax rate. An enterprise is required, at the end of each interim reporting period, to make its best estimate of the annual effective tax rate for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis, as adjusted for discrete taxable events that occur during the interim period. Our effective tax rate for the three months ended March 31, 2015 and 2014 was 26.7% and 27.7%, respectively. For the three months ended March 31, 2015, the effective tax rate is less than the federal statutory rate primarily due to earnings in jurisdictions outside the United States, where our effective tax rate is lower, which was partially offset by state income taxes, non-deductible stock compensation and accruals on uncertain tax positions. The decrease in the effective tax rate for 2015 compared to the 2014 rate was primarily due to a change in jurisdictional earnings. Our policy is to recognize accrued interest and penalties related to unrecognized tax benefits and income tax liabilities as part of our income tax expense. As of March 31, 2015, accrued interest is $3 million, net of federal benefit, and no penalties have been accrued. We do not anticipate any material releases in the next twelve months. We are under examination by the Internal Revenue Service (“IRS”) for the 2009 and 2010 tax years with respect to consolidated income tax returns previously filed with Expedia, and we have various ongoing state income tax audits. We are separately under examination by the IRS for the 2012 and 2013 tax years. These audits include questioning of the timing and the amount of income and deductions and the allocation of income among various tax jurisdictions. These examinations may lead to proposed or ordinary course adjustments to our taxes. We are no longer subject to tax examinations by tax authorities for years prior to 2007. As of March 31, 2015, no material assessments have resulted. While we have not yet received notification of a proposed adjustment from the IRS for the 2009 and 2010 calendar years relating to transfer pricing with our foreign subsidiaries, we have been informed by the IRS that a Notice of Proposed Adjustment is imminent. Our expectation is that the notice will propose an increase to our U.S. taxable income that would result in additional federal tax expense for 2009 and 2010, subject to interest. Based on our interpretation of the regulations and available case law, we believe the position we have taken with regard to transfer pricing with our foreign subsidiaries is sustainable and we intend to vigorously defend our position. If we are not able to resolve a proposed adjustment at the IRS examination level, we plan to pursue all available administrative and, if necessary, judicial remedies.

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2015

Payables And Accruals [Abstract]

NOTE 9: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following for the periods presented:

	March 31, 2015		December 31, 2014
	(in millions)
Accrued salary, bonus, and related benefits	$	29	$	41
Accrued marketing costs		36		24
Accrued charitable foundation payments		2		9
Other		48		40
Total	$	115	$	114

Other Long-Term Liabilities

3 Months Ended

Mar. 31, 2015

Other Liabilities Noncurrent [Abstract]

Other Long-Term Liabilities

NOTE 10: OTHER LONG-TERM LIABILITIES

Other long-term liabilities consisted of the following for the periods presented:

	March 31, 2015		December 31, 2014
	(in millions)
Unrecognized tax benefits (1)	$	73	$	68
Construction liabilities (2)		82		67
Other (3)		19		19
Total	$	174	$	154


(1)	Amount includes accrued interest related to this liability.
(2)	We capitalize construction in progress and record a corresponding long-term liability for build-to-suit lease agreements where we are considered the owner during the construction period for accounting purposes only.
(3)	Amounts primarily consist of long term deferred rent balances related to operating leases for office space.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 11: COMMITMENTS AND CONTINGENCIES There have been no material changes to our commitments and contingencies since December 31, 2014. Refer to “Note 12— Commitments and Contingencies,” in the notes to our consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014. In the ordinary course of business, we and our subsidiaries are parties to legal proceedings and claims involving alleged infringement of third-party intellectual property rights, defamation, and other claims. Rules and regulations promulgated by the SEC require the description of material pending legal proceedings, other than ordinary, routine litigation incident to the registrant’s business, and advise that proceedings ordinarily need not be described if they primarily involve damages claims for amounts (exclusive of interest and costs) not individually exceeding 10% of the current assets of the registrant and its subsidiaries on a consolidated basis. In the judgment of management, none of the pending litigation matters that the Company and its subsidiaries are defending involves or is likely to involve amounts of that magnitude. There may be claims or actions pending or threatened against us of which we are currently not aware and the ultimate disposition of which could have a material adverse effect on us.

Segment Information

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information

NOTE 12: SEGMENT INFORMATION

Our reporting structure includes two reportable segments: Hotel and Other.

Hotel

Our Hotel segment includes revenue generated from services related to hotels, including click-based and display-based advertising revenue from making hotel room reservations, airline reservations, and cruise reservations available for price comparison and booking, as well as subscription-based products such as Business Listings, transaction-based products such as Jetsetter and Tingo, and other hotel related revenue. Our chief operating decision maker, or CODM, is also the Hotel segment manager.

Other

Our Other segment consists of the aggregation of three operating segments, which include our Attractions, Restaurants and Vacation Rentals businesses.

Attractions. We provide, through Viator, information and services for researching and booking destination activities around the world. Viator works with local operators to provide travelers with access to tours and activities in popular destinations worldwide, earning a commission for such service. In addition to its consumer-direct business, Viator also provides local experiences to affiliate partners, including some of the world’s top airlines, hotels and travel agencies.

Restaurants. This business is comprised of our websites that provide online and mobile reservation services that connect restaurants with diners. These websites are currently focused on the European market, primarily through Lafourchette. Lafourchette is an online restaurant booking platform with a network of restaurant partners across Europe. Lafourchette also offers management software solutions helping restaurants to maximize business by providing a flexible online booking, discount and data tool. Revenue is primarily generated by receiving a fee for each restaurant guest seated through the online reservation systems.

Vacation Rentals. We offer individual property owners and property managers the ability to list their properties available for rental and connect with travelers using a subscription-based fee structure or a free-to-list, commission per booking based option. Our vacation rental inventory currently includes full home rentals, condos, villas, beach rentals, cabins, cottages, and many other accommodation types. These properties are listed across a number of platforms, including TripAdvisor Vacation Rentals, U.S.-based FlipKey, and European-based Holiday Lettings and Niumba.

Each operating segment in our Other segment has a segment manager who is directly accountable to and maintains regular contact with our CODM to discuss operating activities, financial results, forecasts, and plans for the segment.

We define Adjusted EBITDA as net income (loss) plus: (1) provision for income taxes; (2) other income (expense), net; (3) depreciation of property and equipment, including amortization of internal use software and website development; (4) amortization of intangible assets; (5) stock-based compensation and other stock-settled obligations; (6) goodwill, long-lived asset and intangible asset impairments; and (7) non-recurring expenses. Adjusted EBITDA is the primary metric by which management evaluates the performance of its business and on which internal budgets are based. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis. We believe by excluding certain non-cash expenses, such as stock-based compensation, stock-settled obligations, asset impairments, and non-recurring expenses, Adjusted EBITDA corresponds more closely to the cash that operating income generated from our business and allows investors to gain an understanding of the factors and trends affecting the ongoing cash earnings capabilities of our business, from which capital investments are made and debt is serviced.

The following tables present our segment information for the three months ended March 31, 2015 and 2014. We record depreciation of property and equipment, including amortization of internal-use software and website development, amortization of intangible assets, stock-based compensation, other expense, net, other non-recurring expenses, net, and income taxes, which are excluded from segment operating performance, in Corporate and unallocated. In addition, we do not report our assets or capital expenditures by segment as it would not be meaningful. We also do not regularly provide asset, capital expenditure or depreciation information by segment to our CODM. Our consolidated general and administrative expenses, excluding stock-based compensation costs, are shared by all operating segments. Each operating segment receives an allocated charge based on the segment’s percentage of the Company’s total personnel costs.

	Three months ended March 31, 2015
	Hotel		Other			Corporate and unallocated			Total
	(in millions)
Revenue	$	320	$	43		$	—		$	363
Adjusted EBITDA (1)		132		(5	)		—			127
Depreciation		—		—			(14	)		(14	)
Amortization of intangible assets		—		—			(7	)		(7	)
Stock-based compensation		—		—			(16	)		(16	)
Operating income (loss)	$	132	$	(5	)	$	(37	)		90
Other expense, net										(4	)
Income before income taxes										86
Provision for income taxes										(23	)
Net income										63

	Three months ended March 31, 2014
	Hotel		Other			Corporate and unallocated			Total
	(in millions)
Revenue	$	266	$	15		$	—		$	281
Adjusted EBITDA (1)		124		(2	)		—			122
Depreciation		—		—			(10	)		(10	)
Amortization of intangible assets		—		—			(2	)		(2	)
Stock-based compensation		—		—			(14	)		(14	)
Operating income (loss)	$	124	$	(2	)	$	(26	)		96
Other expense, net										(2	)
Income before income taxes										94
Provision for income taxes										(26	)
Net income										68



(1)	Includes allocated general and administrative expenses in our Hotel segment of $20 million and $19 million; and in our Other segment of $6 million and $3 million for the three months ended March 31, 2015 and 2014, respectively.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 13: EARNINGS PER SHARE

Basic Earnings Per Share Attributable to Common Stockholders

We compute basic earnings per share (“Basic EPS”) by dividing net income attributable to TripAdvisor by the weighted average number of common shares outstanding during the period. We compute the weighted average number of common shares outstanding during the reporting period using the total of common stock and Class B common stock outstanding as of the last day of the previous year end reporting period plus the weighted average of any additional shares issued and outstanding less the weighted average of any treasury shares repurchased during the reporting period.

Diluted Earnings Per Share Attributable to Common Stockholders

We compute diluted earnings per share (“Diluted EPS”) by dividing net income attributable to TripAdvisor by the sum of the weighted average number of common and common equivalent shares outstanding during the period. We computed the weighted average number of common and common equivalent shares outstanding during the period using the sum of (i) the number of shares of common stock and Class B common stock used in the basic earnings per share calculation as indicated above, and (ii) if dilutive, the incremental weighted average common stock that we would issue upon the assumed exercise of outstanding common equivalent shares related to stock options and the vesting of restricted stock units using the treasury stock method, and (iii) if dilutive, performance based awards based on the number of shares that would be issuable as of the end of the reporting period assuming the end of the reporting period was also the end of the contingency period.

Under the treasury stock method, the assumed proceeds calculation includes the actual proceeds to be received from the employee upon exercise, the average unrecognized compensation cost during the period and any tax benefits credited upon exercise to additional paid-in-capital. The treasury stock method assumes that a company uses the proceeds from the exercise of an award to repurchase common stock at the average market price for the period. Windfall tax benefits created upon the exercise of an award would be added to assumed proceeds, while shortfalls charged to additional paid-in-capital would be deducted from assumed proceeds. Any shortfalls not covered by the windfall tax pool would be charged to the income statement and would be excluded from the calculation of assumed proceeds, if any.

Below is a reconciliation of the weighted average number of shares of common stock outstanding in calculating Diluted EPS (shares in thousands and dollars in millions, except per share amounts) for the periods presented:

	Three Months Ended
	March 31,
	2015		2014
Numerator:
Net income	$	63	$	68
Denominator:
Weighted average shares used to compute Basic EPS		143,145		142,399
Weighted average effect of dilutive securities:
Stock options		2,417		2,884
RSUs		310		382
Weighted average shares used to compute Diluted EPS		145,872		145,665
Basic EPS	$	0.44	$	0.48
Diluted EPS	$	0.43	$	0.47

The following potential common shares related to stock options and RSUs were excluded from the calculation of Diluted EPS because their effect would have been anti-dilutive for the periods presented (in thousands):

	Three Months Ended
	March 31,
	2015(1)		2014(2)
Stock options		2,141		1,688
RSUs		840		439
Total		2,981		2,127

(1)

These totals do not include 66,666 performance based options representing the right to acquire 66,666 shares of common stock for which all targets required to trigger vesting have not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.

(2)

These totals do not include 121,666 performance based options and 44,000 performance based RSUs representing the right to acquire 165,666 shares of common stock for which all targets required to trigger vesting have not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.

The earnings per share amounts are the same for common stock and Class B common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 14: RELATED PARTY TRANSACTIONS As of March 31, 2015, Liberty TripAdvisor Holdings, Inc. (“LTRIP”) beneficially owned 18,159,752 shares of our common stock and 12,799,999 shares of our Class B common stock, which shares constitute 13.9% of the outstanding shares of common stock and 100% of the outstanding shares of Class B common stock. Assuming the conversion of all of LTRIP’s shares of Class B common stock into common stock, LTRIP would beneficially own 21.6% of the outstanding common stock. Because each share of Class B common stock generally is entitled to ten votes per share and each share of common stock is entitled to one vote per share, LTRIP may be deemed to beneficially own equity securities representing approximately 56.5% of our voting power. We had no related party transactions with LTRIP during the three months ended March 31, 2015 and 2014.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE 15: SUBSEQUENT EVENTS On April 2, 2015, Julie M.B. Bradley, the Company’s Chief Financial Officer, informed the Company of her intention to resign from the Company. In order to provide for the transition of Ms. Bradley’s responsibilities, the Company and Ms. Bradley have entered into a Separation Agreement, dated April 2, 2015 (the “Separation Agreement”), incorporated by reference as Exhibit 10.1 in this Form 10-Q, pursuant to which Ms. Bradley has agreed to remain with the Company on a full-time basis for a transition period, which will last until the earlier of September 30, 2015 or thirty days following her successor’s start date (the “Transition Period”). The Employment Agreement, dated as of March 31, 2014, between Ms. Bradley and the Company (the “Employment Agreement”), shall be superseded and replaced by the Separation Agreement, except to the extent that certain provisions and obligations of the Employment Agreement are expressly preserved and incorporated by reference into the Separation Agreement. The Employment Agreement was filed as Exhibit 10.1 with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements present our results of operations, financial position and cash flows on a consolidated basis. The accompanying unaudited consolidated financial statements include TripAdvisor, our wholly-owned subsidiaries, and entities we control, or in which we have a variable interest and are the primary beneficiary of expected cash profits or losses. We have eliminated significant intercompany transactions and accounts. Certain of our subsidiaries that operate in China have variable interests in affiliated entities in China in order to comply with Chinese laws and regulations, which restrict foreign investment in Internet content provision businesses. Although we do not own the capital stock of some of our Chinese affiliates, we consolidate their results as we are the primary beneficiary of the cash losses or profits of these variable interest affiliates and have the power to direct the activities of these affiliates. Our variable interest entities are not material for all periods presented. We have prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). We have included all adjustments necessary for a fair presentation of the results of the interim period. These adjustments consist of normal recurring items. We prepared the unaudited consolidated financial statements following the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, we have condensed or omitted certain footnotes or other financial information that are normally required by GAAP for annual financial statements. Our interim unaudited consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014, previously filed with the SEC.
Reclassifications	Reclassifications Pursuant to our disclosure in “Note 16— Segment and Geographic Information” in the notes to our consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014, management revised our reportable segments. All prior periods disclosures have been reclassified to conform to the current reporting structure. These reclassifications had no effect on our unaudited consolidated financial statements. All other reclassifications made to conform the prior period to the current presentation, were not material and had no net effect on our unaudited consolidated financial statements.
Accounting Estimates	Accounting Estimates We use estimates and assumptions in the preparation of our unaudited consolidated financial statements in accordance with GAAP. Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our unaudited consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our unaudited consolidated financial statements include: (i) recoverability of intangible assets and goodwill, (ii) recoverability and useful life of long-lived assets, (iii) accounting for income taxes, (iv) purchase accounting for business combinations and (v) stock-based compensation.
Seasonality	Seasonality Expenditures by travel advertisers tend to be seasonal. Traditionally, our strongest quarter has been the third quarter, which is a key travel research period, with the weakest quarter being the fourth quarter. However, adverse economic conditions or continued growth of our international operations with differing holiday peaks may influence the typical trend of our seasonality in the future.
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted Revenue From Contracts With Customers In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a retrospective or cumulative effect transition method. In April 2015, the FASB proposed deferring the effective date by one year to December 15, 2017, for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our unaudited consolidated financial statements and related disclosures.

Stock Based Awards and Other Equity Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Amount of Stock-Based Compensation Expense Related to Stock-Based Awards, Primarily Stock Options and Restricted Stock Units (RSUs)

	Three months ended
	March 31,
	2015			2014
	(in millions)
Selling and marketing	$	4		$	3
Technology and content		6			6
General and administrative		6			5
Total stock-based compensation		16			14
Income tax benefit from stock-based compensation		(6	)		(5	)
Total stock-based compensation, net of tax effect	$	10		$	9

Summary of Stock Option

A summary of the status and activity for stock option awards relating to our common stock for the three months ended March 31, 2015, is presented below:

				Weighted		Weighted
				Average		Average
				Exercise		Remaining		Aggregate
	Options			Price Per		Contractual		Intrinsic
	Outstanding			Share		Life		Value
	(in thousands)					(in years)		(in millions)
Options outstanding at January 1, 2015		8,651		$	44.47
Granted		368			86.07
Exercised (1)		(585	)		34.30
Cancelled or expired		(91	)		51.97
Options outstanding at March 31, 2015		8,343		$	46.94		4.9	$	312
Exercisable as of March 31, 2015		4,630		$	34.42		3.1	$	227
Vested and expected to vest after March 31, 2015		8,153		$	46.51		4.8	$	307

(1)

Weighted-Average Assumptions of Estimated Fair Value of Stock Option Grants

	Three months ended
	March 31,
	2015			2014
Risk free interest rate		1.51	%		1.97	%
Expected term (in years)		5.21			6.38
Expected volatility		41.86	%		48.09	%
Expected dividend yield	— %			— %

Summary of RSU Activity

The following table presents a summary of our RSU activity during the three months ended March 31, 2015:

				Weighted
				Average
				Grant-		Aggregate
	RSUs			Date Fair		Intrinsic
	Outstanding			Value Per Share		Value
	(in thousands)					(in millions)
Unvested RSUs outstanding as of January 1, 2015		1,448		$	71.33
Granted		515			87.52
Vested and released (1)		(287	)		64.32
Cancelled		(91	)		65.64
Unvested RSUs outstanding as of March 31, 2015		1,585		$	78.18	$	132

(1)

Summary of Unrecognized Stock-Based Compensation Expense, Net of Estimated Forfeitures and Weighted Average Period Remaining

	Stock
	Options		RSUs
Unrecognized compensation expense (net of forfeitures)	$	85	$	99
Weighted average period remaining (in years)		2.7		3.2

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Investments All Other Investments [Abstract]

Schedule of Cash, Cash Equivalents and Marketable Securities

	March 31, 2015
									Cash and		Short-Term		Long-Term
	Amortized		Unrealized		Unrealized		Fair		Cash		Marketable		Marketable
	Cost		Gains		Losses		Value		Equivalents		Securities		Securities
Cash	$	478	$	-	$	-	$	478	$	478	$	-	$	-
Level 1:
Money market funds		27		-		-		27		27		-		-
Level 2:
U.S. agency securities		41		-		-		41		-		38		3
Certificates of deposit		13		-		-		13		-		13		-
Commercial paper		2		-		-		2		-		2		-
Corporate debt securities		81		-		-		81		-		65		16
Subtotal		137		-		-		137		-		118		19
Total	$	642	$	-	$	-	$	642	$	505	$	118	$	19

	December 31, 2014
									Cash and		Short-Term		Long-Term
	Amortized		Unrealized		Unrealized		Fair		Cash		Marketable		Marketable
	Cost		Gains		Losses		Value		Equivalents		Securities		Securities
Cash	$	447	$	-	$	-	$	447	$	447	$	-	$	-
Level 1:
Money market funds		8		-		-		8		8		-		-
Level 2:
U.S. agency securities		38		-		-		38		-		35		3
Certificates of deposit		8		-		-		8		-		8		-
Commercial paper		1		-		-		1		-		1		-
Corporate debt securities		92		-		-		92		-		64		28
Subtotal		139		-		-		139		-		108		31
Total	$	594	$	-	$	-	$	594	$	455	$	108	$	31

Fair Value and Notional Principal Amounts of Outstanding or Unsettled Derivative Instruments

The following tables show the fair value and notional principal amounts of our outstanding derivative instruments that are not designated as hedging instruments for the periods presented:

	Balance Sheet Caption	March 31, 2015
		Fair Value of Derivative (2)				U.S. Dollar Notional
		Asset		Liability
		(in millions)
Foreign exchange-forward contracts (1)	Prepaid expenses and other current assets	$	1	$	-	$	28

	Balance Sheet Caption	December 31, 2014
		Fair Value of Derivative (2)				U.S. Dollar Notional
		Asset		Liability
		(in millions)
Foreign exchange-forward contracts (1)	Prepaid expenses and other current assets	$	-	$	-	$	20

(1)	Derivative contracts address foreign exchange fluctuations for the Euro versus the U.S. Dollar.

(2)	We measure the fair value of our outstanding or unsettled derivatives using Level 2 fair value inputs, as we use a pricing model that takes into account the contract terms as well as current foreign currency exchange rates in active markets.

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

Property Plant And Equipment [Abstract]

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2015

Property and Equipment, Net

Property and equipment, net consists of the following for the periods presented:

	March 31, 2015			December 31, 2014
	(in millions)
Capitalized software and website development	$	118		$	104
Leasehold improvements		42			40
Computer equipment		33			31
Furniture, office equipment and other		14			11
		207			186
Less: accumulated depreciation		(91	)		(77	)
Construction in progress (1)		110			86
Total	$	226		$	195

(1)

Goodwill and Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

The following table summarizes our goodwill activity by segment for the period presented:

	Hotel		Other			Consolidated
	(in millions)
Balances as of December 31, 2014	$	442	$	292		$	734
Additions (1)		1		3			4
Other adjustments (2)		-		(18	)		(18	)
Ending balance as of March 31, 2015	$	443	$	277		$	720


(1)	Additions relate to our 2015 business acquisitions.
(2)	Other adjustments are primarily related to impact of changes in foreign exchange rates.

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

Intangible assets, which were acquired in business combinations and recorded at fair value on the date of purchase, consist of the following for the periods presented:

	March 31, 2015			December 31, 2014
	(in millions)
Intangible assets with definite lives	$	190		$	202
Less: accumulated amortization		(24	)		(18	)
Intangible assets with definite lives, net		166			184
Intangible assets with indefinite lives		30			30
Total	$	196		$	214

Components of Intangible Assets with Definite Lives

The following table presents the components of our intangible assets with definite lives for the periods presented:

			March 31, 2015							December 31, 2014
	Weighted Average		Gross					Net		Gross					Net
	Remaining Life		Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	(in years)		Amount		Amortization			Amount		Amount		Amortization			Amount
			(in millions)							(in millions)
Trade names and trademarks		9.2	$	51	$	(6	)	$	45	$	52	$	(5	)	$	47
Customer lists and supplier relationships		6.4		76		(7	)		69		77		(5	)		72
Subscriber relationships		5.3		29		(5	)		24		31		(4	)		27
Technology and other		4.1		34		(6	)		28		42		(4	)		38
Total		6.6	$	190	$	(24	)	$	166	$	202	$	(18	)	$	184

Summary of Estimated Future Amortization Expense Related to Intangible Assets with Definite Lives

2015(remaining nine months)	$	22
2016		29
2017		27
2018		25
2019		22
2020 and thereafter		41
Total	$	166

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

Payables And Accruals [Abstract]

Details of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following for the periods presented:

	March 31, 2015		December 31, 2014
	(in millions)
Accrued salary, bonus, and related benefits	$	29	$	41
Accrued marketing costs		36		24
Accrued charitable foundation payments		2		9
Other		48		40
Total	$	115	$	114

Other Long-Term Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

Other Liabilities Noncurrent [Abstract]

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following for the periods presented:

	March 31, 2015		December 31, 2014
	(in millions)
Unrecognized tax benefits (1)	$	73	$	68
Construction liabilities (2)		82		67
Other (3)		19		19
Total	$	174	$	154


(1)	Amount includes accrued interest related to this liability.
(2)	We capitalize construction in progress and record a corresponding long-term liability for build-to-suit lease agreements where we are considered the owner during the construction period for accounting purposes only.
(3)	Amounts primarily consist of long term deferred rent balances related to operating leases for office space.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Summary of Segment Information

The following tables present our segment information for the three months ended March 31, 2015 and 2014.

	Three months ended March 31, 2015
	Hotel		Other			Corporate and unallocated			Total
	(in millions)
Revenue	$	320	$	43		$	—		$	363
Adjusted EBITDA (1)		132		(5	)		—			127
Depreciation		—		—			(14	)		(14	)
Amortization of intangible assets		—		—			(7	)		(7	)
Stock-based compensation		—		—			(16	)		(16	)
Operating income (loss)	$	132	$	(5	)	$	(37	)		90
Other expense, net										(4	)
Income before income taxes										86
Provision for income taxes										(23	)
Net income										63

	Three months ended March 31, 2014
	Hotel		Other			Corporate and unallocated			Total
	(in millions)
Revenue	$	266	$	15		$	—		$	281
Adjusted EBITDA (1)		124		(2	)		—			122
Depreciation		—		—			(10	)		(10	)
Amortization of intangible assets		—		—			(2	)		(2	)
Stock-based compensation		—		—			(14	)		(14	)
Operating income (loss)	$	124	$	(2	)	$	(26	)		96
Other expense, net										(2	)
Income before income taxes										94
Provision for income taxes										(26	)
Net income										68



(1)	Includes allocated general and administrative expenses in our Hotel segment of $20 million and $19 million; and in our Other segment of $6 million and $3 million for the three months ended March 31, 2015 and 2014, respectively.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding

	Three Months Ended
	March 31,
	2015		2014
Numerator:
Net income	$	63	$	68
Denominator:
Weighted average shares used to compute Basic EPS		143,145		142,399
Weighted average effect of dilutive securities:
Stock options		2,417		2,884
RSUs		310		382
Weighted average shares used to compute Diluted EPS		145,872		145,665
Basic EPS	$	0.44	$	0.48
Diluted EPS	$	0.43	$	0.47

Common Shares Related to Stock Options and RSUs Excluded from Calculated Diluted EPS

	Three Months Ended
	March 31,
	2015(1)		2014(2)
Stock options		2,141		1,688
RSUs		840		439
Total		2,981		2,127

(1)

(2)

Business Description and Basis of Presentation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2015 Country Brand Segment
Description Of Business And Basis Of Presentation [Line Items]
Number of countries with localized versions of website \| Country	45
Number of other media brands with websites \| Brand	24
Number of reportable segment	2
Other Segment
Description Of Business And Basis Of Presentation [Line Items]
Number of operating segments	3

Stock Based Awards and Other Equity Instruments - Amount of Stock-Based Compensation Expense Related to Stock-Based Awards, Primarily Stock Options and Restricted Stock Units (RSUs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 16	$ 14
Income tax benefit from stock-based compensation	(6)	(5)
Total stock-based compensation, net of tax effect	10	9
Selling and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	4	3
Technology and Content
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	6	6
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 6	$ 5

Stock Based Awards and Other Equity Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options issued	368,000
Total intrinsic value	$ 31	$ 36
Total fair value of stock options vested	$ 25	$ 23
2011 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options vest period	4 years
RSU's issued under incentive plan	514,579
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options issued	367,659
Term of stock options, granted	10 years
Stock options vest period	4 years
Closing stock price	$ 83.17
Grant-date fair value per option	$ 33.79	$ 47.36

Stock Based Awards and Other Equity Instruments - Summary of Stock Option (Details)
$ / shares in Units, shares in Thousands, $ in Millions

3 Months Ended

Mar. 31, 2015

USD ($)

$ / shares

Options Outstanding

Options Outstanding, Beginning balance | shares

8,651

Options Outstanding, Granted | shares

368

Options Outstanding, Exercised | shares

(585)

^[1]

Options Outstanding, Cancelled or expired | shares

(91)

Options Outstanding, Ending balance | shares

8,343

Options Outstanding, Exercisable | shares

4,630

Options Outstanding, Vested and expected to vest | shares

8,153

Weighted Average Exercise Price per share

Options Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares

$ 44.47

Options Granted, Weighted Average Exercise Price | $ / shares

86.07

Options Exercised, Weighted Average Exercise Price | $ / shares

34.30

^[1]

Options Cancelled or expired, Weighted Average Exercise Price | $ / shares

51.97

Options Outstanding, Weighted Average Exercise Price, Ending balance | $ / shares

46.94

Options Exercisable, Weighted Average Exercise Price | $ / shares

34.42

Options Vested and expected to vest, Weighted Average Exercise Price | $ / shares

$ 46.51

Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value

Options Outstanding, Weighted Average Remaining Contractual Life

4 years 10 months 24 days

Options Exercisable, Weighted Average Remaining Contractual Life

3 years 1 month 6 days

Options Vested and expected to vest, Weighted Average Remaining Contractual Life

4 years 9 months 18 days

Options Outstanding, Aggregate Intrinsic Value | $

$ 312

Options Exercisable, Aggregate Intrinsic Value | $

227

Options Vested and expected to vest, Aggregate Intrinsic Value | $

$ 307

[1]

Stock Based Awards and Other Equity Instruments - Summary of Stock Option (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2015 shares
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options non converted into shares due to net share settlement	203,689

Stock Based Awards and Other Equity Instruments - Weighted-Average Assumptions of Estimated Fair Value of Stock Option Grants (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk free interest rate	1.51%	1.97%
Expected term (in years)	5 years 2 months 16 days	6 years 4 months 17 days
Expected volatility	41.86%	48.09%

Stock Based Awards and Other Equity Instruments - Summary of RSU Activity (Details) - Restricted Stock Units
$ / shares in Units, $ in Millions

3 Months Ended

Mar. 31, 2015

USD ($)

$ / shares

RSUs outstanding

Unvested RSUs outstanding, Beginning balance | shares

1,448,000

Unvested RSUs, Granted | shares

515,000

Unvested RSUs, Vested and released | shares

(287,000)

^[1]

Unvested RSUs, Cancelled | shares

(91,000)

Unvested RSUs outstanding, Ending balance | shares

1,585,000

Weighted Average Grant-Date Fair Value Per Share

Unvested RSUs outstanding, Weighted Average Grant-Date Fair Value Per Share, Beginning balance | $ / shares

$ 71.33

Weighted Average Grant-Date Fair Value Per Share, Granted | $ / shares

87.52

Weighted Average Grant-Date Fair Value Per Share, Vested and released | $ / shares

64.32

^[1]

Weighted Average Grant-Date Fair Value Per Share, Cancelled | $ / shares

65.64

Unvested RSUs outstanding, Weighted Average Grant-Date Fair Value Per Share, Ending balance | $ / shares

$ 78.18

Aggregate Intrinsic Value

Unvested RSUs outstanding, Aggregate Intrinsic Value | $

$ 132

[1]

Stock Based Awards and Other Equity Instruments - Summary of RSU Activity (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2015 shares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs withheld to satisfy minimum tax withholding requirements	88,714

Stock Based Awards and Other Equity Instruments - Summary of Unrecognized Stock-Based Compensation Expense, Net of Estimated Forfeitures and Weighted Average Period Remaining (Details) $ in Millions	3 Months Ended
	Mar. 31, 2015 USD ($)
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense (net of forfeitures), Stock Options	$ 85
Period of recognition (in years)	2 years 8 months 12 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period of recognition (in years)	3 years 2 months 12 days
Unrecognized compensation expense (net of forfeitures), RSUs	$ 99

Financial Instruments - Schedule of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 642	$ 594
Fair Value	642	594
Cash and cash equivalents	505	455	$ 319	$ 351
Short-Term Marketable Securities	118	108
Long-Term Marketable Securities	19	31
Cash	478	447
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	27	8
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	137	139
Fair Value	137	139
Short-Term Marketable Securities	118	108
Long-Term Marketable Securities	19	31
Level 2 \| U.S. Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	41	38
Fair Value	41	38
Short-Term Marketable Securities	38	35
Long-Term Marketable Securities	3	3
Level 2 \| Certificates of Deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	13	8
Fair Value	13	8
Short-Term Marketable Securities	13	8
Level 2 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	2	1
Fair Value	2	1
Short-Term Marketable Securities	2	1
Level 2 \| Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	81	92
Fair Value	81	92
Short-Term Marketable Securities	65	64
Long-Term Marketable Securities	$ 16	$ 28

Financial Instruments - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2015 USD ($)
Investments Debt And Equity Securities [Abstract]
Financial instruments including money market funds maturities period	90 days
Maximum maturities period of long-term marketable securities	3 years
Minimum maturities period of long-term marketable securities	1 year
Maximum maturities period of short-term marketable securities	12 months
Minimum maturities period of short-term marketable securities	90 days
Net gain related to forward contracts	$ 3
Derivative Instruments Not Designated as Hedging Instruments, Description of Terms	Our current forward contracts are not designated as hedges and have current maturities of less than 90 days

Financial Instruments - Fair Value and Notional Principal Amounts of Outstanding or Unsettled Derivative Instruments (Details) - Prepaid Expenses and Other Current Assets - Not Designated as Hedging Instrument - Foreign Exchange Contract - USD ($)

Mar. 31, 2015

Dec. 31, 2014

Derivatives Fair Value [Line Items]

Fair Value of Derivative, Asset

^[1],[2]

$ 1,000,000

Foreign exchange-forward contracts

^[1]

$ 28,000,000

$ 20,000,000

[1]	Derivative contracts address foreign exchange fluctuations for the Euro versus the U.S. Dollar.
[2]	We measure the fair value of our outstanding or unsettled derivatives using Level 2 fair value inputs, as we use a pricing model that takes into account the contract terms as well as current foreign currency exchange rates in active markets.

Property and Equipment, Net - Components of Property and Equipment (Details) - USD ($)
$ in Millions

Mar. 31, 2015

Dec. 31, 2014

Less: accumulated depreciation

$ 207

$ 186

(91)

(77)

Construction in progress

^[1]

110

Property and equipment, net

226

195

Capitalized Software and Website Development

118

104

Leasehold Improvements

Computer Equipment

Furniture, Office Equipment and Other

Other Liabilities Noncurrent [Abstract]

$ 14

$ 11

[1]

Property and Equipment, Net - Components of Property and Equipment (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Property Plant And Equipment [Line Items]
Capitalization of construction in-process related to build to suit lease obligation	$ 4	$ 14
Payments for tenant improvements	13
Other Noncurrent Liabilities
Property Plant And Equipment [Line Items]
Capitalization of construction in-process related to build to suit lease obligation	4
Other Noncurrent Assets
Property Plant And Equipment [Line Items]
Tenant improvements	$ 20

Goodwill and Intangible Assets, Net - Summary of Changes in Goodwill (Details)
$ in Millions

3 Months Ended

Mar. 31, 2015

USD ($)

Goodwill [Line Items]

Beginning balance

$ 734

Additions

^[1]

Other adjustments

(18)

^[2]

Ending balance

720

Hotel Segment

Goodwill [Line Items]

442

^[1]

443

Goodwill [Line Items]

Beginning balance

292

Additions

^[1]

Other adjustments

(18)

^[2]

Ending balance

$ 277

[1]	Additions relate to our 2015 business acquisitions.
[2]	Other adjustments are primarily related to impact of changes in foreign exchange rates.

Goodwill and Intangible Assets, Net - Summary of Intangible Assets Acquired in Business Combinations (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible assets with definite lives	$ 190	$ 202
Less: accumulated amortization	(24)	(18)
Intangible assets with definite lives, net	166	184
Intangible assets with indefinite lives	30	30
Intangible assets, net	$ 196	$ 214

Goodwill and Intangible Assets, Net - Components of Intangible Assets with Definite Lives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	6 years 7 months 6 days
Gross Carrying Amount	$ 190	$ 202
Less: accumulated amortization	(24)	(18)
Intangible assets with definite lives, net	$ 166	184
Trade Names and Trademarks
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	9 years 2 months 12 days
Gross Carrying Amount	$ 51	52
Less: accumulated amortization	(6)	(5)
Intangible assets with definite lives, net	$ 45	47
Customer Lists and Supplier Relationships
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	6 years 4 months 24 days
Gross Carrying Amount	$ 76	77
Less: accumulated amortization	(7)	(5)
Intangible assets with definite lives, net	$ 69	72
Subscriber Relationships
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	5 years 3 months 18 days
Gross Carrying Amount	$ 29	31
Less: accumulated amortization	(5)	(4)
Intangible assets with definite lives, net	$ 24	27
Technology and Other
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	4 years 1 month 6 days
Gross Carrying Amount	$ 34	42
Less: accumulated amortization	(6)	(4)
Intangible assets with definite lives, net	$ 28	$ 38

Goodwill and Intangible Assets, Net - Summary of Estimated Future Amortization Expense Related to Intangible Assets with Definite Lives (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
2015(remaining nine months)	$ 22
2016	29
2017	27
2018	25
2019	22
2020 and thereafter	41
Intangible assets with definite lives, net	$ 166	$ 184

Debt - Term Loan Facility Due Twenty Sixteen and Revolving Credit Facility - Additional Information (Details) - USD ($)		3 Months Ended
	Mar. 31, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Short term borrowings	$ 40,000,000	$ 40,000,000		$ 40,000,000
Principal repayment of term loan		2.50%
Principal payments on long-term debt		$ 10,000,000	$ 10,000,000
Outstanding borrowings	40,000,000	40,000,000		$ 38,000,000
Total interest and commitments fees		2,000,000	2,000,000
Term Loan and Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing limits	$ 600,000,000	$ 600,000,000
Borrowings, interest rate description		interest at LIBOR plus 150 basis points, or the Eurocurrency Spread, or the alternate base rate (“ABR”) plus 50 basis points
Commitment fee on undrawn amount		0.225%
Borrowings, interest rate basis	1.70%	1.70%
Term Loan and Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Borrowings interest rate basis point		1.50%
Term Loan and Revolving Credit Facility \| Alternate Base Rate
Debt Instrument [Line Items]
Borrowings interest rate basis point		0.50%
Term Loan
Debt Instrument [Line Items]
Term Loan Facility, principal amount	$ 400,000,000	$ 400,000,000
Period of Term Loan Facility	5 years
Borrowings, maturity date	Dec. 31, 2016
Outstanding borrowings under the term loan	$ 290,000,000	290,000,000
Short term borrowings	40,000,000	40,000,000
Total interest and commitments fees		1,000,000	$ 2,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility	$ 200,000,000	200,000,000
Credit facility, expiration period	5 years
Credit facility, maturity date	Dec. 31, 2016
Outstanding borrowings	$ 0	0
Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility	40,000,000	40,000,000
Borrowings On Same Day Notice
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility	$ 40,000,000	$ 40,000,000

Debt - Chinese Credit Facilities - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2015 USD ($)	Mar. 31, 2015 CNY (¥)	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Outstanding borrowings	$ 40		$ 38
Chinese Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings	40		$ 38
Chinese Credit Facility-BOA
Debt Instrument [Line Items]
Outstanding borrowings	21
Borrowing capacity under Credit Facility	$ 30	¥ 189,000,000
Period of credit facility	1 year
Line of credit rate basis	100.00%
Line of credit, interest rate basis	5.35%	5.35%
Interest rate of Chinese Credit Facility BOA	Chinese Credit Facility—BOA currently bears interest at a rate based on 100% of the People’s Bank of China’s base rate, which was 5.35% as of March 31, 2015
Chinese Credit Facility-JPM
Debt Instrument [Line Items]
Outstanding borrowings	$ 19
Borrowing capacity under Credit Facility	$ 20	¥ 125,000,000
Period of credit facility	1 year
Line of credit rate basis	100.00%
Line of credit, interest rate basis	5.35%	5.35%
Interest rate of Chinese Credit Facility BOA	Chinese Credit Facility—JPM currently bears interest at a rate based on 100% of the People’s Bank of China’s base rate, which was 5.35% as of March 31, 2015

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Effective tax rate	26.70%	27.70%
Accrued interest	$ 3,000,000
Accrued penalties	$ 0

Accrued Expenses and Other Current Liabilities - Details of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Accrued salary, bonus, and related benefits	$ 29	$ 41
Accrued marketing costs	36	24
Accrued charitable foundation payments	2	9
Other	48	40
Total accrued expenses and other current liabilities	$ 115	$ 114

Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($)
$ in Millions

Mar. 31, 2015

Dec. 31, 2014

Unrecognized tax benefits

^[1]

$ 73

$ 68

Construction liabilities

^[2]

Other

^[3]

Total other long-term liabilities

$ 174

$ 154

[1]	Amount includes accrued interest related to this liability.
[2]	We capitalize construction in progress and record a corresponding long-term liability for build-to-suit lease agreements where we are considered the owner during the construction period for accounting purposes only.
[3]	Amounts primarily consist of long term deferred rent balances related to operating leases for office space.

Commitments and Contingencies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Criteria percentage of damages claims	10.00%

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2015 Segment
Segment Reporting Information [Line Items]
Number of reportable segment	2
Other Segment
Segment Reporting Information [Line Items]
Number of operating segments	3

Segment Information - Summary of Segment Information (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Amortization of intangible assets

$ 363

$ 281

Adjusted EBITDA

^[1]

127

122

Depreciation

(14)

(10)

(7)

(2)

Stock-based compensation

(16)

(14)

Income before income taxes

Other expense, net

(4)

(2)

Provision for income taxes

(23)

(26)

Operating Segments | Hotel

320

266

Adjusted EBITDA

^[1]

132

124

Operating Segments | Other Segment

132

124

Adjusted EBITDA

^[1]

(5)

(2)

Corporate and Unallocated

(5)

(2)

Amortization of intangible assets

Depreciation

(14)

(10)

(7)

(2)

Stock-based compensation

(16)

(14)

$ (37)

$ (26)

[1]	Includes allocated general and administrative expenses in our Hotel segment of $20 million and $19 million; and in our Other segment of $6 million and $3 million for the three months ended March 31, 2015 and 2014, respectively.

Segment Information - Summary of Segment Information (Parenthetical) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

General and administrative expenses

^[1]

$ 33

$ 26

Operating Segments | Hotel

General and administrative expenses

Operating Segments | Other Segment