View Filing Data

$ 421

$ 415

$ 1,164

$ 1,183

Costs and expenses:

Cost of revenue

^[1]

Selling and marketing

^[2]

210

197

584

546

Technology and content

^[2]

185

152

^[2]

110

114

Depreciation

Total costs and expenses:

355

327

1,008

926

Interest income and other, net (Note 14)

156

257

Other income (expense):

Interest expense

(3)

(10)

(7)

Total other income (expense), net

(3)

(10)

Income before income taxes

146

265

(8)

(24)

(27)

(70)

Earnings per share attributable to common stockholders (Note 5):

$ 55

$ 74

$ 119

$ 195

Basic

$ 0.38

$ 0.51

$ 0.82

$ 1.35

Diluted

$ 0.37

$ 0.51

$ 0.81

$ 1.34

Weighted average common shares outstanding (Note 5):

Basic

145,678

144,133

145,618

143,662

Diluted

147,217

145,828

147,161

145,886

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

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Costs and expenses:
Amortization of intangible assets	$ 8	$ 10	$ 23	$ 26
Depreciation	18	13	51	42
Amortization adjustment	14	10	38	34
Stock-based compensation:
Stock-based compensation	22	19	64	52
Selling and Marketing
Stock-based compensation:
Stock-based compensation	5	4	15	12
Technology and Content
Stock-based compensation:
Stock-based compensation	11	8	30	20
General and Administrative
Stock-based compensation:
Stock-based compensation	6	7	19	20
Acquired Technology
Costs and expenses:
Amortization of intangible assets	2	2	5	7
Website Development Costs
Costs and expenses:
Depreciation	$ 12	$ 8	$ 33	$ 27

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

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Statement Of Income And Comprehensive Income [Abstract]

Foreign currency translation adjustments

$ 55

$ 74

$ 119

$ 195

Other comprehensive income (loss):

^[1]

(10)

(29)

Reclassification adjustment on sale of business included in total other income (expense), net (Note 14)

Total other comprehensive income (loss)

(9)

(28)

Comprehensive income

$ 58

$ 65

$ 123

$ 167

[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.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents (Note 6)	$ 611	$ 614
Short-term marketable securities (Note 6)	116	47
Accounts receivable, net of allowance for doubtful accounts of $9 and $6, respectively	221	180
Prepaid expenses and other current assets	18	24
Total current assets	966	865
Long-term marketable securities (Note 6)	29	37
Property and equipment, net of accumulated depreciation of $137 and $88, respectively	262	247
Intangible assets, net of accumulated amortization of $77 and $52, respectively	178	176
Goodwill	744	732
Deferred income taxes, net	44	25
Other long-term assets	54	46
TOTAL ASSETS	2,277	2,128
Current liabilities:
Accounts payable	11	10
Deferred merchant payables	152	105
Deferred revenue	69	64
Current portion of debt (Note 7)	76	1
Taxes payable	16	9
Accrued expenses and other current liabilities (Note 9)	126	123
Total current liabilities	450	312
Deferred income taxes, net	20	15
Other long-term liabilities	207	189
Long-term debt (Note 7)	20	200
Total Liabilities	697	716
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	808	741
Retained earnings	944	826
Accumulated other comprehensive income (loss)	(59)	(63)
Treasury stock-common stock, at cost, 1,743,530 and 1,393,131 shares, respectively	(113)	(92)
Total Stockholders’ Equity	1,580	1,412
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,277	$ 2,128

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 9	$ 6
Property and equipment, accumulated depreciation	137	88
Intangible assets, accumulated amortization	$ 77	$ 52
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	134,565,714	133,836,242
Common stock, shares outstanding	132,822,184	132,443,111
Treasury stock, shares	1,743,530	1,393,131
Class B Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	12,799,999	12,799,999
Common stock, shares outstanding	12,799,999	12,799,999

Condensed Consolidated Statement of Changes in Stockholders' Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Millions	Total	Class B Common Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance at Dec. 31, 2015	$ 1,412			$ 741	$ 826	$ (63)	$ (92)
Beginning balance, shares at Dec. 31, 2015	132,443,111	12,799,999	133,836,242				(1,393,131)
Net income	$ 119				119
Cumulative effect adjustment from adoption of ASU 2016-09 (Note 2)	(1)				(1)
Other comprehensive income	4					4
Issuance of common stock related to exercises of options and vesting of RSUs	6			6
Issuance of common stock related to exercises of options and vesting of RSUs, shares			729,472
Repurchase of common stock	$ (21)						$ (21)
Repurchase of common stock, shares	(350,399)						(350,399)
Withholding taxes on net share settlements of equity awards	$ (13)			(13)
Stock-based compensation	74			74
Ending balance at Sep. 30, 2016	$ 1,580			$ 808	$ 944	$ (59)	$ (113)
Ending balance, shares at Sep. 30, 2016	132,822,184	12,799,999	134,565,714				(1,743,530)

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

$ 119

$ 195

Depreciation of property and equipment, including amortization of internal-use software and website development

Stock-based compensation expense

Gain on sale of business

^[1]

(17)

Deferred tax (benefit) expense

(14)

Other, net

Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:

Accounts receivable, prepaid expenses and other assets

(40)

(75)

Accounts payable, accrued expenses and other liabilities

Deferred merchant payables

Income taxes, net

Deferred revenue

Capital expenditures, including internal-use software and website development

277

339

Investing activities:

(57)

(93)

Acquisitions, net of cash acquired

(23)

(29)

Proceeds from sale of business, net of cash sold

Purchases of marketable securities

(145)

(150)

Sales of marketable securities

Maturities of marketable securities

Net cash used in investing activities

(141)

(126)

Repurchase of common stock

(21)

Proceeds from exercise of stock options

Payment of withholding taxes on net share settlements of equity awards

(13)

(66)

Other financing activities, net

Effect of exchange rate changes on cash and cash equivalents

(133)

(93)

(6)

(8)

Net (decrease) increase in cash and cash equivalents

(3)

112

Cash and cash equivalents at beginning of period

614

455

Cash and cash equivalents at end of period

611

567

Supplemental disclosure of non-cash investing and financing activities:

Capitalization of construction in-process related to build to suit lease obligation

Chinese Credit Facilities

Proceeds from credit facilities

Payments to credit facilities

(41)

2015 Credit Facility

Payments to credit facilities

(190)

Proceeds from credit facility, net of financing costs

287

2011 Credit Facility

Principal payments on credit facilities

$ (300)

2016 Credit Facility

Proceeds from credit facility, net of financing costs

$ 73

[1]	In August 2015, we sold 100% interest in one of our Chinese subsidiaries to an unrelated third party for $28 million in cash consideration and recognized a $17 million gain on sale of subsidiary in the third quarter of 2015.

Business Description and Basis of Presentation	9 Months Ended
Business Description and Basis of Presentation	Sep. 30, 2016
Accounting Policies [Abstract]
Business Description and Basis of Presentation	NOTE 1: BUSINESS DESCRIPTION AND BASIS OF PRESENTATION We refer to TripAdvisor, Inc. and our wholly-owned subsidiaries as “TripAdvisor,” “the Company,” “us,” “we” and “our” in these notes to the unaudited condensed consolidated financial statements. Description of Business TripAdvisor is an online travel company, empowering users to plan and book the perfect trip. TripAdvisor’s travel 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 helps users plan their trips with our unique user-generated content and enables users to compare real-time pricing and availability so that they can book hotels, flights, cruises, vacation rentals, activities and attractions, and restaurant reservations. Our flagship brand is TripAdvisor. TripAdvisor-branded websites include tripadvisor.com in the United States and localized versions of the website in 47 markets worldwide. In addition to the flagship TripAdvisor brand, we manage and operate the following 24 other media brands, connected by the common goal of providing comprehensive travel resources across the travel sector: www.airfarewatchdog.com, www.bookingbuddy.com, www.citymaps.com, www.cruisecritic.com, www.familyvacationcritic.com, www.flipkey.com, www.gateguru.com, www.holidaylettings.co.uk, www.holidaywatchdog.com, www.housetrip.com, www.independenttraveler.com, www.jetsetter.com, www.thefork.com (including www.lafourchette.com, www.eltenedor.com, www.iens.nl, www.besttables.com, and www.dimmi.com.au), 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, and www.virtualtourist.com. We have two reportable segments: Hotel and Non-Hotel. In the first quarter of 2016, we renamed our “Other” reportable segment “Non-Hotel.” This change had no effect on our consolidated financial statements or to previously reported segment information, as there was no change in the composition of our operating or reportable segments. 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 condensed consolidated financial statements. We derive the substantial portion of our revenue from our Hotel segment, through the sale of advertising, primarily through click-based advertising and commission-based transactions via our instant booking feature and, to a lesser extent, display-based advertising, subscription-based hotel advertising, room reservations sold through our websites, and content licensing. Our Non-Hotel segment consists of our Vacation Rentals, Restaurants and Attractions businesses. We derive revenue from our Non-Hotel segment from subscription and commission-based transaction offerings from our Vacation Rental business; destination activities primarily sold through Viator; and online restaurant reservations booked primarily through thefork.com. Basis of Presentation The accompanying unaudited condensed consolidated financial statements present our results of operations, financial position and cash flows on a consolidated basis. The unaudited condensed consolidated financial statements include TripAdvisor, our wholly-owned subsidiaries, and entities we control, or in which we have a variable interest and are the primary beneficiary of expected cash profits or losses. All inter-company accounts and transactions have been eliminated in consolidation. One of our subsidiaries that operates in China has a variable interest in an affiliated entity 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 this Chinese affiliate, we consolidate its results as we are the primary beneficiary of the cash losses or profits of this variable interest affiliate and have the power to direct the activity of this affiliate. Our variable interest entity is not material for all periods presented. We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, all adjustments necessary for a fair presentation of the results of the interim period have been included. These adjustments consist of normal recurring items. We prepared the unaudited condensed 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 condensed consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2015, previously filed with the SEC. The condensed consolidated balance sheet as of December 31, 2015 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures including notes required by GAAP. Reclassifications Except for the prior period reclassifications noted in our disclosure below in “Note 2— Significant Accounting Policies”, which resulted from our early adoption of ASU 2016-09 during the three months ended September 30, 2016, 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 condensed consolidated financial statements in accordance with GAAP. Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our unaudited condensed consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our unaudited condensed consolidated financial statements include: (i) recognition and recoverability of goodwill, intangible and other long-lived assets; (ii) accounting for income taxes; and (iii) stock-based compensation. Seasonality Traveler expenditures in the global travel market tend to follow a seasonal pattern. As such, expenditures by travel advertisers to market to potential travelers, and, therefore, our financial performance, tend to be seasonal as well. As a result, our financial results tend to be seasonally highest in the third quarter of a year, as it is a key period for travel research and trip-taking, compared to the first and fourth quarters which represent seasonal low points. Further significant shifts in our business mix or adverse economic conditions could result in future seasonal patterns that are different from historical trends.

Significant Accounting Policies

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

NOTE 2: SIGNIFICANT ACCOUNTING POLICIES

New Accounting Pronouncements Not Yet Adopted

In October 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which requires an entity to recognize at the transaction date the income tax consequences of intercompany asset transfers. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures.

In August 2016, the FASB issued new accounting guidance which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The new guidance specifically addresses the following cash flow topics in an effort to reduce diversity in practice: (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon bonds; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures.

In February 2016, the FASB issued new accounting guidance on leases that is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. The new guidance will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures.

In May 2014, the 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. This guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In March 2016, the FASB issued additional guidance which clarifies principal versus agent considerations and in April 2016, the FASB issued further guidance which clarifies the identification of performance obligations and the implementation guidance for licensing. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a full retrospective approach or a modified retrospective approach, which requires the initial cumulative effect to be recognized at the date of initial application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is permitted for fiscal years beginning after December 15, 2016. We have not yet selected a transition method and are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures.

Recently Adopted Accounting Pronouncements

In March 2016, the FASB issued new accounting guidance on stock compensation, or ASU 2016-09, which changes how companies account for certain aspects of stock-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new guidance permits recognizing the impact of forfeitures on stock-based compensation as they occur or to recognize stock-based compensation expense net of expected forfeitures, requires companies to record excess tax benefits and tax deficiencies as income tax benefit or expense in the consolidated statement of operations when the awards vest or are settled, and eliminates the requirement to reclassify cash flows related to excess tax benefits from operating activities to financing activities on the consolidated statement of cash flows.

We elected to early adopt the new guidance in the third quarter of 2016, which requires us to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. The primary impact of adoption was the recognition of excess tax benefits and tax deficiencies in our provision for income taxes rather than additional paid-in capital for all periods in 2016. There was no impact to our provision for income taxes as previously reported for 2015. Additionally, our consolidated statement of cash flows now present excess tax benefits as an operating activity on a retrospective basis. As a result of the retrospective implementation of this guidance, the impact on the statement of cash flows for the nine months ended September 30, 2015 was an increase of $32 million in cash flows from operating activities with an offsetting reduction in cash flows from financing activities. Finally, we have elected to account for forfeitures as they occur, rather than estimate expected forfeitures. The net cumulative effect of this change was recognized as a $1 million reduction to retained earnings as of January 1, 2016.

Adoption of the new guidance resulted in the recognition of net excess tax expense and benefit in our provision for income taxes rather than additional paid-in capital. As a result, we recorded $1 million of income tax expense and $2 million of income tax benefit for the three and nine months ended September 30, 2016, respectively, and impacted our previously reported quarterly results for the three months ended March 31, 2016 and June 30, 2016, as follows:

	Three months ended March 31, 2016
	As Reported			As Adjusted ⁽¹⁾⁽²⁾
	(in millions, except per share data)
Consolidated Statement of Operations:

Operating income	$	42		$	42
Provision for income taxes		(11	)		(9	)
Net income		27			29
Basic EPS	$	0.19		$	0.20
Diluted EPS	$	0.18		$	0.20

Consolidated Statement of Cash Flows:
Net cash provided by operating activities	$	120		$	124
Net cash used in financing activities	$	(94	)	$	(98	)

	Three months ended June 30, 2016
	As Reported			As Adjusted ⁽¹⁾
	(in millions, except per share data)
Consolidated Statement of Operations:

Operating income	$	48		$	47
Provision for income taxes		(11	)		(10	)
Net income		34			34
Basic EPS	$	0.23		$	0.23
Diluted EPS	$	0.23		$	0.23

	Six months ended June 30, 2016
	As Reported			As Adjusted ⁽²⁾
	(in millions)
Consolidated Statement of Cash Flows:
Net cash provided by operating activities	$	357		$	363
Net cash used in financing activities	$	(123	)	$	(129	)


(1)	The election to account for forfeitures as they occur did not have a material impact for the three months ended March 31, 2016 and resulted in an increase to stock-based compensation expense of approximately $1 million for the three months ended June 30, 2016.
(2)	Includes the reclassification of cash flows related to excess tax benefits from financing activities to operating activities of $4 million and $2 million for the three months ending March 31, 2016 and June 30, 2016, respectively.

In September 2015, the FASB issued new accounting guidance which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts that would have been recorded in previous periods if the accounting had been completed at the acquisition date. The Company adopted this guidance in the first quarter of 2016. The adoption of this guidance did not have a material impact on our consolidated financial statements and related disclosures.

In April 2015, the FASB issued new accounting guidance which clarifies the accounting for fees paid by a customer in a cloud computing arrangement. This standard clarified whether a customer should account for a cloud computing arrangement as an acquisition of a software license or as a service arrangement by providing characteristics that a cloud computing arrangement must have in order to be accounted for as a software license acquisition. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for a cloud computing arrangement as a service contract. The company prospectively adopted this guidance in the first quarter of 2016. The adoption of this guidance did not have a material impact on our consolidated financial statements and related disclosures.

There have been no other material changes to our significant accounting policies since December 31, 2015. 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, 2015.

Acquisitions

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Acquisitions

NOTE 3: ACQUISITIONS

During the nine months ended September 30, 2016, we completed three acquisitions for total purchase price of $27 million. The Company paid net cash consideration of $22 million, which is net of $3 million of cash acquired, and includes $2 million in future holdback payments. The cash consideration was paid primarily from the U.S. We acquired 100% of the outstanding capital stock of the following companies: Tous Au Restaurant, a leading restaurant event week brand in France, purchased in January 2016; HouseTrip, a European-based vacation rental website, purchased in April 2016; and CityMaps, a social mapping platform, purchased in August 2016.

These business combinations were accounted for as purchases of businesses under the acquisition method. The fair value of purchase consideration has been preliminary allocated to tangible and identifiable intangible assets acquired and liabilities assumed, based on their estimated respective fair values on the acquisition date, with the remaining amount recorded to goodwill. Acquired goodwill represents the premium we paid over the fair value of the net tangible and intangible assets acquired. We paid a premium in each of these transactions for a number of reasons, including expected operational synergies, the assembled workforces, and the future development initiatives of the assembled workforces. The results of each of these acquired businesses have been included in the unaudited condensed consolidated financial statements beginning on the respective acquisition dates. Pro-forma results of operations for these acquisitions have not been presented as the financial impact to our unaudited condensed consolidated financial statements, both individually and in aggregate, is not material. During the nine months ended September 30, 2016, acquisition-related costs of $1 million were expensed as incurred and recorded in general and administrative expenses on our unaudited condensed consolidated statement of operations.

The purchase price allocation of our 2016 acquisitions is preliminary and subject to revision as more information becomes available, but in any case will not be revised beyond twelve months after the acquisition date and any change to the fair value of assets acquired or liabilities assumed will lead to a corresponding change to the purchase price allocable to goodwill in the period the adjustment is determined. The primary areas of the purchase price allocation that are not yet finalized are income tax-related balances for all 2016 acquisitions and the estimated fair value of certain identified intangible assets for CityMaps.

The following table presents the purchase price allocations initially recorded on our unaudited condensed consolidated balance sheet for all 2016 acquisitions (in millions):

	Total
Goodwill (1)	$	13
Intangible assets (2)		22
Net liabilities assumed (3)		(8	)
Total purchase price consideration (4)	$	27

(1)	Acquired goodwill of $10 million and $3 million was allocated to our Hotel and Non-Hotel segment, respectively. All goodwill is not deductible for tax purposes.
(2)	Identifiable definite-lived intangible assets acquired during 2016 were comprised of trade names of $4 million with a weighted average life of 10.0 years and technology and other of $18 million with a weighted average life of 5.3 years. The overall weighted-average life of the identifiable definite-lived intangible assets acquired in the purchase of these businesses during 2016 was 6.3 years, and will be amortized on a straight-line basis over their estimated useful lives from acquisition date.
(3)	Includes cash acquired of $3 million.
(4)	Subject to adjustment based on (i) final working capital adjustment calculations to be determined for CityMaps, and (ii) indemnification obligations for general representations and warranties of the acquired company stockholders.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Awards and Other Equity Instruments

9 Months Ended

Sep. 30, 2016

Stock Based Awards and Other Equity Instruments

NOTE 4: STOCK BASED AWARDS AND OTHER EQUITY INSTRUMENTS

Stock-Based Compensation Expense

The following table presents the amount of stock-based compensation expense related to stock-based awards on our unaudited condensed consolidated statements of operations during the periods presented:

	Three months ended						Nine months ended
	September 30,						September 30,
	2016			2015			2016			2015
	(in millions)						(in millions)
Selling and marketing	$	5		$	4		$	15		$	12
Technology and content		11			8			30			20
General and administrative		6			7			19			20
Total stock-based compensation		22			19			64			52
Income tax benefit from stock-based compensation		(8	)		(7	)		(23	)		(19	)
Total stock-based compensation, net of tax effect	$	14		$	12		$	41		$	33

Stock-Based Award Activity and Valuation

2016 Stock Option Activity

During the nine months ended September 30, 2016, we issued 1,050,842 of primarily service-based non-qualified stock options under the Company’s Amended and Restated 2011 Stock and Annual Incentive Plan (the “2011 Plan”). These stock options have a term of ten years from the date of grant and generally vest equitably over a four-year requisite service period.

A summary of the status and activity for stock option awards relating to our common stock for the nine months ended September 30, 2016, 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, 2016		5,720		$	53.71
Granted		1,051			63.45
Exercised (1)		(692	)		31.43
Cancelled or expired		(209	)		71.14
Options outstanding at September 30, 2016		5,870		$	57.46		5.7	$	70
Exercisable as of September 30, 2016		2,794		$	42.66		4.4	$	66

(1)

Inclusive of 302,531 options which were not converted into shares due to net share settlement in order to cover the aggregate exercise price and 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 Plan and can be reissued by the Company. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited condensed consolidated statements of cash flows.

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 September 30, 2016 was $63.18. The total intrinsic value of stock options exercised for the nine months ended September 30, 2016 and 2015 was $23 million and $128 million, respectively.

The fair value of stock option grants under the 2011 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						Nine months ended
	September 30,						September 30,
	2016			2015			2016			2015
Risk free interest rate		1.15	%		1.67	%		1.20	%		1.52	%
Expected term (in years)		5.17			5.24			4.85			5.21
Expected volatility		42.68	%		40.24	%		41.83	%		41.76	%
Expected dividend yield	— %			— %			— %			— %

The weighted-average grant date fair value of options granted was $22.95 and $33.24 for the nine months ended September 30, 2016 and 2015, respectively. The total fair value of stock options vested for the nine months ended September 30, 2016 and 2015 was $27 million and $30 million, respectively.

2016 RSU Activity

During the nine months ended September 30, 2016, we issued 1,886,536 RSUs under the 2011 Plan for which the fair value was measured based on the quoted price of our common stock on the date of grant. These RSUs generally vest over a four-year requisite service period.

The following table presents a summary of our RSU activity during the nine months ended September 30, 2016:

				Weighted
				Average
				Grant-		Aggregate
	RSUs			Date Fair		Intrinsic
	Outstanding			Value Per Share		Value
	(in thousands)					(in millions)
Unvested RSUs outstanding as of January 1, 2016		1,750		$	79.02
Granted		1,887			63.96
Vested and released (1)		(492	)		74.12
Cancelled or expired		(217	)		73.60
Unvested RSUs outstanding as of September 30, 2016		2,928		$	70.52	$	185

(1)

Inclusive of 140,873 RSUs withheld to satisfy employee withholding tax 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 Plan and can be reissued by the Company. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited condensed consolidated statements of cash flows.

Unrecognized Stock-Based Compensation

A summary of our remaining unrecognized stock-based compensation expense, unadjusted for estimated forfeitures, and the weighted average remaining amortization period at September 30, 2016 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	$	57	$	163
Weighted average period remaining (in years)		2.4		2.9

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

Investments All Other Investments [Abstract]

Earnings Per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 5: EARNINGS PER SHARE

Basic Earnings Per Share Attributable to Common Stockholders

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

Diluted Earnings Per Share Attributable to Common Stockholders

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

Under the treasury stock method, the assumed proceeds calculation includes the actual proceeds to be received from the employee upon exercise and the average unrecognized compensation cost during the period. The treasury stock method assumes that a company uses the proceeds from the exercise of an award to repurchase common stock at the average market price for the period.

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 September 30,				Nine months ended September 30,
	2016		2015		2016		2015
Numerator:
Net income	$	55	$	74	$	119	$	195
Denominator:
Weighted average shares used to compute Basic EPS		145,678		144,133		145,618		143,662
Weighted average effect of dilutive securities:
Stock options		1,135		1,442		1,229		1,959
RSUs		404		253		314		265
Weighted average shares used to compute Diluted EPS		147,217		145,828		147,161		145,886
Basic EPS	$	0.38	$	0.51	$	0.82	$	1.35
Diluted EPS	$	0.37	$	0.51	$	0.81	$	1.34

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

	Three months ended September 30,				Nine months ended September 30,
	2016(1)		2015(2)		2016(1)		2015(2)
Stock options		3,065		2,110		2,997		2,119
RSUs		691		303		753		629
Total		3,756		2,413		3,750		2,748

(1)

These totals do not include 125,000 performance based options and 12,799 performance based RSUs representing the right to acquire 137,799 shares of common stock for which all targets required to trigger vesting had not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.

(2)

These totals do not include 66,666 performance based options and 12,799 performance based RSUs representing the right to acquire 79,465 shares of common stock for which all targets required to trigger vesting had 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.

Financial Instruments

9 Months Ended

Sep. 30, 2016

Financial Instruments

NOTE 6: 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):

	September 30, 2016
									Cash and		Short-Term		Long-Term
	Amortized		Unrealized		Unrealized		Fair		Cash		Marketable		Marketable
	Cost		Gains		Losses		Value		Equivalents		Securities		Securities
Cash	$	604	$	-	$	-	$	604	$	604	$	-	$	-
Level 1:
Money market funds		4		-		-		4		4		-		-
Level 2:
U.S. agency securities		25		-		-		25		-		24		1
U.S. treasury securities		5		-		-		5		-		5		-
Certificates of deposit		16		-		-		16		-		16		-
Commercial paper		8		-		-		8		3		5		-
Corporate debt securities		94		-		-		94		-		66		28
Subtotal		148		-		-		148		3		116		29
Total	$	756	$	-	$	-	$	756	$	611	$	116	$	29

	December 31, 2015
									Cash and		Short-Term		Long-Term
	Amortized		Unrealized		Unrealized		Fair		Cash		Marketable		Marketable
	Cost		Gains		Losses		Value		Equivalents		Securities		Securities
Cash	$	598	$	-	$	-	$	598	$	598	$	-	$	-
Level 1:
Money market funds		11		-		-		11		11		-		-
Level 2:
U.S. agency securities		13		-		-		13		-		9		4
U.S. treasury securities		16		-		-		16		4		12		-
Certificates of deposit		5		-		-		5		-		4		1
Commercial paper		1		-		-		1		-		1		-
Corporate debt securities		54		-		-		54		1		21		32
Subtotal		89		-		-		89		5		47		37
Total	$	698	$	-	$	-	$	698	$	614	$	47	$	37

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 September 30, 2016 and December 31, 2015, respectively.

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 were derived from quoted prices in active markets for identical assets or liabilities. Fair values for Level 2 investments are considered “Level 2” valuations because they are obtained from independent pricing sources for identical or comparable instruments, rather than direct observations of quoted prices in active markets. Our procedures include controls to ensure that appropriate fair values are recorded, including comparing the fair values obtained from our independent pricing services against fair values obtained from another independent source.

There were no material realized gains or losses related to sales of our marketable securities for the three and nine months ended September 30, 2016 and 2015, respectively. Realized gains and losses on the sale of securities are determined by specific identification of each security’s cost basis. 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 as of September 30, 2016.

Derivative Financial Instruments

In certain circumstances, we enter into foreign currency forward exchange contracts (“forward contracts”) to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. We do not use derivatives for trading or speculative purposes.

Our current forward contracts are not designated as hedges and have current maturities of less than 90 days. We account for our derivative instruments as either assets or liabilities and carry them at fair value. Consequently, any gain or loss resulting from the change in fair value was recognized in our unaudited condensed consolidated statements of operations. All gains and losses for the three months ended September 30, 2016 were not material. We recorded a net loss of $1 million for the nine months ended September 30, 2016, related to our settled and outstanding forward contracts in our unaudited condensed consolidated statements of operations in “Interest income and other, net.” We recorded a net loss of $1 million and a net gain of $1 million for the three and nine months ended September 30, 2015, respectively, related to our settled and outstanding forward contracts in our unaudited condensed consolidated statements of operations in “Interest income and other, net.”

The following table shows the notional principal amounts of our outstanding derivative instruments that are not designated as hedging instruments for the periods presented:

	September 30, 2016		December 31, 2015
	(in millions)
Foreign exchange-forward contracts (1), (2)	$	7	$	25

(1)

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

(2)

The fair value of our derivatives are not material for all periods presented and are reported as an asset in prepaid expenses and other current assets on our unaudited consolidated balance sheet. 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 not to be 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 condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015, respectively. The carrying value of the long-term debt from our 2015 Credit Facility bears interest at a variable rate and therefore is also considered to approximate fair value.

We did not have any Level 3 assets or liabilities at September 30, 2016 and December 31, 2015.

Debt

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Debt

NOTE 7: DEBT

The Company’s outstanding debt consisted of the following for the periods presented:

	September 30,		December 31,
	2016		2015
	(in millions)
Short-Term Debt:
Chinese Credit Facilities	$	3	$	1
2016 Credit Facility		73		-
Total Short-Term Debt	$	76	$	1

Long-Term Debt:
2015 Credit Facility	$	20	$	200
Total Long-Term Debt	$	20	$	200

2011 Credit Facility

On December 20, 2011, we entered into a credit agreement (the “2011 Credit Facility”), which provided $600 million of borrowing including:


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

On June 26, 2015, the entire outstanding principal on our Term Loan in the amount of $290 million was repaid with borrowings from our 2015 Credit Facility (described below) and the 2011 Credit Facility was subsequently terminated. During the nine months ended September 30, 2015, we recorded total interest and commitment fees on our 2011 Credit Facility of $3 million to interest expense on our unaudited condensed consolidated statements of operations. There was no resulting loss on early extinguishment of this debt.

2015 Credit Facility

On June 26, 2015, we entered into a five year credit agreement (the “2015 Credit Facility”) and immediately borrowed $290 million. The 2015 Credit Facility, among other things, provides for (i) a $1 billion unsecured revolving credit facility, (ii) an interest rate on borrowings and commitment fees based on the Company’s and its subsidiaries’ consolidated leverage ratio; and (iii) uncommitted incremental revolving loan and term loan facilities, subject to compliance with a leverage covenant and other conditions. Any overdue amounts under or in respect of the 2015 Credit Facility not paid when due shall bear interest at (i) in the case of principal, the applicable interest rate plus 2.00% per annum, (ii) in the case of interest denominated in Sterling or Euro, the applicable rate plus 2.00% per annum; and (iii) in the case of interest denominated in US Dollars, 2.00% per annum plus the Alternate Base Rate plus the interest rate spread applicable to ABR loans. The Company may borrow from the 2015 Credit Facility in U.S dollars, Euros and British pound sterling with a term of five years expiring June 26, 2020.

There is no specific repayment date prior to the five-year maturity date for our outstanding borrowings under the 2015 Credit Facility. During the nine months ended September 30, 2016, the Company borrowed an additional $10 million and repaid $190 million of our outstanding borrowings on the 2015 Credit Facility. Based on the Company’s current leverage ratio, our borrowings bear interest at LIBOR plus 125 basis points, or the Eurocurrency Spread. The Company is currently borrowing under a one-month interest period of 1.8% per annum, using a one-month interest period Eurocurrency Spread, which will reset periodically. Interest will be payable on a monthly basis while the Company is borrowing under the one-month interest rate period.

We are also required to pay a quarterly commitment fee, on the daily unused portion of the revolving credit facility for each fiscal quarter and fees in connection with the issuance of letters of credit. Unused revolver capacity is currently subject to a commitment fee of 20.0 basis points, given the Company’s current leverage ratio. The 2015 Credit Facility includes $15 million of borrowing capacity available for letters of credit and $40 million for borrowings on same-day notice. As of September 30, 2016, we had issued $2 million of outstanding letters of credit under the 2015 Credit Facility.

During the three and nine months ended September 30, 2016, we recorded total interest and commitment fees on our 2015 Credit Facility of $1 million and $3 million, respectively, to interest expense on our unaudited condensed consolidated statements of operations. During the three and nine months ended September 30, 2015, respectively, total interest and commitment fees recorded under our 2015 Credit Facility to interest expense on our unaudited condensed consolidated statements of operations were not material. Unpaid interest and commitment fees as of September 30, 2016 and December 31, 2015, were not material.

We may voluntarily repay any outstanding borrowing under the 2015 Credit Facility at any time without premium or penalty, other than customary breakage costs with respect to Eurocurrency loans. Certain wholly-owned domestic subsidiaries of the Company have agreed to guarantee the Company’s obligations under the 2015 Credit Facility.

The 2015 Credit Facility contains a number of covenants that, among other things, restrict our ability to: incur additional indebtedness, create liens, enter into sale and leaseback transactions, engage in mergers or consolidations, sell or transfer assets, pay dividends and distributions, make investments, loans or advances, prepay certain subordinated indebtedness, make certain acquisitions, engage in certain transactions with affiliates, amend material agreements governing certain subordinated indebtedness, and change our fiscal year. The 2015 Credit Facility also requires us to maintain a maximum leverage ratio and contains certain customary affirmative covenants and events of default, including a change of control. If an event of default occurs, the lenders under the 2015 Credit Facility will be entitled to take various actions, including the acceleration of all amounts due under the 2015 Credit Facility. As of September 30, 2016, we are in compliance with all of our debt covenants.

2016 Credit Facility

On September 7, 2016, we entered into an uncommitted facility agreement with Bank of America Merrill Lynch International Limited (the “Lender”), which provides for a $73 million unsecured revolving credit facility (the “2016 Credit Facility”) with no specific expiration date. The 2016 Credit Facility is available at the Lender’s absolute discretion and can be canceled at any time. Repayment terms for borrowings under the 2016 Credit Facility are generally one to six month periods and bear interest at LIBOR plus 112.5 basis points. The Company may borrow from the 2016 Credit Facility in U.S dollars only and we may voluntarily repay any outstanding borrowing at any time without premium or penalty. Any overdue amounts under or in respect of the 2016 Credit Facility not paid when due shall bear interest in the case of principal at the applicable interest rate plus 1.50% per annum. In connection with the 2016 Credit Facility, any lender fees and debt financing costs paid were not material. In addition, TripAdvisor, LLC, a wholly-owned domestic subsidiary of the Company, has agreed to guarantee the Company’s obligations under the 2016 Credit Facility. There are no specific financial or incurrence covenants.

We borrowed $73 million from this uncommitted credit facility in September 2016. These funds were used towards general working capital needs of the Company, primarily for partial repayment of our long term debt, and the liability is recorded in short-term liabilities on our unaudited condensed consolidated balance sheet as of September 30, 2016. The Company is currently borrowing under a one-month interest period of 1.7% per annum, which will reset periodically. Interest will be payable on a monthly basis while the Company is borrowing under the one-month interest rate period. During the three and nine months ended September 30, 2016, total interest recorded with respect to our 2016 Credit Facility to interest expense on our unaudited condensed consolidated statement of operations was not material.

Chinese Credit Facilities

In addition to our borrowings under the 2015 Credit Facility and 2016 Credit Facility, we maintain two credit facilities in China (jointly, the “Chinese Credit Facilities”). As of September 30, 2016 and December 31, 2015, we had short-term borrowings outstanding of $3 million and $1 million, respectively.

We are parties to a $30 million, one-year revolving credit facility with Bank of America (the “Chinese Credit Facility—BOA”) that is currently subject to review on a periodic basis with no specific expiration period. Our Chinese Credit Facility—BOA currently bears interest at a rate based on 100% of the People’s Bank of China’s base rate, which was 4.35% as of September 30, 2016. As of September 30, 2016, we had $1 million of outstanding borrowings from the Chinese Credit Facility—BOA.

We are also parties to a RMB 70,000,000 (approximately $11 million), one-year revolving credit facility with J.P. Morgan Chase Bank (“Chinese Credit Facility—JPM”) which was reduced from RMB 125,000,000 during the three months ended September 30, 2016. 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 4.35% as of September 30, 2016. As of September 30, 2016, we had $2 million of outstanding borrowings from the Chinese Credit Facility – JPM.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2016
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 and nine months ended September 30, 2016 was 12.7% and 18.5%, respectively. Our effective tax rate for the three and nine months ended September 30, 2015 was 24.5% and 26.4%, respectively. For both the three and nine months periods ended September 30, 2016, 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, increased research and development tax credits, and the recognition of net excess tax benefits related to stock-based payments resulting from the adoption of new accounting guidance for share-based compensation as of January 1, 2016, as described in “Note 2: Significant Accounting Policies.” These same drivers also resulted in a decrease in the effective tax rate for the three and nine months ended September 30, 2016, when compared to same periods in 2015. 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 September 30, 2016, accrued interest is $5 million, net of federal tax benefit, and no penalties have been accrued. We do not anticipate any material releases in the next twelve months. By virtue of previously filed consolidated income tax returns filed with Expedia, we are currently under an Internal Revenue Service (“IRS”) audit for the 2009 and 2010 tax years, and have various ongoing state income tax audits. We are separately under examination by the IRS for the 2012 and 2013 tax years and have an employment tax audit with the IRS for the 2013 and 2014 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 adjustments to our taxes. We are no longer subject to tax examinations by tax authorities for years prior to 2008. As of September 30, 2016, no material assessments have resulted. During the year ended December 31, 2015, we received notification of a draft proposed adjustment from the IRS for the 2009 and 2010 tax years and we anticipate receiving additional notices of proposed adjustments for the same years. These proposed adjustments are related to transfer pricing with our foreign subsidiaries, and would result in an increase to U.S. taxable income and federal tax expense for 2009 and 2010, subject to interest. Our policy is to review and update tax reserves as facts and circumstances change. Based on our interpretation of the regulations and available case law, we believe the position we have taken with regard to transfer pricing with our foreign subsidiaries is sustainable. We intend to defend our position through IRS administrative and, if necessary, judicial remedies. As of September 30, 2016, no additional adjustments have been proposed. In July 2015, the United States Tax Court (the “Court”) issued an opinion favorable to Altera Corporation (“Altera”) with respect to Altera’s litigation with the IRS. This opinion was submitted as a final decision under Tax Court Rule 155 during December 2015. The litigation relates to the treatment of stock-based compensation expense in an inter-company cost-sharing arrangement with Altera’s foreign subsidiary. In its opinion, the Court accepted Altera’s position of excluding stock based compensation from its inter-company cost-sharing arrangement. The IRS appealed the Court decision on February 19, 2016. At this time, the U.S. Department of the Treasury has not withdrawn the requirement from its regulations to include stock-based compensation in intercompany cost-sharing arrangements. The Company recorded a tax benefit of $13 million in its consolidated statement of operations for the year ended December 31, 2015 and an additional $3 million and $5 million during the three and nine months ended September 30, 2016, respectively. The Company will continue to monitor this matter and related potential impacts to its consolidated financial statements.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2016

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

NOTE 9: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

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

	September 30, 2016		December 31, 2015
	(in millions)
Accrued salary, bonus, and related benefits	$	47	$	47
Accrued marketing costs		40		43
Other		39		33
Total	$	126	$	123

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2016
Equity [Abstract]
Stockholders' Equity	NOTE 10: STOCKHOLDERS’ EQUITY On February 15, 2013, our Board of Directors authorized the repurchase of $250 million of our shares of common stock under a share repurchase program. The repurchase program has no expiration but may be suspended or terminated by the Board of Directors at any time. Our Board of Directors will determine the price, timing, amount and method of such repurchases based on its evaluation of market conditions and other factors, and any shares repurchased will be in compliance with applicable legal requirements, at prices determined to be attractive and in the best interests of both the Company and its stockholders. During the nine months ended September 30, 2016, we repurchased 350,399 shares of outstanding common stock under the share repurchase program at an aggregate cost of $21 million, or an average share price of $59.85. As of September 30, 2016, we have repurchased 2,471,108 shares of outstanding common stock under the share repurchase program at an aggregate cost of $166 million. As of September 30, 2016, we have a remaining amount from the authorized share repurchase program granted by the Board of Directors of $84 million to repurchase shares of our common stock.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2016
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, 2015. 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, 2015. Legal Proceedings In the ordinary course of business, we are parties to regulatory and legal matters arising out of our operations. These matters may involve claims involving alleged infringement of third-party intellectual property rights (including patent infringement), defamation, taxes, regulatory compliance, privacy issues and other claims. Periodically, we review the status of all significant outstanding matters to assess any potential financial exposure. When (i) it is probable that an asset has been impaired or a liability has been incurred and (ii) the amount of the loss can be reasonably estimated, we record the estimated loss in our consolidated statements of operations. We provide disclosures in the notes to the consolidated financial statements for loss contingencies that do not meet both of these conditions if there is a reasonable probability that a loss may have been incurred and whether such loss is reasonably estimable. We base accruals made on the best information available at the time which can be highly subjective. Although occasional adverse decisions or settlements may occur, the Company does not believe that the final disposition of any of these matters will have a material adverse effect on the business. However, the final outcome of these matters could vary significantly from our estimates. Finally, there may be claims or actions pending or threatened against us of which we are currently not aware and the ultimate disposition of which could have a material adverse effect on us. Income Taxes We are also under audit by the IRS and various other domestic and foreign tax authorities with regards to income tax matters. We have reserved for potential adjustments to our provision for income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities. Although we believe our tax estimates are reasonable, the final determination of audits could be materially different from our historical income tax provisions and accruals. The results of an audit could have a material effect on our financial position, results of operations, or cash flows in the period for which that determination is made. Additionally, we earn an increasing portion of our income, and accumulate a greater portion of cash flows, in foreign jurisdictions which we consider indefinitely reinvested. Any repatriation of funds currently held in foreign jurisdictions may result in higher effective tax rates and incremental cash tax payments. In addition, there have been proposals to amend U.S. tax laws that would significantly impact the manner in which U.S. companies are taxed on foreign earnings. Although we cannot predict whether or in what form any legislation will pass, if enacted, it could have a material adverse impact on our U.S. tax expense and cash flows. See “Note 8: Income Taxes” above for further information on potential contingencies surrounding income taxes.

Segment Information

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Segment Information

NOTE 12: SEGMENT INFORMATION

Our reporting structure includes two reportable segments: Hotel and Non-Hotel.

Hotel

Our Hotel segment includes revenue generated from services related to hotels, including click-based advertising revenue from making hotel room night reservations available for price comparison and commission-based transactions via our instant booking feature, as well as display-based advertising, subscription-based hotel advertising (or Business Listings), room reservations sold through our websites, and from content licensing. Our Hotel segment also includes click-based advertising revenue from making airline reservations and cruise reservations available for price comparison and booking. Our chief operating decision maker is also the Hotel segment manager.

Non-Hotel

Our Non-Hotel segment consists of the aggregation of three operating segments, our Attractions, Restaurants and Vacation Rentals businesses.

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

Restaurants. We have several websites that provide online and mobile reservation services that connect restaurants with diners. These websites are currently primarily focused on the European and Australian markets, primarily through thefork.com (including www.lafourchette.com, www.eltenedor.com, www.iens.nl, www.besttables.com, and www.dimmi.com.au). Thefork.com is an online restaurant booking platform with a network of restaurant partners primarily across Europe and Australia. Thefork.com also helps restaurants to maximize business by providing a flexible online booking and data tool. We generate revenue primarily by charging 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-based option. Our vacation rental inventory currently includes full home rentals, condos, villas, beach rentals, cabins and cottages. These properties are listed across a number of platforms, including TripAdvisor Vacation Rentals, U.S.-based FlipKey and Vacation Home Rentals, and European-based Holiday Lettings, HouseTrip, and Niumba businesses.

Each operating segment in our Non-Hotel segment has a segment manager who is directly accountable to and maintains regular contact with our chief operating decision maker to discuss operating activities, financial results, forecasts, and plans for the segment.

Adjusted EBITDA is our segment profit measure and a key measure used by our management and board of directors to understand and evaluate the operating performance of our business and on which internal budgets and forecasts are based and approved. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. 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 and income.

The following tables present our segment information for the three and nine months ended September 30, 2016 and 2015, and includes a reconciliation of Adjusted EBITDA to Net Income, the most directly comparable financial measure calculated and presented in accordance with GAAP. We record depreciation of property and equipment, including amortization of internal-use software and website development, amortization of intangible assets, stock-based compensation and other stock-settled obligations, other income (expense), net, other non-recurring expenses and income, net, and income taxes, which are excluded from segment operating performance, in corporate and unallocated. In addition, we do not report our assets, capital expenditures and related depreciation expense by segment as our chief operating decision maker does not evaluate operating segments using this information. We also do not regularly provide such information by segment to our chief operating decision maker. 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 September 30, 2016
	Hotel		Non-Hotel		Corporate and Unallocated			Total
	(in millions)
Revenue	$	320	$	101	$	-		$	421
Adjusted EBITDA (1)	99			15		-			114
Depreciation						(18	)		(18	)
Amortization of intangible assets						(8	)		(8	)
Stock-based compensation						(22	)		(22	)
Operating income (loss)									66
Other expense, net									(3	)
Income before income taxes									63
Provision for income taxes									(8	)
Net income								$	55

	Three months ended September 30, 2015
	Hotel		Non-Hotel		Corporate and Unallocated			Total
	(in millions)
Revenue	$	340	$	75	$	-		$	415
Adjusted EBITDA (2)	121			9		-			130
Depreciation						(13	)		(13	)
Amortization of intangible assets						(10	)		(10	)
Stock-based compensation						(19	)		(19	)
Operating income (loss)									88
Other income, net									10
Income before income taxes									98
Provision for income taxes									(24	)
Net income								$	74

	Nine months ended September 30, 2016
	Hotel		Non-Hotel			Corporate and Unallocated			Total
	(in millions)
Revenue	$	939	$	225		$	-		$	1,164
Adjusted EBITDA (1)	309			(15	)		-			294
Depreciation							(51	)		(51	)
Amortization of intangible assets							(23	)		(23	)
Stock-based compensation							(64	)		(64	)
Operating income (loss)										156
Other expense, net										(10	)
Income before income taxes										146
Provision for income taxes										(27	)
Net income									$	119

	Nine months ended September 30, 2015
	Hotel		Non-Hotel		Corporate and Unallocated			Total
	(in millions)
Revenue	$	1,003	$	180	$	-		$	1,183
Adjusted EBITDA (2)	377			2		-			379
Depreciation						(42	)		(42	)
Amortization of intangible assets						(26	)		(26	)
Stock-based compensation						(52	)		(52	)
Other non-recurring expenses						(2	)		(2	)
Operating income (loss)									257
Other income, net									8
Income before income taxes									265
Provision for income taxes									(70	)
Net income								$	195



(1)	Includes allocated general and administrative expenses in our Hotel segment of $21 million and $63 million; and in our Non-Hotel segment of $10 million and $28 million for the three and nine months ended September 30, 2016, respectively.
(2)	Includes allocated general and administrative expenses in our Hotel segment of $23 million and $69 million; and in our Non-Hotel segment of $8 million and $23 million for the three and nine months ended September 30, 2015, 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.

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Other Income And Expenses [Abstract]

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 13: RELATED PARTY TRANSACTIONS We consider Liberty TripAdvisor Holdings, Inc. (“LTRIP”) a related party. As of September 30, 2016, 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 13.7% 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 21.3% 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 56.0% of our voting power. We had no related party transactions with LTRIP during the three and nine months ended September 30, 2016 and 2015.

Interest Income and Other, Net

9 Months Ended

Sep. 30, 2016

Interest Income and Other, Net

NOTE 14: INTEREST INCOME AND OTHER, NET

The following table presents the detail of interest income and other, net, for the periods presented:

	Three months ended September 30,					Nine months ended September 30,
	2016		2015			2016			2015
	(in millions)					(in millions)
Net loss, realized and unrealized, on foreign exchange and foreign currency derivative contracts and other, net	$	-	$	(4	)	$	(1	)	$	(3	)
Interest income		-		-			1			1
Gain on sale of business (1)		-		17			-			17
Total	$	-	$	13		$	-		$	15


(1)	In August 2015, we sold 100% interest in one of our Chinese subsidiaries to an unrelated third party for $28 million in cash consideration and recognized a $17 million gain on sale of subsidiary in the third quarter of 2015.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements present our results of operations, financial position and cash flows on a consolidated basis. The unaudited condensed consolidated financial statements include TripAdvisor, our wholly-owned subsidiaries, and entities we control, or in which we have a variable interest and are the primary beneficiary of expected cash profits or losses. All inter-company accounts and transactions have been eliminated in consolidation.

One of our subsidiaries that operates in China has a variable interest in an affiliated entity 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 this Chinese affiliate, we consolidate its results as we are the primary beneficiary of the cash losses or profits of this variable interest affiliate and have the power to direct the activity of this affiliate. Our variable interest entity is not material for all periods presented.

We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, all adjustments necessary for a fair presentation of the results of the interim period have been included. These adjustments consist of normal recurring items. We prepared the unaudited condensed 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 condensed consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2015, previously filed with the SEC. The condensed consolidated balance sheet as of December 31, 2015 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures including notes required by GAAP.

Reclassification

Reclassifications

Except for the prior period reclassifications noted in our disclosure below in “Note 2— Significant Accounting Policies”, which resulted from our early adoption of ASU 2016-09 during the three months ended September 30, 2016, 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 condensed consolidated financial statements in accordance with GAAP. Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our unaudited condensed consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our unaudited condensed consolidated financial statements include: (i) recognition and recoverability of goodwill, intangible and other long-lived assets; (ii) accounting for income taxes; and (iii) stock-based compensation.

Seasonality

Traveler expenditures in the global travel market tend to follow a seasonal pattern. As such, expenditures by travel advertisers to market to potential travelers, and, therefore, our financial performance, tend to be seasonal as well. As a result, our financial results tend to be seasonally highest in the third quarter of a year, as it is a key period for travel research and trip-taking, compared to the first and fourth quarters which represent seasonal low points. Further significant shifts in our business mix or adverse economic conditions could result in future seasonal patterns that are different from historical trends.

New Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

	Three months ended March 31, 2016
	As Reported			As Adjusted ⁽¹⁾⁽²⁾
	(in millions, except per share data)
Consolidated Statement of Operations:

Operating income	$	42		$	42
Provision for income taxes		(11	)		(9	)
Net income		27			29
Basic EPS	$	0.19		$	0.20
Diluted EPS	$	0.18		$	0.20

Consolidated Statement of Cash Flows:
Net cash provided by operating activities	$	120		$	124
Net cash used in financing activities	$	(94	)	$	(98	)

	Three months ended June 30, 2016
	As Reported			As Adjusted ⁽¹⁾
	(in millions, except per share data)
Consolidated Statement of Operations:

Operating income	$	48		$	47
Provision for income taxes		(11	)		(10	)
Net income		34			34
Basic EPS	$	0.23		$	0.23
Diluted EPS	$	0.23		$	0.23

	Six months ended June 30, 2016
	As Reported			As Adjusted ⁽²⁾
	(in millions)
Consolidated Statement of Cash Flows:
Net cash provided by operating activities	$	357		$	363
Net cash used in financing activities	$	(123	)	$	(129	)


(1)	The election to account for forfeitures as they occur did not have a material impact for the three months ended March 31, 2016 and resulted in an increase to stock-based compensation expense of approximately $1 million for the three months ended June 30, 2016.
(2)	Includes the reclassification of cash flows related to excess tax benefits from financing activities to operating activities of $4 million and $2 million for the three months ending March 31, 2016 and June 30, 2016, respectively.

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Adoption of New Guidance Impact on Previously Reported Quarterly Results

	Three months ended March 31, 2016
	As Reported			As Adjusted ⁽¹⁾⁽²⁾
	(in millions, except per share data)
Consolidated Statement of Operations:

Operating income	$	42		$	42
Provision for income taxes		(11	)		(9	)
Net income		27			29
Basic EPS	$	0.19		$	0.20
Diluted EPS	$	0.18		$	0.20

Consolidated Statement of Cash Flows:
Net cash provided by operating activities	$	120		$	124
Net cash used in financing activities	$	(94	)	$	(98	)

	Three months ended June 30, 2016
	As Reported			As Adjusted ⁽¹⁾
	(in millions, except per share data)
Consolidated Statement of Operations:

Operating income	$	48		$	47
Provision for income taxes		(11	)		(10	)
Net income		34			34
Basic EPS	$	0.23		$	0.23
Diluted EPS	$	0.23		$	0.23

	Six months ended June 30, 2016
	As Reported			As Adjusted ⁽²⁾
	(in millions)
Consolidated Statement of Cash Flows:
Net cash provided by operating activities	$	357		$	363
Net cash used in financing activities	$	(123	)	$	(129	)


(1)	The election to account for forfeitures as they occur did not have a material impact for the three months ended March 31, 2016 and resulted in an increase to stock-based compensation expense of approximately $1 million for the three months ended June 30, 2016.
(2)	Includes the reclassification of cash flows related to excess tax benefits from financing activities to operating activities of $4 million and $2 million for the three months ending March 31, 2016 and June 30, 2016, respectively.

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Summary of Purchase Price Allocation Initially Recorded on Unaudited Condensed Consolidated Balance Sheet for All Acquisitions

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

The following table presents the purchase price allocations initially recorded on our unaudited condensed consolidated balance sheet for all 2016 acquisitions (in millions):

	Total
Goodwill (1)	$	13
Intangible assets (2)		22
Net liabilities assumed (3)		(8	)
Total purchase price consideration (4)	$	27

(1)	Acquired goodwill of $10 million and $3 million was allocated to our Hotel and Non-Hotel segment, respectively. All goodwill is not deductible for tax purposes.
(2)	Identifiable definite-lived intangible assets acquired during 2016 were comprised of trade names of $4 million with a weighted average life of 10.0 years and technology and other of $18 million with a weighted average life of 5.3 years. The overall weighted-average life of the identifiable definite-lived intangible assets acquired in the purchase of these businesses during 2016 was 6.3 years, and will be amortized on a straight-line basis over their estimated useful lives from acquisition date.
(3)	Includes cash acquired of $3 million.
(4)	Subject to adjustment based on (i) final working capital adjustment calculations to be determined for CityMaps, and (ii) indemnification obligations for general representations and warranties of the acquired company stockholders.

Stock Based Awards and Other Equity Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Amount of Stock-Based Compensation Expense Related to Stock-Based Awards

	Three months ended						Nine months ended
	September 30,						September 30,
	2016			2015			2016			2015
	(in millions)						(in millions)
Selling and marketing	$	5		$	4		$	15		$	12
Technology and content		11			8			30			20
General and administrative		6			7			19			20
Total stock-based compensation		22			19			64			52
Income tax benefit from stock-based compensation		(8	)		(7	)		(23	)		(19	)
Total stock-based compensation, net of tax effect	$	14		$	12		$	41		$	33

Summary of Stock Option

A summary of the status and activity for stock option awards relating to our common stock for the nine months ended September 30, 2016, 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, 2016		5,720		$	53.71
Granted		1,051			63.45
Exercised (1)		(692	)		31.43
Cancelled or expired		(209	)		71.14
Options outstanding at September 30, 2016		5,870		$	57.46		5.7	$	70
Exercisable as of September 30, 2016		2,794		$	42.66		4.4	$	66

(1)

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

	Three months ended						Nine months ended
	September 30,						September 30,
	2016			2015			2016			2015
Risk free interest rate		1.15	%		1.67	%		1.20	%		1.52	%
Expected term (in years)		5.17			5.24			4.85			5.21
Expected volatility		42.68	%		40.24	%		41.83	%		41.76	%
Expected dividend yield	— %			— %			— %			— %

Summary of RSU Activity

The following table presents a summary of our RSU activity during the nine months ended September 30, 2016:

				Weighted
				Average
				Grant-		Aggregate
	RSUs			Date Fair		Intrinsic
	Outstanding			Value Per Share		Value
	(in thousands)					(in millions)
Unvested RSUs outstanding as of January 1, 2016		1,750		$	79.02
Granted		1,887			63.96
Vested and released (1)		(492	)		74.12
Cancelled or expired		(217	)		73.60
Unvested RSUs outstanding as of September 30, 2016		2,928		$	70.52	$	185

(1)

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

	Stock
	Options		RSUs
Unrecognized compensation expense	$	57	$	163
Weighted average period remaining (in years)		2.4		2.9

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding

	Three months ended September 30,				Nine months ended September 30,
	2016		2015		2016		2015
Numerator:
Net income	$	55	$	74	$	119	$	195
Denominator:
Weighted average shares used to compute Basic EPS		145,678		144,133		145,618		143,662
Weighted average effect of dilutive securities:
Stock options		1,135		1,442		1,229		1,959
RSUs		404		253		314		265
Weighted average shares used to compute Diluted EPS		147,217		145,828		147,161		145,886
Basic EPS	$	0.38	$	0.51	$	0.82	$	1.35
Diluted EPS	$	0.37	$	0.51	$	0.81	$	1.34

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

	Three months ended September 30,				Nine months ended September 30,
	2016(1)		2015(2)		2016(1)		2015(2)
Stock options		3,065		2,110		2,997		2,119
RSUs		691		303		753		629
Total		3,756		2,413		3,750		2,748

(1)

(2)

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Investments All Other Investments [Abstract]

Schedule of Cash, Cash Equivalents and Marketable Securities

	September 30, 2016
									Cash and		Short-Term		Long-Term
	Amortized		Unrealized		Unrealized		Fair		Cash		Marketable		Marketable
	Cost		Gains		Losses		Value		Equivalents		Securities		Securities
Cash	$	604	$	-	$	-	$	604	$	604	$	-	$	-
Level 1:
Money market funds		4		-		-		4		4		-		-
Level 2:
U.S. agency securities		25		-		-		25		-		24		1
U.S. treasury securities		5		-		-		5		-		5		-
Certificates of deposit		16		-		-		16		-		16		-
Commercial paper		8		-		-		8		3		5		-
Corporate debt securities		94		-		-		94		-		66		28
Subtotal		148		-		-		148		3		116		29
Total	$	756	$	-	$	-	$	756	$	611	$	116	$	29

	December 31, 2015
									Cash and		Short-Term		Long-Term
	Amortized		Unrealized		Unrealized		Fair		Cash		Marketable		Marketable
	Cost		Gains		Losses		Value		Equivalents		Securities		Securities
Cash	$	598	$	-	$	-	$	598	$	598	$	-	$	-
Level 1:
Money market funds		11		-		-		11		11		-		-
Level 2:
U.S. agency securities		13		-		-		13		-		9		4
U.S. treasury securities		16		-		-		16		4		12		-
Certificates of deposit		5		-		-		5		-		4		1
Commercial paper		1		-		-		1		-		1		-
Corporate debt securities		54		-		-		54		1		21		32
Subtotal		89		-		-		89		5		47		37
Total	$	698	$	-	$	-	$	698	$	614	$	47	$	37

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

The following table shows the notional principal amounts of our outstanding derivative instruments that are not designated as hedging instruments for the periods presented:

	September 30, 2016		December 31, 2015
	(in millions)
Foreign exchange-forward contracts (1), (2)	$	7	$	25

(1)

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

(2)

Debt (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Debt

The Company’s outstanding debt consisted of the following for the periods presented:

	September 30,		December 31,
	2016		2015
	(in millions)
Short-Term Debt:
Chinese Credit Facilities	$	3	$	1
2016 Credit Facility		73		-
Total Short-Term Debt	$	76	$	1

Long-Term Debt:
2015 Credit Facility	$	20	$	200
Total Long-Term Debt	$	20	$	200

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2016

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:

	September 30, 2016		December 31, 2015
	(in millions)
Accrued salary, bonus, and related benefits	$	47	$	47
Accrued marketing costs		40		43
Other		39		33
Total	$	126	$	123

Segment Information (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Summary of Segment Information

	Three months ended September 30, 2016
	Hotel		Non-Hotel		Corporate and Unallocated			Total
	(in millions)
Revenue	$	320	$	101	$	-		$	421
Adjusted EBITDA (1)	99			15		-			114
Depreciation						(18	)		(18	)
Amortization of intangible assets						(8	)		(8	)
Stock-based compensation						(22	)		(22	)
Operating income (loss)									66
Other expense, net									(3	)
Income before income taxes									63
Provision for income taxes									(8	)
Net income								$	55

	Three months ended September 30, 2015
	Hotel		Non-Hotel		Corporate and Unallocated			Total
	(in millions)
Revenue	$	340	$	75	$	-		$	415
Adjusted EBITDA (2)	121			9		-			130
Depreciation						(13	)		(13	)
Amortization of intangible assets						(10	)		(10	)
Stock-based compensation						(19	)		(19	)
Operating income (loss)									88
Other income, net									10
Income before income taxes									98
Provision for income taxes									(24	)
Net income								$	74

	Nine months ended September 30, 2016
	Hotel		Non-Hotel			Corporate and Unallocated			Total
	(in millions)
Revenue	$	939	$	225		$	-		$	1,164
Adjusted EBITDA (1)	309			(15	)		-			294
Depreciation							(51	)		(51	)
Amortization of intangible assets							(23	)		(23	)
Stock-based compensation							(64	)		(64	)
Operating income (loss)										156
Other expense, net										(10	)
Income before income taxes										146
Provision for income taxes										(27	)
Net income									$	119

	Nine months ended September 30, 2015
	Hotel		Non-Hotel		Corporate and Unallocated			Total
	(in millions)
Revenue	$	1,003	$	180	$	-		$	1,183
Adjusted EBITDA (2)	377			2		-			379
Depreciation						(42	)		(42	)
Amortization of intangible assets						(26	)		(26	)
Stock-based compensation						(52	)		(52	)
Other non-recurring expenses						(2	)		(2	)
Operating income (loss)									257
Other income, net									8
Income before income taxes									265
Provision for income taxes									(70	)
Net income								$	195



(1)	Includes allocated general and administrative expenses in our Hotel segment of $21 million and $63 million; and in our Non-Hotel segment of $10 million and $28 million for the three and nine months ended September 30, 2016, respectively.
(2)	Includes allocated general and administrative expenses in our Hotel segment of $23 million and $69 million; and in our Non-Hotel segment of $8 million and $23 million for the three and nine months ended September 30, 2015, respectively.

Interest Income and Other, Net (Tables)

9 Months Ended

Sep. 30, 2016

Other Income And Expenses [Abstract]

Summary of Interest Income and Other, Net

The following table presents the detail of interest income and other, net, for the periods presented:

	Three months ended September 30,					Nine months ended September 30,
	2016		2015			2016			2015
	(in millions)					(in millions)
Net loss, realized and unrealized, on foreign exchange and foreign currency derivative contracts and other, net	$	-	$	(4	)	$	(1	)	$	(3	)
Interest income		-		-			1			1
Gain on sale of business (1)		-		17			-			17
Total	$	-	$	13		$	-		$	15


(1)	In August 2015, we sold 100% interest in one of our Chinese subsidiaries to an unrelated third party for $28 million in cash consideration and recognized a $17 million gain on sale of subsidiary in the third quarter of 2015.

Business Description and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2016 Market Brand Segment
Accounting Policies [Abstract]
Number of markets with localized versions of website \| Market	47
Number of other media brands with websites \| Brand	24
Number of reportable segment \| Segment	2

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Jan. 01, 2016
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Increase in cash flows from operating activities		$ 277	$ 339
Reduction in cash flows from financing activities		133	93
New Accounting Pronouncement, Early Adoption \| ASU 2016-09
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Increase in cash flows from operating activities			32
Reduction in cash flows from financing activities			$ 32
Reduction to retained earnings				$ 1
Recognition of net excess tax expense (benefit) in provision for income taxes	$ 1	$ (2)

Amount of cumulative effect of the change in accounting principle or new accounting pronouncement on retained earnings or other components of equity or net assets in the statement of financial position as of the beginning of the earliest period presented.

Consolidated Statement of Operations:

Significant Accounting Policies - Adoption of New Guidance Impact on Previously Reported Quarterly Results (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

9 Months Ended

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Sep. 30, 2015

Jun. 30, 2016

Sep. 30, 2016

Sep. 30, 2015

$ 66

$ 88

$ 156

$ 257

(8)

(24)

(27)

(70)

$ 55

$ 74

$ 119

$ 195

Basic EPS

$ 0.38

$ 0.51

$ 0.82

$ 1.35

Diluted EPS

$ 0.37

$ 0.51

$ 0.81

$ 1.34

$ 277

$ 339

New Accounting Pronouncement, Early Adoption | ASU 2016-09

$ (133)

(93)

New Accounting Pronouncement, Early Adoption | As Reported | ASU 2016-09

$ (32)

Consolidated Statement of Operations:

$ 48

$ 42

(11)

$ 34

$ 27

Basic EPS

$ 0.23

$ 0.19

Diluted EPS

$ 0.23

$ 0.18

$ 120

$ 357

New Accounting Pronouncement, Early Adoption | As Adjusted | ASU 2016-09

(94)

(123)

Consolidated Statement of Operations:

^[1]

$ 47

^[2]

^[1]

(10)

(9)

^[2]

^[1]

$ 34

$ 29

^[2]

Basic EPS

^[1]

$ 0.23

$ 0.20

^[2]

Diluted EPS

^[1]

$ 0.23

$ 0.20

^[2]

^[2]

$ 124

^[1]

363

^[2]

$ (98)

^[1]

$ (129)

[1]	The election to account for forfeitures as they occur did not have a material impact for the three months ended March 31, 2016 and resulted in an increase to stock-based compensation expense of approximately $1 million for the three months ended June 30, 2016.
[2]	Includes the reclassification of cash flows related to excess tax benefits from financing activities to operating activities of $4 million and $2 million for the three months ending March 31, 2016 and June 30, 2016, respectively.

Significant Accounting Policies - Adoption of New Guidance Impact on Previously Reported Quarterly Results (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2016	Sep. 30, 2015
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Increase in stock-based compensation expense			$ 64	$ 52
Reclassification of cash flows related to excess tax benefits from financing activities to operating activities			$ 277	339
New Accounting Pronouncement, Early Adoption \| ASU 2016-09
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Increase in stock-based compensation expense	$ 1
Reclassification of cash flows related to excess tax benefits from financing activities to operating activities				$ 32
New Accounting Pronouncement, Early Adoption \| ASU 2016-09 \| Reclassification from Financing Activities to Operating Activities
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Reclassification of cash flows related to excess tax benefits from financing activities to operating activities	$ 2	$ 4

Acquisitions - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2016 USD ($) Business	Sep. 30, 2015 USD ($)
Business Acquisition [Line Items]
Cash consideration paid, net of cash acquired	$ 23	$ 29
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of business acquired \| Business	3
Total acquisition purchase price	$ 27
Cash consideration paid, net of cash acquired	22
Cash acquired from acquisition	3
Cash held back on acquisition	2
Acquisition-related costs	$ 1
Tous Au Restaurant
Business Acquisition [Line Items]
Business acquisition percentage of outstanding shares of capital stock	100.00%
Date of acquisition	Jan. 31, 2016
HouseTrip
Business Acquisition [Line Items]
Business acquisition percentage of outstanding shares of capital stock	100.00%
Date of acquisition	Apr. 30, 2016
CityMaps
Business Acquisition [Line Items]
Business acquisition percentage of outstanding shares of capital stock	100.00%
Date of acquisition	Aug. 30, 2016

Acquisitions - Summary of Purchase Price Allocation Initially Recorded on Unaudited Condensed Consolidated Balance Sheet for all Acquisitions (Details) - USD ($)
$ in Millions

Sep. 30, 2016

Dec. 31, 2015

Series of Individually Immaterial Business Acquisitions

Goodwill

$ 744

$ 732

Goodwill

^[1]

Total purchase price consideration

^[2]

Net liabilities assumed

^[3]

(8)

^[4]

$ 27

[1]	Acquired goodwill of $10 million and $3 million was allocated to our Hotel and Non-Hotel segment, respectively. All goodwill is not deductible for tax purposes.
[2]	Identifiable definite-lived intangible assets acquired during 2016 were comprised of trade names of $4 million with a weighted average life of 10.0 years and technology and other of $18 million with a weighted average life of 5.3 years. The overall weighted-average life of the identifiable definite-lived intangible assets acquired in the purchase of these businesses during 2016 was 6.3 years, and will be amortized on a straight-line basis over their estimated useful lives from acquisition date.
[3]	Includes cash acquired of $3 million.
[4]	Subject to adjustment based on (i) final working capital adjustment calculations to be determined for CityMaps, and (ii) indemnification obligations for general representations and warranties of the acquired company stockholders.

Acquisitions - Summary of Purchase Price Allocation Initially Recorded on Unaudited Condensed Consolidated Balance Sheet for all Acquisitions (Parenthetical) (Details) - Series of Individually Immaterial Business Acquisitions
$ in Millions

9 Months Ended

Sep. 30, 2016

USD ($)

Weighted average life of identifiable definite-lived intangible assets acquired

$ 22

^[1]

6 years 3 months 18 days

Cash acquired from acquisition

$ 3

Trade Names

Weighted average life of identifiable definite-lived intangible assets acquired

$ 4

10 years

Developed Technology and Other

Weighted average life of identifiable definite-lived intangible assets acquired

$ 18

5 years 3 months 18 days

Hotel Segment

Acquired goodwill not deductible for tax purposes

$ 10

Non-Hotel Segment

Acquired goodwill not deductible for tax purposes

$ 3

[1]

Identifiable definite-lived intangible assets acquired during 2016 were comprised of trade names of $4 million with a weighted average life of 10.0 years and technology and other of $18 million with a weighted average life of 5.3 years. The overall weighted-average life of the identifiable definite-lived intangible assets acquired in the purchase of these businesses during 2016 was 6.3 years, and will be amortized on a straight-line basis over their estimated useful lives from acquisition date.

Stock Based Awards and Other Equity Instruments - Amount of Stock-Based Compensation Expense Related to Stock-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 22	$ 19	$ 64	$ 52
Income tax benefit from stock-based compensation	(8)	(7)	(23)	(19)
Total stock-based compensation, net of tax effect	14	12	41	33
Selling and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	5	4	15	12
Technology and Content
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	11	8	30	20
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 6	$ 7	$ 19	$ 20

Stock Based Awards and Other Equity Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options issued	1,051,000
RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU's issued under incentive plan	1,887,000
2011 Plan \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options issued	1,050,842
Term of stock options, granted	10 years
Stock awards vest period	4 years
Closing stock price	$ 63.18
Total intrinsic value	$ 23	$ 128
Weighted-average grant date fair value of options granted	$ 22.95	$ 33.24
Total fair value of stock options vested	$ 27	$ 30
2011 Plan \| RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards vest period	4 years
RSU's issued under incentive plan	1,886,536

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

9 Months Ended

Sep. 30, 2016

USD ($)

$ / shares

Options Outstanding

Options Outstanding, Beginning balance | shares

5,720

Options Outstanding, Granted | shares

1,051

Options Outstanding, Exercised | shares

(692)

^[1]

Options Outstanding, Cancelled or expired | shares

(209)

Options Outstanding, Ending balance | shares

5,870

Options Outstanding, Exercisable | shares

2,794

Weighted Average Exercise Price per share

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

$ 53.71

Options Granted, Weighted Average Exercise Price | $ / shares

63.45

Options Exercised, Weighted Average Exercise Price | $ / shares

31.43

^[1]

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

71.14

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

57.46

Options Exercisable, Weighted Average Exercise Price | $ / shares

$ 42.66

Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value

Options Outstanding, Weighted Average Remaining Contractual Life

5 years 8 months 12 days

Options Exercisable, Weighted Average Remaining Contractual Life

4 years 4 months 24 days

Options Outstanding, Aggregate Intrinsic Value | $

$ 70

Options Exercisable, Aggregate Intrinsic Value | $

$ 66

[1]

Stock Based Awards and Other Equity Instruments - Summary of Stock Option (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2016 shares
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options non converted into shares due to net share settlement	302,531

Stock Based Awards and Other Equity Instruments - Weighted-Average Assumptions of Estimated Fair Value of Stock Option Grants (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk free interest rate	1.15%	1.67%	1.20%	1.52%
Expected term (in years)	5 years 2 months 1 day	5 years 2 months 27 days	4 years 10 months 6 days	5 years 2 months 16 days
Expected volatility	42.68%	40.24%	41.83%	41.76%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

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

9 Months Ended

Sep. 30, 2016

USD ($)

$ / shares

RSUs outstanding

Unvested RSUs outstanding, Beginning balance | shares

1,750

Unvested RSUs, Granted | shares

1,887

Unvested RSUs, Vested and released | shares

(492)

^[1]

Unvested RSUs, Cancelled or expired | shares

(217)

Unvested RSUs outstanding, Ending balance | shares

2,928

Weighted Average Grant-Date Fair Value Per Share

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

$ 79.02

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

63.96

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

74.12

^[1]

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

73.60

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

$ 70.52

Aggregate Intrinsic Value

Unvested RSUs outstanding, Aggregate Intrinsic Value | $

$ 185

[1]

Stock Based Awards and Other Equity Instruments - Summary of RSU Activity (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2016 shares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs withheld to satisfy withholding tax requirements	140,873

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	9 Months Ended
	Sep. 30, 2016 USD ($)
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 57
Weighted average period remaining (in years)	2 years 4 months 24 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average period remaining (in years)	2 years 10 months 24 days
Unrecognized compensation expense, RSUs	$ 163

Earnings Per Share - Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding In Calculating EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net income	$ 55	$ 74	$ 119	$ 195
Denominator:
Weighted average shares used to compute Basic EPS	145,678	144,133	145,618	143,662
Weighted average effect of dilutive securities:
Stock options	1,135	1,442	1,229	1,959
RSUs	404	253	314	265
Weighted average shares used to compute Diluted EPS	147,217	145,828	147,161	145,886
Basic EPS	$ 0.38	$ 0.51	$ 0.82	$ 1.35
Diluted EPS	$ 0.37	$ 0.51	$ 0.81	$ 1.34

Earnings Per Share - Common Shares Related to Stock Options and RSUs Excluded from Calculated Diluted EPS (Details) - shares
shares in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2016

^[1]

Sep. 30, 2015

^[2]

Sep. 30, 2016

^[1]

Sep. 30, 2015

^[2]

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount

3,756

2,413

3,750

2,748

Stock Options

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount

3,065

2,110

2,997

2,119

Restricted Stock Units

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount

691

303

753

629

[1]	These totals do not include 125,000 performance based options and 12,799 performance based RSUs representing the right to acquire 137,799 shares of common stock for which all targets required to trigger vesting had not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.
[2]	These totals do not include 66,666 performance based options and 12,799 performance based RSUs representing the right to acquire 79,465 shares of common stock for which all targets required to trigger vesting had not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.

Earnings Per Share - Common Shares Related to Stock Options and RSUs Excluded from Calculated Diluted EPS (Parenthetical) (Details) - shares

3 Months Ended

9 Months Ended

Sep. 30, 2016

^[1]

Sep. 30, 2015

^[2]

Sep. 30, 2016

Sep. 30, 2015

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount

3,756,000

2,413,000

3,750,000

^[1]

2,748,000

^[2]

Stock Options

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount

3,065,000

2,110,000

2,997,000

^[1]

2,119,000

^[2]

Restricted Stock Units

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount

691,000

303,000

753,000

^[1]

629,000

^[2]

Performance Shares

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount

137,799

79,465

Performance Shares | Stock Options

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount

125,000

66,666

Performance Shares | Restricted Stock Units

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount

12,799

[1]	These totals do not include 125,000 performance based options and 12,799 performance based RSUs representing the right to acquire 137,799 shares of common stock for which all targets required to trigger vesting had not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.
[2]	These totals do not include 66,666 performance based options and 12,799 performance based RSUs representing the right to acquire 79,465 shares of common stock for which all targets required to trigger vesting had not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.

Financial Instruments - Schedule of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	$ 611	$ 614
Short-Term Marketable Securities	116	47
Long-Term Marketable Securities	29	37
Cash	604	598
Cash, cash equivalents and marketable securities, Amortized Cost	756	698
Cash, cash equivalents and marketable securities, Fair Value	756	698
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	4	11
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	148	89
Fair Value	148	89
Cash and Cash Equivalents	3	5
Short-Term Marketable Securities	116	47
Long-Term Marketable Securities	29	37
Level 2 \| U.S. Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	25	13
Fair Value	25	13
Short-Term Marketable Securities	24	9
Long-Term Marketable Securities	1	4
Level 2 \| US treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	5	16
Fair Value	5	16
Cash and Cash Equivalents		4
Short-Term Marketable Securities	5	12
Level 2 \| Certificates of Deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	16	5
Fair Value	16	5
Short-Term Marketable Securities	16	4
Long-Term Marketable Securities		1
Level 2 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	8	1
Fair Value	8	1
Cash and Cash Equivalents	3
Short-Term Marketable Securities	5	1
Level 2 \| Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	94	54
Fair Value	94	54
Cash and Cash Equivalents		1
Short-Term Marketable Securities	66	21
Long-Term Marketable Securities	$ 28	$ 32

Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Investments Debt And Equity Securities [Abstract]
Financial instruments including money market funds maturities period		90 days		90 days
Maximum maturities period of long-term marketable securities		3 years		3 years
Minimum maturities period of long-term marketable securities		1 year		1 year
Maximum remaining maturity for short-term marketable securities		12 months		12 months
Minimum maturities of short-term marketable securities		90 days		90 days
Net (loss) gain related to forward contracts	$ (1)	$ (1)	$ 1
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) - USD ($)

Sep. 30, 2016

Dec. 31, 2015

Not Designated as Hedging Instrument | Foreign Exchange-forward Contracts

Derivatives Fair Value [Line Items]

Foreign exchange-forward contracts

^[1],[2]

$ 7,000,000

$ 25,000,000

[1]

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

[2]

Debt - Summary of Total Outstanding Debt (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Short-Term Debt:
Short-Term Debt	$ 76	$ 1
Long-Term Debt:
Long-Term Debt	20	200
Chinese Credit Facilities
Short-Term Debt:
Credit Facilities	3	1
2016 Credit Facility
Short-Term Debt:
Credit Facilities	73
2015 Credit Facility
Long-Term Debt:
Credit Facilities	$ 20	$ 200

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Debt - Two Thousand Eleven Credit Facility - Additional Information (Details) - USD ($)			3 Months Ended		9 Months Ended
	Jun. 26, 2015	Dec. 20, 2011	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility		$ 600,000,000
Total interest and commitments fees			$ 3,000,000	$ 3,000,000	$ 10,000,000	$ 7,000,000
2011 Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility		$ 200,000,000
Credit facility, expiration period		5 years
Credit facility, maturity date		Dec. 31, 2016
Term Loan
Debt Instrument [Line Items]
Term Loan Facility, principal amount		$ 400,000,000
Period of Term Loan Facility		5 years
Borrowings, maturity date		Dec. 31, 2016
Principal amount repaid	$ 290,000,000
Total interest and commitments fees						$ 3,000,000
Gain (Loss) on Extinguishment of Debt	$ 0

Debt - Two Thousand Fifteen Credit Facility - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jun. 26, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 20, 2011
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility						$ 600,000,000
Total interest and commitments fees		$ 3,000,000	$ 3,000,000	$ 10,000,000	$ 7,000,000
2015 Credit Facility
Debt Instrument [Line Items]
Total interest and commitments fees		1,000,000		$ 3,000,000
2015 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility	$ 1,000,000,000
Interest rate description				Any overdue amounts under or in respect of the 2015 Credit Facility not paid when due shall bear interest at (i) in the case of principal, the applicable interest rate plus 2.00% per annum, (ii) in the case of interest denominated in Sterling or Euro, the applicable rate plus 2.00% per annum; and (iii) in the case of interest denominated in US Dollars, 2.00% per annum plus the Alternate Base Rate plus the interest rate spread applicable to ABR loans.
Basis spread on variable rate				2.00%
Credit facility, maturity date				Jun. 26, 2020
Credit facility, expiration period				5 years
Amount borrowed	$ 290,000,000
Line of credit facility additional borrowing		$ 10,000,000		$ 10,000,000
Repayments of Debt				$ 190,000,000
Line Of Credit Facility Unused Capacity Commitment Fee Percentage				0.20%
2015 Credit Facility \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Borrowings, interest rate description				borrowings bear interest at LIBOR plus 125 basis points
Borrowings, interest rate		1.80%		1.80%
2015 Credit Facility \| Revolving Credit Facility \| GBP or EURO
Debt Instrument [Line Items]
Basis spread on variable rate				2.00%
2015 Credit Facility \| Revolving Credit Facility \| US Dollars
Debt Instrument [Line Items]
Basis spread on variable rate				2.00%
2015 Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility		$ 15,000,000		$ 15,000,000
Letters of credit outstanding amount		2,000,000		2,000,000
2015 Credit Facility \| Borrowings On Same Day Notice
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility		$ 40,000,000		$ 40,000,000

Debt - Two Thousand Sixteen Credit Facility - Additional Information (Details) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 07, 2016	Dec. 20, 2011
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility				$ 600,000,000
2016 Credit Facility \| Revolving Credit Facility \| Lender
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility			$ 73,000,000
Basis spread on variable rate		1.50%
Credit Facility, description		The Company may borrow from the 2016 Credit Facility in U.S dollars only and we may voluntarily repay any outstanding borrowing at any time without premium or penalty. Any overdue amounts under or in respect of the 2016 Credit Facility not paid when due shall bear interest in the case of principal at the applicable interest rate plus 1.50% per annum
Amount borrowed	$ 73,000,000
Borrowings, interest rate	1.70%	1.70%
2016 Credit Facility \| Revolving Credit Facility \| Minimum \| Lender
Debt Instrument [Line Items]
Repayment term of borrowings		1 month
2016 Credit Facility \| Revolving Credit Facility \| Maximum \| Lender
Debt Instrument [Line Items]
Repayment term of borrowings		6 months
2016 Credit Facility \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Lender
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%
Borrowings, interest rate description		bear interest at LIBOR plus 112.5 basis points

Debt - Chinese Credit Facilities - Additional Information (Details)	9 Months Ended
	Sep. 30, 2016 USD ($) CreditFacility	Sep. 30, 2016 CNY (¥)	Jun. 30, 2016 CNY (¥)	Dec. 31, 2015 USD ($)	Dec. 20, 2011 USD ($)
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility					$ 600,000,000
Chinese Credit Facilities
Debt Instrument [Line Items]
Outstanding borrowings	$ 3,000,000			$ 1,000,000
Number of credit facilities \| CreditFacility	2
Chinese Credit Facilities \| Chinese Credit Facility Boa
Debt Instrument [Line Items]
Outstanding borrowings	$ 1,000,000
Borrowing capacity under Credit Facility	$ 30,000,000
Period of credit facility	1 year
Line of credit rate basis	100.00%
Line of credit, interest rate basis	4.35%	4.35%
Interest rate description	Chinese Credit Facility—BOA currently bears interest at a rate based on 100% of the People’s Bank of China’s base rate, which was 4.35% as of September 30, 2016
Chinese Credit Facilities \| Chinese Credit Facility JPM
Debt Instrument [Line Items]
Outstanding borrowings	$ 2,000,000
Borrowing capacity under Credit Facility	$ 11,000,000	¥ 70,000,000	¥ 125,000,000
Period of credit facility	1 year
Line of credit rate basis	100.00%
Line of credit, interest rate basis	4.35%	4.35%
Interest rate description	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 4.35% as of September 30, 2016.

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Effective tax rate	12.70%	24.50%	18.50%	26.40%
Accrued interest	$ 5,000,000		$ 5,000,000
Accrued penalties	0		0
Tax benefit from subsidiary	$ 3,000,000		$ 5,000,000		$ 13,000,000

Accrued Expenses and Other Current Liabilities - Details of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Payables And Accruals [Abstract]
Accrued salary, bonus, and related benefits	$ 47	$ 47
Accrued marketing costs	40	43
Other	39	33
Total	$ 126	$ 123

Stockholders' Equity - Additional Information (Details) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Feb. 15, 2013
Equity [Abstract]
Authorized the repurchase of shares of common stock			$ 250,000,000
Repurchase of common stock, shares	2,471,108	350,399
Aggregate cost of shares repurchased, common stock	$ 166,000,000	$ 21,000,000
Average price of shares repurchased, common stock		$ 59.85
Remaining authorized share repurchased amount	$ 84,000,000	$ 84,000,000

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2016 Segment
Segment Reporting Information [Line Items]
Number of reportable segment	2
Non-Hotel Segment
Segment Reporting Information [Line Items]
Number of Operating Segments	3

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

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

$ 421

$ 415

$ 1,164

$ 1,183

Adjusted EBITDA

114

^[1]

130

^[2]

294

^[1]

379

^[2]

Depreciation

(18)

(13)

(51)

(42)

Other non-recurring expenses

(8)

(10)

(23)

(26)

Stock-based compensation

(22)

(19)

(64)

(52)

(2)

Other income (expense), net

156

257

(3)

(10)

Income before income taxes

146

265

(8)

(24)

(27)

(70)

Operating Segments | Hotel Segment

119

195

Operating Segments | Non-Hotel Segment

320

340

939

1,003

Adjusted EBITDA

^[1]

121

^[2]

309

^[1]

377

^[2]

Corporate and Unallocated

101

225

180

Adjusted EBITDA

^[1]

^[2]

(15)

^[1]

^[2]

Depreciation

(18)

(13)

(51)

(42)

Other non-recurring expenses

(8)

(10)

(23)

(26)

Stock-based compensation

$ (22)

$ (19)

$ (64)

(52)

$ (2)

[1]	Includes allocated general and administrative expenses in our Hotel segment of $21 million and $63 million; and in our Non-Hotel segment of $10 million and $28 million for the three and nine months ended September 30, 2016, respectively.
[2]	Includes allocated general and administrative expenses in our Hotel segment of $23 million and $69 million; and in our Non-Hotel segment of $8 million and $23 million for the three and nine months ended September 30, 2015, respectively.

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

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Operating Segments | Hotel Segment

^[1]

$ 38

$ 37

$ 110

$ 114

Operating Segments | Non-Hotel Segment