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LEASES | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES The Company has operating and finance leases for office space, data centers, and computer equipment. The Company recognized the following related to its leases in its Consolidated Balance Sheets:
|  | Classification in Consolidated Balance Sheets |  | December 31, |  |
(in millions) |  |  | 2024 |  | 2023 |  |
Operating lease assets |  | Operating lease assets |  | $ | 559 |  |  | $ | 705 |  |  |
Operating lease liabilities: |  |  |  |  |  |  |  |
Current operating lease liabilities |  | Accrued expenses and other current liabilities |  | $ | 122 |  |  | $ | 152 |  |  |
Non-current operating lease liabilities |  | Operating lease liabilities |  | 483 |  |  | 599 |  |  |
Total operating lease liabilities |  |  |  | $ | 605 |  |  | $ | 751 |  |  |
Finance lease assets |  | Property and equipment, net |  | $ | 35 |  |  | $ | 70 |
Finance lease liabilities: |  |  |  |  |  |
Current finance lease liabilities |  | Accrued expenses and other current liabilities |  | $ | 26 |  |  | $ | 34 |
Non-current finance lease liabilities |  | Other long-term liabilities |  | 7 |  |  | 34 |
Total finance lease liabilities |  |  |  | $ | 33 |  |  | $ | 68 |
The Company recognized the following costs related to its leases in its Consolidated Statements of Operations:
|  |  |  | Year Ended December 31,
(in millions) |  | Classification in Consolidated Statements of Operations |  | 2024 |  | 2023 |  | 2022
Finance lease cost |  | Depreciation and amortization |  | $ | 37 |  |  | $ | 28 |  |  | $ | 9 |
Operating lease cost |  | General and administrative and Information technology |  | 174 |  |  | 180 |  |  | 160 |
Variable lease cost |  | General and administrative and Information technology |  | 78 |  |  | 82 |  |  | 45 |
Other |  |  |  | 4 |  |  | (4) |  |  | (5) |
Total lease cost |  | $ | 293 |  |  | $ | 286 |  |  | $ | 209 |
As of December 31, 2024, the future lease payments for operating and finance leases are as follows:
(in millions) |  | Operating Leases |  | Finance Leases
2025 |  | $ | 142 |  |  | $ | 27 |
2026 |  | 99 |  |  | 7 |
2027 |  | 80 |  |  | — |
2028 |  | 60 |  |  | — |
2029 |  | 50 |  |  | — |
Thereafter |  | 291 |  |  | — |
Total future lease payments |  | 722 |  |  | 34 |
Less: Imputed interest |  | (117) |  |  | (1) |
Total lease liabilities |  | $ | 605 |  |  | $ | 33 |
Supplemental cash flow information related to operating and finance leases is as follows:
|  | Year Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 184 |  |  | $ | 172 |  |  | $ | 175 |
Financing cash flows from finance leases |  | 36 |  |  | 31 |  |  | 9 |
Operating lease assets obtained in exchange for new operating lease liabilities |  | 75 |  |  | 200 |  |  | 392 |
Finance lease assets obtained in exchange for new finance lease liabilities |  | 2 |  |  | 44 |  |  | 50 |
"Operating lease amortization" presented in the operating activities section of the Consolidated Statements of Cash Flows reflects the portion of the operating lease cost from the amortization of the operating lease assets. At December 31, 2024 and 2023 the weighted-average lease term and discount rate for operating and finance leases are as follows:
|  | December 31,
(in millions) |  | 2024 |  | 2023
Operating leases: |  |  |  |
Weighted-average remaining lease term |  | 9.2 years |  | 8.7 years
Weighted-average discount rate |  | 3.9 | % |  | 4.0 | %
Finance leases: |  |  |  |
Weighted-average remaining lease term |  | 1.2 years |  | 2.1 years
Weighted-average discount rate |  | 3.5 | % |  | 3.1 | %
In 2022, the Company entered into a sale and leaseback transaction whereby the Company transferred ownership of Booking.com's headquarters building in the Netherlands and related land lease rights to a subsidiary of Deka Immobilien Investment GmbH for an aggregate consideration of approximately $601 million. The Company concurrently entered into an agreement to lease the building from the purchaser for an initial term of 16.5 years, with up to five renewal options of five years each. The initial annual base rent under the lease was $26 million, which will increase annually based on the consumer price index, subject to a specified ceiling. The lease commenced in December 2022 and has been classified by the Company as an operating lease. The Company recognized a gain of $240 million on the sale and leaseback transaction, which was recorded in "Other operating expenses" in the Consolidated Statement of Operations for the year ended December 31, 2022.
LEASES | LEASES The Company has operating and finance leases for office space, data centers, and computer equipment. The Company recognized the following related to its leases in its Consolidated Balance Sheets:
|  | Classification in Consolidated Balance Sheets |  | December 31, |  |
(in millions) |  |  | 2024 |  | 2023 |  |
Operating lease assets |  | Operating lease assets |  | $ | 559 |  |  | $ | 705 |  |  |
Operating lease liabilities: |  |  |  |  |  |  |  |
Current operating lease liabilities |  | Accrued expenses and other current liabilities |  | $ | 122 |  |  | $ | 152 |  |  |
Non-current operating lease liabilities |  | Operating lease liabilities |  | 483 |  |  | 599 |  |  |
Total operating lease liabilities |  |  |  | $ | 605 |  |  | $ | 751 |  |  |
Finance lease assets |  | Property and equipment, net |  | $ | 35 |  |  | $ | 70 |
Finance lease liabilities: |  |  |  |  |  |
Current finance lease liabilities |  | Accrued expenses and other current liabilities |  | $ | 26 |  |  | $ | 34 |
Non-current finance lease liabilities |  | Other long-term liabilities |  | 7 |  |  | 34 |
Total finance lease liabilities |  |  |  | $ | 33 |  |  | $ | 68 |
The Company recognized the following costs related to its leases in its Consolidated Statements of Operations:
|  |  |  | Year Ended December 31,
(in millions) |  | Classification in Consolidated Statements of Operations |  | 2024 |  | 2023 |  | 2022
Finance lease cost |  | Depreciation and amortization |  | $ | 37 |  |  | $ | 28 |  |  | $ | 9 |
Operating lease cost |  | General and administrative and Information technology |  | 174 |  |  | 180 |  |  | 160 |
Variable lease cost |  | General and administrative and Information technology |  | 78 |  |  | 82 |  |  | 45 |
Other |  |  |  | 4 |  |  | (4) |  |  | (5) |
Total lease cost |  | $ | 293 |  |  | $ | 286 |  |  | $ | 209 |
As of December 31, 2024, the future lease payments for operating and finance leases are as follows:
(in millions) |  | Operating Leases |  | Finance Leases
2025 |  | $ | 142 |  |  | $ | 27 |
2026 |  | 99 |  |  | 7 |
2027 |  | 80 |  |  | — |
2028 |  | 60 |  |  | — |
2029 |  | 50 |  |  | — |
Thereafter |  | 291 |  |  | — |
Total future lease payments |  | 722 |  |  | 34 |
Less: Imputed interest |  | (117) |  |  | (1) |
Total lease liabilities |  | $ | 605 |  |  | $ | 33 |
Supplemental cash flow information related to operating and finance leases is as follows:
|  | Year Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 184 |  |  | $ | 172 |  |  | $ | 175 |
Financing cash flows from finance leases |  | 36 |  |  | 31 |  |  | 9 |
Operating lease assets obtained in exchange for new operating lease liabilities |  | 75 |  |  | 200 |  |  | 392 |
Finance lease assets obtained in exchange for new finance lease liabilities |  | 2 |  |  | 44 |  |  | 50 |
"Operating lease amortization" presented in the operating activities section of the Consolidated Statements of Cash Flows reflects the portion of the operating lease cost from the amortization of the operating lease assets. At December 31, 2024 and 2023 the weighted-average lease term and discount rate for operating and finance leases are as follows:
|  | December 31,
(in millions) |  | 2024 |  | 2023
Operating leases: |  |  |  |
Weighted-average remaining lease term |  | 9.2 years |  | 8.7 years
Weighted-average discount rate |  | 3.9 | % |  | 4.0 | %
Finance leases: |  |  |  |
Weighted-average remaining lease term |  | 1.2 years |  | 2.1 years
Weighted-average discount rate |  | 3.5 | % |  | 3.1 | %
In 2022, the Company entered into a sale and leaseback transaction whereby the Company transferred ownership of Booking.com's headquarters building in the Netherlands and related land lease rights to a subsidiary of Deka Immobilien Investment GmbH for an aggregate consideration of approximately $601 million. The Company concurrently entered into an agreement to lease the building from the purchaser for an initial term of 16.5 years, with up to five renewal options of five years each. The initial annual base rent under the lease was $26 million, which will increase annually based on the consumer price index, subject to a specified ceiling. The lease commenced in December 2022 and has been classified by the Company as an operating lease. The Company recognized a gain of $240 million on the sale and leaseback transaction, which was recorded in "Other operating expenses" in the Consolidated Statement of Operations for the year ended December 31, 2022.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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