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SEGMENT REPORTING AND GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION SEGMENT REPORTING AND GEOGRAPHIC INFORMATION
See Note 1 for a description of the Company's business. The Company's portfolio of brands is organized into four operating segments. The Company determined its operating segments based on how its chief operating decision maker ("CODM"), who is the Chief Executive Officer and President, manages the business, makes operating decisions, and evaluates operating performance. The operating segments are aggregated into one reportable segment based on the similarity in economic characteristics, other qualitative factors, and the objectives and principles of ASC 280, Segment Reporting.

The CODM reviews revenues and an adjusted measure of earnings before interest, taxes, depreciation, and amortization less additions to property and equipment ("Adjusted EBITDA less Capex") for each operating segment. The following table presents information for the Company's reportable segment. Other segment items include operating expenses such as general and administrative and information technology. See Note 2 for additional information on these expenses.
Year Ended December 31,
(in millions)202420232022
Total revenues
$23,739 $21,365 $17,090 
Marketing expenses7,278 6,773 5,993 
Sales and other expenses3,104 2,744 1,986 
Personnel expenses3,133 2,818 2,310 
Other segment items2,045 2,010 1,694 
Segment Adjusted EBITDA less Capex
$8,179 $7,020 $5,107 

Decisions to allocate resources to each operating segment are made predominantly through the budgeting and forecasting process. The CODM reviews budget-to-actual variances for revenues and Adjusted EBITDA less Capex to assess performance of the operating segments. The information is also used as a basis for determining compensation for certain employees. Estimates and judgments are made in allocating certain revenues and Adjusted EBITDA less Capex to operating segments due to the integrated nature of the operating segments in the underlying transactions. The allocation process is consistent with the manner in which the CODM assesses the performance of the operating segments. Information on segment assets is not presented as depreciation and amortization is not included in measuring Adjusted EBITDA less Capex.
The following table presents the reconciliation of the Company's segment Adjusted EBITDA less Capex to Income before income taxes:
Year Ended December 31,
(in millions)202420232022
Segment Adjusted EBITDA less Capex
$8,179 $7,020 $5,107 
Additions to property and equipment
445 395 435 
Accruals related to the Netherlands pension fund matter (1)
— (276)— 
 Accruals related to fine imposed by the Spanish Competition authority (1)
78 (530)— 
Accruals related to settlements of indirect tax matters (1)
(337)(62)(46)
Termination fee related to an acquisition agreement (2)
— (90)— 
Depreciation and amortization (3)
(591)(504)(451)
Transformation costs (4)
(34)— — 
Loss on assets classified as held for sale (5)
— — (36)
Gain on sale and leaseback transaction (5)
— — 240 
Interest expense (3)
(1,295)(897)(391)
Interest and dividend income (3)
1,114 1,020 219 
Net gains (losses) on equity securities (6)
63 (131)(963)
Foreign currency transaction gains (losses) on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments (6)
539 (163)56 
Loss related to the conversion option on convertible senior notes (7)
(535)— — 
Other (8)
(334)(301)(247)
Income before income taxes
$7,292 $5,481 $3,923 
(1)    See Note 16 for additional information.
(2)    See Note 22 for additional information.
(3)    See Consolidated Statements of Operations.
(4)    See Note 20 for additional information.
(5)    See Note 21 for additional information.
(6)    See Note 18 for additional information.
(7)    See Note 12 for additional information.
(8)    Primarily consists of the expenses of corporate headquarters and certain other functional departments.

Stock-based compensation included in the determination of segment Adjusted EBITDA less Capex was $522 million, $447 million, and $347 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Geographic Information

The Company's revenues from its businesses outside of the U.S. consists of the results of Booking.com and Agoda in their entirety and the results of the KAYAK and OpenTable businesses located outside of the U.S. This classification is independent of where the consumer resides, where the consumer is physically located while using the Company's services, or the location of the travel service provider or restaurant. For example, a reservation made through Booking.com at a hotel in New York by a consumer in the U.S. is part of the results of the Company's businesses outside of the U.S. The Company's geographic information on revenues for the years ended December 31, 2024, 2023, and 2022 is as follows: 
(in millions)U.S.
Outside of
 the U.S. (1)
Total
Company
December 31, 2024$2,485 $21,254 $23,739 
December 31, 20232,327 19,038 21,365 
December 31, 20222,205 14,885 17,090 
(1)    Includes $18.6 billion, $17.0 billion, and $13.4 billion for the years ended December 31, 2024, 2023, and 2022, respectively, attributed to an entity domiciled in the Netherlands.

The following table presents information on the Company's property and equipment (excluding capitalized software) and operating lease assets based on location of the assets at December 31, 2024 and 2023:
U.S.Outside of the U.S.Total
Company
(in millions)The NetherlandsUnited KingdomOther
December 31, 2024$129 $405 $168 $243 $945 
December 31, 2023127 476 209 229 1,041