Divestitures

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

Note 10 – Divestitures

During the third quarter of 2020, in connection with our efforts to focus on our core businesses and streamline our activities, we committed to a plan to divest certain smaller businesses within our Retail segment. On March 1, 2021, we announced an agreement for the sale of Classic Vacations.

As a result, the related assets and liabilities of the disposal group was considered held-for-sale and consists of the following:

•Held-for-sale assets of $55 million as of March 31, 2021, which were primarily classified within cash of $36 million, accounts receivable of $3 million and prepaid expenses and other current assets of $12 million. Held-for-sale assets of $21 million as of December 31, 2020, which were primarily classified within cash of $5 million, accounts receivable of $2 million and prepaid expenses and other current assets of $12 million.

•Held-for-sale liabilities of $68 million as of March 31, 2021, which were primarily classified within merchant accounts payable of $12 million, accrued expenses and other current liabilities of $3 million and deferred merchant bookings of $51 million. Held-for-sale liabilities of $53 million as of December 31, 2020, which were primarily classified within merchant accounts payable of $8 million, accrued expenses and other current liabilities of $5 million and deferred merchant bookings of $38 million.

We expect to recognize an immaterial gain within other, net in the consolidated statements of operations during the second quarter of 2021 with respect to the sale of Classic Vacations, which completed in April 2021.