0001597033-20-000198 | 10-Q | XBRL Viewer

$ 53,216

$ 56,850

$ (4,528)

$ 894

Repurchase of common stock (in shares)

^[1]

(38,594)

1,491,521

Repurchase of common stock

(32,146)

$ (32,146)

2,245,107

477,357

(6,842)

$ 22

3,311

$ (10,175)

Stockholders' equity, ending balance at Mar. 31, 2019

15,694

965,599

$ 2,939

2,262,424

$ (420,301)

(750,310)

(137,252)

8,099

Stockholders' equity, ending balance (in shares) at Dec. 31, 2018

291,663,954

16,311,538

Stockholders' equity, beginning balance at Dec. 31, 2018

974,271

$ 2,917

2,243,419

$ (377,980)

(768,566)

(132,724)

7,205

Stockholders' equity, beginning balance (in shares) at Sep. 30, 2019

294,426,240

20,575,627

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stockholders' equity, ending balance at Sep. 30, 2019

131,888

956,111

$ 2,944

2,301,486

$ (468,366)

(735,250)

(152,626)

7,923

Stockholders' equity, ending balance (in shares) at Dec. 31, 2018

291,663,954

16,311,538

Stockholders' equity, beginning balance at Mar. 31, 2019

965,599

$ 2,939

2,262,424

$ (420,301)

(750,310)

(137,252)

8,099

Stockholders' equity, beginning balance (in shares) at Jun. 30, 2019

294,159,564

20,527,812

Increase (Decrease) in Stockholders' Equity [Roll Forward]

22,280

27,838

(7,164)

1,606

Repurchase of common stock (in shares)

^[1]

(38,281)

2,182,247,000

Repurchase of common stock

(45,490)

$ (45,490)

250,503

65,149,000

(162)

$ 3

1,276

$ (1,441)

Dividends paid to non-controlling interest on subsidiary common stock

18,295

(2,553)

Stockholders' equity, ending balance at Jun. 30, 2019

919,688

$ 2,942

2,281,995

$ (467,232)

(760,753)

(144,416)

7,152

Stockholders' equity, ending balance (in shares) at Mar. 31, 2019

293,909,061

18,280,416

Stockholders' equity, beginning balance (in shares) at Sep. 30, 2019

294,426,240

20,575,627

Increase (Decrease) in Stockholders' Equity [Roll Forward]

56,374

63,813

(8,210)

771

^[2]

(38,310)

266,676

47,815

1,265

^[1]

$ 2

2,397

$ (1,134)

Stockholders' equity, ending balance at Sep. 30, 2019

17,094

$ 956,111

$ 2,944

2,301,486

$ (468,366)

(735,250)

(152,626)

7,923

Stockholders' equity, ending balance (in shares) at Jun. 30, 2019

294,159,564

20,527,812

Stockholders' equity, beginning balance (in shares) at Dec. 31, 2019

Stockholders' equity, beginning balance at Dec. 31, 2019

$ 947,669

$ (7,591)

$ 0

$ 2,943

2,317,544

$ (468,618)

(763,482)

$ (7,591)

(149,306)

8,588

Stockholders' equity, beginning balance (in shares) at Mar. 31, 2020

296,543,470

21,228,917

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(231,200)

(212,680)

(19,303)

783

^[2]

(38,544)

2,224,053

642,065

(5,200)

$ 22

$ (5,272)

Stockholders' equity, ending balance (in shares) at Mar. 31, 2020

17,577

Stockholders' equity, ending balance at Mar. 31, 2020

$ 682,711

$ 0

$ 2,965

2,335,171

$ (473,890)

(1,022,297)

(168,609)

9,371

Stockholders' equity, ending balance (in shares) at Dec. 31, 2019

294,319,000

294,319,417

20,586,852

Stockholders' equity, beginning balance (in shares) at Dec. 31, 2019

Stockholders' equity, beginning balance at Dec. 31, 2019

$ 947,669

$ (7,591)

$ 0

$ 2,943

2,317,544

$ (468,618)

(763,482)

$ (7,591)

(149,306)

8,588

Stockholders' equity, beginning balance (in shares) at Sep. 30, 2020

338,499,000

338,499,281

21,265,859

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Repurchase of common stock (in shares)

$ (962,989)

Accrued preferred stock dividend

$ (2,000)

Stockholders' equity, ending balance (in shares) at Sep. 30, 2020

3,340,000

Stockholders' equity, ending balance at Sep. 30, 2020

$ 641,424

$ 33

$ 3,385

3,027,726

$ (474,165)

(1,778,877)

(146,103)

9,425

Stockholders' equity, ending balance (in shares) at Dec. 31, 2019

294,319,000

294,319,417

20,586,852

Stockholders' equity, beginning balance (in shares) at Mar. 31, 2020

Stockholders' equity, beginning balance at Mar. 31, 2020

$ 682,711

$ 0

$ 2,965

2,335,171

$ (473,890)

(1,022,297)

(168,609)

9,371

Stockholders' equity, beginning balance (in shares) at Jun. 30, 2020

297,130,702

21,258,581

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(433,025)

(444,131)

11,177

(71)

587,232

29,664

(41)

$ 6

168

$ (215)

Equity component of convertible note issuance, net

8,762

67,615

Stockholders' equity, ending balance (in shares) at Jun. 30, 2020

Stockholders' equity, ending balance at Jun. 30, 2020

$ 326,022

$ 0

$ 2,971

2,411,716

$ (474,105)

(1,466,428)

(157,432)

9,300

Stockholders' equity, ending balance (in shares) at Mar. 31, 2020

296,543,470

21,228,917

Stockholders' equity, beginning balance (in shares) at Sep. 30, 2020

338,499,000

338,499,281

21,265,859

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of stock (in shares)

$ (298,764)

(310,218)

11,329

125

3,340,000

41,071,429

Issuance of stock

275,003

322,885

$ 33

$ 411

274,592

$ 322,852

Accrued preferred stock dividend

(2,231)

^[3]

$ (2,000)

(2,231)

^[3]

297,150

7,278

(57)

$ 3

$ (60)

Stockholders' equity, ending balance (in shares) at Sep. 30, 2020

$ 18,566

18,566

3,340,000

Stockholders' equity, ending balance at Sep. 30, 2020

$ 641,424

$ 33

$ 3,385

$ 3,027,726

$ (474,165)

$ (1,778,877)

$ (146,103)

$ 9,425

Stockholders' equity, ending balance (in shares) at Jun. 30, 2020

297,130,702

21,258,581

[1]	A quarterly cash dividend of $0.14 per share on our common stock.
[2]	A quarterly cash dividend of $0.14 per share on our common stock.
[3]	Our mandatory convertible preferred stock accumulates cumulative dividends at an annual rate of 6.50%. The first cash dividend of $1.7514 per share is payable on December 1, 2020.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Cash dividend paid (in dollars per share)	$ 0.14	$ 0.14	$ 0.14	$ 0.14	$ 0.14	$ 0.14
6.50% Series A Mandatory Convertible Preferred Stock
Annual percentage rate	6.50%

General Information	9 Months Ended
General Information	Sep. 30, 2020
Accounting Policies [Abstract]
General Information	General Information Sabre Corporation is a Delaware corporation formed in December 2006. On March 30, 2007, Sabre Corporation acquired Sabre Holdings Corporation (“Sabre Holdings”). Sabre Holdings is the sole subsidiary of Sabre Corporation. Sabre GLBL Inc. ("Sabre GLBL") is the principal operating subsidiary and sole direct subsidiary of Sabre Holdings. Sabre GLBL or its direct or indirect subsidiaries conduct all of our businesses. In these consolidated financial statements, references to “Sabre,” the “Company,” “we,” “our,” “ours” and “us” refer to Sabre Corporation and its consolidated subsidiaries unless otherwise stated or the context otherwise requires. Strategic Realignment—We connect people and places with technology that reimagines the business of travel. The COVID-19 pandemic has caused major shifts in the travel ecosystem resulting in the changing needs of our airline, hotel and agency customers. As a result, we accelerated the organizational changes we began in 2018 to address the changing travel landscape through a strategic realignment of our airline and agency-focused businesses and to respond to the impacts of the COVID-19 pandemic on our business and cost structure. The organizational changes involve the creation of a functional-oriented structure to further enhance our long-term growth opportunities and help deliver new retailing, distribution and fulfillment solutions to the travel marketplace. As a result of our strategic realignment, we now operate our business and present our results through two business segments: (i) Travel Solutions, our global travel solutions for travel suppliers and travel buyers, including a broad portfolio of software technology products and solutions for airlines, and (ii) Hospitality Solutions, an extensive suite of leading software solutions for hoteliers. All revenue and expenses previously assigned to the Travel Network and Airline Solutions business segments have been consolidated into a unified revenue and expense structure now reported as the Travel Solutions business segment. There have been no changes to the historical Hospitality Solutions reporting segment. Additionally, we have reclassified expenses on our statement of operations to provide additional clarification on our costs by separating technology costs from cost of revenue and moving certain expenses previously classified as cost of revenue to selling, general and administrative to align with the current leadership and operational organizational structure. Within our segments and results of operations, cost of revenue primarily consists of costs associated with the delivery and distribution of our products and services, including employee-related costs for our delivery, customer operations and call center teams, and transactional-related costs, including travel agency incentive consideration for reservations made on our global distribution system ("GDS") for Travel Solutions and GDS transaction fees for Hospitality Solutions. Technology costs consist of expenses related to technology operations including data processing and hosting, third-party software, maintenance and expensed research and development labor costs associated with our development teams responsible for the maintenance and enhancement of our existing products and the development of new products and services. Selling, general and administrative expenses consist of professional service fees, certain settlement charges or reimbursements, costs to defend legal disputes, provision for expected credit losses, other overhead costs, and personnel-related expenses, including stock-based compensation, for employees engaged in sales, sales support, account management and who administratively support the business in finance, legal, human resources, information technology and communications. For the three months ended September 30, 2019, we reclassified $298 million from cost of revenue and $25 million from selling, general and administrative to technology costs. Additionally, for the three months ended September 30, 2019, we reclassified $34 million from cost of revenue to selling, general and administrative. For the nine months ended September 30, 2019, we reclassified $885 million from cost of revenue and $79 million from selling, general and administrative to technology costs. Additionally, for the nine months ended September 30, 2019, we reclassified $96 million from cost of revenue to selling, general and administrative. Recent Events—The travel industry continues to be adversely affected by the global health crisis due to the outbreak of the coronavirus ("COVID-19") in January 2020, as well as by government directives that have been enacted to slow the spread of the virus. As expected, this pandemic continued to have a material impact to our consolidated financial results in the third quarter of 2020, resulting in a material decrease in transaction-based revenue across both of our business units compared to the prior year. Lower GDS volumes resulted in a material decline in incentive consideration costs, as expected. The reduction in revenues as the result of COVID-19 has significantly adversely affected our liquidity. We have responded with measures to increase our cash position, including our previously disclosed suspension of common stock dividends and share repurchases under the Share Repurchase Program, borrowing under our existing revolving credit facility, and the completion of debt and equity offerings. See Note 7. Debt and Note 11. Stock and Stockholders' Equity for further information. We believe that we have resources to sufficiently fund our liquidity requirements over at least the next twelve months; however, given the magnitude of travel decline and the unknown duration of the COVID-19 impact, we will continue to monitor our liquidity levels and take additional steps should we determine they are necessary. As noted above, we substantially completed the strategic realignment of our airline and agency-focused businesses during the third quarter of 2020 to address the changing travel landscape and to respond to the impacts of the COVID-19 pandemic on our business and cost structure. During the nine months ended September 30, 2020, we recorded a charge of $74 million in connection with these restructuring activities. See Note 4. Restructuring Activities for further details on the costs incurred related to restructuring activities. The inputs into our judgments and estimates consider the economic implications of COVID-19 on our critical and significant accounting estimates. Cancellations of airline travel reservations prior to the day of departure are estimated based on the historical level of cancellation rates, adjusted to take into account any recent factors which could cause a change in those rates. In the first and second quarters of 2020, the airline industry experienced a significantly higher number of airline travel reservation cancellations as a result of COVID-19 than expected as of December 31, 2019 and March 31, 2020. As a result, our cancellation reserve as of June 30, 2020 was further adjusted for the significant effect that COVID-19 has had on the travel industry and the resulting volume of airline travel cancellations. During the third quarter of 2020, our estimated reserve decreased due to actual cancellations being less than expected as of the end of the second quarter, and a decrease in new bookings during the third quarter. The combination of reduced new bookings, estimates for bookings expected to travel, continued mix toward domestic bookings and consumed cancellations during the quarter resulted in a decline in the cancellation reserve from $60 million as of June 30, 2020 to $33 million as of September 30, 2020. Given the unprecedented amount of air booking cancellations during 2020, we expect variability in the amount of our cancellation reserve in future periods as estimates of cancellations may differ from historical and recent experience. See Note 2. Revenue from Contracts with Customers for further information regarding the impact of cancellations on revenue during the third quarter. Additionally, our provision for expected credit losses for the nine months ended September 30, 2020 was $58 million, primarily related to fully reserving for aged balances related to certain customers, bankruptcy-related reserves, an increase in our forecasted credit losses due to the impact of the COVID-19 pandemic on the global economy and other general increases in bad debt from aging balances as applied under the newly adopted credit loss standard. See Note 6. Credit Losses. Given the uncertainties surrounding the duration and effects of COVID-19 on transaction volumes in the global travel industry, particularly air travel transaction volumes, including from airlines’ insolvency or suspension of service or aircraft groundings, we cannot provide assurance that the assumptions used in our estimates will be accurate. We updated our goodwill assessment on a qualitative basis and reviewed our other long-lived assets including intangible assets as of September 30, 2020, and did not identify any material impairments. See Note 9. Fair Value Measurements for further information about our interim goodwill assessment. As we cannot predict the duration or scope of the COVID-19 pandemic, future impairments may occur and the negative financial impact to our consolidated financial statements and results of operations of potential future impairments cannot be reasonably estimated but could be material. Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2020. The accompanying interim financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 26, 2020. We consolidate all majority-owned subsidiaries and companies over which we exercise control through majority voting rights. No entities are consolidated due to control through operating agreements, financing agreements or as the primary beneficiary of a variable interest entity. The consolidated financial statements include our accounts after elimination of all significant intercompany balances and transactions. All dollar amounts in the financial statements and the tables in the notes, except per share amounts, are stated in thousands of U.S. dollars unless otherwise indicated. All amounts in the notes reference results from continuing operations unless otherwise indicated. Use of Estimates—The preparation of these interim financial statements in conformity with GAAP requires that certain amounts be recorded based on estimates and assumptions made by management. Actual results could differ from these estimates and assumptions. Our accounting policies that utilize significant estimates and assumptions include: (i) estimation for revenue recognition and multiple performance obligation arrangements, (ii) determination of the fair value of assets and liabilities acquired in a business combination, (iii) the evaluation of the recoverability of the carrying value of long-lived assets and goodwill, (iv) assumptions utilized to test recoverability of capitalized implementation costs and customer and subscriber advances, (v) judgments in capitalization of software developed for internal use, (vi) the evaluation of uncertainties surrounding the calculation of our tax assets and liabilities, (vii) estimation of the air booking cancellation reserve, and (viii) the evaluation of the allowance for credit losses. Our use of estimates and the related accounting policies are discussed in the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 26, 2020. Additionally, see Note 2. Revenue from Contracts with Customers for additional information on the use of significant estimates and assumptions in recognizing revenue and Note 6. Credit Losses for additional information regarding the use of significant estimates and assumptions related to the allowance for credit losses. Given the uncertainties surrounding the duration and effects of COVID-19, we cannot provide assurance that the assumptions used in our estimates will be accurate. Adoption of New Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued updated guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued, if certain criteria are met. The updated standard is effective for all entities upon issuance and we will apply the amendments prospectively through December 31, 2022. There was no impact to our consolidated financial statements for the three and nine months ended September 30, 2020 as a result of adopting this standard. Our current hedging contracts do not extend past December 31, 2021. In October 2018, the FASB issued updated guidance that eliminates the requirement that entities consider indirect interests held through related parties under common control in their entirety when assessing whether a decision-making fee is a variable interest and instead requires entities to consider these indirect interests on a proportional basis. We adopted this standard in the first quarter of 2020, which did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued updated guidance on customer's accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. Under this updated standard, a customer in a cloud-computing arrangement that is a service contract is required to follow guidance on software developed for internal use to determine which implementation costs to capitalize as assets or expense as incurred. This standard aligns the accounting for implementation costs for hosting arrangements, regardless of whether they convey a license to the hosted software. The standard requires that capitalized implementation costs related to a hosting arrangement that is a service contract be amortized over the term of the hosting arrangement, beginning when the component of the hosting arrangement is ready for its intended use, similar to requirements in guidance on software developed for internal use. In addition, costs incurred during the preliminary project and post-implementation phases are expensed as they are incurred. We adopted this standard prospectively in the first quarter of 2020, which did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued updated guidance for the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Under this updated standard, the current "incurred loss" approach is replaced with an "expected loss" model for instruments measured at amortized cost. We adopted this standard in the first quarter of 2020, resulting in a $10 million increase in the allowance for credit losses, partially offset by a $1 million decrease in deferred tax liabilities and a $1 million increase in accounts receivable with a corresponding increase of approximately $8 million in our opening retained deficit as of January 1, 2020. See Note 6. Credit Losses for more information on the impacts from adoption and ongoing considerations. Recent Accounting Pronouncements In August 2020, the FASB issued updated guidance limiting the accounting models for convertible instruments, which will result in fewer embedded conversion features being separately recognized from the host contract when compared to existing guidance. Under the updated guidance, some convertible debt instruments will be accounted for as a single liability measured at amortized cost. Additionally, the updated guidance both enhances disclosures around convertible instruments and requires the use of the if-converted method to calculate diluted earnings per share for convertible instruments. The updated standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020. The standard provides for the option of full retrospective transition on January 1, 2021. Although we are still evaluating the impact of the updated guidance and the effects on our financial statements, we anticipate using full retrospective transition on January 1, 2021 to account for the Exchangeable Notes on a whole-instrument basis. As a result, we anticipate long-term debt to increase approximately $88 million, additional paid-in capital to decrease $68 million, and deferred taxes to decrease by $20 million on January 1, 2021 and we will retrospectively reduce pre-tax interest expense. In December 2019, the FASB issued updated guidance which simplifies the accounting for income taxes, eliminates certain exceptions within existing income tax guidance, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The updated standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We do not expect the adoption of this standard to have a material impact to our consolidated financial statements.

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Contract Balances

Revenue recognition for a significant portion of our revenue coincides with normal billing terms, including our transactional revenues, Software-as-a-Service ("SaaS") revenues, and hosted revenues. Timing differences among revenue recognition, unconditional rights to bill, and receipt of contract consideration may result in contract assets or contract liabilities.

The following table presents our assets and liabilities with customers as of September 30, 2020 and December 31, 2019 (in thousands):


Account	Consolidated Balance Sheet Location	September 30, 2020		December 31, 2019
Contract assets and customer advances and discounts(1)	Prepaid expenses and other current assets / other assets, net	$	94,178	$	105,499
Trade and unbilled receivables, net	Accounts receivable, net	280,520		539,806
Long-term trade unbilled receivables, net	Other assets, net	27,080		38,250
Contract liabilities	Deferred revenues / other noncurrent liabilities	193,539		167,832

________________________________

(1) Includes contract assets of $8 million and $6 million for September 30, 2020 and December 31, 2019, respectively.

During the nine months ended September 30, 2020, we recognized revenue of approximately $21 million from contract liabilities that existed as of January 1, 2020. Our long-term trade unbilled receivables, net relate to license fees billed ratably over the contractual period and recognized when the customer gains control of the software. We evaluate collectability of our accounts receivable based on a combination of factors and record reserves as described further in Note 6. Credit Losses.

Revenue

The following table presents our revenues disaggregated by business (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Distribution	$	104,594	$	673,405	$	451,183	$	2,092,362
IT Solutions	132,424		245,626		449,685		750,029
Total Travel Solutions	237,018		919,031		900,868		2,842,391
SynXis Software and Services	41,287		65,962		118,767		194,974
Other	3,637		8,856		14,396		26,551
Total Hospitality Solutions	44,924		74,818		133,163		221,525
Eliminations	(3,577)		(9,650)		(13,645)		(30,350)
Total Sabre Revenue	$	278,365	$	984,199	$	1,020,386	$	3,033,566

Travel Solutions generates distribution revenue for bookings made through our GDS (e.g., Air, and Lodging, Ground and Sea ("LGS")). GDS services link and engage transactions between travel agents and travel suppliers. Revenue is generated from contracts with the travel suppliers as each booking is made or transaction occurs and represents a stand-ready performance obligation where our systems perform the same service each day for the customer, based on the customer’s level of usage. Distribution revenue associated with car rental, hotel transactions and other travel providers is recognized at the time the reservation is used by the customer. Distribution revenue associated with airline travel reservations is recognized at the time of booking of the reservation, net of estimated future cancellations.

In the first and second quarters of 2020, the airline industry experienced a significantly higher number of airline travel reservation cancellations as a result of COVID-19 than expected as of December 31, 2019 and March 31, 2020. Revenue for the second quarter was negatively impacted by approximately $100 million resulting from increased cancellation activity beyond what was initially estimated. Our cancellation reserve is highly sensitive to our estimate of bookings that we expect will eventually travel, as well as to the mix of those bookings between domestic and international, given the varying rates paid by airline suppliers. To address this change in estimate, we further increased our reserve for future cancellations to $60 million as of June 30, 2020 to account for the significant effect that COVID-19 has had on the travel industry and the resulting volume of airline travel cancellations and the impacts on the booking fee rate for higher international cancellations and lower international new bookings than previously experienced. Actual cancellations during the third quarter were fewer than expected as of the end of the second quarter and new bookings remained down significantly during the third quarter. This combination of actual cancellation activity and fewer bookings resulted in a reduction in the cancellation reserve to $33 million as of September 30, 2020. Given the continued uncertainty caused by the COVID-19 pandemic, we expect variability in the amount of our cancellation reserve in future periods as estimates of cancellations may differ from historical and recent experience. Approximately $18 million of revenue was recognized in the third quarter of 2020 resulting from less cancellation activity on bookings scheduled to depart during the third quarter than estimated as of June 30, 2020.

Travel Solutions also generates IT solutions revenue from its product offerings including reservation systems for full-cost and low-cost carriers, commercial and operations products, agency solutions and booking data. Reservation system revenue is primarily generated based on the number of passengers boarded. Normally, customers are charged a fixed, upfront solutions fee and a recurring usage-based fee for the use of the software as a stand-ready performance obligation. In the context of both our reservation systems and our commercial and operations products, upfront solutions fees are recognized primarily on a straight-line basis over the relevant contract term, upon cut-over of the primary SaaS solution. We may occasionally recognize revenue in the current period for performance obligations partially or fully satisfied in the previous periods resulting from changes in

estimates for the transaction price, including any changes to our assessment of whether an estimate of variable consideration is constrained. For the nine months ended September 30, 2020, the impact on revenue recognized in the current period, from performance obligations partially or fully satisfied in the previous period, is immaterial. We also directly license certain software to customers associated with our commercial and operations products in which the customer obtains control of a license. Revenue from software license fees is recognized when the customer gains control of the software enabling them to directly use the software and obtain substantially all of the remaining benefits. Fees for ongoing software maintenance are recognized ratably over the life of the contract.

Hospitality Solutions generates revenue from technology solutions provided to hotels primarily in a SaaS or hosted environment based on the number of central reservation system transactions. Upfront solutions fees are recognized primarily on a straight-line basis over the relevant contract term, upon cut-over of the primary SaaS solution. Customers are normally charged an upfront solutions fee and a recurring usage-based fee for the use of the software, which represents a stand-ready performance obligation.

Contracts with the same customer which are entered into at or around the same period are analyzed for revenue recognition purposes on a combined basis which can impact timing of revenue recognition. Unearned performance obligations primarily consist of deferred revenue for fixed implementation fees and future product implementations, which are included in deferred revenue and other noncurrent liabilities in our consolidated balance sheet. We have not disclosed the performance obligation related to contracts containing minimum transaction volume, as it represents a subset of our business, and therefore would not be meaningful in understanding the total future revenues expected to be earned from our long-term contracts.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Restructuring and Related Activities [Abstract]

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions Farelogix On August 20, 2019, the U.S. Department of Justice ("DOJ") filed a complaint in federal court in the District of Delaware, seeking a permanent injunction to prevent Sabre from acquiring Farelogix, Inc. ("Farelogix"), alleging that the proposed acquisition is likely to substantially lessen competition in violation of federal antitrust law. On April 7, 2020, the trial court ruled in favor of Sabre, denying the DOJ's request for an injunction. On April 9, 2020, the U.K. Competition and Markets Authority ("CMA") blocked the acquisition following its Phase 2 investigation. Given the CMA's decision, we recorded a charge of $46 million during the three months ended March 31, 2020 included in other, net in our consolidated statements of operations which is comprised of $25 million in advances for certain attorneys' fees and additional termination fees of $21 million. Sabre and Farelogix agreed to terminate the acquisition agreement on May 1, 2020 and we paid Farelogix aggregate termination fees of $21 million in the second quarter of 2020 pursuant to the acquisition agreement. Radixx In October 2019, we completed the acquisition of Radixx, a provider of retailing and customer service solutions to airlines in the low-cost carrier ("LCC") market, for $107 million, net of cash acquired and funded by cash on hand. Radixx is managed as a part of our Travel Solutions segment. During the third quarter of 2020, we recorded immaterial measurement period adjustments to deferred income taxes and goodwill and completed the purchase price allocation for the Radixx acquisition.

Restructuring Activities

9 Months Ended

Sep. 30, 2020

Restructuring Activities

Given the market conditions as the result of COVID-19, we have responded with cost savings measures, including a plan to reduce our workforce through involuntary and voluntary severance and voluntary early retirement programs. The COVID-19 pandemic has caused major shifts in the travel ecosystem resulting in the changing needs of our airline, hotel and agency customers. As a result, we accelerated the organizational changes we began in 2018 to address the changing travel landscape through a strategic realignment of our airline and agency-focused businesses to respond to the impacts of the COVID-19 pandemic on our business and cost structure.

During the nine months ended September 30, 2020, we incurred $74 million in connection with these restructuring activities, of which $22 million is recorded within cost of revenue, $32 million is recorded within technology costs and $20 million is recorded within selling, general and administrative costs within our consolidated statement of operations. Substantially all of these costs represent future cash expenditures for the payment of severance and related benefits costs. This strategic realignment and related actions are substantially complete. We do not expect additional restructuring charges associated with these activities to be significant.

The following table summarizes the accrued liability, as recorded within accrued compensation and related benefits within our consolidated balance sheet, related to these restructuring activities (in thousands):


	Nine Months Ended September 30, 2020
Balance as of January 1, 2020	$	—
Charges	73,934
Cash Payments	(33,433)
Balance as of September 30, 2020	$	40,501

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rates for the nine months ended September 30, 2020 and 2019 were 5% and 17%, respectively. The decrease in the effective tax rate for the nine months ended September 30, 2020 as compared to the same period in 2019 was primarily due to a valuation allowance recorded on tax losses generated in the current year related to the impact of COVID-19 on our results of operations and various discrete items recorded in each of the respective nine month periods. The difference between our effective tax rates and the U.S. federal statutory income tax rate primarily results from our geographic mix of taxable income in various tax jurisdictions, tax permanent differences and tax credits. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. Management believes it is more likely than not that the results of future operations will not generate sufficient taxable income in the U.S. and in certain foreign jurisdictions to realize the full benefits of its deferred tax assets. On the basis of this evaluation, as of September 30, 2020, a valuation allowance of $139 million has been recorded to recognize only the portion of the deferred tax asset that is more likely than not to be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased. We recognize liabilities when we believe that an uncertain tax position may not be fully sustained upon examination by the tax authorities. This evaluation requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. When facts and circumstances change, we reassess these probabilities and record any changes in the consolidated financial statements as appropriate. Our net unrecognized tax benefits, excluding interest and penalties, included in our consolidated balance sheets, were $67 million and $65 million as of September 30, 2020 and December 31, 2019, respectively. Tax Receivable Agreement Immediately prior to the closing of our initial public offering in April 2014, we entered into the Tax Receivable Agreement (the "TRA"), which provides the right to receive future payments from us to stockholders and equity award holders that were our stockholders and equity award holders, respectively, immediately prior to the closing of our initial public offering (collectively, the “Pre-IPO Existing Stockholders”). In December 2019, we exercised our right under the terms of the TRA to accelerate our remaining payments under the TRA and make an early termination payment of $1 million, to the Pre-IPO Existing Shareholders, which was included in our January 2020 payment of $72 million. As a result, no future payments are required to be made to the Pre-IPO Existing Stockholders under the TRA. We made payments on the TRA, including interest, of $72 million and $105 million during the nine months ended September 30, 2020 and 2019, respectively

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Credit Losses

9 Months Ended

Sep. 30, 2020

Credit Loss [Abstract]

Credit Losses

In the first quarter of 2020, we adopted the updated guidance within Accounting Standards Codification ("ASC") 326, Credit Impairment for the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Under this updated standard, the previous "incurred loss" approach is replaced with an "expected loss" model for instruments measured at amortized cost. The adoption of this standard in the first quarter of 2020 resulted in a $10 million increase in the allowance for credit losses, partially offset by a $1 million decrease in deferred tax liabilities and a $1 million increase in accounts receivable with a corresponding increase of approximately $8 million in our opening retained deficit as of January 1, 2020.

We are exposed to credit losses primarily through our sales of services provided to participants in the travel and transportation industry which we consider to be our singular portfolio segment. We develop and document our methodology used in determining the allowance for credit losses at the portfolio segment level. Within the travel portfolio segment, we identify airlines, hoteliers and travel agencies as each presenting unique risk characteristics associated with historical credit loss patterns unique to each and we determine the adequacy of our allowance for credit loss by assessing the risks and losses inherent in our receivables related to each.

The majority of our receivables are trade receivables due in less than one year. In addition to our short-term trade and unbilled receivables, our receivables also include contract assets and long-term trade unbilled receivables. See Note 2. Revenue from Contracts with Customers for more information about these financial assets. Contract assets and long-term receivables are reviewed for recoverability on a periodic basis based on a review of subjective factors and trends in collection data including the aging of our trade receivable balances with these customers and expectations of future global economic growth. We believe our credit risk is mitigated with carriers who use the Airline Clearing House (“ACH”) and other similar clearing houses, as ACH requires participants to deposit certain balances into their demand deposit accounts by certain deadlines, which facilitates a timely settlement process. For those carriers from which we do not collect payments through the ACH or other similar clearing houses, our credit risk is higher. We monitor our ongoing credit exposure for these carriers through active review of customer balances against contract terms and due dates with account management. Our activities include established collection processes, account reconciliations, dispute resolution and payment confirmations. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. We generally do not require security or collateral from our customers as a condition of sale.

We evaluate the collectability of our receivables based on a combination of factors. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations to us, such as bankruptcy filings or failure to pay amounts due to us or others, we specifically reserve for bad debts against amounts due to reduce the recorded receivable to the amount we reasonably believe will be collected. For all other customers, we record reserves for receivables, including unbilled receivables and contract assets, based on historical experience and the length of time the receivables are past due. The estimate of credit losses is developed by analyzing historical twelve-month collection rates and adjusting for current customer-specific factors indicating financial instability and other macroeconomic factors that correlate with the expected collectability of our receivables.

Receivables are considered to be delinquent when contractual payment terms are exceeded. All receivables aged over twelve months are fully reserved. Receivables are written off against the allowance when it is probable that all remaining contractual payments will not be collected as evidenced by factors such as the extended age of the balance, the exhaustion of collection efforts, and the lack of ongoing contact or billing with the customer.

Our allowance for credit losses relates to all financial assets, primarily trade receivables due in less than one year recorded in Accounts Receivable, net on our consolidated balance sheets. Our allowance for credit losses for the nine months ended September 30, 2020 for our portfolio segment is summarized as follows (in thousands):


	Nine Months Ended September 30, 2020
Balance at December 31, 2019	$	57,730
Cumulative-effect adjustment upon adoption	9,868
Provision for expected credit losses	58,375
Write-offs	(14,173)
Other	1,230
Balance at September 30, 2020	$	113,030

Our provision for expected credit losses totaled $11 million and $58 million for the three and nine months ended September 30, 2020, respectively. For the nine months ended September 30, 2020, we made a decision to fully reserve for certain aged balances related to particular customers due to heightened uncertainty regarding collectability, including uncertainty related to bankruptcy filings by several of our customers during the nine months ended September 30, 2020. Additionally, the impact of the COVID-19 pandemic on the global economy and other general increases in aging balances has affected our current estimate of expected credit losses since year-end. Macro-economic factors, including the economic downtown, lack of liquidity in the capital markets resulting from the COVID-19 pandemic and lack of additional government funding, can have a significant effect on additions to the allowance as the pandemic may result in the restructuring or bankruptcy of additional customers. Given the uncertainties surrounding the duration and effects of COVID-19, we cannot provide assurance that the assumptions used in our estimates will be accurate and actual write-offs may vary from our estimates.

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

As of September 30, 2020 and December 31, 2019, our outstanding debt included in our consolidated balance sheets totaled $4,673 million and $3,343 million, respectively, which are net of debt issuance costs of $48 million and $15 million, respectively, and unamortized discounts of $89 million and $6 million, respectively. See "—Secured Notes" and "—Exchangeable Notes" below regarding the increase in unamortized discounts as of September 30, 2020. The following table sets forth the face values of our outstanding debt as of September 30, 2020 and December 31, 2019 (in thousands):


	Rate	Maturity	September 30, 2020		December 31, 2019
Senior secured credit facilities:
Term Loan A(1)	L + 2.75%	August 2023	$	133,995	$	484,500
Term Loan B	L + 2.00%	February 2024	1,829,319		1,843,427





Revolver, $400 million(2)	L + 2.75%	August 2023	375,000		—
5.375% senior secured notes due 2023(3)	5.375%	April 2023	—		530,000
5.25% senior secured notes due 2023	5.25%	November 2023	500,000		500,000

9.25% senior secured notes due 2025	9.25%	April 2025	775,000		—
7.375% senior secured notes due 2025	7.375%	September 2025	850,000		—
4.00% senior exchangeable notes due 2025	4.00%	April 2025	345,000		—
Finance lease obligations			899		5,882
Face value of total debt outstanding			4,809,213		3,363,809
Less current portion of debt outstanding			(33,452)		(81,614)
Face value of long-term debt outstanding			$	4,775,761	$	3,282,195

______________________

(1) Pursuant to the August 27, 2020 refinancing, the interest rate on Term Loan A was increased from L+2.50% to L+2.75% and the maturity was extended from July 2022 to August 2023. Subject to certain "springing" maturity conditions, the maturity may extend to February 2024 at the latest.

(2) Pursuant to the August 27, 2020 refinancing, the interest rate on the Revolver was increased from L+2.50% to L+2.75% and the maturity was extended from July 2022 to August 2023. Subject to certain "springing" maturity conditions, the maturity may extend to February 2024 at the latest.

(3) Extinguished on August 27, 2020 using proceeds from the 7.375% senior secured notes due 2025.

We had $375 million outstanding under the Revolver as of September 30, 2020 and no balance outstanding as of December 31, 2019. We had outstanding letters of credit totaling $11 million and $12 million as of September 30, 2020 and December 31, 2019, respectively, which reduced our overall credit capacity under the Revolver.

Senior Secured Credit Facilities

On August 23, 2017, Sabre GLBL entered into a Fourth Incremental Term Facility Amendment to our Amended and Restated Credit Agreement, Term Loan A Refinancing Amendment to our Amended and Restated Credit Agreement, and Second Revolving Facility Refinancing Amendment to our Amended and Restated Credit Agreement (the “2017 Refinancing”). The 2017 Refinancing included a $400 million revolving credit facility ("Revolver") as well as the application of the proceeds of the approximately $1,891 million incremental Term Loan B facility (“Term Loan B”) and $570 million Term Loan A facility (“Term Loan A”). The applicable margins for the Term Loan A and the Revolver were reduced to (i) between 2.50% and 1.75% per annum for Eurocurrency rate loans and (ii) between 1.50% and 0.75% per annum for base rate loans, in each case with the applicable margin for any quarter reduced by 25 basis points (up to 75 basis points total) if the Senior Secured First-Lien Net Leverage Ratio (as defined in the Amended and Restated Credit Agreement) is less than 3.75 to 1.0, 3.00 to 1.0, or 2.25 to 1.0, respectively. The applicable margins for the Term Loan B were reduced to 2.25% per annum for Eurocurrency rate loans and 1.25% per annum for base rate loans.

On March 2, 2018, Sabre GLBL entered into a Fifth Incremental Term Facility Amendment to our Amended and Restated Credit Agreement to refinance and modify the terms of the Term Loan B, resulting in a reduction of the applicable margins for the Term Loan B to 2.00% per annum for Eurocurrency rate loans and 1.00% per annum for base rate loans. We incurred no additional indebtedness as a result of this transaction.

On August 27, 2020, Sabre GLBL entered into a Third Revolving Facility Refinancing Amendment to the Amended and Restated Credit Agreement (the "Third Revolving Refinancing Amendment") and the First Term A Loan Extension Amendment to the Amended and Restated Credit Agreement (the "Term A Loan Extension Amendment" and, together with the Third Revolving Refinancing Amendment, the "2020 Refinancing"), which extended the maturity of the Revolver from July 1, 2022 to August 16, 2023 at the earliest and February 22, 2024 at the latest, depending on certain "springing" maturity conditions as described in the Third Revolving Refinancing Amendment and extended the maturity of the Term Loan A from July 1, 2022 to August 16, 2023 at the earliest and February 22, 2024 at the latest, depending on certain "springing" maturity conditions as described in the Term A Loan Extension Amendment. In the event that, as of August 16, 2023, the maturity date of the 5.25% senior secured notes due 2023 (the "November 2023 Notes") has not been extended or refinanced to a date after August 20, 2024, the extension is subject

to an earlier "springing" maturity date of August 16, 2023. In the event that, as of November 23, 2023, the maturity date of the Term Loan B has not been extended or refinanced to a date after August 20, 2024, the extension is subject to an earlier "springing" maturity date of November 23, 2023. In addition to extending the maturity date of the Revolver and Term A Loan, the 2020 Refinancing also provides that, during any covenant suspension resulting from a "Material Travel Event Disruption" (as defined in the Amended and Restated Credit Agreement and discussed further below), including during the current covenant suspension period, we must maintain liquidity of at least $450 million on a monthly basis. In addition, during this covenant suspension, the 2020 Refinancing limits certain payments to equity holders, certain investments, certain prepayments of unsecured debt and the ability of certain subsidiaries to incur additional debt. The interest rate spreads for the Revolver and Term Loan A were increased by 0.25%, during covenant suspension, in connection with the 2020 Refinancing. The maturity date of Term Loan B remains February 22, 2024.

Under the Amended and Restated Credit Agreement, the loan parties are subject to certain customary non-financial covenants, including certain restrictions on incurring certain types of indebtedness, creation of liens on certain assets, making of certain investments, and payment of dividends, as well as a maximum leverage ratio. Pursuant to Credit Agreement Amendments, effective July 18, 2016, the maximum leverage ratio has been adjusted to be based on the Total Net Leverage Ratio (as defined in the Amended and Restated Credit Agreement) and we are required, at all times (no longer solely when a threshold amount of revolving loans or letters of credit were outstanding), to maintain a Total Net Leverage Ratio of less than 4.5 to 1.0. However, under the terms of the Amended and Restated Credit Agreement, our Total Net Leverage Ratio requirement may be suspended for a limited time if a “Material Travel Event Disruption” has occurred.

“Material Travel Event Disruption,” as defined in the Amended and Restated Credit Agreement, means a decrease of 10% or more has occurred in any given calendar month in the number of “domestic revenue passenger enplanements” as a result of, or in connection with, a Travel Event (as defined in the Amended and Restated Credit Agreement) when compared to the number of “domestic revenue passenger enplanements” occurring in the corresponding month during the prior year, or if a Material Travel Event Disruption existed during such month, the most recent corresponding month in which no Material Travel Event Disruption occurred/existed. The number of “domestic revenue passenger enplanements” is determined by reference to the monthly “Air Traffic Statistics,” which terms are published by the Bureau of Transportation Statistics.

We have determined that a Material Travel Event Disruption occurred in the first, second and third quarters of 2020. Pursuant to the terms of the Amended and Restated Credit Agreement, the Total Net Leverage Ratio covenant has been suspended for at least the third and fourth quarters of 2020. As of September 30, 2020, we are in compliance with all covenants not suspended under the terms of the Amended and Restated Credit Agreement and with the additional covenants of the 2020 Refinancing.

Secured Notes

On August 27, 2020, Sabre GLBL entered into a new debt agreement consisting of $850 million aggregate principal amount of 7.375% senior secured notes due 2025 (the “September 2025 Notes”). The September 2025 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL’s restricted subsidiaries that guarantee Sabre GLBL’s credit facility. The September 2025 Notes bear interest at a rate of 7.375% per annum and interest payments are due semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2021. The September 2025 Notes mature on September 1, 2025. The net proceeds received from the sale of the September 2025 Notes, net of underwriting fees and commissions, plus cash on hand, was used to: (1) repay approximately $319 million principal amount of debt under the Term Loan A; (2) redeem all of our outstanding 5.375% senior secured notes due April 2023; and (3) repay approximately $3 million principal amount of debt under the Term Loan B. We recognized a loss on extinguishment of debt of $10 million during the nine months ended September 30, 2020 in connection with these transactions which consisted of a redemption premium of $7 million and the write-off of unamortized debt issuance costs of $3 million.

On April 17, 2020, Sabre GLBL entered into a new debt agreement consisting of $775 million aggregate principal amount of 9.250% senior secured notes due 2025 (the “April 2025 Notes”). The April 2025 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL’s restricted subsidiaries that guarantee Sabre GLBL’s credit facility. The April 2025 Notes bear interest at a rate of 9.250% per annum and interest payments are due semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2020. The April 2025 Notes mature on April 15, 2025. The net proceeds received from the sale of the April 2025 Notes of $763 million, net of underwriting fees and commissions, are being used for general corporate purposes.

Exchangeable Notes

On April 17, 2020, Sabre GLBL entered into a new debt agreement consisting of $345 million aggregate principal amount of 4.000% senior exchangeable notes due 2025 (the “Exchangeable Notes”). The Exchangeable Notes are senior, unsecured obligations of Sabre GLBL, accrue interest payable semi-annually in arrears and mature on April 15, 2025, unless earlier repurchased or exchanged in accordance with specified circumstances and terms of the indenture governing the Exchangeable Notes.

Under the terms of indenture, the notes are exchangeable into common stock of Sabre Corporation (referred to as "our common stock" herein) at the following times or circumstances:

•during any calendar quarter commencing after the calendar quarter ended June 30, 2020, if the last reported sale price per share of our common stock exceeds 130% of the exchange price for each of at least 20 trading days (whether or

not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

•during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the "Measurement Period") if the trading price per $1,000 principal amount of Exchangeable Notes, as determined following a request by their holder in accordance with the procedures in the indenture, for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the exchange rate on such trading day;

•upon the occurrence of certain corporate events or distributions on our common stock, including but not limited to a “Fundamental Change” (as defined in the indenture governing the notes);

•upon the occurrence of specified corporate events; or

•on or after October 15, 2024, until the close of business on the second scheduled trading day immediately preceding the maturity date, April 15, 2025.

With certain exceptions, upon a Change of Control or other Fundamental Change (both as defined in the indenture governing the Exchangeable Notes), the holders of the Exchangeable Notes may require us to repurchase all or part of the principal amount of the Exchangeable Notes at a repurchase price equal to 100% of the principal amount of the Exchangeable Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. As of September 30, 2020, none of the conditions allowing holders of the Exchangeable Notes to exchange have been met. As of September 30, 2020, the value of the Exchangeable Notes does not exceed the outstanding principal amount.

The Exchangeable Notes are convertible at their holder’s election into shares of our common stock based on an initial conversion rate of 126.9499 shares of common stock per $1,000 principal amount of the Exchangeable Notes, which is equivalent to an initial conversion price of approximately $7.88 per share. The exchange rate is subject to anti-dilution and other adjustments. Upon conversion, Sabre GLBL will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of common stock, at our election. If a “Make-Whole Fundamental Change” (as defined in the Exchangeable Notes Indenture) occurs with respect to any Exchangeable Note and the exchange date for the exchange of such Exchangeable Note occurs during the related “Make-Whole Fundamental Change Exchange Period” (as defined in the Exchangeable Notes Indenture), then, subject to the provisions set forth in the Exchangeable Notes Indenture, the exchange rate applicable to such exchange will be increased by a number of shares set forth in the table contained in the Exchangeable Notes Indenture, based on a function of the time since origination and our stock price on the date of the occurrence of such Make-Whole Fundamental Change.

The net proceeds received from the sale of the Exchangeable Notes of $336 million, net of underwriting fees and commissions, are being used for general corporate purposes. We allocated the proceeds of the Exchangeable Notes between long-term debt and equity. The allocation to the long-term debt component was based on an estimated fair value of a similar debt instrument that does not contain features permitting exchange into common stock (a Level 2 input, as defined in Note 9. Fair Value Measurements). We determined the fair value of the long-term debt component as the present value of contractual future cash flows. The carrying amount of the equity component was calculated by deducting the fair value of the long-term debt component from the initial proceeds of the Exchangeable Notes. Accordingly, at issuance, we allocated $255 million to long-term debt and $90 million to additional paid-in capital. We recorded a net deferred tax liability of $20 million in connection with the debt discount and issuance costs associated with the Exchangeable Notes that is recorded in deferred income taxes on the consolidated balance sheets. The difference between the face value of the Exchangeable Notes and the long-term debt component is accounted for as a debt discount, which is amortized, along with debt issuance costs, to interest expense over the term of the Exchangeable Notes ending April 15, 2025 using an effective interest rate of approximately 12%.

The following table sets forth the carrying value of the Exchangeable Notes as of September 30, 2020 (in thousands):


	September 30, 2020
Liability component:
Principal	$	345,000
Less: Unamortized debt discount	(84,082)
Net Carrying Value (1)	$	260,918

Equity component:
Conversion feature	$	90,500
Less: Equity portion of debt issuance costs	(3,167)
Less: Deferred tax liability	(19,718)
Net Carrying Value	$	67,615

______________________

1) Excludes net unamortized debt issuance costs of $8 million as of September 30, 2020.

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and nine months ended September 30, 2020 (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020		2020
Contractual interest expense	$	3,450	$	6,248
Amortization of debt discount and issuance costs	$	3,814	$	6,909

Derivatives

9 Months Ended

Sep. 30, 2020

Derivatives

Hedging Objectives—We are exposed to certain risks relating to ongoing business operations. The primary risks managed by using derivative instruments are foreign currency exchange rate risk and interest rate risk. Forward contracts on various foreign currencies are entered into to manage the foreign currency exchange rate risk on operational expenditures' exposure denominated in foreign currencies. Interest rate swaps are entered into to manage interest rate risk associated with our floating-rate borrowings.

In accordance with authoritative guidance on accounting for derivatives and hedging, we designate foreign currency forward contracts as cash flow hedges on operational exposure and interest rate swaps as cash flow hedges of floating-rate borrowings.

Cash Flow Hedging Strategy—To protect against the reduction in value of forecasted foreign currency cash flows, we hedge portions of our revenues and expenses denominated in foreign currencies with forward contracts. For example, when the dollar strengthens significantly against the foreign currencies, the decline in present value of future foreign currency expense is offset by losses in the fair value of the forward contracts designated as hedges. Conversely, when the dollar weakens, the increase in the present value of future foreign currency expense is offset by gains in the fair value of the forward contracts. Due to the uncertainty driven by the COVID-19 pandemic on our foreign currency exposures, we have paused entering into new cash flow hedges of forecasted foreign currency cash flows until we have more clarity regarding the recovery trajectory and its impacts on net exposures.

We enter into interest rate swap agreements to manage interest rate risk exposure. The interest rate swap agreements modify our exposure to interest rate risk by converting floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense and net earnings. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreements without an exchange of the underlying principal amount.

For derivative instruments that are designated and qualify as cash flow hedges, the effective portions and ineffective portions of the gain or loss on the derivative instruments, and the hedge components excluded from the assessment of effectiveness, are reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. Derivatives not designated as hedging instruments are carried at fair value with changes in fair value reflected in Other, net in the consolidated statement of operations.

Forward Contracts—In order to hedge our operational expenditures' exposure to foreign currency movements, we are a party to certain foreign currency forward contracts that extend until December 2020. We have designated these instruments as cash flow hedges. No hedging ineffectiveness was recorded in earnings relating to the forward contracts during the three and

nine months ended September 30, 2020 and 2019. As of September 30, 2020, no material losses are expected to be reclassified from other comprehensive (loss) income to earnings over the next 12 months.

As of September 30, 2020 and December 31, 2019, we had the following unsettled purchased foreign currency forward contracts that were entered into to hedge our operational exposure to foreign currency movements (in thousands, except for average contract rates):


Outstanding Notional Amounts as of September 30, 2020
Buy Currency	Sell Currency	Foreign Amount	USD Amount	Average Contract Rate
Polish Zloty	US Dollar	54,000	14,105	0.2612
Singapore Dollar	US Dollar	12,000	8,899	0.7416
Indian Rupee	US Dollar	550,000	7,475	0.0136
British Pound Sterling	US Dollar	3,900	5,118	1.3123
Australian Dollar	US Dollar	3,000	2,097	0.6990
Swedish Krona	US Dollar	5,000	531	0.1078


Outstanding Notional Amounts as of December 31, 2019
Buy Currency	Sell Currency	Foreign Amount	USD Amount	Average Contract Rate
Polish Zloty	US Dollar	265,000	68,971	0.2603
Indian Rupee	US Dollar	4,485,000	61,708	0.0138
Singapore Dollar	US Dollar	63,500	46,759	0.7364
British Pound Sterling	US Dollar	18,400	24,109	1.3103
Australian Dollar	US Dollar	16,500	11,521	0.6982
Swedish Krona	US Dollar	38,100	4,106	0.1075

Interest Rate Swap Contracts—Interest rate swaps outstanding during the nine months ended September 30, 2020 and 2019 are as follows:

Notional Amount

Interest Rate
Received

Interest Rate Paid

Effective Date

Maturity Date

Designated as Hedging Instrument

$1,350 million

1 month LIBOR(1)

2.27%

December 31, 2018

December 31, 2019

$1,200 million

1 month LIBOR(1)

2.19%

December 31, 2019

December 31, 2020

$600 million

1 month LIBOR(1)

2.81%

December 31, 2020

December 31, 2021

______________________

(1) Subject to a 0% floor.

In connection with the 2017 Term Facility Amendment, we entered into forward starting interest rate swaps effective March 31, 2017 to hedge the interest payments associated with $750 million of the floating-rate 2017 Term Loan B. The total notional amount outstanding of $750 million became effective December 31, 2018 and extended through the full year 2019. In September 2017, we entered into forward starting interest rate swaps to hedge the interest payments associated with $750 million of the floating-rate Term Loan B. The total notional outstanding of $750 million became effective December 31, 2019 and extends through the full year 2020. In April 2018, we entered into forward starting interest rate swaps to hedge the interest payments associated with $600 million, $300 million and $450 million of the floating-rate Term Loan B related to years 2019, 2020 and 2021, respectively. In December 2018, we entered into forward starting interest rate swaps to hedge the interest payments associated with $150 million of the floating-rate Term Loan B for the years 2020 and 2021. We have designated these swaps as cash flow hedges.

The estimated fair values of our derivatives designated as hedging instruments as of September 30, 2020 and December 31, 2019 are as follows (in thousands):


	Derivative Assets (Liabilities)
		Fair Value as of
Derivatives Designated as Hedging Instruments	Consolidated Balance Sheet Location	September 30, 2020		December 31, 2019
Foreign exchange contracts	Prepaid expenses and other	$	—	$	1,953
Foreign exchange contracts	Other accrued liabilities	(258)		—


Interest rate swaps	Other accrued liabilities	(18,428)		(7,020)
Interest rate swaps	Other noncurrent liabilities	(3,368)		(7,918)
Total		$	(22,054)	$	(12,985)

The effects of derivative instruments, net of taxes, on OCI for the three and nine months ended September 30, 2020 and 2019 are as follows (in thousands):


	Amount of Gain (Loss) Recognized in OCI on Derivative, Effective Portion
	Three Months Ended September 30,				Nine Months Ended September 30,

Derivatives in Cash Flow Hedging Relationships	2020		2019		2020		2019
Foreign exchange contracts	$	2,164	$	(5,072)	$	(4,837)	$	(4,761)
Interest rate swaps	60		(1,284)		(15,745)		(16,178)
Total	$	2,224	$	(6,356)	$	(20,582)	$	(20,939)


		Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships	Income Statement Location	Three Months Ended September 30,				Nine Months Ended September 30,

		2020		2019		2020		2019
Foreign exchange contracts	Cost of revenue	$	(319)	$	981	$	2,904	$	4,547
Interest rate swaps	Interest expense, net	4,819		53		9,990		(1,003)
Total		$	4,500	$	1,034	$	12,894	$	3,544

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for that asset or liability. Guidance on fair value measurements and disclosures establishes a valuation hierarchy for disclosure of inputs used in measuring fair value defined as follows:

Level 1—Inputs are unadjusted quoted prices that are available in active markets for identical assets or liabilities.

Level 2—Inputs include quoted prices for similar assets and liabilities in active markets and quoted prices in non-active markets, inputs other than quoted prices that are observable, and inputs that are not directly observable, but are corroborated by observable market data.

Level 3—Inputs that are unobservable and are supported by little or no market activity and reflect the use of significant management judgment.

The classification of a financial asset or liability within the hierarchy is determined based on the least reliable level of input that is significant to the fair value measurement. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We also consider the counterparty and our own non-performance risk in our assessment of fair value.

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

Foreign Currency Forward Contracts—The fair value of the foreign currency forward contracts is estimated based upon pricing models that utilize Level 2 inputs derived from or corroborated by observable market data such as currency spot and forward rates.

Interest Rate Swaps—The fair value of our interest rate swaps is estimated using a combined income and market-based valuation methodology based upon Level 2 inputs, including credit ratings and forward interest rate yield curves obtained from independent pricing services reflecting broker market quotes

The following tables present our (liabilities) assets that are required to be measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in thousands):


			Fair Value at Reporting Date Using
	September 30, 2020		Level 1		Level 2		Level 3
Derivatives (1)
Foreign currency forward contracts	$	(258)	$	—	$	(258)	$	—
Interest rate swap contracts	(21,796)		—		(21,796)		—
Total	$	(22,054)	$	—	$	(22,054)	$	—


			Fair Value at Reporting Date Using
	December 31, 2019		Level 1		Level 2		Level 3
Derivatives (1)
Foreign currency forward contracts	$	1,953	$	—	$	1,953	$	—
Interest rate swap contracts	(14,938)		—		(14,938)		—
Total	$	(12,985)	$	—	$	(12,985)	$	—

______________________

(1) See Note 8. Derivatives for further detail.

There were no transfers between Levels 1 and 2 within the fair value hierarchy for the three and nine months ended September 30, 2020.

Other Financial Instruments

The carrying value of our financial instruments including cash and cash equivalents, and accounts receivable approximates their fair values. The fair values of our senior exchangeable notes due 2025, senior secured notes due 2025, senior secured notes due 2023 and term loans under our Amended and Restated Credit Agreement are determined based on quoted market prices for a similar liability when traded as an asset in an active market, a Level 2 input.

The following table presents the fair value and carrying value of our senior notes and borrowings under our senior secured credit facilities as of September 30, 2020 and December 31, 2019 (in thousands):


	Fair Value at				Carrying Value at (1)
Financial Instrument	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Term Loan A	$	128,970	$	485,106	$	133,290	$	483,317
Term Loan B	1,718,416		1,856,100		1,825,443		1,838,741





Revolver, $400 million	375,000		—		375,000		—
5.375% senior secured notes due 2023	—		543,536		—		530,000
5.25% senior secured notes due 2023	487,533		514,670		500,000		500,000
9.25% senior secured notes due 2025	854,294		—		775,000		—
7.375% senior secured notes due 2025	856,783		—		850,000		—
4.00% senior exchangeable notes due 2025	405,824		—		260,918		—

______________________

(1) Excludes net unamortized debt issuance costs.

Goodwill Quantitative Assessment

Due to the impacts of the COVID-19 pandemic on our current and projected future results of operations, we identified a triggering event requiring an interim quantitative assessment on our goodwill in the first quarter of 2020. The quantitative assessment, performed as of March 31, 2020, was based on our current projections and was subject to various risks, uncertainties and estimates including: (1) forecasted revenues, expenses and cash flows, including future travel supplier capacity and load factors on those estimates and technology costs, (2) the duration and extent of the impact of the COVID-19 pandemic on our business and our customers, (3) current discount and long-term growth rates, (4) the reduction in our market capitalization, (5) current market transaction trends and (6) changes to the regulatory environment impacting our industry. We consider these to be Level 3 inputs in the fair value hierarchy, as they involve unobservable inputs for which there is little or no market data and thus require management to develop its own assumptions. Our interim impairment assessment as of March 31, 2020, determined that our goodwill was not impaired.

As a result of our strategic realignment, our historical Travel Network and Airline Solutions business segments have been combined into a new business segment, Travel Solutions. In connection with this reorganization, the historical Travel Network and Airline Solutions reporting units and their related goodwill were combined into a single Travel Solutions reporting unit,

thereby requiring no reallocation of goodwill based on fair values. There was no change to our historical Hospitality Solutions reporting unit. We updated our goodwill assessment on a qualitative basis, reflecting both pre- and post-organization, for all reporting units as of June 30, 2020 and September 30, 2020, and determined that our goodwill was not impaired for any reporting unit at either date.

Accumulated Other Comprehensive Loss

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

As of September 30, 2020 and December 31, 2019, the components of accumulated other comprehensive loss, net of related deferred income taxes, are as follows (in thousands):


	September 30, 2020		December 31, 2019
Defined benefit pension and other post-retirement benefit plans	$	(136,690)	$	(143,389)
Unrealized foreign currency translation gain	8,481		4,289
Unrealized loss on foreign currency forward contracts and interest rate swaps	(17,894)		(10,206)
Total accumulated other comprehensive loss, net of tax	$	(146,103)	$	(149,306)

The amortization of actuarial losses and periodic service credits associated with our retirement-related benefit plans is primarily included in Other, net in the consolidated statements of operations. During the three months ended September 30, 2020, a settlement occurred within our defined benefit pension plan which resulted in a loss of $14 million recorded to Other, net.

See Note 8. Derivatives, for information on the income statement line items affected as the result of reclassification adjustments associated with derivatives.

Stock and Stockholders' Equity	9 Months Ended
Stock and Stockholders' Equity	Sep. 30, 2020
Equity [Abstract]
Stock and Stockholders' Equity	Stock and Stockholders' Equity Preferred Stock On August 24, 2020, we completed an offering of 3,340,000 shares of our 6.50% Series A Mandatory Convertible Preferred Stock (the "Preferred Stock"), which generated net proceeds of approximately $323 million for use as general corporate purposes. The Preferred Stock accumulates cumulative dividends at a rate per annum equal to 6.50% of the liquidation preference of $100 per share (equivalent to $6.50 annually per share) payable in cash or, subject to certain limitations, by delivery of shares of our common stock or any combination of cash and shares of our common stock, at our election; provided, however, that any undeclared and unpaid dividends will continue to accumulate. Dividends are payable when, as and if declared by our Board of Directors, out of funds legally available for their payment to the extent paid in cash, quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on December 1, 2020 and ending on, and including, September 1, 2023. Declared dividends on the Preferred Stock will be payable, at our election, in cash, shares of our common stock or a combination of cash and shares of our common stock. Subject to limited exceptions, no dividends may be declared or paid on shares of our common stock, unless all accumulated dividends have been paid or set aside for payment on all outstanding shares of our Preferred Stock for all past completed dividend periods. In the event of our voluntary or involuntary liquidation, dissolution or winding-up, no distribution of our assets may be made to holders of our common stock until we have paid to holders of our Preferred Stock a liquidation preference equal to $100 per share plus accumulated and unpaid dividends. We recorded $2 million of accrued preferred stock dividends in our consolidated results of operations for the three and nine months ended September 30, 2020. In October 2020, the Board of Directors declared a dividend of $1.7514 per share on Preferred Stock payable on December 1, 2020 to holders of record of the Preferred Stock on November 15, 2020. Unless earlier converted, each outstanding share of Preferred Stock will automatically convert, on the mandatory conversion date, which is expected to be September 1, 2023 into shares of our common stock at a rate between 11.9048 and 14.2857, subject to customary anti-dilution adjustments. The number of shares of our common stock issuable upon conversion will be determined based on the average volume-weighted average price per share of our common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately before September 1, 2023. The number of shares issued at conversion based on the unadjusted conversion rates will be between 40 million and 48 million shares. Holders of the Preferred Stock have the right to convert all or any portion of their shares at any time until the close of business on the mandatory conversion date. Early conversions that are not in connection with a “Make-Whole Fundamental Change” (as defined in the Certificate of Designations governing the Preferred Stock) will be settled at the minimum conversion rate of 11.9048. If a Make-Whole Fundamental Change occurs, holders of the Preferred Stock will, in certain circumstances, be entitled to convert their shares at an increased conversion rate for a specified period of time and receive an amount to compensate them for certain unpaid accumulated dividends and any remaining future scheduled dividend payments. The Preferred Stock will not be redeemable at our election before the mandatory conversion date. The holders of the Preferred Stock will not have any voting rights, with limited exceptions. In the event that Preferred Stock dividends have not been declared and paid in an aggregate amount corresponding to six or more dividend periods, whether or not consecutive, the holders of the Preferred Stock will have the right to elect two new directors until all accumulated and unpaid Preferred Stock dividends have been paid in full, at which time that right will terminate. Common Stock On August 24, 2020, we completed an offering of 41,071,429 shares of our common stock which generated net proceeds of approximately $275 million for use as general corporate purposes. Share Repurchase Program In February 2017, we announced the approval of a multi-year share repurchase program (the "Share Repurchase Program") to purchase up to $500 million of Sabre's common stock outstanding. Repurchases under the Share Repurchase Program may take place in the open market or privately negotiated transactions. For the nine months ended September 30, 2020, we did not repurchase any shares pursuant to the Share Repurchase Program. On March 16, 2020, we announced the suspension of share repurchases under the Share Repurchase Program in conjunction with certain cash management measures we are undertaking as a result of the market conditions caused by COVID-19. Approximately $287 million remains authorized for repurchases under the Share Repurchase Program as of September 30, 2020.

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

The following table reconciles the numerators and denominators used in the computations of basic and diluted earnings per share from continuing operations (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
(Loss) income from continuing operations	$	(309,560)	$	65,180	$	(962,861)	$	152,488
Less: Net income attributable to non-controlling interests	125		771		837		3,289
Less: Preferred stock dividends	2,231		—		2,231		—
Net (loss) income from continuing operations available to common stockholders, basic and diluted	$	(311,916)	$	64,409	$	(965,929)	$	149,199
Denominator:
Basic weighted-average common shares outstanding	292,392		273,763		280,750		274,524
Add: Dilutive effect of stock options and restricted stock awards	—		2,472		—		1,950
Diluted weighted-average common shares outstanding	292,392		276,235		280,750		276,474
Earnings per share from continuing operations:
Basic	$	(1.07)	$	0.24	$	(3.44)	$	0.54
Diluted	$	(1.07)	$	0.23	$	(3.44)	$	0.54

Basic earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding plus the effect of all dilutive common stock equivalents during each period. The diluted weighted-average common shares outstanding calculation excludes 2 million of dilutive stock options and restricted stock awards for the nine months ended September 30, 2020 as their effect would be anti-dilutive given the net loss incurred in the period. The calculation of diluted weighted-average shares excludes the impact of 6 million and 3 million of anti-dilutive common stock equivalents for each of the three and nine months ended September 30, 2020, respectively, and 3 million of anti-dilutive common stock equivalents for each of the three and nine months ended September 30, 2019.

As we expect to settle the principal amount of the outstanding Exchangeable Notes in shares of our common stock, we have used the if-converted method for calculating any potential dilutive effect of these notes on our diluted net income per share. Under the if-converted method, the Exchangeable Notes are assumed to be converted at the beginning of the period and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period being presented and interest expense, net of tax, recorded in connection with the Exchangeable Notes is added back to the numerator, only in the periods in which such effect is dilutive. The approximately 44 million resulting common shares related to the Exchangeable Notes are not included in the dilutive weighted-average common shares outstanding calculation for the three and nine months ended September 30, 2020, respectively, as their effect would be anti-dilutive given the net loss incurred in the period.

Likewise, the potential dilutive effect of our Preferred Stock outstanding during the period was calculated using the if-converted method assuming the conversion as of the earliest period reported or at the date of issuance, if later. The approximately 40 million resulting common shares related to the Preferred Stock are not included in the dilutive weighted-average common shares outstanding calculation for the three and nine months ended September 30, 2020, respectively, as their effect would be anti-dilutive given the net loss incurred in the period.

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

We lease certain facilities under long-term operating leases. Operating lease assets are included in operating lease right-of-use (“ROU”) assets within other noncurrent assets and operating lease liabilities are included in other current liabilities and other noncurrent liabilities in our consolidated balance sheets. During the nine months ended September 30, 2020, an operating lease commenced with a lease term of 10 years which is reflected in the information below. Our finance leases are not material to our consolidated financial statements and have been omitted from the information below.

The following table presents supplemental cash flow information related to operating leases (in thousands):


	Nine Months Ended September 30,
	2020		2019
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	17,806	$	19,652
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	42,405		15,712

The following table presents supplemental balance sheet information related to operating leases (in thousands):


	September 30, 2020		December 31, 2019
Operating Leases
Operating lease right-of-use assets	$	85,990	$	64,191
Other accrued liabilities	24,337		21,932
Other noncurrent liabilities	71,956		49,970
Total operating lease liabilities	$	96,293	$	71,902

Our leases have remaining minimum terms that range between one and ten years. Some of our leases include options to extend for up to five additional years; others include options to terminate the agreement within three years. Future minimum lease payments under non-cancellable operating leases as of September 30, 2020 are as follows (in thousands):


Year Ending December 31,	Operating Leases

2020	$	5,801
2021	25,231
2022	18,738
2023	15,381
2024	13,776
Thereafter	31,651
Total	110,578
Imputed Interest	(14,285)
Total	$	96,293

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Legal Proceedings While certain legal proceedings and related indemnification obligations to which we are a party specify the amounts claimed, these claims may not represent reasonably possible losses. Given the inherent uncertainties of litigation, the ultimate outcome of these matters cannot be predicted at this time, nor can the amount of possible loss or range of loss, if any, be reasonably estimated, except in circumstances where an aggregate litigation accrual has been recorded for probable and reasonably estimable loss contingencies. A determination of the amount of accrual required, if any, for these contingencies is made after careful analysis of each matter. The required accrual may change in the future due to new information or developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. Antitrust Litigation and Investigations US Airways Antitrust Litigation In April 2011, US Airways filed suit against us in federal court in the Southern District of New York, alleging violations of the Sherman Act Section 1 (anticompetitive agreements) and Section 2 (monopolization). The complaint was filed fewer than two months after we entered into a new distribution agreement with US Airways. In September 2011, the court dismissed all claims relating to Section 2. The claims that were not dismissed are claims brought under Section 1 of the Sherman Act, relating to our contracts with US Airways, which US Airways claims contain anticompetitive provisions, and an alleged conspiracy with the other GDSs, allegedly to maintain the industry structure and not to compete for content. We strongly deny all of the allegations made by US Airways. Sabre filed summary judgment motions in April 2014. In January 2015, the court issued an order granting Sabre's summary judgment motions in part, eliminating a majority of US Airways' alleged damages and rejecting its request for injunctive relief by which US Airways sought to bar Sabre from enforcing certain provisions in our contracts. In September 2015, the court also dismissed US Airways' claim for declaratory relief. In February 2017, US Airways sought reconsideration of the court's opinion dismissing the claim for declaratory relief, which the court denied in March 2017. The trial on the remaining claims commenced in October 2016. In December 2016, the jury issued a verdict in favor of US Airways with respect to its claim under Section 1 of the Sherman Act regarding Sabre's contract with US Airways and awarded it $5 million in single damages. The jury rejected US Airways' claim alleging a conspiracy with the other GDSs. We continue to believe that our business practices and contract terms are lawful. Based on the jury’s verdict, in March 2017 the court entered final judgment in favor of US Airways in the amount of $15 million, which is three times the jury’s award of $5 million as required by the Sherman Act. As a result of the jury's verdict, US Airways was also entitled to receive reasonable attorneys’ fees and costs under the Sherman Act. As such, it filed a motion seeking approximately $125 million in attorneys’ fees and costs, the amount of which we strongly dispute. In January 2018, the court denied US Airways' motion seeking attorneys' fees and costs, without prejudice. In the fourth quarter of 2016, we accrued a loss of $32 million, which represented the court's final judgment of $15 million, plus our estimate of $17 million for US Airways' reasonable attorneys’ fees, expenses and costs. In April 2017, we filed an appeal with the United States Court of Appeals for the Second Circuit seeking a reversal of the judgment. US Airways also filed a counter-appeal challenging earlier court orders, including the above-referenced orders dismissing and/or issuing summary judgment as to portions of its claims and damages. In connection with this appeal, we posted an appellate bond equal to the aggregate amount of the $15 million judgment entered plus interest, which stayed the judgment pending the appeal. The Second Circuit heard oral arguments on this matter in December 2018. In September 2019, the Second Circuit issued its Order and Opinion. The Second Circuit vacated the judgment with respect to US Airways’ claim under Section 1, reversed the trial court’s dismissal of US Airways’ claims relating to Section 2, and remanded the case to district court for a new trial. In addition, the Second Circuit affirmed the trial court’s ruling limiting US Airways’ damages. The judgment in our favor on US Airways' conspiracy claim remains intact. The lawsuit has been remanded to federal court in the Southern District of New York for further proceedings. Currently, no trial date has been set. As a result of the Second Circuit’s opinion, we believe that the claims associated with this case are not probable; therefore, in the third quarter of 2019, we reversed our previously accrued loss of $32 million and do not have any losses accrued for this matter as of September 30, 2020. We have and will incur significant fees, costs and expenses for as long as the litigation is ongoing. In addition, litigation by its nature is highly uncertain and fraught with risk, and it is therefore difficult to predict the outcome of any particular matter, including any changes to our business that may be required as a result of the litigation. If favorable resolution of the matter is not reached upon remand, any monetary damages are subject to trebling under the antitrust laws and US Airways would be eligible to be reimbursed by us for its reasonable costs and attorneys’ fees. Depending on the amount of any such judgment, if we do not have sufficient cash on hand, we may be required to seek private or public financing. Depending on the outcome of the litigation, any of these consequences could have a material adverse effect on our business, financial condition and results of operations. European Commission’s Directorate-General for Competition ("EC") Investigation On November 23, 2018, the EC announced that it has opened an investigation of us and another GDS to assess whether our respective agreements with airlines and travel agents may restrict competition in breach of European Union antitrust rules. We are fully cooperating with the EC’s investigation and are unable to make any prediction regarding its outcome at this time. There is no legal deadline for the EC to bring an antitrust investigation to an end, and the duration of the investigation is uncertain. Depending on the findings of the EC, the outcome of the investigation could have a material adverse effect on our business, financial condition and results of operations. We may incur significant fees, costs and expenses for as long as this investigation is ongoing. We intend to vigorously defend against any allegations of anticompetitive activity by the EC. Department of Justice Investigation On May 19, 2011, we received a civil investigative demand ("CID") from the DOJ investigating alleged anticompetitive acts related to the airline distribution component of our business. We are fully cooperating with the DOJ investigation and are unable to make any prediction regarding its outcome. The DOJ is also investigating other companies that own GDSs and has sent CIDs to other companies in the travel industry. Based on its findings in the investigation, the DOJ may (i) close the file, (ii) seek a consent decree to remedy issues it believes violate the antitrust laws, or (iii) file suit against us for violating the antitrust laws, seeking injunctive relief. If injunctive relief were granted, depending on its scope, it could affect the manner in which our airline distribution business is operated and potentially force changes to the existing airline distribution business model. Any of these consequences would have a material adverse effect on our business, financial condition and results of operations. We have not received any communications from the DOJ regarding this matter for several years; however, we have not been notified that this matter is closed. Indian Income Tax Litigation We are currently a defendant in income tax litigation brought by the Indian Director of Income Tax (“DIT”) in the Supreme Court of India. The dispute arose in 1999 when the DIT asserted that we have a permanent establishment within the meaning of the Income Tax Treaty between the United States and the Republic of India and accordingly issued tax assessments for assessment years ending March 1998 and March 1999, and later issued further tax assessments for assessment years ending March 2000 through March 2006. The DIT has continued to issue further tax assessments on a similar basis for subsequent years; however, the tax assessments for assessment years ending March 2007 and later are no longer material. We appealed the tax assessments for assessment years ending March 1998 through March 2006 and the Indian Commissioner of Income Tax Appeals returned a mixed verdict. We filed further appeals with the Income Tax Appellate Tribunal (“ITAT”). The ITAT ruled in our favor on June 19, 2009 and July 10, 2009, stating that no income would be chargeable to tax for assessment years ending March 1998 and March 1999, and from March 2000 through March 2006. The DIT appealed those decisions to the Delhi High Court, which found in our favor on July 19, 2010. The DIT has appealed the decision to the Supreme Court of India and our case is currently pending before that court. We have appealed the tax assessments for the assessment years ended March 2013 to March 2016 with the ITAT and no trial date has been set for these subsequent years. In addition, Sabre Asia Pacific Pte Ltd ("SAPPL") is currently a defendant in similar income tax litigation brought by the DIT. The dispute arose when the DIT asserted that SAPPL has a permanent establishment within the meaning of the Income Tax Treaty between Singapore and India and accordingly issued tax assessments for assessment years ending March 2000 through March 2005. SAPPL appealed the tax assessments, and the Indian Commissioner of Income Tax (Appeals) returned a mixed verdict. SAPPL filed further appeals with the ITAT. The ITAT ruled in SAPPL’s favor, finding that no income would be chargeable to tax for assessment years ending March 2000 through March 2005. The DIT appealed those decisions to the Delhi High Court and our case is pending before that court. The DIT also assessed taxes on a similar basis for assessment years ending March 2006 through March 2016 and appeals for assessment years ending March 2006 through 2016 are pending before the ITAT. If the DIT were to fully prevail on every claim against us, including SAPPL, we could be subject to taxes, interest and penalties of approximately $44 million as of September 30, 2020. We intend to continue to aggressively defend against each of the foregoing claims. Although we do not believe that the outcome of the proceedings will result in a material impact on our business or financial condition, litigation is by its nature uncertain. We do not believe this outcome is more likely than not and therefore have not made any provisions or recorded any liability for the potential resolution of any of these claims. Indian Service Tax Litigation SAPPL's Indian subsidiary is also subject to litigation by the India Director General (Service Tax) ("DGST"), which has assessed the subsidiary for multiple years related to its alleged failure to pay service tax on marketing fees and reimbursements of expenses. Indian courts have returned verdicts favorable to the Indian subsidiary. The DGST has appealed the verdict to the Indian Supreme Court. We do not believe that an adverse outcome is probable and therefore have not made any provisions or recorded any liability for the potential resolution of any of these claims. Litigation Relating to Routine Proceedings We are also engaged from time to time in other routine legal and tax proceedings incidental to our business. We do not believe that any of these routine proceedings will have a material impact on the business or our financial condition. Other SynXis Central Reservation System As previously disclosed, we became aware of an incident involving unauthorized access to payment information contained in a subset of hotel reservations processed through the Sabre Hospitality Solutions SynXis Central Reservation System (the “HS Central Reservation System”). Our investigation was supported by third party experts, including a leading cybersecurity firm. Our investigation determined that an unauthorized party: obtained access to account credentials that permitted access to a subset of hotel reservations processed through the HS Central Reservation System; used the account credentials to view a credit card summary page on the HS Central Reservation System and access payment card information (although we use encryption, this credential had the right to see unencrypted card data); and first obtained access to payment card information and some other reservation information on August 10, 2016. The last access to payment card information was on March 9, 2017. The unauthorized party was able to access information for certain hotel reservations, including cardholder name; payment card number; card expiration date; and, for a subset of reservations, card security code. The unauthorized party was also able, in some cases, to access certain information such as guest name(s), email, phone number, address, and other information if provided to the HS Central Reservation System. Information such as Social Security, passport, or driver’s license number was not accessed. The investigation did not uncover forensic evidence that the unauthorized party removed any information from the system, but it is a possibility. We took successful measures to ensure this unauthorized access to the HS Central Reservation System was stopped and is no longer possible. There is no indication that any of our systems beyond the HS Central Reservation System, such as Sabre’s Travel Solutions platforms, were affected or accessed by the unauthorized party. We notified law enforcement and the payment card brands and engaged a payment card industry data ("PCI") forensic investigator to investigate this incident at the payment card brands' request. We have notified customers and other companies that use or interact with, directly or indirectly, the HS Central Reservation System about the incident. We are also cooperating with various governmental authorities that are investigating this incident. Separately, in November 2017, Sabre Hospitality Solutions observed a pattern of activity that, after further investigation, led it to believe that an unauthorized party improperly obtained access to certain hotel user credentials for purposes of accessing the HS Central Reservation System. We deactivated the compromised accounts and notified law enforcement of this activity. We also notified the payment card brands, and at their request, we have engaged a PCI forensic investigator to investigate this incident. We have not found any evidence of a breach of the network security of the HS Central Reservation System, and we believe that the number of affected reservations represents only a fraction of 1% of the bookings in the HS Central Reservation System. Although the costs related to these incidents, including any associated penalties assessed by any governmental authority or payment card brand or indemnification obligations to our customers, as well as any other impacts or remediation related to this incident, may be material, it is not possible at this time to determine whether we will incur, or to reasonably estimate the amount of, any liabilities in connection with them, with the exception of an immaterial amount recorded to our results of operations associated with the governmental investigation described above. We maintain insurance that covers certain aspects of cyber risks, and we continue to work with our insurance carriers in these matters. Other Tax Matters We operate in numerous jurisdictions in which taxing authorities may challenge our position with respect to income and non-income based taxes. We routinely receive inquiries and may also from time to time receive challenges or assessments from these taxing authorities. With respect to non-income based taxes, we recognize liabilities when we believe it is probable that amounts will be owed to the taxing authorities and such amounts are estimable. For example, in most countries we pay and collect Value Added Tax (“VAT”) when procuring goods and services, or providing services, within the normal course of business. VAT receivables are established in jurisdictions where VAT paid exceeds VAT collected and are recoverable through the filing of refund claims. These receivables have inherent audit and collection risks unique to the specific jurisdictions that evaluate our refund claims. Our most significant VAT receivable is in Greece. As of September 30, 2020, we have approximately $23 million in VAT receivables for which refund claims have been filed with the Greek government. Although we have paid these amounts and believe we are entitled to a refund, the Greek tax authorities have challenged our position. In the second quarter of 2020, we received notice that the tax court has accepted our arguments to dismiss certain claims by the Greek tax authorities; however, this ruling has been appealed. In Greece, as in other jurisdictions, we intend to vigorously defend our positions against any claims that are not insignificant, including through litigation when necessary. As of September 30, 2020, we do not believe that an adverse outcome is probable with respect to the claims of the Greek tax authorities or any other jurisdiction; as a result, we have not accrued any material amounts for exposure related to such contingencies or adverse decisions. Nevertheless, we may incur expenses in future periods related to such matters, including litigation costs and possible pre-payment of a portion of any assessed tax amount to defend our position, and if our positions are ultimately rejected, it could have a material impact to our results of operations.

Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

Our reportable segments are based upon our internal organizational structure; the manner in which our operations are managed; the criteria used by our Chief Executive Officer, who is our Chief Operating Decision Maker, to evaluate segment performance; the availability of separate financial information; and overall materiality considerations.

As discussed in Note 1. General Information, we now operate our business and present our results through two business segments effective the third quarter of 2020 (i) Travel Solutions, our global travel solutions for travel suppliers and travel buyers, including a broad portfolio of software technology products and solutions for airlines, and (ii) Hospitality Solutions, an extensive suite of software solutions for hoteliers. All revenue and expenses previously assigned to the Travel Network and Airline Solutions business segments have been consolidated into a unified revenue and expense structure which aligns with information that our Chief Operating Decision Maker ("CODM") utilizes beginning in the third quarter of 2020 to evaluate segment performance and allocate resources. These changes did not impact the historical Hospitality Solutions reporting segment's revenue and expenses.

Our CODM utilizes Adjusted Gross Profit (Loss), Adjusted Operating (Loss) Income and Adjusted EBITDA as the measures of profitability to evaluate performance of our segments and allocate resources which are not recognized terms under GAAP. Our uses of Adjusted Gross Profit (Loss), Adjusted Operating (Loss) Income and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP.

We define Adjusted Gross Profit (Loss) as operating (loss) income adjusted for selling, general and administrative expenses, technology costs and the cost of revenue portion of depreciation and amortization, restructuring and other costs, amortization of upfront incentive compensation and stock-based compensation.

We define Adjusted Operating (loss) Income as operating (loss) income adjusted for equity method (loss) income, impairment and related charges, acquisition-related amortization, restructuring and other costs, acquisition-related costs, litigation costs, net, and stock-based compensation.

We define Adjusted EBITDA as (loss) income from continuing operations adjusted for depreciation and amortization of property and equipment, amortization of capitalized implementation costs, acquisition-related amortization, amortization of upfront incentive consideration, interest expense, net, loss on extinguishment of debt, other, net, restructuring and other costs, acquisition-related costs, litigation costs, net, stock-based compensation and provision for income taxes.

As a result of our strategic realignment, we have separated our technology costs from cost of revenue and moved certain expenses previously classified as cost of revenue to selling, general and administrative to provide increased visibility to our technology costs for analytical and decision-making purposes and to align costs with the current leadership and operational organizational structure. While there is no impact to Adjusted EBITDA as a result of these changes, our Adjusted Gross Profit (Loss) is more favorable than previously reported as it excludes costs that were previously classified as cost of revenue. Technology costs are evaluated separately from Adjusted Gross Profit (Loss) by our CODM and excluded from this measure to provide a more transparent view of variable expenses, gross margin, and key operational expense ratios. See Note 1. General Information for further details on our reclassifications.

Our CODM does not review total assets by segment as operating evaluations and resource allocation decisions are not made on the basis of total assets by segment.

Certain of our costs associated with our technology organization are allocated to the segments based on the segments' usage of resources. Benefit expenses, facility costs and depreciation expense on the corporate headquarters building are allocated to the segments based on headcount. Unallocated corporate costs include certain shared expenses such as accounting, finance, human resources, legal, corporate systems, amortization of acquired intangible assets, impairment and related charges, stock-based compensation, restructuring charges, legal reserves and other items not identifiable with one of our segments.

We account for significant intersegment transactions as if the transactions were with third parties, that is, at estimated current market prices. The majority of the intersegment revenues and cost of revenues are fees charged by Travel Solutions to Hospitality Solutions for hotel stays booked through our GDS.

Depreciation and amortization included in cost of revenue is associated with capitalized implementation costs and intangible assets associated with contracts, supplier and distributor agreements purchased through acquisitions or established with our take private transactions in 2007. Depreciation and amortization included in technology costs is associated with software developed for internal use that supports our products, businesses and systems and intangible assets for technology purchased through acquisitions or established through the take private transaction in 2007. Depreciation and amortization included in selling, general and administrative expenses is associated with property and equipment, acquired customer relationships, trademarks and brand names purchased through acquisitions or established through the take private transaction in 2007.

Segment information for the three and nine months ended September 30, 2020 and 2019 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue
Travel Solutions	$	237,018	$	919,031	$	900,868	$	2,842,391
Hospitality Solutions	44,924		74,818		133,163		221,525
Eliminations	(3,577)		(9,650)		(13,645)		(30,350)
Total revenue	$	278,365	$	984,199	$	1,020,386	$	3,033,566
Adjusted Gross Profit (Loss)(a)
Travel Solutions	$	168,971	$	561,372	$	612,869	$	1,703,704
Hospitality Solutions	24,507		35,762		61,590		104,676
Corporate	(646)		(508)		(2,402)		(1,246)
Total	$	192,832	$	596,626	$	672,057	$	1,807,134
Adjusted Operating (Loss) Income(b)
Travel Solutions	$	(146,337)	$	183,582	$	(408,584)	$	574,635
Hospitality Solutions	(12,609)		(4,008)		(48,475)		(15,471)
Corporate	(37,747)		(46,500)		(119,313)		(143,375)
Total	$	(196,693)	$	133,074	$	(576,372)	$	415,789
Adjusted EBITDA(c)
Travel Solutions	$	(65,550)	$	277,251	$	(159,767)	$	854,809
Hospitality Solutions	(2,222)		9,618		(15,128)		24,497
Total segments	(67,772)		286,869		(174,895)		879,306
Corporate	(36,598)		(45,305)		(115,360)		(139,758)
Total	$	(104,370)	$	241,564	$	(290,255)	$	739,548
Depreciation and amortization
Travel Solutions	$	61,343	$	72,818	$	192,084	$	220,349
Hospitality Solutions	10,387		13,626		33,347		39,968
Total segments	71,730		86,444		225,431		260,317
Corporate	17,614		17,171		53,728		51,588
Total	$	89,344	$	103,615	$	279,159	$	311,905
Capital Expenditures
Travel Solutions	$	5,513	$	11,134	$	18,901	$	44,583
Hospitality Solutions	645		2,275		2,962		7,669
Total segments	6,158		13,409		21,863		52,252
Corporate	2,768		11,519		26,396		39,872
Total	$	8,926	$	24,928	$	48,259	$	92,124

______________________________

(a)The following table sets forth the reconciliation of Adjusted Gross Profit to operating (loss) income in our statement of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Adjusted Gross Profit	$	192,832	$	596,626	$	672,057	$	1,807,134
Less adjustments:
Selling, general and administrative	119,626		128,791		447,011		442,669

Technology costs	276,362		322,563		883,837		964,397
Cost of revenue adjustments:
Depreciation and amortization(1)	9,264		9,425		27,846		29,705
Restructuring and other costs(6)	(237)		—		21,492		—
Amortization of upfront incentive consideration(2)	19,444		20,851		56,733		59,825
Stock-based compensation	1,422		1,536		3,668		4,758
Operating (loss) income	$	(233,049)	$	113,460	$	(768,530)	$	305,780

(b)The following table sets forth the reconciliation of Adjusted Operating (Loss) Income to operating (loss) income in our statement of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Adjusted Operating (Loss) Income	$	(196,693)	$	133,074	$	(576,372)	$	415,789
Less adjustments:
Equity method (loss) income	(460)		1,027		(1,645)		1,973

Acquisition-related amortization(1c)	16,465		15,976		49,775		47,971
Restructuring and other costs(6)	947		—		74,229		—
Acquisition-related costs(5)	591		9,696		22,791		30,337
Litigation costs, net(4)	247		(24,179)		2,103		(21,355)
Stock-based compensation	18,566		17,094		44,905		51,083
Operating (loss) income	$	(233,049)	$	113,460	$	(768,530)	$	305,780

(c)The following table sets forth the reconciliation of Adjusted EBITDA to (loss) income from continuing operations in our statement of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Adjusted EBITDA	$	(104,370)	$	241,564	$	(290,255)	$	739,548
Less adjustments:
Depreciation and amortization of property and equipment(1a)	63,733		78,060		201,274		232,617
Amortization of capitalized implementation costs(1b)	9,146		9,579		28,110		31,317
Acquisition-related amortization(1c)	16,465		15,976		49,775		47,971
Restructuring and other costs(6)	947		—		74,229		—
Amortization of upfront incentive consideration(2)	19,444		20,851		56,733		59,825

Interest expense, net	67,651		39,743		163,674		117,364
Other, net(3)	18,431		1,769		72,015		6,118
Loss on extinguishment of debt	10,333		—		10,333		—
Acquisition-related costs (5)	591		9,696		22,791		30,337
Litigation costs, net(4)	247		(24,179)		2,103		(21,355)
Stock-based compensation	18,566		17,094		44,905		51,083

Provision for income taxes	(20,364)		7,795		(53,336)		31,783
(Loss) income from continuing operations	$	(309,560)	$	65,180	$	(962,861)	$	152,488

______________________________________________________

(1)Depreciation and amortization expenses:

(a) Depreciation and amortization of property and equipment includes software developed for internal use as well as amortization of

contract acquisition costs

(b) Amortization of capitalized implementation costs represents amortization of upfront costs to implement new customer contracts under our SaaS and hosted revenue model.

(c) Acquisition-related amortization represents amortization of intangible assets from the take-private transaction in 2007 as well as intangibles associated with acquisitions since that date.

(2)Our Travel Solutions business at times provides upfront incentive consideration to travel agency subscribers at the inception or modification of a service contract, which are capitalized and amortized to cost of revenue over an average expected life of the service contract, generally over three to ten years. This consideration is made with the objective of increasing the number of clients or to ensure or improve customer loyalty. These service contract terms are established such that the supplier and other fees generated over the life of the contract will exceed the cost of the incentive consideration provided up front. These service contracts with travel agency subscribers require that the customer commit to achieving certain economic objectives and generally have terms requiring repayment of the upfront incentive consideration if those objectives are not met.

(3)Other, net during the nine months ended September 30, 2020 includes a $46 million charge related to termination payments incurred in the first quarter of 2020 in connection with the now-terminated acquisition of Farelogix and a $14 million pension settlement charge recorded in the third quarter of 2020, as well as foreign exchange gains and losses related to the remeasurement of foreign currency denominated balances included in our consolidated balance sheets into the relevant functional currency. See Note 3. Acquisitions for further detail regarding the Farelogix acquisition and Note 10. Accumulated Other Comprehensive Loss for discussion of the pension settlement.

(4)Litigation costs, net represent charges associated with antitrust and other foreign non-income tax contingency matters and includes the reversal of our previously accrued loss related to the US Airways legal matter for $32 million in the third quarter of 2019. See Note 14. Contingencies.

(5)Acquisition-related costs represent fees and expenses incurred associated with the now-terminated agreement to acquire Farelogix.

(6)Restructuring and other costs represent charges associated with business restructuring and associated changes, including a strategic realignment of our airline and agency-focused businesses, as well as other measures to support the new organizational structure and to respond to the impacts of the COVID-19 pandemic on our business and cost structure. See Note 4. Restructuring Activities for further details.

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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Revenue from Contract with Customer [Abstract]

General Information (Policies)	9 Months Ended
General Information (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2020. The accompanying interim financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 26, 2020. We consolidate all majority-owned subsidiaries and companies over which we exercise control through majority voting rights. No entities are consolidated due to control through operating agreements, financing agreements or as the primary beneficiary of a variable interest entity. The consolidated financial statements include our accounts after elimination of all significant intercompany balances and transactions. All dollar amounts in the financial statements and the tables in the notes, except per share amounts, are stated in thousands of U.S. dollars unless otherwise indicated. All amounts in the notes reference results from continuing operations unless otherwise indicated.
Use of Estimates	Use of Estimates—The preparation of these interim financial statements in conformity with GAAP requires that certain amounts be recorded based on estimates and assumptions made by management. Actual results could differ from these estimates and assumptions. Our accounting policies that utilize significant estimates and assumptions include: (i) estimation for revenue recognition and multiple performance obligation arrangements, (ii) determination of the fair value of assets and liabilities acquired in a business combination, (iii) the evaluation of the recoverability of the carrying value of long-lived assets and goodwill, (iv) assumptions utilized to test recoverability of capitalized implementation costs and customer and subscriber advances, (v) judgments in capitalization of software developed for internal use, (vi) the evaluation of uncertainties surrounding the calculation of our tax assets and liabilities, (vii) estimation of the air booking cancellation reserve, and (viii) the evaluation of the allowance for credit losses. Our use of estimates and the related accounting policies are discussed in the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 26, 2020. Additionally, see Note 2. Revenue from Contracts with Customers for additional information on the use of significant estimates and assumptions in recognizing revenue and Note 6. Credit Losses for additional information regarding the use of significant estimates and assumptions related to the allowance for credit losses. Given the uncertainties surrounding the duration and effects of COVID-19, we cannot provide assurance that the assumptions used in our estimates will be accurate.
Adoption of New Accounting Standards/Recent Accounting Pronouncements	Adoption of New Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued updated guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued, if certain criteria are met. The updated standard is effective for all entities upon issuance and we will apply the amendments prospectively through December 31, 2022. There was no impact to our consolidated financial statements for the three and nine months ended September 30, 2020 as a result of adopting this standard. Our current hedging contracts do not extend past December 31, 2021. In October 2018, the FASB issued updated guidance that eliminates the requirement that entities consider indirect interests held through related parties under common control in their entirety when assessing whether a decision-making fee is a variable interest and instead requires entities to consider these indirect interests on a proportional basis. We adopted this standard in the first quarter of 2020, which did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued updated guidance on customer's accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. Under this updated standard, a customer in a cloud-computing arrangement that is a service contract is required to follow guidance on software developed for internal use to determine which implementation costs to capitalize as assets or expense as incurred. This standard aligns the accounting for implementation costs for hosting arrangements, regardless of whether they convey a license to the hosted software. The standard requires that capitalized implementation costs related to a hosting arrangement that is a service contract be amortized over the term of the hosting arrangement, beginning when the component of the hosting arrangement is ready for its intended use, similar to requirements in guidance on software developed for internal use. In addition, costs incurred during the preliminary project and post-implementation phases are expensed as they are incurred. We adopted this standard prospectively in the first quarter of 2020, which did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued updated guidance for the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Under this updated standard, the current "incurred loss" approach is replaced with an "expected loss" model for instruments measured at amortized cost. We adopted this standard in the first quarter of 2020, resulting in a $10 million increase in the allowance for credit losses, partially offset by a $1 million decrease in deferred tax liabilities and a $1 million increase in accounts receivable with a corresponding increase of approximately $8 million in our opening retained deficit as of January 1, 2020. See Note 6. Credit Losses for more information on the impacts from adoption and ongoing considerations. Recent Accounting Pronouncements In August 2020, the FASB issued updated guidance limiting the accounting models for convertible instruments, which will result in fewer embedded conversion features being separately recognized from the host contract when compared to existing guidance. Under the updated guidance, some convertible debt instruments will be accounted for as a single liability measured at amortized cost. Additionally, the updated guidance both enhances disclosures around convertible instruments and requires the use of the if-converted method to calculate diluted earnings per share for convertible instruments. The updated standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020. The standard provides for the option of full retrospective transition on January 1, 2021. Although we are still evaluating the impact of the updated guidance and the effects on our financial statements, we anticipate using full retrospective transition on January 1, 2021 to account for the Exchangeable Notes on a whole-instrument basis. As a result, we anticipate long-term debt to increase approximately $88 million, additional paid-in capital to decrease $68 million, and deferred taxes to decrease by $20 million on January 1, 2021 and we will retrospectively reduce pre-tax interest expense. In December 2019, the FASB issued updated guidance which simplifies the accounting for income taxes, eliminates certain exceptions within existing income tax guidance, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The updated standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We do not expect the adoption of this standard to have a material impact to our consolidated financial statements.

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2020

Contract with Customer, Asset and Liability

The following table presents our assets and liabilities with customers as of September 30, 2020 and December 31, 2019 (in thousands):


Account	Consolidated Balance Sheet Location	September 30, 2020		December 31, 2019
Contract assets and customer advances and discounts(1)	Prepaid expenses and other current assets / other assets, net	$	94,178	$	105,499
Trade and unbilled receivables, net	Accounts receivable, net	280,520		539,806
Long-term trade unbilled receivables, net	Other assets, net	27,080		38,250
Contract liabilities	Deferred revenues / other noncurrent liabilities	193,539		167,832

________________________________

(1) Includes contract assets of $8 million and $6 million for September 30, 2020 and December 31, 2019, respectively.

Disaggregation of Revenue

The following table presents our revenues disaggregated by business (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Distribution	$	104,594	$	673,405	$	451,183	$	2,092,362
IT Solutions	132,424		245,626		449,685		750,029
Total Travel Solutions	237,018		919,031		900,868		2,842,391
SynXis Software and Services	41,287		65,962		118,767		194,974
Other	3,637		8,856		14,396		26,551
Total Hospitality Solutions	44,924		74,818		133,163		221,525
Eliminations	(3,577)		(9,650)		(13,645)		(30,350)
Total Sabre Revenue	$	278,365	$	984,199	$	1,020,386	$	3,033,566

Restructuring Activities (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs


	Nine Months Ended September 30, 2020
Balance as of January 1, 2020	$	—
Charges	73,934
Cash Payments	(33,433)
Balance as of September 30, 2020	$	40,501

Credit Losses (Tables)

9 Months Ended

Sep. 30, 2020

Credit Loss [Abstract]

Allowance for Credit Loss

Our allowance for credit losses for the nine months ended September 30, 2020 for our portfolio segment is summarized as follows (in thousands):


	Nine Months Ended September 30, 2020
Balance at December 31, 2019	$	57,730
Cumulative-effect adjustment upon adoption	9,868
Provision for expected credit losses	58,375
Write-offs	(14,173)
Other	1,230
Balance at September 30, 2020	$	113,030

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The following table sets forth the face values of our outstanding debt as of September 30, 2020 and December 31, 2019 (in thousands):


	Rate	Maturity	September 30, 2020		December 31, 2019
Senior secured credit facilities:
Term Loan A(1)	L + 2.75%	August 2023	$	133,995	$	484,500
Term Loan B	L + 2.00%	February 2024	1,829,319		1,843,427





Revolver, $400 million(2)	L + 2.75%	August 2023	375,000		—
5.375% senior secured notes due 2023(3)	5.375%	April 2023	—		530,000
5.25% senior secured notes due 2023	5.25%	November 2023	500,000		500,000

9.25% senior secured notes due 2025	9.25%	April 2025	775,000		—
7.375% senior secured notes due 2025	7.375%	September 2025	850,000		—
4.00% senior exchangeable notes due 2025	4.00%	April 2025	345,000		—
Finance lease obligations			899		5,882
Face value of total debt outstanding			4,809,213		3,363,809
Less current portion of debt outstanding			(33,452)		(81,614)
Face value of long-term debt outstanding			$	4,775,761	$	3,282,195

______________________

(3) Extinguished on August 27, 2020 using proceeds from the 7.375% senior secured notes due 2025.

Convertible Debt

The following table sets forth the carrying value of the Exchangeable Notes as of September 30, 2020 (in thousands):


	September 30, 2020
Liability component:
Principal	$	345,000
Less: Unamortized debt discount	(84,082)
Net Carrying Value (1)	$	260,918

Equity component:
Conversion feature	$	90,500
Less: Equity portion of debt issuance costs	(3,167)
Less: Deferred tax liability	(19,718)
Net Carrying Value	$	67,615

______________________

1) Excludes net unamortized debt issuance costs of $8 million as of September 30, 2020.

Interest Income and Interest Expense Disclosure

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and nine months ended September 30, 2020 (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020		2020
Contractual interest expense	$	3,450	$	6,248
Amortization of debt discount and issuance costs	$	3,814	$	6,909

Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Unsettled Purchased Foreign Currency Forward Contracts


Outstanding Notional Amounts as of September 30, 2020
Buy Currency	Sell Currency	Foreign Amount	USD Amount	Average Contract Rate
Polish Zloty	US Dollar	54,000	14,105	0.2612
Singapore Dollar	US Dollar	12,000	8,899	0.7416
Indian Rupee	US Dollar	550,000	7,475	0.0136
British Pound Sterling	US Dollar	3,900	5,118	1.3123
Australian Dollar	US Dollar	3,000	2,097	0.6990
Swedish Krona	US Dollar	5,000	531	0.1078


Outstanding Notional Amounts as of December 31, 2019
Buy Currency	Sell Currency	Foreign Amount	USD Amount	Average Contract Rate
Polish Zloty	US Dollar	265,000	68,971	0.2603
Indian Rupee	US Dollar	4,485,000	61,708	0.0138
Singapore Dollar	US Dollar	63,500	46,759	0.7364
British Pound Sterling	US Dollar	18,400	24,109	1.3103
Australian Dollar	US Dollar	16,500	11,521	0.6982
Swedish Krona	US Dollar	38,100	4,106	0.1075

Schedule of Outstanding Interest Rate Swaps

Interest rate swaps outstanding during the nine months ended September 30, 2020 and 2019 are as follows:

Notional Amount

Interest Rate
Received

Interest Rate Paid

Effective Date

Maturity Date

Designated as Hedging Instrument

$1,350 million

1 month LIBOR(1)

2.27%

December 31, 2018

December 31, 2019

$1,200 million

1 month LIBOR(1)

2.19%

December 31, 2019

December 31, 2020

$600 million

1 month LIBOR(1)

2.81%

December 31, 2020

December 31, 2021

______________________

(1) Subject to a 0% floor.

Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments

The estimated fair values of our derivatives designated as hedging instruments as of September 30, 2020 and December 31, 2019 are as follows (in thousands):


	Derivative Assets (Liabilities)
		Fair Value as of
Derivatives Designated as Hedging Instruments	Consolidated Balance Sheet Location	September 30, 2020		December 31, 2019
Foreign exchange contracts	Prepaid expenses and other	$	—	$	1,953
Foreign exchange contracts	Other accrued liabilities	(258)		—


Interest rate swaps	Other accrued liabilities	(18,428)		(7,020)
Interest rate swaps	Other noncurrent liabilities	(3,368)		(7,918)
Total		$	(22,054)	$	(12,985)

Schedule of Effects of Derivative Instruments Net of Taxes on Other Comprehensive Income (Loss)

The effects of derivative instruments, net of taxes, on OCI for the three and nine months ended September 30, 2020 and 2019 are as follows (in thousands):


	Amount of Gain (Loss) Recognized in OCI on Derivative, Effective Portion
	Three Months Ended September 30,				Nine Months Ended September 30,

Derivatives in Cash Flow Hedging Relationships	2020		2019		2020		2019
Foreign exchange contracts	$	2,164	$	(5,072)	$	(4,837)	$	(4,761)
Interest rate swaps	60		(1,284)		(15,745)		(16,178)
Total	$	2,224	$	(6,356)	$	(20,582)	$	(20,939)


		Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships	Income Statement Location	Three Months Ended September 30,				Nine Months Ended September 30,

		2020		2019		2020		2019
Foreign exchange contracts	Cost of revenue	$	(319)	$	981	$	2,904	$	4,547
Interest rate swaps	Interest expense, net	4,819		53		9,990		(1,003)
Total		$	4,500	$	1,034	$	12,894	$	3,544

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present our (liabilities) assets that are required to be measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in thousands):


			Fair Value at Reporting Date Using
	September 30, 2020		Level 1		Level 2		Level 3
Derivatives (1)
Foreign currency forward contracts	$	(258)	$	—	$	(258)	$	—
Interest rate swap contracts	(21,796)		—		(21,796)		—
Total	$	(22,054)	$	—	$	(22,054)	$	—


			Fair Value at Reporting Date Using
	December 31, 2019		Level 1		Level 2		Level 3
Derivatives (1)
Foreign currency forward contracts	$	1,953	$	—	$	1,953	$	—
Interest rate swap contracts	(14,938)		—		(14,938)		—
Total	$	(12,985)	$	—	$	(12,985)	$	—

______________________

(1) See Note 8. Derivatives for further detail.

Schedule of Fair Value and Carrying Value of Debt


	Fair Value at				Carrying Value at (1)
Financial Instrument	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Term Loan A	$	128,970	$	485,106	$	133,290	$	483,317
Term Loan B	1,718,416		1,856,100		1,825,443		1,838,741





Revolver, $400 million	375,000		—		375,000		—
5.375% senior secured notes due 2023	—		543,536		—		530,000
5.25% senior secured notes due 2023	487,533		514,670		500,000		500,000
9.25% senior secured notes due 2025	854,294		—		775,000		—
7.375% senior secured notes due 2025	856,783		—		850,000		—
4.00% senior exchangeable notes due 2025	405,824		—		260,918		—

______________________

(1) Excludes net unamortized debt issuance costs.

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Components of Accumulated Other Comprehensive Loss, Net of Related Deferred Income Taxes

As of September 30, 2020 and December 31, 2019, the components of accumulated other comprehensive loss, net of related deferred income taxes, are as follows (in thousands):


	September 30, 2020		December 31, 2019
Defined benefit pension and other post-retirement benefit plans	$	(136,690)	$	(143,389)
Unrealized foreign currency translation gain	8,481		4,289
Unrealized loss on foreign currency forward contracts and interest rate swaps	(17,894)		(10,206)
Total accumulated other comprehensive loss, net of tax	$	(146,103)	$	(149,306)

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Reconciliation of Numerators and Denominators Used in Computations of Basic and Diluted Earnings Per Share from Continuing Operations

The following table reconciles the numerators and denominators used in the computations of basic and diluted earnings per share from continuing operations (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
(Loss) income from continuing operations	$	(309,560)	$	65,180	$	(962,861)	$	152,488
Less: Net income attributable to non-controlling interests	125		771		837		3,289
Less: Preferred stock dividends	2,231		—		2,231		—
Net (loss) income from continuing operations available to common stockholders, basic and diluted	$	(311,916)	$	64,409	$	(965,929)	$	149,199
Denominator:
Basic weighted-average common shares outstanding	292,392		273,763		280,750		274,524
Add: Dilutive effect of stock options and restricted stock awards	—		2,472		—		1,950
Diluted weighted-average common shares outstanding	292,392		276,235		280,750		276,474
Earnings per share from continuing operations:
Basic	$	(1.07)	$	0.24	$	(3.44)	$	0.54
Diluted	$	(1.07)	$	0.23	$	(3.44)	$	0.54

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Components of Lease Expense

The following table presents supplemental cash flow information related to operating leases (in thousands):


	Nine Months Ended September 30,
	2020		2019
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	17,806	$	19,652
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	42,405		15,712

Supplemental Balance Sheet Information

The following table presents supplemental balance sheet information related to operating leases (in thousands):


	September 30, 2020		December 31, 2019
Operating Leases
Operating lease right-of-use assets	$	85,990	$	64,191
Other accrued liabilities	24,337		21,932
Other noncurrent liabilities	71,956		49,970
Total operating lease liabilities	$	96,293	$	71,902

Future Minimum Lease Payment Obligations Under Operating Leases

Future minimum lease payments under non-cancellable operating leases as of September 30, 2020 are as follows (in thousands):


Year Ending December 31,	Operating Leases

2020	$	5,801
2021	25,231
2022	18,738
2023	15,381
2024	13,776
Thereafter	31,651
Total	110,578
Imputed Interest	(14,285)
Total	$	96,293

Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Summary of Segment Information

Segment information for the three and nine months ended September 30, 2020 and 2019 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue
Travel Solutions	$	237,018	$	919,031	$	900,868	$	2,842,391
Hospitality Solutions	44,924		74,818		133,163		221,525
Eliminations	(3,577)		(9,650)		(13,645)		(30,350)
Total revenue	$	278,365	$	984,199	$	1,020,386	$	3,033,566
Adjusted Gross Profit (Loss)(a)
Travel Solutions	$	168,971	$	561,372	$	612,869	$	1,703,704
Hospitality Solutions	24,507		35,762		61,590		104,676
Corporate	(646)		(508)		(2,402)		(1,246)
Total	$	192,832	$	596,626	$	672,057	$	1,807,134
Adjusted Operating (Loss) Income(b)
Travel Solutions	$	(146,337)	$	183,582	$	(408,584)	$	574,635
Hospitality Solutions	(12,609)		(4,008)		(48,475)		(15,471)
Corporate	(37,747)		(46,500)		(119,313)		(143,375)
Total	$	(196,693)	$	133,074	$	(576,372)	$	415,789
Adjusted EBITDA(c)
Travel Solutions	$	(65,550)	$	277,251	$	(159,767)	$	854,809
Hospitality Solutions	(2,222)		9,618		(15,128)		24,497
Total segments	(67,772)		286,869		(174,895)		879,306
Corporate	(36,598)		(45,305)		(115,360)		(139,758)
Total	$	(104,370)	$	241,564	$	(290,255)	$	739,548
Depreciation and amortization
Travel Solutions	$	61,343	$	72,818	$	192,084	$	220,349
Hospitality Solutions	10,387		13,626		33,347		39,968
Total segments	71,730		86,444		225,431		260,317
Corporate	17,614		17,171		53,728		51,588
Total	$	89,344	$	103,615	$	279,159	$	311,905
Capital Expenditures
Travel Solutions	$	5,513	$	11,134	$	18,901	$	44,583
Hospitality Solutions	645		2,275		2,962		7,669
Total segments	6,158		13,409		21,863		52,252
Corporate	2,768		11,519		26,396		39,872
Total	$	8,926	$	24,928	$	48,259	$	92,124

______________________________

(a)The following table sets forth the reconciliation of Adjusted Gross Profit to operating (loss) income in our statement of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Adjusted Gross Profit	$	192,832	$	596,626	$	672,057	$	1,807,134
Less adjustments:
Selling, general and administrative	119,626		128,791		447,011		442,669

Technology costs	276,362		322,563		883,837		964,397
Cost of revenue adjustments:
Depreciation and amortization(1)	9,264		9,425		27,846		29,705
Restructuring and other costs(6)	(237)		—		21,492		—
Amortization of upfront incentive consideration(2)	19,444		20,851		56,733		59,825
Stock-based compensation	1,422		1,536		3,668		4,758
Operating (loss) income	$	(233,049)	$	113,460	$	(768,530)	$	305,780

(b)The following table sets forth the reconciliation of Adjusted Operating (Loss) Income to operating (loss) income in our statement of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Adjusted Operating (Loss) Income	$	(196,693)	$	133,074	$	(576,372)	$	415,789
Less adjustments:
Equity method (loss) income	(460)		1,027		(1,645)		1,973

Acquisition-related amortization(1c)	16,465		15,976		49,775		47,971
Restructuring and other costs(6)	947		—		74,229		—
Acquisition-related costs(5)	591		9,696		22,791		30,337
Litigation costs, net(4)	247		(24,179)		2,103		(21,355)
Stock-based compensation	18,566		17,094		44,905		51,083
Operating (loss) income	$	(233,049)	$	113,460	$	(768,530)	$	305,780

(c)The following table sets forth the reconciliation of Adjusted EBITDA to (loss) income from continuing operations in our statement of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Adjusted EBITDA	$	(104,370)	$	241,564	$	(290,255)	$	739,548
Less adjustments:
Depreciation and amortization of property and equipment(1a)	63,733		78,060		201,274		232,617
Amortization of capitalized implementation costs(1b)	9,146		9,579		28,110		31,317
Acquisition-related amortization(1c)	16,465		15,976		49,775		47,971
Restructuring and other costs(6)	947		—		74,229		—
Amortization of upfront incentive consideration(2)	19,444		20,851		56,733		59,825

Interest expense, net	67,651		39,743		163,674		117,364
Other, net(3)	18,431		1,769		72,015		6,118
Loss on extinguishment of debt	10,333		—		10,333		—
Acquisition-related costs (5)	591		9,696		22,791		30,337
Litigation costs, net(4)	247		(24,179)		2,103		(21,355)
Stock-based compensation	18,566		17,094		44,905		51,083

Provision for income taxes	(20,364)		7,795		(53,336)		31,783
(Loss) income from continuing operations	$	(309,560)	$	65,180	$	(962,861)	$	152,488

______________________________________________________

(1)Depreciation and amortization expenses:

(a) Depreciation and amortization of property and equipment includes software developed for internal use as well as amortization of

contract acquisition costs

(b) Amortization of capitalized implementation costs represents amortization of upfront costs to implement new customer contracts under our SaaS and hosted revenue model.

(c) Acquisition-related amortization represents amortization of intangible assets from the take-private transaction in 2007 as well as intangibles associated with acquisitions since that date.

(5)Acquisition-related costs represent fees and expenses incurred associated with the now-terminated agreement to acquire Farelogix.

General Information - Additional Information (Details) $ in Thousands			3 Months Ended		6 Months Ended	9 Months Ended
	Jan. 01, 2021 USD ($)	Jan. 01, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Sep. 30, 2020 USD ($) segment	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of business segments \| segment						2
Cost of revenue			$ 115,426	$ 419,385		$ 458,068	$ 1,320,720
Selling, general and administrative			119,626	128,791		447,011	442,669
Technology costs			276,362	322,563		883,837	964,397
Charges						73,934
Allowance for credit losses			11,000			58,375	16,746
Increase in retained deficit			(1,778,877)			(1,778,877)		$ (763,482)
Long-term debt			4,639,125			4,639,125		3,261,821
Additional paid-in capital			$ (3,027,726)			(3,027,726)		$ (2,317,544)
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in allowance for credit loss		$ 10,000
Decrease in deferred tax liabilities		1,000
Increase in accounts receivable		1,000
Accounting Standards Update 2016-13 \| Cumulative-effect adjustment upon adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in retained deficit		$ 8,000
Accounting Standards Update 2020-06 \| Cumulative-effect adjustment upon adoption \| Forecast
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in deferred tax liabilities	$ 20,000
Long-term debt	88,000
Additional paid-in capital	$ 68,000
COVID-19
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cancellation reserve					$ 60,000	$ 33,000
Reclassification adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Selling, general and administrative				(25,000)			(79,000)
Technology costs				25,000			79,000
Reclassification adjustment one
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of revenue				(298,000)			(885,000)
Technology costs				298,000			885,000
Reclassification adjustment two
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of revenue				(34,000)			(96,000)
Selling, general and administrative				$ 34,000			$ 96,000

Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Revenue from External Customer [Line Items]
Contract liabilities	$ 193,539	$ 167,832
Prepaid expenses and other current assets / other assets, net
Revenue from External Customer [Line Items]
Contract assets, current	94,178	105,499
Contract assets	8,000	6,000
Accounts receivable, net
Revenue from External Customer [Line Items]
Contract assets, current	280,520	539,806
Other assets, net
Revenue from External Customer [Line Items]
Contract assets, noncurrent	$ 27,080	$ 38,250

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue recognized					$ 21,000
Revenue negatively impacted	$ (278,365)		$ (984,199)		(1,020,386)	$ (3,033,566)
COVID-19
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 18,000
Revenue negatively impacted		$ 100,000
Cancellation reserve				$ 60,000	$ 33,000

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Revenue from Contracts with Customers - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	$ 278,365	$ 984,199	$ 1,020,386	$ 3,033,566
Operating Segments \| Travel Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	237,018	919,031	900,868	2,842,391
Operating Segments \| Hospitality Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	44,924	74,818	133,163	221,525
Eliminations
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	(3,577)	(9,650)	(13,645)	(30,350)
Distribution \| Operating Segments \| Travel Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	104,594	673,405	451,183	2,092,362
IT Solutions \| Operating Segments \| Travel Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	132,424	245,626	449,685	750,029
SynXis Software and Services \| Operating Segments \| Hospitality Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	41,287	65,962	118,767	194,974
Other \| Operating Segments \| Hospitality Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	$ 3,637	$ 8,856	$ 14,396	$ 26,551

Acquisitions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Litigation settlement, attorney fee expense				$ 24,811	$ 0
Radixx Solutions International, Inc.
Business Acquisition [Line Items]
Net cash consideration	$ 107,000
Department Of Justice Lawsuit
Business Acquisition [Line Items]
Litigation charge			$ 46,000	$ 46,000
Litigation settlement, attorney fee expense			25,000
Termination fees		$ 21,000	$ 21,000

Restructuring Activities - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Charges	$ 73,934
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Charges	22,000
Technology costs
Restructuring Cost and Reserve [Line Items]
Charges	32,000
Selling, general and administrative costs
Restructuring Cost and Reserve [Line Items]
Charges	$ 20,000

Restructuring Activities (Details) $ in Thousands	9 Months Ended
Restructuring Activities (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2020	$ 0
Charges	73,934
Cash Payments	(33,433)
Balance as of September 30, 2020	$ 40,501

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Jan. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Contingency [Line Items]
Effective income tax rate			5.00%	17.00%
Valuation allowance			$ 139,000
Unrecognized tax benefits		$ 65,000	67,000
Early termination payment		$ 1,000
Payments on TRA			71,958	$ 101,482
Internal Revenue Service (IRS)
Income Tax Contingency [Line Items]
Payments on TRA	$ 72,000		$ 72,000	$ 105,000

Credit Losses - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended		12 Months Ended
	Jan. 01, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounting Standards Update [Extensible List]					us-gaap:AccountingStandardsUpdate201613Member
Increase in retained deficit		$ (1,778,877)	$ (1,778,877)		$ (763,482)
Collection period			12 months
Allowance for credit losses		$ 11,000	$ 58,375	$ 16,746
Accounting Standards Update 2016-13
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase in allowance for credit loss	$ 10,000
Decrease in deferred tax liabilities	(1,000)
Increase in accounts receivable	1,000
Cumulative-effect adjustment upon adoption \| Accounting Standards Update 2016-13
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase in retained deficit	$ 8,000

Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 57,730
Provision for expected credit losses	$ 11,000	58,375	$ 16,746
Write-offs		(14,173)
Other		1,230
Ending balance	$ 113,030	113,030
Cumulative-effect adjustment upon adoption
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 9,868

Debt - Narrative (Details)						3 Months Ended			9 Months Ended
Debt - Narrative (Details)	Aug. 27, 2020 USD ($)	Apr. 17, 2020 USD ($) day $ / shares	Mar. 02, 2018	Aug. 23, 2017 USD ($)	Jul. 18, 2016	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Line of Credit Facility [Line Items]
Outstanding debt						$ 4,673,000,000			$ 4,673,000,000		$ 3,343,000,000
Debt issuance costs						48,000,000			48,000,000		15,000,000
Unamortized discount						89,000,000			89,000,000		6,000,000
Outstanding letters of credit that will reduce overall credit capacity											12,000,000
Debt repayment									894,613,000	$ 87,608,000
Loss on extinguishment of debt						$ 10,333,000		$ 0	10,333,000	0
Proceeds of borrowings from lenders									$ 2,345,000,000	$ 45,000,000
Equity component of convertible note issuance, net							$ 67,615,000
Amended And Restated Credit Agreement
Line of Credit Facility [Line Items]
Monthly basis of liquidity amount required	$ 450,000,000
Increase in interest rate	0.25%
Percent of domestic revenue passenger enplanements						10.00%			10.00%
Amended And Restated Credit Agreement \| Senior secured credit facilities \| Minimum
Line of Credit Facility [Line Items]
Total net leverage ratio					1.0
Amended And Restated Credit Agreement \| Senior secured credit facilities \| Maximum
Line of Credit Facility [Line Items]
Total net leverage ratio					4.5
9.25% senior secured notes due 2025 \| Senior Secured Notes
Line of Credit Facility [Line Items]
Interest rate		9.25%				9.25%			9.25%
Aggregate principal amount		$ 775,000,000
Proceeds of borrowings from lenders		763,000,000
4.00% senior exchangeable notes due 2025 \| Senior Secured Notes
Line of Credit Facility [Line Items]
Outstanding debt		$ 255,000,000				$ 260,918,000			$ 260,918,000
Debt issuance costs						$ 8,000,000			$ 8,000,000
Interest rate		4.00%				4.00%			4.00%
Aggregate principal amount		$ 345,000,000
Proceeds of borrowings from lenders		$ 336,000,000
Percent of the product of the last reported sale price per share		130.00%
Convertible trading days \| day		20
Number of consecutive trading days \| day		30
Redemption price, percentage of principal amount		100.00%
Conversion rate		0.1269499
Conversion rate (in dollars per share) \| $ / shares		$ 7.88
Equity component of convertible note issuance, net		$ 90,000,000
Net deferred tax liability in connection with debt discount and issuance costs		$ 20,000,000				$ 19,718,000			$ 19,718,000
Effective interest rate		12.00%
4.00% senior exchangeable notes due 2025 \| Senior Secured Notes \| Measurement Period
Line of Credit Facility [Line Items]
Percent of the product of the last reported sale price per share		98.00%
Number of consecutive trading days \| day		5
Number of consecutive business days \| day		5
5.25% senior secured notes due 2023 \| Senior Secured Notes
Line of Credit Facility [Line Items]
Interest rate	5.25%					5.25%			5.25%
7.375% senior secured notes due 2025 \| Senior Secured Notes
Line of Credit Facility [Line Items]
Interest rate	7.375%					7.375%			7.375%
Aggregate principal amount	$ 850,000,000
Loss on extinguishment of debt									$ 10,000,000
Redemption Premium	7,000,000
Write off of Deferred Debt Issuance Cost	$ 3,000,000
5.375% senior secured notes due 2023 \| Senior Secured Notes
Line of Credit Facility [Line Items]
Interest rate	5.375%					5.375%			5.375%
Revolver, $400 million \| Senior secured credit facilities
Line of Credit Facility [Line Items]
Outstanding debt						$ 375,000,000			$ 375,000,000		0
Outstanding letters of credit that will reduce overall credit capacity						11,000,000			11,000,000		$ 11,000,000
Credit facility amount						$ 400,000,000			$ 400,000,000
Revolver, $400 million \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities
Line of Credit Facility [Line Items]
Credit facility amount				$ 400,000,000
Revolving Credit Facility \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities
Line of Credit Facility [Line Items]
Senior secured first-lien net leverage ratio				3.75
Revolving Credit Facility \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities \| Eurocurrency \| Minimum
Line of Credit Facility [Line Items]
Variable basis spread				2.50%
Revolving Credit Facility \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities \| Eurocurrency \| Maximum
Line of Credit Facility [Line Items]
Variable basis spread				1.75%
Revolving Credit Facility \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Variable basis spread				1.50%
Revolving Credit Facility \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Variable basis spread				0.75%
New Term Loan B \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities
Line of Credit Facility [Line Items]
Credit facility amount				$ 1,891,000,000
Senior secured first-lien net leverage ratio				3.00
Debt repayment	$ 3,000,000
New Term Loan B \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities \| Eurocurrency
Line of Credit Facility [Line Items]
Variable basis spread				2.25%
New Term Loan B \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities \| Base Rate
Line of Credit Facility [Line Items]
Variable basis spread				1.25%
New Term Loan B \| Fifth Incremental Term Facility Amendment \| Senior secured credit facilities \| Eurocurrency
Line of Credit Facility [Line Items]
Variable basis spread			2.00%
New Term Loan B \| Fifth Incremental Term Facility Amendment \| Senior secured credit facilities \| Base Rate
Line of Credit Facility [Line Items]
Variable basis spread			1.00%
New Term Loan A \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities
Line of Credit Facility [Line Items]
Credit facility amount				$ 570,000,000
Decrease in variable basis spread, quarterly				0.25%
Decrease in variable basis spread, maximum				0.75%
Senior secured first-lien net leverage ratio				2.25
Debt repayment	$ 319,000,000
New Term Loan A \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities \| Eurocurrency \| Minimum
Line of Credit Facility [Line Items]
Variable basis spread				2.50%
New Term Loan A \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities \| Eurocurrency \| Maximum
Line of Credit Facility [Line Items]
Variable basis spread				1.75%
New Term Loan A \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Variable basis spread				1.50%
New Term Loan A \| Fourth Incremental Term Facility Amendment \| Senior secured credit facilities \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Variable basis spread				0.75%

Debt - Face Value of Outstanding Debt (Details) - USD ($)			9 Months Ended
	Aug. 27, 2020	Aug. 26, 2020	Sep. 30, 2020	Apr. 17, 2020	Dec. 31, 2019	Aug. 23, 2017
Debt Instrument [Line Items]
Finance lease obligations			$ 899,000		$ 5,882,000
Face value of total debt outstanding			4,809,213,000		3,363,809,000
Less current portion of debt outstanding			(33,452,000)		(81,614,000)
Long-term debt			4,775,761,000		3,282,195,000
Senior secured credit facilities \| Term Loan A \| Fourth Incremental Term Facility Amendment
Debt Instrument [Line Items]
Credit facility amount						$ 570,000,000
Debt outstanding			$ 133,995,000		484,500,000
Senior secured credit facilities \| Term Loan A \| Fourth Incremental Term Facility Amendment \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on LIBOR	2.75%	2.50%	2.75%
Senior secured credit facilities \| Term Loan B \| Fourth Incremental Term Facility Amendment
Debt Instrument [Line Items]
Credit facility amount						1,891,000,000
Debt outstanding			$ 1,829,319,000		1,843,427,000
Senior secured credit facilities \| Term Loan B \| Fourth Incremental Term Facility Amendment \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on LIBOR			2.00%
Senior secured credit facilities \| Revolver, $400 million
Debt Instrument [Line Items]
Credit facility amount			$ 400,000,000
Senior secured credit facilities \| Revolver, $400 million \| Fourth Incremental Term Facility Amendment
Debt Instrument [Line Items]
Credit facility amount						$ 400,000,000
Debt outstanding			$ 375,000,000		0
Senior secured credit facilities \| Revolver, $400 million \| Fourth Incremental Term Facility Amendment \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on LIBOR	2.75%	2.50%	2.75%
Senior secured notes \| 5.375% senior secured notes due 2023
Debt Instrument [Line Items]
Interest rate	5.375%		5.375%
Debt outstanding			$ 0		530,000,000
Senior secured notes \| 5.25% senior secured notes due 2023
Debt Instrument [Line Items]
Interest rate	5.25%		5.25%
Debt outstanding			$ 500,000,000		500,000,000
Senior secured notes \| 9.25% senior secured notes due 2025
Debt Instrument [Line Items]
Interest rate			9.25%	9.25%
Debt outstanding			$ 775,000,000		0
Senior secured notes \| 7.375% senior secured notes due 2025
Debt Instrument [Line Items]
Interest rate	7.375%		7.375%
Debt outstanding			$ 850,000,000		0
Senior secured notes \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Interest rate			4.00%	4.00%
Debt outstanding			$ 345,000,000		$ 0

Debt - Carrying Value of Exchangeable Notes (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Apr. 17, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Net Carrying Value	$ 4,673,000,000		$ 3,343,000,000
Debt issuance costs	48,000,000		15,000,000
Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Principal	345,000,000		$ 0
Less: Unamortized debt discount	(84,082,000)
Net Carrying Value	260,918,000	$ 255,000,000
Conversion feature	90,500,000
Less: Equity portion of debt issuance costs	(3,167,000)
Less: Deferred tax liability	(19,718,000)	$ (20,000,000)
Net Carrying Value	67,615,000
Debt issuance costs	$ 8,000,000

Debt - Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs		$ 12,661	$ 2,979
Senior Secured Notes \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Contractual interest expense	$ 3,450	6,248
Amortization of debt discount and issuance costs	$ 3,814	$ 6,909

Derivatives - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Derivatives - Narrative (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018	Sep. 30, 2017	Mar. 31, 2017
Derivative [Line Items]
Hedging ineffectiveness recorded in earnings	$ 0	$ 0	$ 0	$ 0
Estimated loss reclassified from other comprehensive income (loss) to earnings as contracts settle			$ 0
Interest rate swaps
Derivative [Line Items]
Notional amount					$ 750,000,000	$ 750,000,000		$ 750,000,000	$ 750,000,000
Interest rate swaps, 2019 \| Cash Flow Hedging
Derivative [Line Items]
Notional amount							$ 600,000,000
Interest rate swaps, 2020 \| Cash Flow Hedging
Derivative [Line Items]
Notional amount							300,000,000
Interest rate swaps, 2021 \| Cash Flow Hedging
Derivative [Line Items]
Notional amount							$ 450,000,000
Interest rate swaps, Floating Term Loan B, 2020 And 2021 \| Cash Flow Hedging
Derivative [Line Items]
Notional amount						$ 150,000,000

Derivatives - Schedule of Unsettled Purchased Foreign Currency Forward Contracts (Details) - Long - Foreign currency forward contracts	Sep. 30, 2020 USD ($)	Sep. 30, 2020 PLN (zł)	Sep. 30, 2020 SGD ($)	Sep. 30, 2020 INR (₨)	Sep. 30, 2020 GBP (£)	Sep. 30, 2020 AUD ($)	Sep. 30, 2020 SEK (kr)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 PLN (zł)	Dec. 31, 2019 SGD ($)	Dec. 31, 2019 INR (₨)	Dec. 31, 2019 GBP (£)	Dec. 31, 2019 AUD ($)	Dec. 31, 2019 SEK (kr)
Polish Zloty
Derivative [Line Items]
Notional Amount	$ 14,105,000	zł 54,000,000						$ 68,971,000	zł 265,000,000
Average Contract Rate	0.2612	0.2612	0.2612	0.2612	0.2612	0.2612	0.2612	0.2603	0.2603	0.2603	0.2603	0.2603	0.2603	0.2603
Singapore Dollar
Derivative [Line Items]
Notional Amount	$ 8,899,000		$ 12,000,000					$ 46,759,000		$ 63,500,000
Average Contract Rate	0.7416	0.7416	0.7416	0.7416	0.7416	0.7416	0.7416	0.7364	0.7364	0.7364	0.7364	0.7364	0.7364	0.7364
Indian Rupee
Derivative [Line Items]
Notional Amount	$ 7,475,000			₨ 550,000,000				$ 61,708,000			₨ 4,485,000,000
Average Contract Rate	0.0136	0.0136	0.0136	0.0136	0.0136	0.0136	0.0136	0.0138	0.0138	0.0138	0.0138	0.0138	0.0138	0.0138
British Pound Sterling
Derivative [Line Items]
Notional Amount	$ 5,118,000				£ 3,900,000			$ 24,109,000				£ 18,400,000
Average Contract Rate	1.3123	1.3123	1.3123	1.3123	1.3123	1.3123	1.3123	1.3103	1.3103	1.3103	1.3103	1.3103	1.3103	1.3103
Australian Dollar
Derivative [Line Items]
Notional Amount	$ 2,097,000					$ 3,000,000		$ 11,521,000					$ 16,500,000
Average Contract Rate	0.6990	0.6990	0.6990	0.6990	0.6990	0.6990	0.6990	0.6982	0.6982	0.6982	0.6982	0.6982	0.6982	0.6982
Swedish Krona
Derivative [Line Items]
Notional Amount	$ 531,000						kr 5,000,000	$ 4,106,000						kr 38,100,000
Average Contract Rate	0.1078	0.1078	0.1078	0.1078	0.1078	0.1078	0.1078	0.1075	0.1075	0.1075	0.1075	0.1075	0.1075	0.1075

Derivatives - Schedule of Outstanding Interest Rate Swaps (Details) - Designated as Hedging Instrument - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Interest rate swap contracts, floor rate	0.00%	0.00%
Interest Rate Swap, 2.27%
Derivative [Line Items]
Notional Amount	$ 1,350,000,000	$ 1,350,000,000
Interest Rate Paid	2.27%	2.27%
Interest Rate Swap, 2.19%
Derivative [Line Items]
Notional Amount	$ 1,200,000,000	$ 1,200,000,000
Interest Rate Paid	2.19%	2.19%
Interest Rate Swap, 2.81%
Derivative [Line Items]
Notional Amount	$ 600,000,000	$ 600,000,000
Interest Rate Paid	2.81%	2.81%

Derivatives - Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Total	$ (22,054)	$ (12,985)
Prepaid expenses and other current assets \| Foreign exchange contracts
Derivative [Line Items]
Derivative asset	0	1,953
Other accrued liabilities \| Foreign exchange contracts
Derivative [Line Items]
Derivative liability	(258)	0
Other accrued liabilities \| Interest rate swaps
Derivative [Line Items]
Derivative liability	(18,428)	(7,020)
Other noncurrent liabilities \| Interest rate swaps
Derivative [Line Items]
Derivative liability	$ (3,368)	$ (7,918)

Derivatives - Schedule of Effects of Derivative Instruments Net of Taxes on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative, Effective Portion	$ 2,224	$ (6,356)	$ (20,582)	$ (20,939)
Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion	4,500	1,034	12,894	3,544
Foreign exchange contracts
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative, Effective Portion	2,164	(5,072)	(4,837)	(4,761)
Foreign exchange contracts \| Cost of revenue
Derivative [Line Items]
Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion	(319)	981	2,904	4,547
Interest rate swaps
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative, Effective Portion	60	(1,284)	(15,745)	(16,178)
Interest rate swaps \| Interest expense, net
Derivative [Line Items]
Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion	$ 4,819	$ 53	$ 9,990	$ (1,003)

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	$ (22,054)	$ (12,985)
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	0	0
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	(22,054)	(12,985)
Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	0	0
Foreign currency forward contracts
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative Assets (Liabilities)	(258)	1,953
Foreign currency forward contracts \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative Assets (Liabilities)	0	0
Foreign currency forward contracts \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative Assets (Liabilities)	(258)	1,953
Foreign currency forward contracts \| Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative Assets (Liabilities)	0	0
Interest rate swap contracts
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative Assets (Liabilities)	(21,796)	(14,938)
Interest rate swap contracts \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative Assets (Liabilities)	0	0
Interest rate swap contracts \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative Assets (Liabilities)	(21,796)	(14,938)
Interest rate swap contracts \| Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative Assets (Liabilities)	$ 0	$ 0

Fair Value Measurements - Schedule of Fair Value and Carrying Value of Debt (Details) - USD ($)	Sep. 30, 2020	Aug. 27, 2020	Apr. 17, 2020	Dec. 31, 2019
Senior secured credit facilities \| Revolver, $400 million
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Credit facility amount	$ 400,000,000
Term Loan A \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	128,970,000			$ 485,106,000
Term Loan A \| Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	133,290,000			483,317,000
Term Loan B \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	1,718,416,000			1,856,100,000
Term Loan B \| Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	1,825,443,000			1,838,741,000
Revolver, $400 million \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	375,000,000			0
Revolver, $400 million \| Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 375,000,000			0
5.375% senior secured notes due 2023 \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.375%	5.375%
5.375% senior secured notes due 2023 \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 0			543,536,000
5.375% senior secured notes due 2023 \| Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 0			530,000,000
5.25% senior secured notes due 2023 \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.25%	5.25%
5.25% senior secured notes due 2023 \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 487,533,000			514,670,000
5.25% senior secured notes due 2023 \| Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 500,000,000			500,000,000
9.25% senior secured notes due 2025 \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	9.25%		9.25%
9.25% senior secured notes due 2025 \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 854,294,000			0
9.25% senior secured notes due 2025 \| Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 775,000,000			0
7.375% senior secured notes due 2025 \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	7.375%	7.375%
7.375% senior secured notes due 2025 \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 856,783,000			0
7.375% senior secured notes due 2025 \| Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 850,000,000			0
4.00% senior exchangeable notes due 2025 \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.00%		4.00%
4.00% senior exchangeable notes due 2025 \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 405,824,000			0
4.00% senior exchangeable notes due 2025 \| Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 260,918,000			$ 0

Fair Value Measurements - Narrative (Details) - USD ($)	6 Months Ended	9 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 30, 2020	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Goodwill impairment	$ 0	$ 0

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	$ 641,424	$ 326,022	$ 682,711	$ 947,669	$ 956,111	$ 919,688	$ 965,599	$ 974,271
Total accumulated other comprehensive loss, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(146,103)			(149,306)
Defined benefit pension and other post-retirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	(136,690)			(143,389)
Unrealized foreign currency translation gain
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	8,481			4,289
Unrealized loss on foreign currency forward contracts and interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss, net of tax	$ (17,894)			$ (10,206)

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Pension settlement charge	$ 14,000	$ 13,543	$ 0

Stock and Stockholders' Equity (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Aug. 24, 2020

USD ($)

day

dividendPeriod

director

$ / shares

Rate

Oct. 31, 2020

$ / shares

Sep. 30, 2020

USD ($)

Sep. 30, 2020

USD ($)

Feb. 28, 2017

USD ($)

Offering sale of shares (in shares) | shares

41,071,429

Offering proceeds

$ 275,000,000

Accrued preferred stock dividends

^[1]

$ 2,231,000

Issuance of stock

275,003,000

Share repurchase amount

$ 500,000,000

Repurchase of shares (in shares) | shares

Remaining authorized amount

$ 287,000,000

6.50% Series A Mandatory Convertible Preferred Stock

Offering sale of shares (in shares) | shares

3,340,000

Annual percentage rate

6.50%

Offering proceeds

$ 323,000,000

Liquidation preference (in dollars per share) | $ / shares

$ 100

Annual liquidation preference (in dollars per share) | $ / shares

$ 6.50

Accrued preferred stock dividends

$ 2,000,000

Number of consecutive trading days | day

Number of dividend periods with no stock declared or paid | dividendPeriod

Number of new directors to elect | director

Issuance of stock

$ 322,885,000

6.50% Series A Mandatory Convertible Preferred Stock | Subsequent Event

Preferred dividend declared (in dollars per share) | $ / shares

$ 1.7514

6.50% Series A Mandatory Convertible Preferred Stock | Minimum

Shares issued at conversion (in shares) | shares

Conversion rate | Rate

1190.48%

40,000,000

6.50% Series A Mandatory Convertible Preferred Stock | Maximum