0001597033-21-000073 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity Registrant Name	Sabre Corporation
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36422
Entity Tax Identification Number	20-8647322
Entity Address, Address Line One	3150 Sabre Drive
Entity Address, City or Town	Southlake
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76092
City Area Code	682
Local Phone Number	605-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		319,463,499
Entity Central Index Key	0001597033
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	SABR
Security Exchange Name	NASDAQ
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.50% Series A Mandatory Convertible Preferred Stock
Trading Symbol	SABRP
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue	$ 327,484	$ 658,977
Cost of revenue, excluding technology costs	146,761	281,415
Technology costs	252,663	325,372
Selling, general and administrative	130,613	203,601
Operating loss	(202,553)	(151,411)
Other income (expense):
Interest expense, net	(64,101)	(37,442)
Equity method loss	(911)	(686)
Other, net	11,631	(47,486)
Total other expense, net	(53,381)	(85,614)
Loss from continuing operations before income taxes	(255,934)	(237,025)
Provision for income taxes	3,997	(27,254)
Loss from continuing operations	(259,931)	(209,771)
Loss from discontinued operations, net of tax	(263)	(2,126)
Net loss	(260,194)	(211,897)
Net income attributable to noncontrolling interests	484	783
Net loss attributable to Sabre Corporation	(260,678)	(212,680)
Preferred stock dividends	5,428	0
Net loss attributable to common stockholders	$ (266,106)	$ (212,680)
Basic net loss per share attributable to common stockholders:
Loss from continuing operations (in dollars per share)	$ (0.84)	$ (0.77)
Loss from discontinued operations (in dollars per share)	0	(0.01)
Net loss per common share (in dollars per share)	(0.84)	(0.78)
Diluted net loss per share attributable to common stockholders:
Loss from continuing operations (in dollars per share)	(0.84)	(0.77)
Loss from discontinued operations (in dollars per share)	0	(0.01)
Net loss per common share (in dollars per share)	$ (0.84)	$ (0.78)
Weighted-average common shares outstanding:
Basic (in shares)	317,634	274,037
Diluted (in shares)	317,634	274,037

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (260,194)	$ (211,897)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments ("CTA")	(4,840)	(1,794)
Retirement-related benefit plans:
Net actuarial gain, net of taxes of $—, $(1,206)	0	4,141
Amortization of prior service credits, net of taxes of $80, and $80	(278)	(278)
Amortization of actuarial losses, net of taxes of $(481), and $(365)	1,674	1,264
Net change in retirement-related benefit plans, net of tax	1,396	5,127
Derivatives:
Unrealized losses, net of taxes of $1, and $6,447	(3)	(23,818)
Reclassification adjustment for realized losses, net of taxes of $(899), and $(515)	3,128	1,835
Net change in derivatives, net of tax	3,125	(21,983)
Share of other comprehensive income (loss) of equity method investments	534	(653)
Other comprehensive income (loss)	215	(19,303)
Comprehensive loss	(259,979)	(231,200)
Less: Comprehensive income attributable to noncontrolling interests	(484)	(783)
Comprehensive loss attributable to Sabre Corporation	$ (260,463)	$ (230,417)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Retirement-related benefit plans:
Net actuarial gain, taxes	$ 0	$ (1,206)
Amortization of prior service credits, taxes	80	(80)
Amortization of actuarial losses, taxes	(481)	(365)
Derivatives:
Unrealized (losses) gains on derivatives, taxes	1	6,447
Reclassification adjustment for realized losses, taxes	$ (899)	$ (515)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 1,284,918	$ 1,499,665
Accounts receivable, net of allowance for credit losses of $91,767 and $96,150	293,953	255,468
Prepaid expenses and other current assets	153,964	132,972
Total current assets	1,732,835	1,888,105
Property and equipment, net of accumulated depreciation of $2,040,177 and $1,995,409	323,357	363,491
Equity method investments	23,889	24,265
Goodwill	2,630,011	2,636,546
Deferred income taxes	24,278	24,181
Other assets, net	599,464	629,768
Total assets	5,827,838	6,077,722
Current liabilities
Accounts payable	104,243	115,229
Accrued compensation and related benefits	88,495	86,830
Accrued subscriber incentives	120,639	100,963
Deferred revenues	116,487	99,470
Other accrued liabilities	186,060	193,383
Current portion of debt	26,050	26,068
Total current liabilities	641,974	621,943
Deferred income taxes	69,670	72,196
Other noncurrent liabilities	369,465	380,621
Long-term debt	4,714,990	4,717,808
Commitments and contingencies (Note 13)
Stockholders’ equity
Preferred stock, $0.01 par value, 225,000 authorized, 3,340 issued and outstanding as of March 31, 2021 and December 31, 2020; aggregate liquidation value of $334,000 as of March 31, 2021 and December 31, 2020	33	33
Common Stock: $0.01 par value; 1,000,000 authorized shares; 341,563 and 338,662 shares issued, 319,433 and 317,297 shares outstanding at March 31, 2021 and December 31, 2020, respectively	3,416	3,387
Additional paid-in capital	3,009,651	2,985,077
Treasury Stock, at cost, 22,130 and 21,365 shares at March 31, 2021 and December 31, 2020, respectively	(487,401)	(474,790)
Accumulated deficit	(2,365,730)	(2,099,624)
Accumulated other comprehensive loss	(135,742)	(135,957)
Non-controlling interest	7,512	7,028
Total stockholders’ equity	31,739	285,154
Total liabilities and stockholders’ equity	5,827,838	6,077,722
Customer Relationships
Current assets
Finite lived intangible assets, net	281,568	289,150
Other Intangible Assets
Current assets
Finite lived intangible assets, net	$ 212,436	$ 222,216

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Allowance for credit loss	$ 91,767	$ 96,150
Accumulated depreciation on property and equipment	$ 2,040,177	$ 1,995,409
Stockholders’ equity
Preferred stock (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	225,000,000	225,000,000
Preferred stock, shares issued (in shares)	3,340,000	3,340,000
Preferred stock, shares outstanding (in shares)	3,340,000	3,340,000
Preferred stock, aggregate liquidation value	$ 334,000	$ 334,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	341,563,000	338,662,000
Common stock, shares outstanding (in shares)	319,433,000	317,297,000
Treasury stock, shares held (in shares)	22,130,000	21,365,000
Customer Relationships
Current assets
Accumulated amortization	$ 767,778	$ 761,335
Other Intangible Assets
Current assets
Accumulated amortization	$ 723,876	$ 714,095

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Operating Activities
Net loss	$ (260,194)	$ (211,897)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Depreciation and amortization	73,223	95,861
Stock-based compensation expense	24,426	17,577
Amortization of upfront incentive consideration	15,825	18,213
Gain on sale of investment	(14,532)	0
Amortization of debt discount and issuance costs	2,853	993
Provision for expected credit losses	(2,226)	36,359	$ 5,000
Deferred income taxes	(2,004)	(41,732)
Loss from discontinued operations	263	2,126
Acquisition termination fee	0	24,811
Other	1,396	(1,858)
Changes in operating assets and liabilities:
Accounts and other receivables	(41,144)	120,580
Prepaid expenses and other current assets	(18,008)	(10,120)
Capitalized implementation costs	(5,022)	(1,472)
Upfront incentive consideration	(2,185)	(22,566)
Other assets	3,176	16,102
Accrued compensation and related benefits	681	(23,655)
Accounts payable and other accrued liabilities	17,433	(1,197)
Deferred revenue including upfront solution fees	8,636	22,306
Cash (used in) provided by operating activities	(197,403)	40,431
Investing Activities
Proceeds from sale of investment	14,840	0
Additions to property and equipment	(6,435)	(28,437)
Other investing activities	0	(4,413)
Cash provided by (used in) investing activities	8,405	(32,850)
Financing Activities
Net payment on the settlement of equity-based awards	(12,434)	(5,200)
Payments on borrowings from lenders	(6,295)	(18,953)
Dividends paid on preferred stock	(5,428)	0
Proceeds of borrowings from lenders	0	375,000
Payments on Tax Receivable Agreement	0	(71,958)
Cash dividends paid to common shareholders	0	(38,544)
Other financing activities	(64)	(2,199)
Cash (used in) provided by financing activities	(24,221)	238,146
Cash Flows from Discontinued Operations
Cash used in operating activities	(281)	(997)
Cash used in discontinued operations	(281)	(997)
Effect of exchange rate changes on cash and cash equivalents	(1,247)	3,566
(Decrease) increase in cash and cash equivalents	(214,747)	248,296
Cash and cash equivalents at beginning of period	1,499,665	436,176	436,176
Cash and cash equivalents at end of period	$ 1,284,918	$ 684,472	$ 1,499,665

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Adoption of New Accounting Standards

Preferred Stock

Common Stock

Additional Paid in Capital

Treasury Stock

Retained Earnings (Deficit)

Adoption of New Accounting Standards

Accumulated Other Comprehensive Loss

Noncontrolling Interest

Preferred stock, 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

296,543,470,000

21,228,917,000

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

Comprehensive income (loss)

(231,200)

(212,680)

(19,303)

783

Common stock dividends

^[1]

(38,544)

Settlement of stock-based awards (in shares)

2,224,053,000

642,065,000

Settlement of stock-based awards

(5,200)

$ 22

$ (5,272)

Stock-based compensation expense

17,577

Preferred stock, ending balance (in shares) at Mar. 31, 2020

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

294,319,417,000

20,586,852,000

Preferred stock, beginning balance (in shares) at Dec. 31, 2020

3,340,000

3,340,000,000

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

$ 285,154

$ 33

$ 3,387

2,985,077

$ (474,790)

(2,099,624)

(135,957)

7,028

Stockholders' equity, beginning balance (in shares) at Mar. 31, 2021

341,563,000

341,562,653,000

22,130,174,000

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

Comprehensive income (loss)

$ (259,979)

(260,678)

215

484

Preferred stock dividends

^[2]

(5,428)

Settlement of stock-based awards (in shares)

2,900,693,000

764,947,000

Settlement of stock-based awards

(12,434)

$ 29

148

$ (12,611)

Stock-based compensation expense

$ 24,426

24,426

Preferred stock, ending balance (in shares) at Mar. 31, 2021

3,340,000

3,340,000,000

Stockholders' equity, ending balance at Mar. 31, 2021

$ 31,739

$ 33

$ 3,416

$ 3,009,651

$ (487,401)

$ (2,365,730)

$ (135,742)

$ 7,512

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

338,662,000

338,661,960,000

21,365,227,000

[1]	A quarterly cash dividend of $0.14 per share on our common stock.
[2]	Our mandatory convertible preferred stock accumulates cumulative dividends at an annual rate of 6.50%.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Cash dividend paid (in dollars per share)	$ 0.14	$ 0.14	$ 0.14

General Information

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

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.

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 first quarter of 2021, resulting in a material decrease in transaction-based revenue across both of our business units compared to the prior year. Lower global distribution system ("GDS") volumes have continued to result in a material decline in incentive consideration costs, as expected. Despite the continued negative impacts of the COVID-19 pandemic on our business and global travel volumes, as COVID-19 vaccines have continued to be administered, we have seen some continued improvement in our key volume metrics during the first quarter of 2021, led by our Hospitality Solutions business. Domestic bookings continue to exceed international bookings, however, which has negatively impacted revenue.

The inputs into our judgments and estimates consider the economic implications of COVID-19 on our critical and significant accounting estimates. Our air booking cancellation reserve totaled $18 million as of March 31, 2021, which is consistent with our reserve as of December 31, 2020. Additionally, our allowance for credit losses at March 31, 2021 was $93 million, a decrease of $5 million from December 31, 2020. The provision for credit losses for the three months ended March 31, 2021 decreased $39 million from the same period in the prior year, primarily related to fully reserving for aged balances of certain customers in the prior year and an overall improvement in our forecasted credit losses in the current year given the start of the global economic recovery from the COVID-19 pandemic. See Note 5. 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 and future cancellation activity, including from airlines’ insolvency or suspension of service or aircraft groundings, we cannot provide assurance that the assumptions used in these estimates will be accurate.

We have not identified any triggering events or changes in circumstances since the performance of our annual goodwill impairment test that would require us to perform another goodwill impairment test and we did not record any goodwill impairment charges for the three months ended March 31, 2021. See Note 8. Fair Value Measurements for further information. 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.

Given the liquidity measures we enacted during 2020 and our ending cash balance of $1.3 billion as of March 31, 2021, 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.

Strategic Realignment—We completed a strategic realignment of our airline and agency-focused businesses in the third quarter of 2020 to address the changing travel landscape and respond to the impacts of the COVID-19 pandemic on our business and cost structure. 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 were consolidated into a unified revenue and expense structure now reported as the Travel Solutions business segment. There were 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. Financial information for all periods presented has been updated to reflect these reclassifications.

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 months ended March 31, 2021 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2021. 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 25, 2021.

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 25, 2021. 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. In January 2021, the FASB issued additional clarification related to reference rate reform, permitting entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements, and calculating price alignment interest in connection with reference rate reform activities under way in global financial markets. The standards are 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 months ended March 31, 2021 as a result of the adoption of these standards. Our current hedging contracts do not extend past December 31, 2021.

In August 2020, the FASB issued updated guidance limiting the accounting models for convertible instruments, which requires the senior exchangeable notes due 2025 (the "Exchangeable Notes") entered into April 2020 to be accounted for as a single liability measured at amortized cost. We elected to early adopt this standard on January 1, 2021 using the full retrospective method, which requires us to restate each prior reporting period presented. As a result of adoption, the component of the Exchangeable Notes originally bifurcated as equity was derecognized and accounted for as a liability. The net deferred tax liability originally established in connection with the debt discount and issuance costs within equity was also removed and the debt issuance costs which were allocated to equity were reclassified to debt and amortized using an effective interest rate of approximately 5%. As a result of removing the net deferred tax liability related to the debt discount, the valuation allowance increased by $17 million for the year ended December 31, 2020. Because the Exchangeable Notes were entered into during the second quarter of 2020, there was no impact to our consolidated statements of operations or earnings per share for the three months ended March 31, 2020 as a result of the adoption of this standard. The impacts to our consolidated balance sheets as of December 31, 2020 are shown below (in thousands):


	December 31, 2020
	As Reported		Adjustments		Recast
Deferred income taxes	$	72,744	$	(548)	$	72,196
Long-term debt	4,639,782		78,026		4,717,808
Additional paid-in capital	3,052,953		(67,876)		2,985,077
Accumulated deficit	(2,090,022)		(9,602)		(2,099,624)
Total stockholders’ equity	362,632		(77,478)		285,154
Total liabilities and stockholders’ equity	6,077,722		—		6,077,722

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. We adopted this standard prospectively in the first quarter of 2021. There was no material impact to our consolidated financial statements for the three months ended March 31, 2021 as a result of this guidance.

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020 (in thousands):


Account	Consolidated Balance Sheet Location	March 31, 2021		December 31, 2020
Contract assets and customer advances and discounts(1)	Prepaid expenses and other current assets / other assets, net	$	88,954	$	88,850
Trade and unbilled receivables, net	Accounts receivable, net	289,452		253,511
Long-term trade unbilled receivables, net	Other assets, net	35,217		38,156
Contract liabilities	Deferred revenues / other noncurrent liabilities	184,090		176,956

________________________________

(1) Includes contract assets of $8 million for March 31, 2021 and December 31, 2020.

During the three months ended March 31, 2021, we recognized revenue of approximately $12 million from contract liabilities that existed as of January 1, 2021. 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 5. Credit Losses.

Revenue

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


	Three Months Ended March 31,
	2021		2020
Distribution	$	151,781	$	394,538
IT Solutions	137,094		213,050
Total Travel Solutions	288,875		607,588
SynXis Software and Services	38,730		50,731
Other	3,485		8,506
Total Hospitality Solutions	42,215		59,237
Eliminations	(3,606)		(7,848)
Total Sabre Revenue	$	327,484	$	658,977

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 three months ended March 31, 2021, the impact on revenue recognized in the current period, from performance obligations partially or fully satisfied in the previous period, is immaterial.

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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

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

+ Details

Restructuring Activities

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Activities

We completed a strategic realignment of our airline and agency-focused businesses in the third quarter of 2020 to address the changing travel landscape and respond to the impacts of the COVID-19 pandemic on our business and cost structure. As a result of this strategic realignment, we incurred restructuring costs beginning in the first quarter of 2020. The strategic realignment and related actions are substantially complete. We do not expect additional restructuring charges associated with these activities to be significant.

Since the first quarter of 2020, we have incurred $80 million in connection with these restructuring activities, of which $18 million is recorded within cost of revenue, excluding technology costs, $30 million is recorded within technology costs and $32 million is recorded within selling, general and administrative costs in our consolidated statement of operations. For the three months ended March 31, 2021, adjustments to restructuring charges were immaterial.

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


	Three Months Ended March 31, 2021
Balance as of December 31, 2020	$	23,253

Cash Payments	(8,035)
Non-cash adjustments	(4,194)
Balance as of March 31, 2021	$	11,024

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2021, we recognized $4 million income tax expense, representing a negative effective tax rate of 2%, compared to an income tax benefit of $27 million, representing an effective tax rate of 11% for the three months ended March 31, 2020. The decrease in the effective tax rate for the three months ended March 31, 2021 as compared to the same period in 2020 was primarily due to an increase in the valuation allowance generated in the current quarter related to the impact of COVID-19 on our results of operations and various discrete items recorded in each of the respective three month periods. The difference between our effective tax rates and the U.S. federal statutory income tax rate primarily results from valuation allowances, 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. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. We believe 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 March 31, 2021, a valuation allowance of $311 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 $74 million and $73 million as of March 31, 2021 and December 31, 2020, respectively.

- Definition

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

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Credit Losses

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.

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.

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 three months ended March 31, 2021 for our portfolio segment is summarized as follows (in thousands):


	Three Months Ended March 31, 2021
Balance at December 31, 2020	$	97,568

Provision for expected credit losses	(2,226)
Write-offs	(1,639)
Other	(1,038)
Balance at March 31, 2021	$	92,665

Our provision for expected credit losses for the three months ended March 31, 2021 decreased $39 million from $36 million in the same period in the prior year, primarily related to fully reserving for aged balances of certain customers in the prior year and an overall improvement in our forecasted credit losses in the current year given the start of the global economic recovery from the COVID-19 pandemic. For the three months ended March 31, 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 three months ended March 31, 2020. Additionally, the impact of the COVID-19 pandemic on the global economy and other general increases in aging balances affected our estimate of expected credit losses in the prior year. Macro-economic factors, including the economic downturn, 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 continue to result in 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

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

As of March 31, 2021 and December 31, 2020, our outstanding debt included in our consolidated balance sheets totaled $4,741 million and $4,744 million, respectively, which are net of debt issuance costs of $51 million and $54 million, respectively, and unamortized discounts of $9 million and $10 million, respectively. The following table sets forth the face values of our outstanding debt as of March 31, 2021 and December 31, 2020 (in thousands):


	Rate	Maturity	March 31, 2021		December 31, 2020
Senior secured credit facilities:

Term Loan B	L + 2.00%	February 2024	$	1,819,913	$	1,824,616
Other Term Loan B	L + 4.00%	December 2027	635,408		637,000
Revolver, $400 million(1)	L + 2.75%	November 2023	375,000		375,000


9.25% senior secured notes due 2025	9.250%	April 2025	775,000		775,000
7.375% senior secured notes due 2025	7.375%	September 2025	850,000		850,000
4.00% senior exchangeable notes due 2025	4.000%	April 2025	345,000		345,000
Finance lease obligations			870		889
Face value of total debt outstanding			4,801,191		4,807,505
Less current portion of debt outstanding			(26,050)		(26,068)
Face value of long-term debt outstanding			$	4,775,141	$	4,781,437

______________________

(1) Pursuant to the August 27, 2020 refinancing, subject to certain "springing" maturity conditions, the maturity may extend to February 2024 at the latest.

We had $375 million outstanding under the Revolver as of March 31, 2021 and December 31, 2020. We had outstanding letters of credit totaling $10 million as of March 31, 2021 and December 31, 2020, which reduced our overall credit capacity under the Revolver.

Senior Secured Credit Facilities

Refinancing Transactions

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”).

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 November 23, 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. 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, 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 $300 million on a monthly basis, which was lowered in December 2020 from $450 million. 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 applicable margins for the Revolver are between 2.50% and 1.75% per annum for Eurocurrency rate loans and between 1.50% and 0.75% per annum for base rate loans, 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. These interest rate spreads for the Revolver were increased by 0.25%, during covenant suspension, in connection with the 2020 Refinancing.

On December 17, 2020, Sabre GLBL entered into a Sixth Term A Loan Refinancing and Incremental Amendment to our Amended and Restated Credit Agreement, resulting in additional Term Loan B borrowings of $637 million ("Other Term B Loans") due December 17, 2027. The applicable interest rate margins for the Other Term B Loans are 4.00% per annum for Eurocurrency rate loans and 3.00% per annum for base rate loans, with a floor of 0.75% for the Eurocurrency rate, and 1.75% for the base rate, respectively. The net proceeds of $623 million from the issuance, net of underwriting fees and commissions, were used to fully redeem both the $500 million outstanding 5.25% senior secured notes due November 2023 and the $134 million outstanding Term Loan A. Additionally, on December 17, 2020, Sabre GLBL entered into a Pro Rata Amendment and the Refinancing Amendment which reduced the minimum liquidity requirement to $300 million. We incurred no material additional indebtedness as a result of these transactions, other than amounts for certain interest, fees and expenses. We recognized a loss on extinguishment of debt of $11 million during the year ended December 31, 2020 in connection with these transactions, which consisted of a redemption premium of $6 million and the write-off of unamortized debt issuance costs of $5 million.

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.

The capacity reductions by domestic airlines in response to the COVID-19 outbreak and related decreases in domestic passenger enplanements, and a recent sharp decline in GDS bookings, has led to a finding that a Material Travel Event Disruption occurred in the first quarter of 2021. As such, the leverage ratio covenant has been suspended for the first and second quarters of 2021. As of March 31, 2021, 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.

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. Due to the price of our common stock during the 30 trading days preceding March 31, 2021, the first condition above has been met as of March 31, 2021 and the Exchangeable Notes are exchangeable by the holders at any time during the second quarter of 2021. As of March 31, 2021, the if-converted value of the Exchangeable Notes exceeds the outstanding principal amount by $304 million.

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.

As the result of the adoption of a new accounting standard on January 1, 2021, using the full retrospective method, the Exchangeable Notes are presented as a single liability measured at amortized cost. As presented in Note 1. General Information, the component of the Exchangeable Notes originally bifurcated as equity was derecognized and accounted for as a liability. The net deferred tax liability originally established in connection with the debt discount and issuance costs within equity was also removed and the debt issuance costs which were allocated to equity were reclassified to debt and amortized using an effective interest rate of approximately 5%.

The following table sets forth the carrying value of the Exchangeable Notes as of March 31, 2021 and December 31, 2020, as recast (in thousands):


	March 31, 2021		December 31, 2020
Principal	$	345,000	$	345,000

Less: Unamortized debt issuance costs	9,892		10,443
Net Carrying Value	$	335,108	$	334,557

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Contractual interest expense	$	3,450	$	—
Amortization of debt discount and issuance costs	$	551	$	—

Derivatives

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 months ended March 31, 2021 and 2020. As of March 31, 2021, we had no unsettled forward contracts and no material losses are expected to be reclassified from other comprehensive (loss) income to earnings over the next 12 months.

Interest Rate Swap Contracts—Interest rate swaps outstanding during the three months ended March 31, 2021 and 2020 are as follows:

Notional Amount

Interest Rate
Received

Interest Rate Paid

Effective Date

Maturity Date

Designated as Hedging Instrument

$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 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 extended through the full year 2020. In April 2018, we entered into forward starting interest rate swaps to hedge the interest payments associated with $300 million and $450 million of the floating-rate Term Loan B related to years 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 March 31, 2021 and December 31, 2020 are as follows (in thousands):


	Derivative Assets (Liabilities)
		Fair Value as of
Derivatives Designated as Hedging Instruments	Consolidated Balance Sheet Location	March 31, 2021		December 31, 2020




Interest rate swaps	Other accrued liabilities	$	(12,121)	$	(16,038)

Total		$	(12,121)	$	(16,038)

The effects of derivative instruments, net of taxes, on OCI for the three months ended March 31, 2021 and 2020 are as follows (in thousands):


	Amount of Gain (Loss) Recognized in OCI on Derivative, Effective Portion
	Three Months Ended March 31,

Derivatives in Cash Flow Hedging Relationships	2021		2020
Foreign exchange contracts	$	—	$	(9,459)
Interest rate swaps	(3)		(14,359)
Total	$	(3)	$	(23,818)


		Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships	Income Statement Location	Three Months Ended March 31,

		2021		2020
Foreign exchange contracts	Cost of revenue, excluding technology costs	$	—	$	621
Interest rate swaps	Interest expense, net	3,128		1,214
Total		$	3,128	$	1,835

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

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

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.

The following tables present our (liabilities) assets that are required to be measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 (in thousands):


			Fair Value at Reporting Date Using
	March 31, 2021		Level 1		Level 2		Level 3
Derivatives (1)

Interest rate swap contracts	$	(12,121)	$	—	$	(12,121)	$	—
Total	$	(12,121)	$	—	$	(12,121)	$	—


			Fair Value at Reporting Date Using
	December 31, 2020		Level 1		Level 2		Level 3
Derivatives (1)

Interest rate swap contracts	$	(16,038)	$	—	$	(16,038)	$	—
Total	$	(16,038)	$	—	$	(16,038)	$	—

______________________

(1) See Note 7. Derivatives for further detail.

There were no transfers between Levels 1 and 2 within the fair value hierarchy for the three months ended March 31, 2021.

Other Financial Instruments

The carrying value of our financial instruments including cash and cash equivalents, and accounts receivable, approximates their fair values due to the short term nature of these instruments. The fair values of our senior exchangeable notes due 2025, senior secured notes due 2025 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 March 31, 2021 and December 31, 2020 (in thousands):


	Fair Value at				Carrying Value at (1)
Financial Instrument	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020

Term Loan B	$	1,798,302	$	1,785,843	$	1,816,585	$	1,821,016





Other Term Loan B	642,953		639,389		629,270		630,663
Revolver, $400 million	375,000		375,000		375,000		375,000


9.25% senior secured notes due 2025	926,381		925,610		775,000		775,000
7.375% senior secured notes due 2025	928,260		925,030		850,000		850,000
4.00% senior exchangeable notes due 2025	715,561		610,907		345,000		345,000

______________________

(1) Excludes net unamortized debt issuance costs.

Assets that are Measured at Fair Value on a Nonrecurring Basis

We assess goodwill and other intangible assets with indefinite lives for impairment annually or more frequently if indicators arise. We continually monitor events and changes in circumstances such as changes in market conditions, near and long-term demand and other relevant factors, that could indicate that the fair value of any one of our reporting units may more likely than not have fallen below its respective carrying amount. We have not identified any triggering events or changes in circumstances since the performance of our annual goodwill impairment test that would require us to perform another goodwill impairment test and we did not record any goodwill impairment charges for the three months ended March 31, 2021. 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.

- Definition

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

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

As of March 31, 2021 and December 31, 2020, the components of accumulated other comprehensive loss, net of related deferred income taxes, are as follows (in thousands):


	March 31, 2021		December 31, 2020
Defined benefit pension and other post-retirement benefit plans	$	(134,200)	$	(135,596)
Unrealized loss on foreign currency forward contracts and interest rate swaps	(9,712)		(12,837)

Unrealized foreign currency translation gain	8,170		12,476
Total accumulated other comprehensive loss, net of tax	$	(135,742)	$	(135,957)

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. On March 11, 2021, the American Rescue Plan Act of 2021 was signed into law, which modified funding requirements for single-employer defined benefit pension plans by restarting and extending the amortization of funding shortfalls and extending and enhancing interest rate stabilization percentages. We are examining the short-term impact of these measures on our 2021 pension plan contributions, including the reduction, or potential elimination of, minimum funding requirements, as well as the possible long-term effects of fully funding the plan over a longer period of time if we were to take advantage of the extended amortization relief.

See Note 7. Derivatives, for information on the income statement line items affected as the result of reclassification adjustments associated with derivatives.

Stock and Stockholders' Equity	3 Months Ended
Stock and Stockholders' Equity	Mar. 31, 2021
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 $5 million of accrued preferred stock dividends in our consolidated results of operations for the three months ended March 31, 2021. During the three months ended March 31, 2021, we paid cash dividends on our preferred stock of $5 million. On April 28, 2021, the Board of Directors declared a dividend of $1.625 per share on Preferred Stock payable on June 1, 2021 to holders of record of the Preferred Stock on May 15, 2021. 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. We expect to settle the principal amount of the outstanding Exchangeable Notes in shares of our common stock. 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. 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 three months ended March 31, 2021, 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 March 31, 2021.

Earnings Per Share

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020
Numerator:
Loss from continuing operations	$	(259,931)	$	(209,771)
Less: Net income attributable to non-controlling interests	484		783
Less: Preferred stock dividends	5,428		—
Net loss from continuing operations available to common stockholders, basic and diluted	$	(265,843)	$	(210,554)
Denominator:
Basic weighted-average common shares outstanding	317,634		274,037
Add: Dilutive effect of stock options and restricted stock awards	—		—
Diluted weighted-average common shares outstanding	317,634		274,037
Earnings per share from continuing operations:
Basic	$	(0.84)	$	(0.77)
Diluted	$	(0.84)	$	(0.77)

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 6 million and 2 million of dilutive stock options and restricted stock awards for the three months ended March 31, 2021 and 2020, respectively, as their effect would be anti-dilutive given the net loss incurred in the periods. The calculation of diluted weighted-average shares excludes the impact of 1 million of anti-dilutive common stock equivalents for the three months ended March 31, 2021.

We have used the if-converted method for calculating any potential dilutive effect of the Exchangeable 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 months ended March 31, 2021 as their effect would be anti-dilutive given the net loss incurred in the period. There was no impact to our earnings per share for the three months ended March 31, 2020 as a result of the full retrospective adoption on January 1, 2021 of updated guidance affecting the accounting for the Exchangeable Notes. See Note 1. General Information for further information.

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 months ended March 31, 2021 as their effect would be anti-dilutive given the net loss incurred in the period.

Leases

3 Months Ended

Mar. 31, 2021

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. 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):


	Three Months Ended March 31,
	2021		2020
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	6,162	$	7,475
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	—	$	32,184

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


	March 31, 2021		December 31, 2020
Operating Leases
Operating lease right-of-use assets	$	118,634	$	125,110
Other accrued liabilities	35,594		37,892
Other noncurrent liabilities	90,882		97,403
Total operating lease liabilities	$	126,476	$	135,295

Our leases have remaining minimum terms that range between one and twelve years. Some of our leases include options to extend for up to ten additional years; others include options to terminate the agreement within two years. Future minimum lease payments under non-cancellable operating leases as of March 31, 2021 are as follows (in thousands):


Year Ending December 31,	Operating Leases

2021	$	29,292
2022	21,620
2023	17,062
2024	15,615
2025	11,051
Thereafter	60,670
Total	155,310
Imputed Interest	(28,834)
Total	$	126,476

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2021
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. 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. The trial court has scheduled the trial to begin on April 25, 2022. We continue to believe that our business practices and contract terms are lawful. 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 March 31, 2021. 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 2018 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 Bombay High Court and our case is pending before that court. The DIT also assessed taxes on a similar basis plus some additional issues for assessment years ending March 2006 through March 2018 and appeals for assessment years ending March 2006 through 2016 and March 2018 are pending before the ITAT or the High Court depending on the year. 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 $45 million as of March 31, 2021. 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. In December 2020, we entered into settlement agreements with certain state Attorneys General to resolve their investigation into this incident. As part of these settlement agreements, we paid $2 million to the states represented by the Attorneys General in the first quarter of 2021 and agreed to implement certain security controls and processes. 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 engaged a PCI forensic investigator to investigate this incident. We did not find any evidence of a breach of the network security of the HS Central Reservation System, and we believe that the number of affected reservations represented 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 other 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 the payment related to the settlement agreements as described above. We maintain insurance that covers certain aspects of cyber risks, including the payment related to the settlement agreements, 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 March 31, 2021, we have approximately $9 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 March 31, 2021, 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

3 Months Ended

Mar. 31, 2021

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 ("CODM"), to evaluate segment performance; the availability of separate financial information; and overall materiality considerations.

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 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 Operating Loss as the measure of profitability to evaluate performance of our segments and allocate resources which is not a recognized term under GAAP. Our uses of Adjusted Operating Loss has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP.

We define Adjusted Operating Loss as operating loss adjusted for equity method loss, acquisition-related amortization, restructuring and other costs, acquisition-related costs, litigation costs, net, and stock-based compensation.

As a result of the strategic realignment in the third quarter of 2020, 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.

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 and lease costs and associated depreciation expense 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.

Segment information for the three months ended March 31, 2021 and 2020 is as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Revenue
Travel Solutions	$	288,875	$	607,588
Hospitality Solutions	42,215		59,237
Eliminations	(3,606)		(7,848)
Total revenue	$	327,484	$	658,977
Adjusted Operating Loss(a)
Travel Solutions	$	(106,133)	$	(10,607)
Hospitality Solutions	(13,587)		(16,457)
Corporate	(46,782)		(45,806)
Total	$	(166,502)	$	(72,870)
Depreciation and amortization
Travel Solutions	$	48,770	$	66,215
Hospitality Solutions	7,927		11,602
Total segments	56,697		77,817
Corporate	16,526		18,044
Total	$	73,223	$	95,861
Capital Expenditures
Travel Solutions	$	4,199	$	8,721
Hospitality Solutions	190		1,401
Total segments	4,389		10,122
Corporate	2,046		18,315
Total	$	6,435	$	28,437

______________________________

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


	Three Months Ended March 31,
	2021		2020
Operating loss	$	(202,553)	$	(151,411)
Add back:
Equity method loss	(911)		(686)

Acquisition-related amortization(1)	16,221		16,801
Restructuring and other costs(2)	(5,135)		25,281
Acquisition-related costs(3)	720		17,827
Litigation costs, net(4)	730		1,741
Stock-based compensation	24,426		17,577
Adjusted Operating Loss	$	(166,502)	$	(72,870)

(1)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)Restructuring and other costs represent charges, and adjustments to those charges, associated with business restructuring and associated changes, 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, facilities and cost structure. See Note 3. Restructuring Activities for further details.

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

(4)Litigation costs, net represent charges associated with antitrust and other foreign non-income tax contingency matters. See Note 13. Contingencies.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

General Information (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 25, 2021.

Use of Estimates

Adoption of New Accounting Standards


	December 31, 2020
	As Reported		Adjustments		Recast
Deferred income taxes	$	72,744	$	(548)	$	72,196
Long-term debt	4,639,782		78,026		4,717,808
Additional paid-in capital	3,052,953		(67,876)		2,985,077
Accumulated deficit	(2,090,022)		(9,602)		(2,099,624)
Total stockholders’ equity	362,632		(77,478)		285,154
Total liabilities and stockholders’ equity	6,077,722		—		6,077,722

General Information (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Schedule of Impact to Consolidated Balance Sheets

The impacts to our consolidated balance sheets as of December 31, 2020 are shown below (in thousands):


	December 31, 2020
	As Reported		Adjustments		Recast
Deferred income taxes	$	72,744	$	(548)	$	72,196
Long-term debt	4,639,782		78,026		4,717,808
Additional paid-in capital	3,052,953		(67,876)		2,985,077
Accumulated deficit	(2,090,022)		(9,602)		(2,099,624)
Total stockholders’ equity	362,632		(77,478)		285,154
Total liabilities and stockholders’ equity	6,077,722		—		6,077,722

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

The following table presents our assets and liabilities with customers as of March 31, 2021 and December 31, 2020 (in thousands):


Account	Consolidated Balance Sheet Location	March 31, 2021		December 31, 2020
Contract assets and customer advances and discounts(1)	Prepaid expenses and other current assets / other assets, net	$	88,954	$	88,850
Trade and unbilled receivables, net	Accounts receivable, net	289,452		253,511
Long-term trade unbilled receivables, net	Other assets, net	35,217		38,156
Contract liabilities	Deferred revenues / other noncurrent liabilities	184,090		176,956

________________________________

(1) Includes contract assets of $8 million for March 31, 2021 and December 31, 2020.

Disaggregation of Revenue

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


	Three Months Ended March 31,
	2021		2020
Distribution	$	151,781	$	394,538
IT Solutions	137,094		213,050
Total Travel Solutions	288,875		607,588
SynXis Software and Services	38,730		50,731
Other	3,485		8,506
Total Hospitality Solutions	42,215		59,237
Eliminations	(3,606)		(7,848)
Total Sabre Revenue	$	327,484	$	658,977

Restructuring Activities (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs


	Three Months Ended March 31, 2021
Balance as of December 31, 2020	$	23,253

Cash Payments	(8,035)
Non-cash adjustments	(4,194)
Balance as of March 31, 2021	$	11,024

Credit Losses (Tables)

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Allowance for Credit Loss

Our allowance for credit losses for the three months ended March 31, 2021 for our portfolio segment is summarized as follows (in thousands):


	Three Months Ended March 31, 2021
Balance at December 31, 2020	$	97,568

Provision for expected credit losses	(2,226)
Write-offs	(1,639)
Other	(1,038)
Balance at March 31, 2021	$	92,665

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following table sets forth the face values of our outstanding debt as of March 31, 2021 and December 31, 2020 (in thousands):


	Rate	Maturity	March 31, 2021		December 31, 2020
Senior secured credit facilities:

Term Loan B	L + 2.00%	February 2024	$	1,819,913	$	1,824,616
Other Term Loan B	L + 4.00%	December 2027	635,408		637,000
Revolver, $400 million(1)	L + 2.75%	November 2023	375,000		375,000


9.25% senior secured notes due 2025	9.250%	April 2025	775,000		775,000
7.375% senior secured notes due 2025	7.375%	September 2025	850,000		850,000
4.00% senior exchangeable notes due 2025	4.000%	April 2025	345,000		345,000
Finance lease obligations			870		889
Face value of total debt outstanding			4,801,191		4,807,505
Less current portion of debt outstanding			(26,050)		(26,068)
Face value of long-term debt outstanding			$	4,775,141	$	4,781,437

______________________

(1) Pursuant to the August 27, 2020 refinancing, subject to certain "springing" maturity conditions, the maturity may extend to February 2024 at the latest.

Convertible Debt

The following table sets forth the carrying value of the Exchangeable Notes as of March 31, 2021 and December 31, 2020, as recast (in thousands):


	March 31, 2021		December 31, 2020
Principal	$	345,000	$	345,000

Less: Unamortized debt issuance costs	9,892		10,443
Net Carrying Value	$	335,108	$	334,557

Interest Income and Interest Expense Disclosure

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Contractual interest expense	$	3,450	$	—
Amortization of debt discount and issuance costs	$	551	$	—

Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Interest Rate Swaps

Interest rate swaps outstanding during the three months ended March 31, 2021 and 2020 are as follows:

Notional Amount

Interest Rate
Received

Interest Rate Paid

Effective Date

Maturity Date

Designated as Hedging Instrument

$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 March 31, 2021 and December 31, 2020 are as follows (in thousands):


	Derivative Assets (Liabilities)
		Fair Value as of
Derivatives Designated as Hedging Instruments	Consolidated Balance Sheet Location	March 31, 2021		December 31, 2020




Interest rate swaps	Other accrued liabilities	$	(12,121)	$	(16,038)

Total		$	(12,121)	$	(16,038)

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 months ended March 31, 2021 and 2020 are as follows (in thousands):


	Amount of Gain (Loss) Recognized in OCI on Derivative, Effective Portion
	Three Months Ended March 31,

Derivatives in Cash Flow Hedging Relationships	2021		2020
Foreign exchange contracts	$	—	$	(9,459)
Interest rate swaps	(3)		(14,359)
Total	$	(3)	$	(23,818)


		Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships	Income Statement Location	Three Months Ended March 31,

		2021		2020
Foreign exchange contracts	Cost of revenue, excluding technology costs	$	—	$	621
Interest rate swaps	Interest expense, net	3,128		1,214
Total		$	3,128	$	1,835

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020 (in thousands):


			Fair Value at Reporting Date Using
	March 31, 2021		Level 1		Level 2		Level 3
Derivatives (1)

Interest rate swap contracts	$	(12,121)	$	—	$	(12,121)	$	—
Total	$	(12,121)	$	—	$	(12,121)	$	—


			Fair Value at Reporting Date Using
	December 31, 2020		Level 1		Level 2		Level 3
Derivatives (1)

Interest rate swap contracts	$	(16,038)	$	—	$	(16,038)	$	—
Total	$	(16,038)	$	—	$	(16,038)	$	—

______________________

(1) See Note 7. Derivatives for further detail.

Schedule of Fair Value and Carrying Value of Debt

The following table presents the fair value and carrying value of our senior notes and borrowings under our senior secured credit facilities as of March 31, 2021 and December 31, 2020 (in thousands):


	Fair Value at				Carrying Value at (1)
Financial Instrument	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020

Term Loan B	$	1,798,302	$	1,785,843	$	1,816,585	$	1,821,016





Other Term Loan B	642,953		639,389		629,270		630,663
Revolver, $400 million	375,000		375,000		375,000		375,000


9.25% senior secured notes due 2025	926,381		925,610		775,000		775,000
7.375% senior secured notes due 2025	928,260		925,030		850,000		850,000
4.00% senior exchangeable notes due 2025	715,561		610,907		345,000		345,000

______________________

(1) Excludes net unamortized debt issuance costs.

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

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

As of March 31, 2021 and December 31, 2020, the components of accumulated other comprehensive loss, net of related deferred income taxes, are as follows (in thousands):


	March 31, 2021		December 31, 2020
Defined benefit pension and other post-retirement benefit plans	$	(134,200)	$	(135,596)
Unrealized loss on foreign currency forward contracts and interest rate swaps	(9,712)		(12,837)

Unrealized foreign currency translation gain	8,170		12,476
Total accumulated other comprehensive loss, net of tax	$	(135,742)	$	(135,957)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020
Numerator:
Loss from continuing operations	$	(259,931)	$	(209,771)
Less: Net income attributable to non-controlling interests	484		783
Less: Preferred stock dividends	5,428		—
Net loss from continuing operations available to common stockholders, basic and diluted	$	(265,843)	$	(210,554)
Denominator:
Basic weighted-average common shares outstanding	317,634		274,037
Add: Dilutive effect of stock options and restricted stock awards	—		—
Diluted weighted-average common shares outstanding	317,634		274,037
Earnings per share from continuing operations:
Basic	$	(0.84)	$	(0.77)
Diluted	$	(0.84)	$	(0.77)

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Components of Lease Expense

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


	Three Months Ended March 31,
	2021		2020
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	6,162	$	7,475
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	—	$	32,184

Supplemental Balance Sheet Information

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


	March 31, 2021		December 31, 2020
Operating Leases
Operating lease right-of-use assets	$	118,634	$	125,110
Other accrued liabilities	35,594		37,892
Other noncurrent liabilities	90,882		97,403
Total operating lease liabilities	$	126,476	$	135,295

Future Minimum Lease Payment Obligations Under Operating Leases

Future minimum lease payments under non-cancellable operating leases as of March 31, 2021 are as follows (in thousands):


Year Ending December 31,	Operating Leases

2021	$	29,292
2022	21,620
2023	17,062
2024	15,615
2025	11,051
Thereafter	60,670
Total	155,310
Imputed Interest	(28,834)
Total	$	126,476

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Summary of Segment Information

Segment information for the three months ended March 31, 2021 and 2020 is as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Revenue
Travel Solutions	$	288,875	$	607,588
Hospitality Solutions	42,215		59,237
Eliminations	(3,606)		(7,848)
Total revenue	$	327,484	$	658,977
Adjusted Operating Loss(a)
Travel Solutions	$	(106,133)	$	(10,607)
Hospitality Solutions	(13,587)		(16,457)
Corporate	(46,782)		(45,806)
Total	$	(166,502)	$	(72,870)
Depreciation and amortization
Travel Solutions	$	48,770	$	66,215
Hospitality Solutions	7,927		11,602
Total segments	56,697		77,817
Corporate	16,526		18,044
Total	$	73,223	$	95,861
Capital Expenditures
Travel Solutions	$	4,199	$	8,721
Hospitality Solutions	190		1,401
Total segments	4,389		10,122
Corporate	2,046		18,315
Total	$	6,435	$	28,437

______________________________

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


	Three Months Ended March 31,
	2021		2020
Operating loss	$	(202,553)	$	(151,411)
Add back:
Equity method loss	(911)		(686)

Acquisition-related amortization(1)	16,221		16,801
Restructuring and other costs(2)	(5,135)		25,281
Acquisition-related costs(3)	720		17,827
Litigation costs, net(4)	730		1,741
Stock-based compensation	24,426		17,577
Adjusted Operating Loss	$	(166,502)	$	(72,870)

(1)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.

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

(4)Litigation costs, net represent charges associated with antitrust and other foreign non-income tax contingency matters. See Note 13. Contingencies.

General Information - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
General Information - Narrative (Details) $ in Thousands	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cancellation reserve	$ 92,665		$ 97,568
Allowance for credit losses	93,000		36,000
Provision for expected credit losses	(2,226)	$ 36,359	5,000
Provision for credit losses, prior period	39,000
Cash and cash equivalents	$ 1,284,918		1,499,665
Number of business segments \| segment	2
Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification effective percentage				5.00%
Valuation allowance increase			$ 17,000
COVID-19 \| Air Bookings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cancellation reserve	$ 18,000

General Information - Adoption of Accounting Standard (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes	$ 69,670	$ 72,196
Long-term debt	4,714,990	4,717,808
Additional paid-in capital	3,009,651	2,985,077
Accumulated deficit	(2,365,730)	(2,099,624)
Stockholders' equity	31,739	285,154	$ 682,711	$ 947,669
Total liabilities and stockholders’ equity	$ 5,827,838	6,077,722
Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes		72,196
Long-term debt		4,717,808
Additional paid-in capital		2,985,077
Accumulated deficit		(2,099,624)
Stockholders' equity		285,154
Total liabilities and stockholders’ equity		6,077,722
As Reported \| Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes		72,744
Long-term debt		4,639,782
Additional paid-in capital		3,052,953
Accumulated deficit		(2,090,022)
Stockholders' equity		362,632
Total liabilities and stockholders’ equity		6,077,722
Adjustments \| Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income taxes		(548)
Long-term debt		78,026
Additional paid-in capital		(67,876)
Accumulated deficit		(9,602)
Stockholders' equity		(77,478)
Total liabilities and stockholders’ equity		$ 0

Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Contract liabilities	$ 184,090	$ 176,956
Prepaid expenses and other current assets / other assets, net
Revenue from External Customer [Line Items]
Contract assets, current	88,954	88,850
Contract assets	8,000	8,000
Accounts receivable, net
Revenue from External Customer [Line Items]
Contract assets, current	289,452	253,511
Other assets, net
Revenue from External Customer [Line Items]
Contract assets, noncurrent	$ 35,217	$ 38,156

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 12

Revenue from Contracts with Customers - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	$ 327,484	$ 658,977
Operating Segments \| Travel Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	288,875	607,588
Operating Segments \| Hospitality Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	42,215	59,237
Eliminations
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	(3,606)	(7,848)
Distribution \| Operating Segments \| Travel Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	151,781	394,538
IT Solutions \| Operating Segments \| Travel Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	137,094	213,050
SynXis Software and Services \| Operating Segments \| Hospitality Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	38,730	50,731
Other \| Operating Segments \| Hospitality Solutions
Disaggregation of Revenue [Line Items]
Total Sabre Revenue	$ 3,485	$ 8,506

Restructuring Activities - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Charges	$ 80
Cost of revenue, excluding technology costs
Restructuring Cost and Reserve [Line Items]
Charges	18
Technology costs
Restructuring Cost and Reserve [Line Items]
Charges	30
Selling, general and administrative costs
Restructuring Cost and Reserve [Line Items]
Charges	$ 32

Restructuring Activities - Schedule of Accrued Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2020	$ 23,253
Cash Payments	(8,035)
Non-cash adjustments	(4,194)
Balance as of March 31, 2021	$ 11,024

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 3,997	$ (27,254)
Effective income tax rate	2.00%	11.00%
Valuation allowance	$ 311,000
Unrecognized tax benefits	$ 74,000		$ 73,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 97,568
Provision for expected credit losses	(2,226)	$ 36,359	$ 5,000
Write-offs	(1,639)
Other	(1,038)
Ending balance	$ 92,665		$ 97,568

Credit Losses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Credit Losses - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Credit Loss [Abstract]
Provision for credit losses, prior period	$ 39
Allowance for credit losses	$ 93	$ 36

Debt - Narrative (Details)					3 Months Ended		12 Months Ended
Debt - Narrative (Details)	Dec. 17, 2020 USD ($)	Aug. 27, 2020	Apr. 17, 2020 USD ($) day $ / shares	Jul. 18, 2016	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 16, 2020 USD ($)	Aug. 23, 2017 USD ($)
Line of Credit Facility [Line Items]
Outstanding debt					$ 4,741,000,000		$ 4,744,000,000
Debt issuance costs					51,000,000		54,000,000
Unamortized discount					9,000,000		10,000,000
Proceeds of borrowings from lenders					0	$ 375,000,000
Senior secured credit facilities
Line of Credit Facility [Line Items]
Outstanding letters of credit that will reduce overall credit capacity					$ 10,000,000		10,000,000
Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Monthly basis of liquidity amount required	$ 300,000,000							$ 450,000,000
Percent of domestic revenue passenger enplanements					10.00%
Senior Secured Credit Facilities \| Senior secured credit facilities \| Maximum
Line of Credit Facility [Line Items]
Total net leverage ratio				4.5
Term Loan B \| Term Loan
Line of Credit Facility [Line Items]
Principal					$ 1,819,913,000		1,824,616,000
Variable basis spread					2.00%
Term Loan A And 5.25% Senior Secured Notes \| Senior Secured Notes
Line of Credit Facility [Line Items]
Loss on extinguishment of debt							11,000,000
Redemption premium							6,000,000
Unamortized debt issuance costs							5,000,000
Term Loan A \| Term Loan
Line of Credit Facility [Line Items]
Extinguishment of debt	134,000,000
Other Term Loan B \| Term Loan
Line of Credit Facility [Line Items]
Principal					$ 635,408,000		637,000,000
Variable basis spread					4.00%
Proceeds of borrowings from lenders	637,000,000
Net proceeds	$ 623,000,000
Other Term Loan B \| Term Loan \| Eurocurrency
Line of Credit Facility [Line Items]
Variable basis spread	4.00%
Floor interest rate	0.75%
Other Term Loan B \| Term Loan \| Base Rate
Line of Credit Facility [Line Items]
Variable basis spread	3.00%
Floor interest rate	1.75%
5.25% senior secured notes due 2023 \| Senior Secured Notes
Line of Credit Facility [Line Items]
Extinguishment of debt	$ 500,000,000
Interest rate	5.25%
4.00% senior exchangeable notes due 2025 \| Senior Secured Notes
Line of Credit Facility [Line Items]
Conversion rate			0.1269499
4.00% senior exchangeable notes due 2025 \| Convertible Debt
Line of Credit Facility [Line Items]
Outstanding debt					$ 335,108,000	334,557,000
Debt issuance costs					9,892,000	10,443,000
Principal					345,000,000	$ 345,000,000
Convertible trading days \| day			20
Number of consecutive trading days \| day			30
4.00% senior exchangeable notes due 2025 \| Convertible Debt \| 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
4.00% senior exchangeable notes due 2025 \| Senior Secured Notes
Line of Credit Facility [Line Items]
Principal					$ 345,000,000		345,000,000
Interest rate					4.00%
4.00% senior exchangeable notes due 2025 \| Convertible Debt
Line of Credit Facility [Line Items]
Net proceeds			$ 336,000,000
Interest rate			4.00%
Aggregate principal amount			$ 345,000,000
Percent of the product of the last reported sale price per share			130.00%
Redemption price, percentage of principal amount			100.00%
Amount exceeding outstanding principal amount, if converted					$ 304,000,000
Conversion rate (in dollars per share) \| $ / shares			$ 7.88
Effective interest rate			5.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Increase in interest rate		0.25%
Revolving Credit Facility \| Senior secured credit facilities
Line of Credit Facility [Line Items]
Principal					375,000,000		$ 375,000,000
Credit facility amount					$ 400,000,000				$ 400,000,000
Variable basis spread					2.75%
Decrease in variable basis spread, quarterly		0.25%
Decrease in variable basis spread, maximum		0.75%
Senior secured first-lien net leverage ratio, threshold one		3.75
Senior secured first-lien net leverage ratio, threshold two		3.00
Senior secured first-lien net leverage ratio, threshold three		2.25
Revolving Credit Facility \| Senior secured credit facilities \| Eurocurrency \| Minimum
Line of Credit Facility [Line Items]
Variable basis spread		2.50%
Revolving Credit Facility \| Senior secured credit facilities \| Eurocurrency \| Maximum
Line of Credit Facility [Line Items]
Variable basis spread		1.75%
Revolving Credit Facility \| Senior secured credit facilities \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Variable basis spread		1.50%
Revolving Credit Facility \| Senior secured credit facilities \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Variable basis spread		0.75%
Revolving Credit Facility \| Term Loan B \| Senior secured credit facilities
Line of Credit Facility [Line Items]
Credit facility amount									1,891,000,000
Revolving Credit Facility \| Term Loan A \| Senior secured credit facilities
Line of Credit Facility [Line Items]
Credit facility amount									$ 570,000,000

Debt - Face Value of Outstanding Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Aug. 23, 2017
Debt Instrument [Line Items]
Finance lease obligations	$ 870,000	$ 889,000
Face value of total debt outstanding	4,801,191,000	4,807,505,000
Less current portion of debt outstanding	(26,050,000)	(26,068,000)
Face value of long-term debt outstanding	4,775,141,000	4,781,437,000
Term Loan \| Term Loan B
Debt Instrument [Line Items]
Debt outstanding	$ 1,819,913,000	1,824,616,000
Basis spread on LIBOR	2.00%
Term Loan \| Other Term Loan B
Debt Instrument [Line Items]
Debt outstanding	$ 635,408,000	637,000,000
Basis spread on LIBOR	4.00%
Senior secured credit facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding	$ 375,000,000	375,000,000
Basis spread on LIBOR	2.75%
Credit facility amount	$ 400,000,000		$ 400,000,000
Senior secured credit facilities \| Revolving Credit Facility \| Term Loan B
Debt Instrument [Line Items]
Credit facility amount			$ 1,891,000,000
Senior secured notes \| 9.25% senior secured notes due 2025
Debt Instrument [Line Items]
Debt outstanding	$ 775,000,000	775,000,000
Interest rate	9.25%
Senior secured notes \| 7.375% senior secured notes due 2025
Debt Instrument [Line Items]
Debt outstanding	$ 850,000,000	850,000,000
Interest rate	7.375%
Senior secured notes \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Debt outstanding	$ 345,000,000	$ 345,000,000
Interest rate	4.00%

Debt - Carrying Value of Exchangeable Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs	$ 51,000	$ 54,000
Net Carrying Value	4,741,000	$ 4,744,000
Convertible Debt \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Principal	345,000		$ 345,000
Less: Unamortized debt issuance costs	9,892		10,443
Net Carrying Value	$ 335,108		$ 334,557

Debt - Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs	$ 2,853	$ 993
Convertible Debt \| 4.00% senior exchangeable notes due 2025
Debt Instrument [Line Items]
Contractual interest expense	3,450	0
Amortization of debt discount and issuance costs	$ 551	$ 0

Derivatives - Narrative (Details) - USD ($)	3 Months Ended
Derivatives - Narrative (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018	Sep. 30, 2017
Derivative [Line Items]
Hedging ineffectiveness recorded in earnings	$ 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
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 Outstanding Interest Rate Swaps (Details) - Designated as Hedging Instrument - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Interest rate swap contracts, floor rate	0.00%	0.00%
Interest Rate Swap, 2.19%
Derivative [Line Items]
Notional Amount	$ 1,200,000,000
Interest Rate Paid	2.19%
Interest Rate Swap, 2.81%
Derivative [Line Items]
Notional Amount	$ 600,000,000
Interest Rate Paid	2.81%

Derivatives - Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Total	$ (12,121)	$ (16,038)
Other accrued liabilities \| Interest rate swaps
Derivative [Line Items]
Derivative liability	$ (12,121)	$ (16,038)

Derivatives - Schedule of Effects of Derivative Instruments Net of Taxes on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative, Effective Portion	$ (3)	$ (23,818)
Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion	3,128	1,835
Foreign exchange contracts
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative, Effective Portion	0	(9,459)
Foreign exchange contracts \| Cost of revenue, excluding technology costs
Derivative [Line Items]
Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion	0	621
Interest rate swaps
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative, Effective Portion	(3)	(14,359)
Interest rate swaps \| Interest expense, net
Derivative [Line Items]
Amount of Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion	$ 3,128	$ 1,214

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	$ (12,121)	$ (16,038)
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	(12,121)	(16,038)
Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	0	0
Interest rate swap contracts
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative Assets (Liabilities)	(12,121)	(16,038)
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)	(12,121)	(16,038)
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 ($)	Mar. 31, 2021	Dec. 31, 2020	Aug. 23, 2017
Senior secured credit facilities \| Revolving Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Credit facility amount	$ 400,000,000		$ 400,000,000
Term Loan B \| Senior secured credit facilities \| Revolving Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Credit facility amount			$ 1,891,000,000
Term Loan B \| Fair Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	1,798,302,000	$ 1,785,843,000
Term Loan B \| Carrying Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	1,816,585,000	1,821,016,000
Other Term Loan B \| Fair Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	642,953,000	639,389,000
Other Term Loan B \| Carrying Value \| Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	629,270,000	630,663,000
Revolver, $400 million \| Fair Value \| Senior secured credit facilities \| Revolving Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	375,000,000	375,000,000
Revolver, $400 million \| Carrying Value \| Senior secured credit facilities \| Revolving Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 375,000,000	375,000,000
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% senior secured notes due 2025 \| Fair Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 926,381,000	925,610,000
9.25% senior secured notes due 2025 \| Carrying Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 775,000,000	775,000,000
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% senior secured notes due 2025 \| Fair Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 928,260,000	925,030,000
7.375% senior secured notes due 2025 \| Carrying Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 850,000,000	850,000,000
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% senior exchangeable notes due 2025 \| Fair Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 715,561,000	610,907,000
4.00% senior exchangeable notes due 2025 \| Carrying Value \| Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial instrument fair value	$ 345,000,000	$ 345,000,000

Fair Value Measurements - Narrative (Details)	3 Months Ended
Fair Value Measurements - Narrative (Details)	Mar. 31, 2021 USD ($)
Fair Value Disclosures [Abstract]
Goodwill impairment	$ 0

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 31,739	$ 285,154	$ 682,711	$ 947,669
Total accumulated other comprehensive loss, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(135,742)	(135,957)
Defined benefit pension and other post-retirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(134,200)	(135,596)
Unrealized loss on foreign currency forward contracts and interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(9,712)	(12,837)
Unrealized foreign currency translation gain
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 8,170	$ 12,476

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21914-107793

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568740-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4590271-111686

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21711-107793

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 65
-Paragraph 15
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Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
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-Paragraph 3
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-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
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-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 8
-Subparagraph (d)(2)

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)

+ Details

Stock and Stockholders' Equity (Details)

3 Months Ended

Apr. 28, 2021

$ / shares

Aug. 24, 2020

USD ($)

day

dividendPeriod

director

$ / shares

Rate

Mar. 31, 2021

USD ($)

Mar. 31, 2020

USD ($)

Feb. 28, 2017

USD ($)

Class of Stock [Line Items]

Accrued preferred stock dividends

^[1]

$ 5,428,000

Cash dividends on preferred stock

$ 5,428,000

$ 0

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

Class of Stock [Line Items]

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

$ 5,000,000

Number of consecutive trading days | day

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

Number of new directors to elect | director

6.50% Series A Mandatory Convertible Preferred Stock | Subsequent Event

Class of Stock [Line Items]

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

$ 1.625

6.50% Series A Mandatory Convertible Preferred Stock | Minimum

Class of Stock [Line Items]

Conversion rate | Rate

1190.48%

Shares issued at conversion (in shares) | shares

40,000,000

6.50% Series A Mandatory Convertible Preferred Stock | Maximum

Class of Stock [Line Items]

Conversion rate | Rate

1428.57%

Shares issued at conversion (in shares) | shares

48,000,000

[1]	Our mandatory convertible preferred stock accumulates cumulative dividends at an annual rate of 6.50%.

Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Loss from continuing operations	$ (259,931)	$ (209,771)
Less: Net income attributable to non-controlling interests	484	783
Less: Preferred stock dividends	5,428	0
Net loss from continuing operations available to common stockholders, basic	(265,843)	(210,554)
Net loss from continuing operations available to common stockholders, diluted	$ (265,843)	$ (210,554)
Denominator:
Basic weighted-average common shares outstanding (in shares)	317,634	274,037
Add: Dilutive effect of stock options and restricted stock awards (in shares)	0	0
Diluted weighted-average common shares outstanding (in shares)	317,634	274,037
Earnings per share from continuing operations:
Basic (in dollars per share)	$ (0.84)	$ (0.77)
Diluted (in dollars per share)	$ (0.84)	$ (0.77)

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)	1
Stock Options and Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)	6	2
Preferred Stock \| Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)	40
4.00% senior exchangeable notes due 2025 \| Senior Secured Notes \| Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents (in shares)	44	44

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$ 6,162	$ 7,475
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 0	$ 32,184

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating Leases
Operating lease right-of-use assets	$ 118,634	$ 125,110
Other accrued liabilities	35,594	37,892
Other noncurrent liabilities	90,882	97,403
Total operating lease liabilities	$ 126,476	$ 135,295
Operating lease, right-of-use asset, statement of financial position, extensible list	us-gaap:OtherAssetsCurrent	us-gaap:OtherAssetsCurrent
Operating lease, liability, current, statement of financial position, extensible list	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Operating lease, liability, noncurrent, statement of financial position, extensible list	us-gaap:LiabilitiesNoncurrentAbstract	us-gaap:LiabilitiesNoncurrentAbstract

Leases - Narrative (Details)	3 Months Ended
Leases - Narrative (Details)	Mar. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Optional lease extension term	10 years
Option period to terminate lease	2 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Remaining minimum lease terms	1 year
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Remaining minimum lease terms	12 years

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating Leases
2021	$ 29,292
2022	21,620
2023	17,062
2024	15,615
2025	11,051
Thereafter	60,670
Total	155,310
Imputed Interest	(28,834)
Total	$ 126,476	$ 135,295

Contingencies (Details) - USD ($)	1 Months Ended			3 Months Ended
Contingencies (Details) - USD ($)	Apr. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2021	Dec. 31, 2016
Loss Contingencies [Line Items]
Percentage of bookings affected (fraction of)				1.00%
Value added tax receivable				$ 9,000,000
US Airways Litigation
Loss Contingencies [Line Items]
Damages awarded	$ 15,000,000				$ 15,000,000
Loss contingency accrual			$ 32,000,000	0	32,000,000
Reasonable attorneys' fees, expenses and costs					$ 17,000,000
Loss contingency reversal				32,000,000
US Airways Litigation \| US Airways
Loss Contingencies [Line Items]
Damages awarded		$ 15,000,000	$ 5,000,000
Attorneys' fees and costs sought		$ 125,000,000
Indian Income Tax Litigation \| Foreign Tax Authority
Loss Contingencies [Line Items]
Taxes, interest and penalties				45,000,000
SynXis Central Reservation System
Loss Contingencies [Line Items]
Advanced attorneys' fees incurred				$ 2,000,000

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2021 segment
Segment Reporting [Abstract]
Number of business segments	2

Segment Information - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 327,484	$ 658,977
Adjusted Operating Loss	(166,502)	(72,870)
Depreciation and amortization	73,223	95,861
Capital Expenditures	6,435	28,437
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	56,697	77,817
Capital Expenditures	4,389	10,122
Operating Segments \| Travel Solutions
Segment Reporting Information [Line Items]
Revenue	288,875	607,588
Adjusted Operating Loss	(106,133)	(10,607)
Depreciation and amortization	48,770	66,215
Capital Expenditures	4,199	8,721
Operating Segments \| Hospitality Solutions
Segment Reporting Information [Line Items]
Revenue	42,215	59,237
Adjusted Operating Loss	(13,587)	(16,457)
Depreciation and amortization	7,927	11,602
Capital Expenditures	190	1,401
Eliminations
Segment Reporting Information [Line Items]
Revenue	(3,606)	(7,848)
Corporate
Segment Reporting Information [Line Items]
Adjusted Operating Loss	(46,782)	(45,806)
Depreciation and amortization	16,526	18,044
Capital Expenditures	$ 2,046	$ 18,315

Segment Information - Adjustment Operating Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Operating loss	$ (202,553)	$ (151,411)
Add back:
Equity method loss	(911)	(686)
Acquisition-related amortization	16,221	16,801
Restructuring and other costs	(5,135)	25,281
Acquisition-related costs	720	17,827
Litigation costs, net	730	1,741
Stock-based compensation	24,426	17,577
Adjusted Operating Loss	$ (166,502)	$ (72,870)