0001800227-22-000018 | 10-Q | XBRL Viewer

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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Investments in MGM Resorts International (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Investment in MGM Resorts International	$ 2,664,612	$ 2,649,442

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS

Restructuring Charges

In the first quarter of 2022, Dotdash Meredith announced its plans to discontinue certain print publications and the shutdown of PeopleTV to focus the portfolio and further enable investments toward digital growth. The discontinued print publications consist of Entertainment Weekly, InStyle, EatingWell, Health, Parents, and People en Español, with the April 2022 issues of these publications being their final print editions. Dotdash Meredith also announced a voluntary retirement program to its employees who met certain age and service requirements. For the three months ended March 31, 2022, the Company incurred $22.4 million of related restructuring charges, including $20.5 million of severance and related costs.

A summary of the costs incurred, payments made and related accruals at March 31, 2022 is presented below:


	March 31, 2022
	Digital		Print		Other		Total
	(In thousands)
Restructuring charge accruals
Charges incurred (a)	$	5,090	$	15,248	$	1,722	$	22,060
Payments	(394)		(2,127)		(106)		(2,627)
Restructuring accrual as of March 31, 2022	$	4,696	$	13,121	$	1,616	$	19,433

_____________________

(a) Excludes $0.4 million related to the write-off of inventory.

The costs are allocated as follows in the statement of operations:


	Three Months Ended March 31, 2022
	(In thousands)
Cost of revenue	$	9,520
Selling and marketing expense	5,599
General and administrative expense	6,975
Product development expense	343
Total	$	22,437

Dotdash Meredith anticipates the estimated remaining costs will approximate $9.4 million and will be paid by December 31, 2023 from existing cash on hand. A summary of the remaining costs is presented below:


	As of March 31, 2022
	Digital		Print		Other		Total
	(In thousands)
Remaining estimated restructuring costs	$	3,558	$	4,740	$	1,065	$	9,363

Transaction-Related Expenses

For the three months ended March 31, 2022, Dotdash Meredith incurred $4.0 million of transaction-related expenses related to the acquisition of Meredith.

Change-in-Control Payments

In December 2021, Dotdash Meredith recorded $60.1 million in change in control payments, which were triggered by the acquisition and the terms of certain former executives’ contracts. Dotdash Meredith will make approximately $69.3 million in change in control payments, which includes amounts previously accrued, such as supplemental pension benefits, on or about July 1, 2022 with the remaining payments of approximately $3.0 million being made in the fourth quarter of 2022.

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Dec. 01, 2021	Mar. 31, 2021
Business Acquisition [Line Items]
Increase in amortization expense		$ 23.9
Meredith Corporation
Business Acquisition [Line Items]
Business acquisition, purchase price (in dollars per share)	$ 42.18
Adjustment accounts receivable and other receivables	$ 10.1
Contingency liability, including indemnification liabilities	$ 100.0

SEGMENT INFORMATION - Revenue Disaggregated by Service (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,325,345	$ 786,570
Operating Segments \| Dotdash Meredith
Segment Reporting Information [Line Items]
Revenue	500,471	65,421
Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	216,165	65,421
Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	289,978	0
Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	436,159	387,029
Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	223,385	181,034
Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	166,994	153,156
Inter-segment eliminations
Segment Reporting Information [Line Items]
Revenue	(1,664)	(70)
Inter-segment eliminations \| Dotdash Meredith
Segment Reporting Information [Line Items]
Revenue	(5,672)	0
Inter-segment eliminations \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue		0
North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	411,172	361,041
Europe \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	24,987	25,988
Display advertising \| Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	137,090	37,171
Performance marketing \| Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	50,105	27,593
Performance marketing \| Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	20,420	0
Performance marketing \| Inter-segment eliminations \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	(5,600)
Licensing and other \| Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	28,970	657
Subscription \| Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	132,607	0
Advertising \| Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	72,687	0
Advertising \| Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	221,641	176,952
Advertising \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	4,331	3,964
Google advertising \| Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	149,652	155,418
Google advertising \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	608	571
Non-Google advertising \| Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	71,989	21,534
Non-Google advertising \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	3,723	3,393
Project and Other Print \| Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	33,025	0
Newsstand \| Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	31,239	0
Ads and Leads \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	298,035	306,337
Consumer connection \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	212,796	221,430
Consumer connection \| Europe \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	21,803	22,351
Advertising \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	63,776	60,747
Membership subscription \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	16,237	16,882
Other \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	5,226	7,278
Angi Services \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	113,137	54,704
Service professional membership subscription \| Europe \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	2,890	3,328
Advertising and other \| Europe \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	294	309
Other \| Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	1,744	4,082
Subscription \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	94,547	83,566
Marketplace \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	66,081	56,271
Media production and distribution \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	546	7,788
Service and other \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	$ 1,489	$ 1,567

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) investment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) investment	Dec. 31, 2020 USD ($)
Revenue and Other [Line Items]
Number of equity method investments \| investment	1		1
Current deferred revenue	$ 178,061		$ 165,451	$ 137,700
Non-current deferred revenue	500		400	$ 700
Deferred revenue recognized during period	90,000	$ 66,100
Consolidated revenue	1,325,345	786,570
Revenue, Segment \| Customer concentration risk
Revenue and Other [Line Items]
Consolidated revenue	147,100	152,500
Google Inc. \| Revenue, Segment \| Customer concentration risk
Revenue and Other [Line Items]
Consolidated revenue	$ 193,400	$ 171,800
Concentration risk (as a percent)	15.00%	22.00%
Google Inc. \| Accounts Receivable \| Customer concentration risk
Revenue and Other [Line Items]
Accounts receivable	$ 66,800		$ 89,100
Services Agreement \| Revenue, Segment \| Customer concentration risk
Revenue and Other [Line Items]
Concentration risk (as a percent)	11.00%	19.00%
Desktop \| Revenue, Segment \| Customer concentration risk \| Search
Revenue and Other [Line Items]
Consolidated revenue	$ 26,600	$ 31,000
Ask Media Group \| Revenue, Segment \| Customer concentration risk \| Search
Revenue and Other [Line Items]
Consolidated revenue	$ 120,500	$ 121,400

BUSINESS COMBINATIONS - Pro-Forma Financial Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares
Business Acquisition, Pro Forma Information [Abstract]
Revenue \| $	$ 1,254,571
Net earnings from continuing operations \| $	$ 371,736
Basic earnings per share from continuing operations (USD per share)	$ 4.19
Diluted earnings per share from continuing operations (USD per share)	$ 3.92
Net earnings attributable to IAC shareholders \| $	$ 381,919
Basic earnings per share attributable to IAC shareholders (USD per share)	$ 4.29
Diluted earnings per share attributable to IAC shareholders (USD per share)	$ 4.02

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the components of accumulated other comprehensive income (loss) and items reclassified out of accumulated other comprehensive income (loss) into earnings:


	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
	Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income (Loss)		Foreign Currency Translation Adjustment		Unrealized Gains (Losses) On Available-For-Sale Marketable Debt Securities		Accumulated Other Comprehensive (Loss) Income
	(In thousands)
Balance at January 1	$	4,397	$	4,397	$	(6,172)	$	2	$	(6,170)
Other comprehensive (loss) income before reclassifications	(3,634)		(3,634)		294		(2)		292
Amounts reclassified to earnings	—		—		10,032		—		10,032
Net current period other comprehensive (loss) income	(3,634)		(3,634)		10,326		(2)		10,324
Accumulated other comprehensive loss (income) allocated to noncontrolling interests during the period	2		2		(5)		—		(5)
Balance at March 31	$	765	$	765	$	4,149	$	—	$	4,149

The amounts reclassified out of foreign currency translation adjustment into earnings for the three months ended March 31, 2021 related to the substantial liquidation of certain international subsidiaries.

At both March 31, 2022 and 2021, there was no income tax benefit or provision on the accumulated other comprehensive income.

FINANCIAL STATEMENT DETAILS

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

FINANCIAL STATEMENT DETAILS

Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet to the total amounts shown in the statement of cash flows:


	March 31, 2022		December 31, 2021		March 31, 2021		December 31, 2020
	(In thousands)
Cash and cash equivalents	$	1,852,598	$	2,118,730	$	3,599,244	$	3,366,176
Restricted cash included in other current assets	21,183		1,941		14,116		448
Restricted cash included in other non-current assets	885		1,193		433		449
Cash, cash equivalents, and restricted cash included in current assets of discontinued operations	—		—		316,528		110,037
Total cash and cash equivalents and restricted cash as shown on the statement of cash flows	$	1,874,666	$	2,121,864	$	3,930,321	$	3,477,110

Restricted cash included in "Other current assets" in the balance sheet at March 31, 2022 primarily consists of cash received from customers at Care.com’s payment solutions business, representing funds collected for payroll and related taxes, which were not remitted as of the period end, and cash held in escrow related to the pension plan the Company assumed in connection with the acquisition of Meredith.

Restricted cash included in "Other current assets" in the balance sheet at December 31, 2021, primarily consists of cash held in escrow related to the pension plan the Company assumed in connection with the acquisition of Meredith.

Restricted cash included in "Other current assets" in the balance sheet at March 31, 2021 primarily consists of cash received from customers at Care.com’s payment solutions business, representing funds collected for payroll and related taxes, which were not remitted as of the period end.

Restricted cash in "Other current assets" in the balance sheet at December 31, 2020 primarily consists of funds collected from service providers for payments in dispute, which are not settled as of the period end, and cash reserved to fund insurance claims at Angi Inc.

Restricted cash included in "Other non-current assets" in the balance sheet at March 31, 2022 and December 31, 2021 consisted of deposits related to leases and an endorsement guarantee related to insurance at Angi Roofing. Restricted cash included in "Other non-current assets" in the balance sheet for all other periods presented consists of deposits related to leases.

Credit Losses

The following table presents the changes in the allowance for credit losses for the three months ended March 31, 2022 and 2021, respectively:



	2022		2021
	(In thousands)
Balance at January 1	$	36,637	$	27,178
Current period provision for credit losses	23,287		19,308
Write-offs charged against the allowance	(20,383)		(20,762)
Recoveries collected	—		757
Balance at March 31	$	39,541	$	26,481

Accumulated Amortization and Depreciation

The following table provides the accumulated amortization and depreciation within the balance sheet:


Asset Category	March 31, 2022		December 31, 2021
	(In thousands)
Right-of-use assets included in other non-current assets	$	100,878	$	87,089
Buildings, capitalized software, leasehold improvements and equipment	$	521,935	$	496,887
Intangible assets	$	334,546	$	278,831

Other Income, net


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Unrealized gain related to investments following initial public offering		$	34,352	$	—
Unrealized increase in the estimated fair value of a warrant		7,985		12,775
Net periodic pension benefit costs, other than the service cost component (a)		(35,359)		—
Foreign exchange losses, net (b)		(1,574)		(11,632)
Upward adjustment to the carrying value of equity securities without readily determinable fair values		—		1,376





Other		1,295		1,044
Other income, net		$	6,699	$	3,563

_____________________

(a) Includes pre-tax losses of $35.4 million in total related to Meredith's funded pension plans in the United Kingdom ("U.K.") and the U.S. The U.K. loss of $23.6 million primarily relates to the decline in the fair value of the U.K. pension plan's assets exceeding the decline in the plan liabilities in each case due to higher interest rates. The U.S. loss of $11.7 million was primarily due to the decline in the fair value of plan assets.

(b) Includes $10.0 million in foreign exchange losses primarily related to the substantial liquidation of certain foreign subsidiaries in the three months ended March 31, 2021.

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

The overall concept that the Company employs in determining its operating segments is to present the financial information in a manner consistent with the chief operating decision maker's view of the businesses. In addition, we consider how the businesses are organized as to segment management and the focus of the businesses with regards to the types of services or products offered or the target market. Operating segments are combined for reporting purposes if they meet certain aggregation criteria, which principally relate to the similarity of their economic characteristics, or, in the case of the Emerging & Other reportable segment, do not meet the quantitative thresholds that require presentation as separate reportable segments. The determination of operating segments for Dotdash Meredith following the acquisition of Meredith is provisional; therefore, it is possible that a different level of segment reporting may be required following the completion of this determination.

The following table presents revenue by reportable segment:


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Revenue
Dotdash Meredith
Digital		$	216,165	$	65,421
Print		289,978		—
Intra-segment eliminations(a)		(5,672)		—
Total Dotdash Meredith		500,471		65,421
Angi Inc.		436,159		387,029
Search		223,385		181,034
Emerging & Other		166,994		153,156
Inter-segment eliminations		(1,664)		(70)
Total		$	1,325,345	$	786,570

The following table presents the revenue of the Company's segments disaggregated by type of service:


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Dotdash Meredith
Digital:
Display advertising revenue		$	137,090	$	37,171
Performance marketing revenue		50,105		27,593
Licensing and other revenue		28,970		657
Total digital revenue		216,165		65,421
Print:
Subscription revenue		132,607		—
Advertising revenue		72,687		—
Project and other revenue		33,025		—
Newsstand revenue		31,239		—
Performance marketing revenue		20,420		—
Total print revenue		289,978		—
Intra-segment eliminations(a)		(5,672)		—
Total Dotdash Meredith revenue		$	500,471	$	65,421

(a) Includes $5.6 million of intra-segment eliminations related to digital performance marketing revenue.

Angi Inc.


	Three Months Ended March 31,
		2022		2021
		(In thousands)
North America
Angi Ads and Leads:
Consumer connection revenue(b)		$	212,796	$	221,430
Advertising revenue(c)		63,776		60,747
Membership subscription revenue(d)		16,237		16,882
Other revenue		5,226		7,278
Total Angi Ads and Leads revenue		298,035		306,337
Angi Services revenue(e)		113,137		54,704
Total North America revenue		411,172		361,041
Europe
Consumer connection revenue(f)		21,803		22,351
Service professional membership subscription revenue		2,890		3,328
Advertising and other revenue		294		309
Total Europe revenue		24,987		25,988
Total Angi Inc. revenue		$	436,159	$	387,029

(b) Includes fees paid by service professionals for consumer matches through Angi Ads and Leads platforms.
(c) Includes revenue from service professionals under contract for advertising.
(d) Includes membership subscription revenue from service professionals and consumers.
(e) Includes revenue from pre-priced offerings and revenue from Angi Roofing.
(f) Includes fees paid by service professionals for consumer matches.

Search
Advertising revenue
Google advertising revenue:		$	149,652	$	155,418
Non-Google advertising revenue		71,989		21,534
Total advertising revenue		221,641		176,952
Other revenue		1,744		4,082
Total Search revenue		$	223,385	$	181,034

Emerging & Other
Subscription revenue		$	94,547	$	83,566
Marketplace revenue		66,081		56,271
Media production and distribution revenue		546		7,788
Advertising revenue:
Non-Google advertising revenue		3,723		3,393
Google advertising revenue		608		571
Total advertising revenue		4,331		3,964
Service and other revenue		1,489		1,567
Total Emerging & Other revenue		$	166,994	$	153,156

Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below:


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Revenue:
United States		$	1,204,348	$	655,035
All other countries		120,997		131,535
Total		$	1,325,345	$	786,570


	March 31, 2022		December 31, 2021
	(In thousands)
Long-lived assets (excluding goodwill, intangible assets, and ROU assets):
United States	$	569,411	$	562,628
All other countries	7,376		7,897
Total	$	576,787	$	570,525

The following tables present operating (loss) income and Adjusted EBITDA by reportable segment:


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Operating (loss) income:
Dotdash Meredith
Digital		$	(1,944)	$	18,127
Print		(38,271)		—
Other(g)		(16,030)		—
Total Dotdash Meredith		(56,245)		18,127
Angi Inc.		(33,957)		109
Search		25,079		18,386
Emerging & Other		(5,044)		994
Corporate		(38,647)		(44,846)
Total		$	(108,814)	$	(7,230)

_____________________

(g) Other comprises unallocated corporate expenses, which are corporate overhead expenses not attributable to the Digital or Print segments.


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Adjusted EBITDA(h):
Dotdash Meredith
Digital		$	34,800	$	19,922
Print		$	(10,480)	$	—
Other		$	(15,786)	$	—
Angi Inc.		$	(3,169)	$	23,186
Search		$	25,100	$	18,386
Emerging & Other		$	916	$	11,964
Corporate		$	(23,694)	$	(26,348)

_____________________

(h) The Company's primary financial measure is Adjusted EBITDA, which is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements.

The following tables reconcile operating (loss) income for the Company's reportable segments and net (loss) earnings attributable to IAC shareholders to Adjusted EBITDA:


	Three Months Ended March 31, 2022
	Operating (Loss) Income		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Acquisition-related Contingent Consideration Fair Value Adjustments		Adjusted EBITDA
	(In thousands)
Dotdash Meredith
Digital	$	(1,944)	$	4,272	$	7,489	$	25,595	$	(612)	$	34,800
Print	(38,271)		$	—	$	5,532	$	22,259	$	—	$	(10,480)
Other	(16,030)		$	—	$	244	$	—	$	—	$	(15,786)
Angi Inc.	(33,957)		$	12,985	$	13,999	$	3,804	$	—	$	(3,169)
Search	25,079		$	—	$	21	$	—	$	—	$	25,100
Emerging & Other	(5,044)		$	25	$	403	$	5,532	$	—	$	916
Corporate(i)	(38,647)		$	12,405	$	2,548	$	—	$	—	$	(23,694)
Total	(108,814)
Interest expense	(21,912)
Unrealized loss on investment in MGM Resorts International	(187,330)
Other income, net	6,699
Loss before income taxes	(311,357)
Income tax benefit	70,464
Net loss	(240,893)
Net loss attributable to noncontrolling interests	5,095
Net loss attributable to IAC shareholders	$	(235,798)


	Three Months Ended March 31, 2021
	Operating Income (Loss)		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
Dotdash Meredith	$	18,127	$	—	$	549	$	1,246	$	19,922
Angi Inc.	109		$	2,034	$	15,969	$	5,074	$	23,186
Search	18,386		$	—	$	—	$	—	$	18,386
Emerging & Other	994		$	25	$	426	$	10,519	$	11,964
Corporate(i)	(44,846)		$	16,256	$	2,242	$	—	$	(26,348)
Total	(7,230)
Interest expense	(6,617)
Unrealized gain on investment in MGM Resorts International	382,540
Other income, net	3,563
Earnings from continuing operations before income taxes	372,256
Income tax provision	(53,311)
Net earnings from continuing operations	318,945
Earnings from discontinued operations, net of tax	9,956
Net earnings	328,901
Net loss attributable to noncontrolling interests	227
Net earnings attributable to IAC shareholders	$	329,128

_______________________________________________________________________________

(i) Includes stock-based compensation expense for awards denominated in the shares of certain subsidiaries of the Company.

- 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=123359005&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=123359005&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=123359005&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
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS - Allocation of Restructuring Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 22,437
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Restructuring costs	9,520
Selling and marketing expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs	5,599
General and administrative expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs	6,975
Product development expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 343

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Remaining Costs

A summary of the costs incurred, payments made and related accruals at March 31, 2022 is presented below:


	March 31, 2022
	Digital		Print		Other		Total
	(In thousands)
Restructuring charge accruals
Charges incurred (a)	$	5,090	$	15,248	$	1,722	$	22,060
Payments	(394)		(2,127)		(106)		(2,627)
Restructuring accrual as of March 31, 2022	$	4,696	$	13,121	$	1,616	$	19,433

_____________________

(a) Excludes $0.4 million related to the write-off of inventory.

A summary of the remaining costs is presented below:


	As of March 31, 2022
	Digital		Print		Other		Total
	(In thousands)
Remaining estimated restructuring costs	$	3,558	$	4,740	$	1,065	$	9,363

Schedule of Restructuring Cost Allocation

The costs are allocated as follows in the statement of operations:


	Three Months Ended March 31, 2022
	(In thousands)
Cost of revenue	$	9,520
Selling and marketing expense	5,599
General and administrative expense	6,975
Product development expense	343
Total	$	22,437

BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The total preliminary purchase price was calculated and allocated as follows:



	(In thousands)
Common stock of Meredith	$	1,931,376
Cash payment used to settle a portion of Meredith debt	625,000
Cash settlement of all outstanding vested equity awards and deferred compensation	130,089
Total preliminary purchase price	$	2,686,465

Schedule of Preliminary Estimated Fair Value of Assets Acquired and Liabilities Assumed

The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:



	(In thousands)
Cash and cash equivalents	$	12,436
Accounts receivable	373,091
Other current assets	90,371
Property and equipment	283,319
Goodwill	1,564,929
Intangible assets	1,095,500
Other non-current assets	682,214
Total assets	4,101,860
Customer deposit liability	(140,690)
Other current liabilities	(457,549)
Deferred income taxes	(230,880)
Other non-current liabilities	(586,276)
Net assets acquired	$	2,686,465

Schedule of Fair Value of Intangible Assets Acquired

The preliminary fair values of the identifiable intangible assets acquired at the date of acquisition are as follows:



	(In thousands)		Useful Life (Years)
Indefinite-lived trade names and trademarks	$	432,800	Indefinite-lived
Advertiser relationships	334,000		5-7
Licensee relationships	150,000		3-6
Trade name and trademarks	105,000		2-5
Subscriber relationships	73,700		1-2
Total identifiable intangible assets acquired	$	1,095,500

Schedule of Pro Forma Financial Information


	Three Months Ended March 31, 2021
	(In thousands, except per share data)
Revenue	$	1,254,571
Net earnings from continuing operations	$	371,736
Basic earnings per share from continuing operations	$	4.19
Diluted earnings per share from continuing operations	$	3.92
Net earnings attributable to IAC shareholders	$	381,919
Basic earnings per share attributable to IAC shareholders	$	4.29
Diluted earnings per share attributable to IAC shareholders	$	4.02

SEGMENT INFORMATION - Revenue and Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue and Long-lived Assets by Geography
Revenue	$ 1,325,345	$ 786,570
Long-lived assets (excluding goodwill, intangible assets and ROU assets)	576,787		$ 570,525
United States
Revenue and Long-lived Assets by Geography
Revenue	1,204,348	655,035
Long-lived assets (excluding goodwill, intangible assets and ROU assets)	569,411		562,628
All other countries
Revenue and Long-lived Assets by Geography
Revenue	120,997	$ 131,535
Long-lived assets (excluding goodwill, intangible assets and ROU assets)	$ 7,376		$ 7,897

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PENSION AND POSTRETIREMENT BENEFIT PLANS - Components of Net Periodic Benefit Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Pension \| United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 982
Interest cost	699
Expected return on plan assets	(1,578)
Actuarial loss amortization	12,532
Net periodic benefit costs	12,635
Loss on plan assets related to a decline in fair value	12,600
Pension \| International
Defined Benefit Plan Disclosure [Line Items]
Service cost	0
Interest cost	3,275
Expected return on plan assets	(4,624)
Actuarial loss amortization	24,988
Net periodic benefit costs	23,639
Loss on plan assets related to a decline in fair value	23,600
Postretirement \| United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	2
Interest cost	67
Expected return on plan assets	0
Actuarial loss amortization	0
Net periodic benefit costs	$ 69

FINANCIAL STATEMENT DETAILS (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet to the total amounts shown in the statement of cash flows:


	March 31, 2022		December 31, 2021		March 31, 2021		December 31, 2020
	(In thousands)
Cash and cash equivalents	$	1,852,598	$	2,118,730	$	3,599,244	$	3,366,176
Restricted cash included in other current assets	21,183		1,941		14,116		448
Restricted cash included in other non-current assets	885		1,193		433		449
Cash, cash equivalents, and restricted cash included in current assets of discontinued operations	—		—		316,528		110,037
Total cash and cash equivalents and restricted cash as shown on the statement of cash flows	$	1,874,666	$	2,121,864	$	3,930,321	$	3,477,110

Schedule of Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet to the total amounts shown in the statement of cash flows:


	March 31, 2022		December 31, 2021		March 31, 2021		December 31, 2020
	(In thousands)
Cash and cash equivalents	$	1,852,598	$	2,118,730	$	3,599,244	$	3,366,176
Restricted cash included in other current assets	21,183		1,941		14,116		448
Restricted cash included in other non-current assets	885		1,193		433		449
Cash, cash equivalents, and restricted cash included in current assets of discontinued operations	—		—		316,528		110,037
Total cash and cash equivalents and restricted cash as shown on the statement of cash flows	$	1,874,666	$	2,121,864	$	3,930,321	$	3,477,110

Schedule of Credit Losses

The following table presents the changes in the allowance for credit losses for the three months ended March 31, 2022 and 2021, respectively:



	2022		2021
	(In thousands)
Balance at January 1	$	36,637	$	27,178
Current period provision for credit losses	23,287		19,308
Write-offs charged against the allowance	(20,383)		(20,762)
Recoveries collected	—		757
Balance at March 31	$	39,541	$	26,481

Schedule of Accumulated Amortization and Depreciation

The following table provides the accumulated amortization and depreciation within the balance sheet:


Asset Category	March 31, 2022		December 31, 2021
	(In thousands)
Right-of-use assets included in other non-current assets	$	100,878	$	87,089
Buildings, capitalized software, leasehold improvements and equipment	$	521,935	$	496,887
Intangible assets	$	334,546	$	278,831

Schedule of Other (Expense) Income, Net

Other Income, net


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Unrealized gain related to investments following initial public offering		$	34,352	$	—
Unrealized increase in the estimated fair value of a warrant		7,985		12,775
Net periodic pension benefit costs, other than the service cost component (a)		(35,359)		—
Foreign exchange losses, net (b)		(1,574)		(11,632)
Upward adjustment to the carrying value of equity securities without readily determinable fair values		—		1,376





Other		1,295		1,044
Other income, net		$	6,699	$	3,563

_____________________

(b) Includes $10.0 million in foreign exchange losses primarily related to the substantial liquidation of certain foreign subsidiaries in the three months ended March 31, 2021.

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Common Stock, $0.0001 par value; authorized 1,600,000 shares; 84,075 and 83,922 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	1,600,000,000	1,600,000,000
Common stock issued (in shares)	84,075,000	83,922,000
Common stock outstanding (in shares)	84,075,000	83,922,000
Class B common stock, $0.0001 par value; authorized 400,000 shares; 5,789 shares issued and outstanding at March 31, 2022 and December 31, 2021
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	400,000,000	400,000,000
Common stock issued (in shares)	5,789,000	5,789,000
Common stock outstanding (in shares)	5,789,000	5,789,000

FINANCIAL STATEMENT DETAILS - Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Unrealized gain related to investments following initial public offering	$ 34,352	$ 0
Unrealized increase in the estimated fair value of a warrant	7,985	12,775
Net periodic pension benefit costs, other than the service cost component	(35,359)	0
Foreign exchange gains (losses), net	(1,574)	(11,632)
Upward adjustment to the carrying value of equity securities without readily determinable fair values	0	1,376
Other	1,295	1,044
Other income, net	6,699	3,563
Foreign exchange losses due to substantial liquidation of certain foreign subsidiaries		$ 10,000
International
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension benefit costs, other than the service cost component	(23,600)
United States
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension benefit costs, other than the service cost component	$ (11,700)

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Adjustments to the Carrying Value of Equity Securities Without Readily Determinable Fair Values
Upward adjustments (gross unrealized pre-tax gains)		$ 1,376
Total		1,376
Equity Securities without Readily Determinable Fair Values, Realized and Unrealized Gains (Losses)
Realized pre-tax gains, net, for equity securities sold	$ 468	81
Unrealized pre-tax gains, net, on equity securities held	0	1,376
Total pre-tax gains, net recognized	$ 468	$ 1,457

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Redeemable Noncontrolling Interests	Total IAC Shareholders' Equity	Common Stock Common Stock, $0.0001 par value	Common Stock Class B common stock, $0.0001 par value	Common Stock Common Stock, $0.001 par value	Common Stock Class B common stock, $0.001 par value	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balance at beginning of period at Dec. 31, 2020		$ 231,992
Increase (Decrease) in Redeemable Noncontrolling Interests
Net (loss) earnings		(673)
Other comprehensive income, net of income taxes		580
Issuance of Vimeo common stock and creation of noncontrolling interests, net of fees		40,785
Distribution to and purchase of noncontrolling interests		(22,938)
Adjustment of noncontrolling interests to fair value		453,099
Other		(4)
Balance at end of period at Mar. 31, 2021		702,841
Balance at beginning of period at Dec. 31, 2020	$ 7,150,928		$ 6,597,575	$ 0	$ 0	$ 83	$ 6	$ 5,909,614	$ 694,042	$ (6,170)	$ 553,353
Balance at beginning of period (shares) at Dec. 31, 2020				0	0	82,976	5,789
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	329,574		329,128						329,128		446
Other comprehensive income (loss), net of income taxes	10,435		10,324							10,324	111
Stock-based compensation expense	23,210		20,668					20,668			2,542
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(48,051)		(49,481)					(49,476)		(5)	1,430
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares)						366
Purchase of Angi Inc. treasury stock	(4,916)		(4,916)					(4,916)
Issuance of Vimeo common stock and creation of noncontrolling interests, net of fees	258,965		258,965					258,965
Adjustment of noncontrolling interests to fair value	(453,099)		(453,099)					(453,099)
Other	109		109					109
Balance at end of period at Mar. 31, 2021	7,246,020		6,688,138	$ 0	$ 0	$ 83	$ 6	5,660,730	1,023,170	4,149	557,882
Balance at end of period (shares) at Mar. 31, 2021				0	0	83,342	5,789
Balance at beginning of period at Dec. 31, 2021	18,741	18,741
Increase (Decrease) in Redeemable Noncontrolling Interests
Net (loss) earnings		(34)
Adjustment of noncontrolling interests to fair value		9,136
Other		(26)
Balance at end of period at Mar. 31, 2022	27,817	$ 27,817
Balance at beginning of period at Dec. 31, 2021	7,748,960		7,175,226	$ 8	$ 1	$ 0	$ 0	6,265,669	905,151	4,397	573,734
Balance at beginning of period (shares) at Dec. 31, 2021				83,922	5,789	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	(240,859)		(235,798)						(235,798)		(5,061)
Other comprehensive income (loss), net of income taxes	(3,701)		(3,634)							(3,634)	(67)
Stock-based compensation expense	30,258		16,702					16,702			13,556
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(2,473)		(1,773)					(1,775)		2	(700)
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares)				153
Purchase of Angi Inc. treasury stock	(8,144)		(8,144)					(8,144)
Adjustment of noncontrolling interests to fair value	(9,136)		(9,136)					(9,136)
Other	24		24					24
Balance at end of period at Mar. 31, 2022	$ 7,500,917		$ 6,919,455	$ 8	$ 1	$ 0	$ 0	$ 6,249,328	$ 669,353	$ 765	$ 581,462
Balance at end of period (shares) at Mar. 31, 2022				84,075	5,789	0	0

DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The components of the earnings from discontinued operations for the three months ended March 31, 2021 in the statement of operations consisted of the following:


	Three Months Ended March 31, 2021
	(In thousands)
Revenue	$	89,418
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)	24,956
Selling and marketing expense	32,053
General and administrative expense	13,528
Product development expense	21,475
Depreciation	114
Amortization of intangibles	1,887
Total operating costs and expenses	94,013
Operating loss from discontinued operations	(4,595)
Interest expense	(64)
Other income, net	10,085
Earnings from discontinued operations before tax	5,426
Income tax benefit	4,530
Earnings from discontinued operations, net of tax	$	9,956

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Marketable Securities

At March 31, 2022 and December 31, 2021, the fair value of marketable securities are as follows:


	March 31, 2022		December 31, 2021
	(In thousands)
Marketable equity securities	$	59,012	$	19,788

Total marketable securities	$	59,012	$	19,788

Schedule of Investment in MGM Resorts International

Investment in MGM Resorts International


	March 31, 2022		December 31, 2021
	(In thousands)
Investment in MGM Resorts International ("MGM")	$	2,664,612	$	2,649,442

Schedule of Long-term Investments

Long-term investments consist of:


	March 31, 2022		December 31, 2021
	(In thousands)
Equity securities without readily determinable fair values	$	319,727	$	324,649
Equity method investment	3,198		3,189
Total long-term investments	$	322,925	$	327,838

Schedule of Realized and Unrealized Gains and Losses


	Three Months Ended March 31, 2021
		(In thousands)
Upward adjustments (gross unrealized pre-tax gains)		$	1,376

Total		$	1,376

Realized and unrealized pre-tax gains and losses for the Company's investments without readily determinable fair values for the three months ended March 31, 2022 and 2021 are as follows:


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Realized pre-tax gains, net, for equity securities sold		$	468	$	81
Unrealized pre-tax gains, net, on equity securities held		—		1,376
Total pre-tax gains, net recognized		$	468	$	1,457

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

The following tables present the Company's financial instruments that are measured at fair value on a recurring basis:


	March 31, 2022
	Quoted Market Prices for Identical Assets in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	1,214,018	$	—	$	—	$	1,214,018
Treasury discount notes	—		299,989		—		299,989

Marketable equity securities	59,012		—		—		59,012
Investment in MGM	2,664,612		—		—		2,664,612
Other non-current assets:							—
Warrant	—		—		117,279		117,279
Total	$	3,937,642	$	299,989	$	117,279	$	4,354,910

Liabilities:
Contingent consideration arrangement					$	—	$	—


	December 31, 2021
	Quoted Market Prices for Identical Assets in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	1,660,921	$	—	$	—	$	1,660,921

Time deposits	—		6,057		—		6,057
Marketable equity security	19,788		—		—		19,788
Investment in MGM	2,649,442		—		—		2,649,442
Other non-current assets:
Warrant	—		—		109,294		109,294
Total	$	4,330,151	$	6,057	$	109,294	$	4,445,502

Liabilities:
Contingent consideration arrangement					$	(612)	$	(612)

Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Three Months Ended March 31,
	2022				2021
	Warrant		Contingent Consideration Arrangement		Warrant
	(In thousands)
Balance at January 1	$	109,294	$	(612)	$	5,276

Total net gains:
Fair value adjustments included in earnings	7,985		612		12,775

Balance at March 31	$	117,279	$	—	$	18,051

Schedule of Carrying Value and the Fair Value of Financial Instruments Measured at Fair Value Only for Disclosure Purposes

The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes:


	March 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Current portion of long-term debt	$	(30,000)	$	(29,925)	$	(30,000)	$	(29,550)
Long-term debt, net(a)	$	(2,039,655)	$	(1,980,958)	$	(2,046,237)	$	(2,061,450)

_____________________

(a) At March 31, 2022 and December 31, 2021, the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $22.8 million and $23.8 million, respectively.

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Marketable Securities

At March 31, 2022 and December 31, 2021, the fair value of marketable securities are as follows:


	March 31, 2022		December 31, 2021
	(In thousands)
Marketable equity securities	$	59,012	$	19,788

Total marketable securities	$	59,012	$	19,788

The Company has two investments in marketable equity securities at March 31, 2022, which are carried at fair value following the investees' initial public offerings, which took place in the third quarter of 2021 and the first quarter of 2022, respectively. Prior to the respective initial public offerings, these investments were accounted for as equity securities without readily determinable fair values. The Company recorded a net unrealized pre-tax gain of $34.4 million during the three months ended March 31, 2022 for these investments. The net unrealized pre-tax gain related to these investments is included in "Other income, net" in the statement of operations.

Investment in MGM Resorts International


	March 31, 2022		December 31, 2021
	(In thousands)
Investment in MGM Resorts International ("MGM")	$	2,664,612	$	2,649,442

On February 16, 2022, the Company purchased an additional 4.5 million shares of MGM for $202.5 million. Following this purchase, the Company owns approximately 63.5 million shares, representing a 14.5% ownership interest in MGM as of February 23, 2022. The fair value of the investment in MGM is remeasured each reporting period based upon MGM's closing stock price on the New York Stock Exchange on the last trading day in the reporting period and any unrealized gains or losses are included in the statement of operations. For the three months ended March 31, 2022 and 2021, the Company recorded an unrealized pre-tax loss and an unrealized pre-tax gain on its investment in MGM of $187.3 million and $382.5 million, respectively. The cumulative unrealized net pre-tax gain through March 31, 2022 is $1.4 billion.

Long-term Investments

Long-term investments consist of:


	March 31, 2022		December 31, 2021
	(In thousands)
Equity securities without readily determinable fair values	$	319,727	$	324,649
Equity method investment	3,198		3,189
Total long-term investments	$	322,925	$	327,838

Equity Securities without Readily Determinable Fair Values

The following table presents a summary of unrealized pre-tax gains recorded in "Other income, net" in the statement of operations as adjustments to the carrying value of equity securities without readily determinable fair values held at March 31, 2021. There were no unrealized pre-tax gains or losses recorded for the three months ended March 31, 2022.


	Three Months Ended March 31, 2021
		(In thousands)
Upward adjustments (gross unrealized pre-tax gains)		$	1,376

Total		$	1,376

The cumulative upward and downward adjustments (including impairments) to the carrying value of equity securities without readily determinable fair values held at March 31, 2022 were $28.7 million and $38.6 million, respectively.

Realized and unrealized pre-tax gains and losses for the Company's investments without readily determinable fair values for the three months ended March 31, 2022 and 2021 are as follows:


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Realized pre-tax gains, net, for equity securities sold		$	468	$	81
Unrealized pre-tax gains, net, on equity securities held		—		1,376
Total pre-tax gains, net recognized		$	468	$	1,457

All pre-tax gains and losses on equity securities without readily determinable fair values, realized and unrealized, are recognized in "Other income, net" in the statement of operations.

Equity Method Investment

The Company owns common shares of Turo Inc. ("Turo"), a peer-to-peer car sharing marketplace. This investment is accounted for under the equity method of accounting given the Company's ownership interest at March 31, 2022 of approximately 26.9% on a fully diluted basis in the form of preferred shares, which are not common stock equivalents. The Company accounts for the equity losses for this investment on a one quarter lag.

Fair Value Measurements

The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are:

•Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.

•Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company's Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used.

•Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.

The following tables present the Company's financial instruments that are measured at fair value on a recurring basis:


	March 31, 2022
	Quoted Market Prices for Identical Assets in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	1,214,018	$	—	$	—	$	1,214,018
Treasury discount notes	—		299,989		—		299,989

Marketable equity securities	59,012		—		—		59,012
Investment in MGM	2,664,612		—		—		2,664,612
Other non-current assets:							—
Warrant	—		—		117,279		117,279
Total	$	3,937,642	$	299,989	$	117,279	$	4,354,910

Liabilities:
Contingent consideration arrangement					$	—	$	—


	December 31, 2021
	Quoted Market Prices for Identical Assets in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	1,660,921	$	—	$	—	$	1,660,921

Time deposits	—		6,057		—		6,057
Marketable equity security	19,788		—		—		19,788
Investment in MGM	2,649,442		—		—		2,649,442
Other non-current assets:
Warrant	—		—		109,294		109,294
Total	$	4,330,151	$	6,057	$	109,294	$	4,445,502

Liabilities:
Contingent consideration arrangement					$	(612)	$	(612)

The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Three Months Ended March 31,
	2022				2021
	Warrant		Contingent Consideration Arrangement		Warrant
	(In thousands)
Balance at January 1	$	109,294	$	(612)	$	5,276

Total net gains:
Fair value adjustments included in earnings	7,985		612		12,775

Balance at March 31	$	117,279	$	—	$	18,051

Warrant

As part of the Company's investment in Turo preferred shares, the Company received a warrant that is recorded at fair value each reporting period with any change included in "Other income, net" in the statement of operations. The warrant is measured using significant unobservable inputs and is classified in the fair value hierarchy table as Level 3. The warrant is included in "Other non-current assets" in the balance sheet.

Contingent Consideration Arrangements

At March 31, 2022, the Company has two outstanding contingent consideration arrangements related to business combinations. The maximum contingent payments related to these arrangements is $7.0 million, however, as of March 31, 2022 the Company does not expect to make any further payments on these arrangements.

Assets measured at fair value on a nonrecurring basis

The Company's non-financial assets, such as goodwill, intangible assets, ROU assets and buildings, capitalized software, leasehold improvements and equipment, are adjusted to fair value only when an impairment is recognized. The Company's financial assets, comprising equity securities without readily determinable fair values, are adjusted to fair value when observable price changes are identified or an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs.

The Mosaic Group reporting unit fair value approximates its carrying value at March 31, 2022. To the extent there is a decline in the fair value of the reporting unit, a goodwill impairment would be recorded to the extent the carrying value exceeds the fair value. A 10% decline in the fair value of the Mosaic Group reporting unit would result in a goodwill impairment of approximately $25.0 million.

Financial instruments measured at fair value only for disclosure purposes

The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes:


	March 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Current portion of long-term debt	$	(30,000)	$	(29,925)	$	(30,000)	$	(29,550)
Long-term debt, net(a)	$	(2,039,655)	$	(1,980,958)	$	(2,046,237)	$	(2,061,450)

_____________________

At March 31, 2022 and December 31, 2021, the fair value of long-term debt, including the current portion, is estimated using observable market prices or indices for similar liabilities, which are Level 2 inputs.

- 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

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Value of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Marketable equity securities	$ 59,012	$ 19,788
Total marketable securities	$ 59,012	$ 19,788

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 1,852,598	$ 2,118,730
Marketable securities	59,012	19,788
Accounts receivable, net of reserves	593,280	693,208
Other current assets	279,408	242,188
Total current assets	2,784,298	3,073,914
Buildings, capitalized software, leasehold improvements, equipment and land, net	576,787	570,525
Goodwill	3,221,041	3,226,610
Intangible assets, net of accumulated amortization	1,357,479	1,414,892
Investment in MGM Resorts International	2,664,612	2,649,442
Long-term investments	322,925	327,838
Other non-current assets	966,394	1,037,067
TOTAL ASSETS	11,893,536	12,300,288
LIABILITIES:
Current portion of long-term debt	30,000	30,000
Accounts payable, trade	184,084	203,173
Deferred revenue	178,061	165,451
Accrued expenses and other current liabilities	939,399	980,574
Total current liabilities	1,331,544	1,379,198
Long-term debt, net	2,039,655	2,046,237
Deferred income taxes	308,178	385,890
Other long-term liabilities	685,425	721,262
Redeemable noncontrolling interests	27,817	18,741
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Additional paid-in-capital	6,249,328	6,265,669
Retained earnings	669,353	905,151
Accumulated other comprehensive income	765	4,397
Total IAC shareholders' equity	6,919,455	7,175,226
Noncontrolling interests	581,462	573,734
Total shareholders' equity	7,500,917	7,748,960
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	11,893,536	12,300,288
Common Stock, $0.0001 par value; authorized 1,600,000 shares; 84,075 and 83,922 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
SHAREHOLDERS' EQUITY:
Common stock, value	8	8
Class B common stock, $0.0001 par value; authorized 400,000 shares; 5,789 shares issued and outstanding at March 31, 2022 and December 31, 2021
SHAREHOLDERS' EQUITY:
Common stock, value	$ 1	$ 1

FINANCIAL STATEMENT DETAILS - Accumulated Amortization and Depreciation (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Depreciation, Depletion and Amortization [Abstract]
Right-of-use assets included in other non-current assets	$ 100,878	$ 87,089
Buildings, capitalized software, leasehold improvements and equipment	521,935	496,887
Intangible assets	$ 334,546	$ 278,831

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table presents revenue by reportable segment:


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Revenue
Dotdash Meredith
Digital		$	216,165	$	65,421
Print		289,978		—
Intra-segment eliminations(a)		(5,672)		—
Total Dotdash Meredith		500,471		65,421
Angi Inc.		436,159		387,029
Search		223,385		181,034
Emerging & Other		166,994		153,156
Inter-segment eliminations		(1,664)		(70)
Total		$	1,325,345	$	786,570

The following tables present operating (loss) income and Adjusted EBITDA by reportable segment:


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Operating (loss) income:
Dotdash Meredith
Digital		$	(1,944)	$	18,127
Print		(38,271)		—
Other(g)		(16,030)		—
Total Dotdash Meredith		(56,245)		18,127
Angi Inc.		(33,957)		109
Search		25,079		18,386
Emerging & Other		(5,044)		994
Corporate		(38,647)		(44,846)
Total		$	(108,814)	$	(7,230)

_____________________

(g) Other comprises unallocated corporate expenses, which are corporate overhead expenses not attributable to the Digital or Print segments.


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Adjusted EBITDA(h):
Dotdash Meredith
Digital		$	34,800	$	19,922
Print		$	(10,480)	$	—
Other		$	(15,786)	$	—
Angi Inc.		$	(3,169)	$	23,186
Search		$	25,100	$	18,386
Emerging & Other		$	916	$	11,964
Corporate		$	(23,694)	$	(26,348)

_____________________

Schedule of Disaggregation of Segment Revenue

The following table presents the revenue of the Company's segments disaggregated by type of service:


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Dotdash Meredith
Digital:
Display advertising revenue		$	137,090	$	37,171
Performance marketing revenue		50,105		27,593
Licensing and other revenue		28,970		657
Total digital revenue		216,165		65,421
Print:
Subscription revenue		132,607		—
Advertising revenue		72,687		—
Project and other revenue		33,025		—
Newsstand revenue		31,239		—
Performance marketing revenue		20,420		—
Total print revenue		289,978		—
Intra-segment eliminations(a)		(5,672)		—
Total Dotdash Meredith revenue		$	500,471	$	65,421

(a) Includes $5.6 million of intra-segment eliminations related to digital performance marketing revenue.

Angi Inc.


	Three Months Ended March 31,
		2022		2021
		(In thousands)
North America
Angi Ads and Leads:
Consumer connection revenue(b)		$	212,796	$	221,430
Advertising revenue(c)		63,776		60,747
Membership subscription revenue(d)		16,237		16,882
Other revenue		5,226		7,278
Total Angi Ads and Leads revenue		298,035		306,337
Angi Services revenue(e)		113,137		54,704
Total North America revenue		411,172		361,041
Europe
Consumer connection revenue(f)		21,803		22,351
Service professional membership subscription revenue		2,890		3,328
Advertising and other revenue		294		309
Total Europe revenue		24,987		25,988
Total Angi Inc. revenue		$	436,159	$	387,029

(b) Includes fees paid by service professionals for consumer matches through Angi Ads and Leads platforms.
(c) Includes revenue from service professionals under contract for advertising.
(d) Includes membership subscription revenue from service professionals and consumers.
(e) Includes revenue from pre-priced offerings and revenue from Angi Roofing.
(f) Includes fees paid by service professionals for consumer matches.

Search
Advertising revenue
Google advertising revenue:		$	149,652	$	155,418
Non-Google advertising revenue		71,989		21,534
Total advertising revenue		221,641		176,952
Other revenue		1,744		4,082
Total Search revenue		$	223,385	$	181,034

Emerging & Other
Subscription revenue		$	94,547	$	83,566
Marketplace revenue		66,081		56,271
Media production and distribution revenue		546		7,788
Advertising revenue:
Non-Google advertising revenue		3,723		3,393
Google advertising revenue		608		571
Total advertising revenue		4,331		3,964
Service and other revenue		1,489		1,567
Total Emerging & Other revenue		$	166,994	$	153,156

Schedule of Revenue and Long-lived Assets, Excluding Goodwill and Intangible Assets, by Geography

Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below:


	Three Months Ended March 31,
		2022		2021
		(In thousands)
Revenue:
United States		$	1,204,348	$	655,035
All other countries		120,997		131,535
Total		$	1,325,345	$	786,570


	March 31, 2022		December 31, 2021
	(In thousands)
Long-lived assets (excluding goodwill, intangible assets, and ROU assets):
United States	$	569,411	$	562,628
All other countries	7,376		7,897
Total	$	576,787	$	570,525

Schedule of Reconciliation of Adjusted EBITDA to Operating Income (Loss)

The following tables reconcile operating (loss) income for the Company's reportable segments and net (loss) earnings attributable to IAC shareholders to Adjusted EBITDA:


	Three Months Ended March 31, 2022
	Operating (Loss) Income		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Acquisition-related Contingent Consideration Fair Value Adjustments		Adjusted EBITDA
	(In thousands)
Dotdash Meredith
Digital	$	(1,944)	$	4,272	$	7,489	$	25,595	$	(612)	$	34,800
Print	(38,271)		$	—	$	5,532	$	22,259	$	—	$	(10,480)
Other	(16,030)		$	—	$	244	$	—	$	—	$	(15,786)
Angi Inc.	(33,957)		$	12,985	$	13,999	$	3,804	$	—	$	(3,169)
Search	25,079		$	—	$	21	$	—	$	—	$	25,100
Emerging & Other	(5,044)		$	25	$	403	$	5,532	$	—	$	916
Corporate(i)	(38,647)		$	12,405	$	2,548	$	—	$	—	$	(23,694)
Total	(108,814)
Interest expense	(21,912)
Unrealized loss on investment in MGM Resorts International	(187,330)
Other income, net	6,699
Loss before income taxes	(311,357)
Income tax benefit	70,464
Net loss	(240,893)
Net loss attributable to noncontrolling interests	5,095
Net loss attributable to IAC shareholders	$	(235,798)


	Three Months Ended March 31, 2021
	Operating Income (Loss)		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
Dotdash Meredith	$	18,127	$	—	$	549	$	1,246	$	19,922
Angi Inc.	109		$	2,034	$	15,969	$	5,074	$	23,186
Search	18,386		$	—	$	—	$	—	$	18,386
Emerging & Other	994		$	25	$	426	$	10,519	$	11,964
Corporate(i)	(44,846)		$	16,256	$	2,242	$	—	$	(26,348)
Total	(7,230)
Interest expense	(6,617)
Unrealized gain on investment in MGM Resorts International	382,540
Other income, net	3,563
Earnings from continuing operations before income taxes	372,256
Income tax provision	(53,311)
Net earnings from continuing operations	318,945
Earnings from discontinued operations, net of tax	9,956
Net earnings	328,901
Net loss attributable to noncontrolling interests	227
Net earnings attributable to IAC shareholders	$	329,128

_______________________________________________________________________________

(i) Includes stock-based compensation expense for awards denominated in the shares of certain subsidiaries of the Company.

LONG-TERM DEBT - Narrative (Details)			3 Months Ended		11 Months Ended	12 Months Ended		37 Months Ended	83 Months Ended
LONG-TERM DEBT - Narrative (Details)	Mar. 31, 2022 USD ($)	Dec. 01, 2021 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 01, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 01, 2028 USD ($)	Nov. 05, 2018 USD ($)
Debt Instrument [Line Items]
Repayments of term loan			$ 0	$ 6,875,000
Dotdash Meredith Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Debt covenant, minimum amount needed to be drawn	$ 1.00
Debt covenant, percentage of face	1.02
Debt covenant, outstanding face amount of undrawn letters of credit, minimum	$ 25,000,000
Consolidated net leverage ratio (no greater than)	5.5
Debt covenant, net leverage ratio that would limit dividends			4.0
Dotdash Meredith Term loan A Facility \| Term Loan
Debt Instrument [Line Items]
Term of debt instrument (years)		5 years
Face amount of debt instrument		$ 350,000,000
Interest rate on debt instrument (as a percent)	2.29%		2.29%				2.15%
Dotdash Meredith Term loan A Facility \| Term Loan \| Forecast
Debt Instrument [Line Items]
Quarterly repayments of principal					$ 13,100,000	$ 8,800,000		$ 4,400,000
Dotdash Meredith Term loan A Facility \| Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.00%
Dotdash Meredith Term Loan B Facility \| Term Loan
Debt Instrument [Line Items]
Term of debt instrument (years)		7 years
Face amount of debt instrument		$ 1,250,000,000
Interest rate on debt instrument (as a percent)	4.50%		4.50%				4.50%
Dotdash Meredith Term Loan B Facility \| Term Loan \| Forecast
Debt Instrument [Line Items]
Quarterly repayments of principal									$ 3,100,000
Dotdash Meredith Term Loan B Facility \| Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			4.00%
Dotdash Meredith Term Loan B Facility \| Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.50%
Dotdash Meredith Revolving Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Term of debt instrument (years)		5 years
Maximum borrowing capacity		$ 150,000,000
Outstanding borrowings under the credit facility	$ 0		$ 0				$ 0
Commitment fee (in basis points)			0.35%				0.35%
ANGI 3.875% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Maximum leverage ratio	3.75		3.75
ANGI Group Credit Facility
Debt Instrument [Line Items]
Repayments of term loan			$ 6,900,000
ANGI Group Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 250,000,000

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS IAC and Angi Inc. The Company and Angi Inc., in connection with the transaction resulting in the formation of Angi Inc. in 2017, entered into a contribution agreement; an investor rights agreement; a services agreement; a tax sharing agreement; and an employee matters agreement. There were no shares of Angi Inc. Class A or Class B common stock issued to IAC during the three months ended March 31, 2022. For the three months ended March 31, 2021, 2.6 million shares of Angi Inc. Class A common stock were issued to a subsidiary of the Company pursuant to the employee matters agreement as reimbursement for IAC common stock issued in connection with the exercise and settlement of certain Angi Inc. stock appreciation rights. For the three months ended March 31, 2021, 0.1 million shares of Angi Inc. Class B common stock were issued to a subsidiary of the Company pursuant to the employee matters agreement as reimbursement for shares of IAC common stock issued in connection with the exercise and vesting of IAC equity awards held by Angi Inc. employees. IAC and Vimeo Following the Spin-off, the relationship between IAC and Vimeo is governed by a number of agreements. These agreements include a separation agreement; a tax matters agreement; a transition services agreement; an employee matters agreement; and an office lease agreement. The Company and Vimeo are related parties because Mr. Diller is the beneficial owner of more than 10% of the voting interests in both IAC and Vimeo. At March 31, 2022 and December 31, 2021, Vimeo had no outstanding payables or receivables due to or due from the Company pursuant to the tax sharing agreement. There were no payments to or refunds from Vimeo pursuant to this agreement for the three months ended March 31, 2022. For the three months ended March 31, 2022, Vimeo was charged $0.1 million by IAC for services rendered pursuant to the transition services agreement. At March 31, 2022 and December 31, 2021, there were no outstanding receivables or payables pursuant to the transition services agreement. Vimeo has an outstanding payable due to the Company of less than $0.1 million at March 31, 2022 related primarily to reimbursements due to the Company for Vimeo’s participation in the Company’s employee benefit plans following the Spin-off, and had an outstanding payable due to the Company of $6.4 million at December 31, 2021 related primarily to reimbursements due to the Company for the exercise of Vimeo equity awards held by employees of the Company and Vimeo's participation in the Company's employee benefit plans. These amounts are included in “Other current assets" in the balance sheet at March 31, 2022 and December 31, 2021, respectively. The respective amounts were paid in full in April 2022 and January 2022, respectively. For the three months ended March 31, 2022, Vimeo was charged $1.1 million of rent pursuant to the lease agreement. At March 31, 2022 and December 31, 2021, there were no outstanding receivables due from Vimeo pursuant to the lease agreement. IAC and Expedia The Company and Expedia each have a 50% ownership interest in three aircraft that may be used by both companies. Members of the aircraft flight crews are employed by an entity in which the Company and Expedia each have a 50% ownership interest. The Company and Expedia have agreed to share costs relating to flight crew compensation and benefits pro-rata according to each company’s respective usage of the aircraft, for which they are separately billed by the entity described above. The Company and Expedia are related parties because Mr. Diller serves as Chairman and Senior Executive of both IAC and Expedia. For the three months ended March 31, 2022 and 2021, total payments made to this entity by the Company were not material. In addition, in December 2021, the Company and Expedia entered into agreements pursuant to which Expedia may use additional aircraft owned by a subsidiary of the Company on a cost basis. For the three months ended March 31, 2022, total payments made by Expedia to the Company pursuant to this arrangement were not material.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES At the end of each interim period, the Company estimates the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to significant, unusual, or extraordinary items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which they occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or unrecognized tax benefits is recognized in the interim period in which the change occurs. The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences, and the likelihood of the realization of deferred tax assets generated in the current year. The accounting estimates used to compute the provision or benefit for income taxes may change as new events occur, more experience is acquired, additional information is obtained or the Company's tax environment changes. To the extent that the expected annual effective income tax rate changes during a quarter, the effect of the change on prior quarters is included in income tax provision or benefit in the quarter in which the change occurs. For the three months ended March 31, 2022, the Company recorded an income tax benefit of $70.5 million, which represents an effective income tax rate of 23%, which is higher than the statutory rate of 21% due primarily to state taxes and excess tax benefits generated by the exercise and vesting of stock-based awards, partially offset by nondeductible stock-based compensation expense. For the three months ended March 31, 2021, the Company recorded an income tax provision of $53.3 million, which represents an effective income tax rate of 14% which is lower than the statutory rate of 21% due primarily to excess tax benefits generated by the exercise and vesting of stock-based awards, partially offset by state taxes. The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in the income tax provision. Accruals for interest and penalties are not material. On December 19, 2019, IAC/InterActiveCorp ("Old IAC") entered into a Transaction Agreement (as amended, the "Transaction Agreement") with Match Group, Inc. ("Old MTCH"), IAC Holdings, Inc. ("New IAC" or the "Company"), a direct wholly-owned subsidiary of Old IAC, and Valentine Merger Sub LLC, an indirect wholly-owned subsidiary of Old IAC. On June 30, 2020, the businesses of Old MTCH were separated from the remaining businesses of Old IAC through a series of transactions that resulted in the pre-transaction stockholders of Old IAC owning shares in two, separate public companies—(1) Old IAC, which was renamed Match Group, Inc. ("New Match") and which owns the businesses of Old MTCH and certain Old IAC financing subsidiaries, and (2) New IAC, which was renamed IAC/InterActiveCorp, and which owns Old IAC's other businesses—and the pre-transaction stockholders of Old MTCH (other than Old IAC) owning shares in New Match. This transaction is referred to as the "MTCH Separation." The Company is routinely under audit by federal, state, local and foreign authorities in the area of income tax as a result of previously filed separate company and consolidated tax returns with Old IAC and for its tax returns filed on a standalone basis following the MTCH Separation. These audits include questioning the timing and the amount of income and deductions and the allocation of income and deductions among various tax jurisdictions. The Internal Revenue Service ("IRS") has substantially completed its audit of Old IAC’s federal income tax returns for the years ended December 31, 2013 through 2017, and is currently auditing the years ended December 31, 2018 through 2019, which include the operations of the Company. The statute of limitations for the years 2013 through 2019 has been extended to December 31, 2023. Returns filed in various other jurisdictions are open to examination for tax years beginning with 2012. Income taxes payable include unrecognized tax benefits considered sufficient to pay assessments that may result from the examination of prior year tax returns. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may not accurately anticipate actual outcomes and, therefore, may require periodic adjustment. Although management currently believes changes in unrecognized tax benefits from period to period and differences between amounts paid, if any, upon resolution of issues raised in audits and amounts previously provided will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. At March 31, 2022 and December 31, 2021, unrecognized tax benefits, including interest and penalties, are $18.7 million and $18.0 million, respectively. Unrecognized tax benefits, including interest and penalties, at March 31, 2022 increased by $0.7 million due primarily to research credits. If unrecognized tax benefits at March 31, 2022 are subsequently recognized, $17.4 million, net of related deferred tax assets and interest, would reduce income tax expense. The comparable amount at December 31, 2021 was $16.7 million. The Company believes that it is reasonably possible that its unrecognized tax benefits could decrease by $2.9 million by March 31, 2023 due to expected settlements of which $2.6 million would reduce the income tax provision.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

BUSINESS COMBINATIONS - Purchase Price Allocation (Details) - Meredith Corporation $ in Thousands	Dec. 01, 2021 USD ($)
Business Acquisition [Line Items]
Common stock of Meredith	$ 1,931,376
Cash payment used to settle a portion of Meredith debt	625,000
Cash settlement of all outstanding vested equity awards and deferred compensation	130,089
Total preliminary purchase price	$ 2,686,465

BUSINESS COMBINATIONS

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATION

On December 1, 2021, Dotdash acquired Meredith under the terms of an agreement (the "Merger Agreement") dated as of October 6, 2021. At the effective time of the merger, each outstanding share of common stock of Meredith (other than certain excluded shares) was converted into the right to receive $42.18 in cash. Pursuant to the Merger Agreement, Meredith equity awards were cancelled, and in exchange each holder received such holder’s portion of the merger consideration as set forth in the Merger Agreement, less the per share exercise price in the case of stock options. The Company accounted for this acquisition as a business combination under the acquisition method of accounting.

The total preliminary purchase price was calculated and allocated as follows:



	(In thousands)
Common stock of Meredith	$	1,931,376
Cash payment used to settle a portion of Meredith debt	625,000
Cash settlement of all outstanding vested equity awards and deferred compensation	130,089
Total preliminary purchase price	$	2,686,465

The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:



	(In thousands)
Cash and cash equivalents	$	12,436
Accounts receivable	373,091
Other current assets	90,371
Property and equipment	283,319
Goodwill	1,564,929
Intangible assets	1,095,500
Other non-current assets	682,214
Total assets	4,101,860
Customer deposit liability	(140,690)
Other current liabilities	(457,549)
Deferred income taxes	(230,880)
Other non-current liabilities	(586,276)
Net assets acquired	$	2,686,465

The Company acquired Meredith because it is complementary to Dotdash. The purchase was based on the expected future financial performance of Meredith under Dotdash leadership, not on the value of the net identifiable assets at the time of acquisition. This resulted in a significant portion of the preliminary purchase price being attributed to goodwill. The purchase price attributed to goodwill is not tax deductible.

The preliminary fair values of the identifiable intangible assets acquired at the date of acquisition are as follows:



	(In thousands)		Useful Life (Years)
Indefinite-lived trade names and trademarks	$	432,800	Indefinite-lived
Advertiser relationships	334,000		5-7
Licensee relationships	150,000		3-6
Trade name and trademarks	105,000		2-5
Subscriber relationships	73,700		1-2
Total identifiable intangible assets acquired	$	1,095,500

The allocation of the preliminary purchase price to certain assets acquired and liabilities assumed is provisional and is subject to review and revision during the measurement period, which the Company expects to extend through the fourth quarter of 2022. In addition, the Company is still in the process of identifying acquired assets and assumed liabilities, which may also result in an adjustment of the provisional amounts recorded. The subsequent adjustment of the provisional amounts may be material.

The provisional amounts for assets acquired and liabilities assumed include the fair value of:

1.accounts receivable and other receivables, which has been adjusted for an estimated $10.1 million of gross contractual amounts not expected to be collected, may be subject to adjustment for reassessment of collectability as of the date of acquisition, collections and other adjustment subsequent to the acquisition;

2.prepaid expenses and other current and noncurrent assets, which will be subject to adjustment based upon a review of recoverability and consideration of other factors;

3.inventory;

4.property, plant and equipment, for which the preliminary estimates are subject to revision for:

a.identification of assets acquired;

b.finalization of preliminary appraisals; and

c.determination of useful lives;

5.right of use assets and lease liabilities, which will be subject to adjustment upon completion of the review of the inputs, including sublease assumptions, for the calculations;

6.accounts payable and accrued expenses, which will be subject to adjustment based upon subsequent payment and assessment of other factors;

7.indemnification liabilities, which include pre-acquisition income tax and non-income tax liabilities, will be subject to adjustment for:

a. the reconciliation of the income tax return to the income tax provision for Meredith Corporation's fiscal year ended June 30, 2021 and the short period return from July 1, 2021 through the date of acquisition;

b. the assessment of the amounts of liabilities that existed at the date of acquisition based upon ongoing audits;

c. the assessment of applicable tax rates and other factors; and

d. the identification of other liabilities;

8.contingencies, the initial estimated recorded liability for which is approximately $100 million, including indemnification liabilities, will be subject to adjustment for additional items that are identified and for additional information obtained that will assist in the determination of liabilities as of the date of acquisition;

9.definite and indefinite-lived intangible assets acquired will be subject to adjustment as additional assets are identified, estimates and forecasts are refined and disaggregated, useful lives are finalized, and other factors deemed relevant are considered;

10. deferred income taxes will be subject to adjustment based upon the completion of the review of the book and tax bases of assets acquired and liabilities assumed, applicable tax rates and the impact of the revisions of estimates for the items described above;

11. goodwill will be subject to adjustment for the impact of the revisions of estimates for the items described above; and

12. the allocation of goodwill to reporting units, which is still in process of being assessed, will be subject to revision based upon the items described above and the finalization of the determination of fair value of the reporting units, which has not yet been completed.

Unaudited pro forma financial information

The unaudited pro forma financial information in the table below presents the results of the Company and Meredith as if the Meredith acquisition had occurred on January 1, 2020. The unaudited pro forma financial information includes adjustments required under the acquisition method of accounting and is presented for informational purposes only and is not necessarily indicative of the results that would have been achieved had this acquisition occurred on January 1, 2020. For the three months ended March 31, 2021, pro forma adjustments include an increase in amortization expense of $23.9 million related to intangible asset adjustments in purchase accounting.


	Three Months Ended March 31, 2021
	(In thousands, except per share data)
Revenue	$	1,254,571
Net earnings from continuing operations	$	371,736
Basic earnings per share from continuing operations	$	4.19
Diluted earnings per share from continuing operations	$	3.92
Net earnings attributable to IAC shareholders	$	381,919
Basic earnings per share attributable to IAC shareholders	$	4.29
Diluted earnings per share attributable to IAC shareholders	$	4.02

SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	$ (108,814)	$ (7,230)
Stock-based compensation expense	29,687	18,315
Depreciation	30,236	19,186
Amortization of intangibles	57,190	16,839
Interest expense	(21,912)	(6,617)
Unrealized (loss) gain on investment in MGM Resorts International	(187,330)	382,540
Other income, net	6,699	3,563
(Loss) earnings from continuing operations before income taxes	(311,357)	372,256
Income tax benefit (provision)	70,464	(53,311)
Net (loss) earnings from continuing operations	(240,893)	318,945
Earnings from discontinued operations, net of tax	0	9,956
Net (loss) earnings	(240,893)	328,901
Net loss attributable to noncontrolling interests	5,095	227
Net (loss) earnings attributable to IAC shareholders	(235,798)	329,128
Operating Segments \| Dotdash Meredith
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(56,245)	18,127
Stock-based compensation expense		0
Depreciation		549
Amortization of intangibles		1,246
Adjusted EBITDA		19,922
Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(1,944)	18,127
Stock-based compensation expense	4,272
Depreciation	7,489
Amortization of intangibles	25,595
Acquisition-related Contingent Consideration Fair Value Adjustments	(612)
Adjusted EBITDA	34,800	19,922
Operating Segments \| Dotdash Meredith \| Print
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(38,271)
Stock-based compensation expense	0
Depreciation	5,532
Amortization of intangibles	22,259
Acquisition-related Contingent Consideration Fair Value Adjustments	0
Adjusted EBITDA	(10,480)	0
Operating Segments \| Dotdash Meredith \| Other
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(16,030)
Stock-based compensation expense	0
Depreciation	244
Amortization of intangibles	0
Acquisition-related Contingent Consideration Fair Value Adjustments	0
Adjusted EBITDA	(15,786)	0
Operating Segments \| Angi Inc.
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(33,957)	109
Stock-based compensation expense	12,985	2,034
Depreciation	13,999	15,969
Amortization of intangibles	3,804	5,074
Acquisition-related Contingent Consideration Fair Value Adjustments	0
Adjusted EBITDA	(3,169)	23,186
Operating Segments \| Search
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	25,079	18,386
Stock-based compensation expense	0	0
Depreciation	21	0
Amortization of intangibles	0	0
Acquisition-related Contingent Consideration Fair Value Adjustments	0
Adjusted EBITDA	25,100	18,386
Operating Segments \| Emerging & Other
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(5,044)	994
Stock-based compensation expense	25	25
Depreciation	403	426
Amortization of intangibles	5,532	10,519
Acquisition-related Contingent Consideration Fair Value Adjustments	0
Adjusted EBITDA	916	11,964
Corporate
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(38,647)	(44,846)
Stock-based compensation expense	12,405	16,256
Depreciation	2,548	2,242
Amortization of intangibles	0	0
Acquisition-related Contingent Consideration Fair Value Adjustments	0
Adjusted EBITDA	$ (23,694)	$ (26,348)

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Long-term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Equity securities without readily determinable fair values	$ 319,727	$ 324,649
Equity method investment	3,198	3,189
Long-term investments	$ 322,925	$ 327,838

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

IAC today is comprised of Dotdash Meredith, Angi Inc. and Care.com, as well as a number of other businesses ranging from early stage to established.

As used herein, "IAC," the "Company," "we," "our" or "us" and similar terms refer to IAC/InterActiveCorp and its subsidiaries (unless the context requires otherwise).

Basis of Presentation

The Company prepares its consolidated financial statements (collectively referred to herein as "financial statements") in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP"). The consolidated financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. All intercompany transactions and balances between and amongst the Company and its subsidiaries have been eliminated.

The unaudited financial statements have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. In the opinion of management, the unaudited financial statements include all normal recurring adjustments considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for the full year. The unaudited interim financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Accounting Estimates

Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its financial statements in accordance with GAAP. These estimates, judgments and assumptions impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of assets and liabilities. Actual results could differ from these estimates.

On an ongoing basis, the Company evaluates its estimates, judgments and assumptions, including those related to: the fair values of cash equivalents and marketable equity securities; the carrying value of accounts receivable, including the determination of the allowance for credit losses and the determination of revenue reserves; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the carrying value of right-of-use assets ("ROU assets"); the useful lives and recoverability of buildings, capitalized software, leasehold improvements and equipment and definite-lived intangible assets; the fair value of assets acquired and liabilities assumed as a result of an acquisition and the allocation of purchase price to the identifiable intangible assets acquired during the measurement period; the recoverability of goodwill and indefinite-lived intangible assets; the fair value of equity securities without readily determinable fair values; contingencies; the fair value of acquisition-related contingent consideration arrangements; unrecognized tax benefits; the valuation allowance for deferred income tax assets; pension and postretirement benefit expenses, including actuarial assumptions regarding discount rates, expected returns on plan assets and healthcare costs; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets and other factors that the Company considers relevant.

Accounting for Investments in Equity Securities

Accounting for Investments in Equity SecuritiesInvestments in equity securities, other than those of the Company's consolidated subsidiaries and those accounted for under the equity method, if applicable, are accounted for at fair value or under the measurement alternative of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-01, Recognition and Measurement of Financial Assets and Liabilities, with any changes to fair value recognized in "Other income, net" in the statement of operations each reporting period. Under the measurement alternative, equity investments without readily determinable fair values are carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar securities of the same issuer; fair value is generally determined based on a market approach as of the transaction date. A security will be considered identical or similar if it has identical or similar rights to the equity securities held by the Company.

General Revenue Recognition

Revenue is recognized when control of the promised services or goods is transferred to the Company's customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or goods.

The Company's disaggregated revenue disclosures are presented in "Note 9—Segment Information."

Deferred Revenue

Deferred revenue consists of payments that are received or are contractually due in advance of the Company's performance obligation. The Company’s deferred revenue is reported on a contract-by-contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the remaining term of the applicable subscription period or expected completion of its performance obligation is one year or less. The current and non-current deferred revenue balances are $165.5 million and $0.4 million, respectively, at December 31, 2021, and $137.7 million and $0.7 million, respectively, at December 31, 2020. During the three months ended March 31, 2022, the Company recognized $90.0 million of revenue that was included in the deferred revenue balance at December 31, 2021. During the three months ended March 31, 2021, the Company recognized $66.1 million of revenue that was included in the deferred revenue balance at December 31, 2020. The current and non-current deferred revenue balances are $178.1 million and $0.5 million, at March 31, 2022, respectively. Non-current deferred revenue is included in "Other long-term liabilities" in the balance sheet.

Practical Expedients and Exemptions

As permitted under the practical expedient available under ASU No. 2014-09, Revenue from Contracts with Customers, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is tied to sales-based or usage-based royalties, allocated entirely to unsatisfied performance obligations, or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed.

Costs to Obtain a Contract with a Customer

The Company uses a portfolio approach to assess the accounting treatment of the incremental costs to obtain a contract with a customer. The Company recognizes an asset for these costs if we expect to recover those costs. To the extent that these costs are capitalized, the resultant asset is amortized on a systematic basis consistent with the pattern of the transfer of the services to which the asset relates. The Company has determined that certain costs, primarily commissions paid to employees pursuant to certain sales incentive programs and mobile app store fees, meet the requirements to be capitalized as a cost of obtaining a contract.

Commissions Paid to Third-Party Agent Sales of Magazine Subscriptions

Dotdash Meredith uses third-party agents to obtain certain subscribers. The agents are paid a commission, which can be as much as the subscription price charged to the subscriber. Dotdash Meredith subscriptions do not have substantive termination penalties; therefore, the contract term is determined on an issue-by-issue basis. Accordingly, these costs do not qualify for capitalization because there is no contract with a customer until a copy is served to a customer; therefore these costs are expensed when the publication is sent to the customer. Dotdash Meredith recognizes a liability to the extent the commission is refundable to the third-party agent. Dotdash Meredith expenses additional amounts paid to agents (such as per subscriber bounties) to acquire subscribers as incurred.

Commissions Paid to Employees Pursuant to Sales Incentive Programs

The Company has determined that commissions paid to employees pursuant to certain sales incentive programs meet the requirements to be capitalized as the incremental costs to obtain a contract with a customer. When customer renewals are expected and the renewal commission is not commensurate with the initial commission, the average customer life includes renewal periods. Capitalized commissions paid to employees pursuant to these sales incentive programs are amortized over the estimated customer relationship period. The Company calculates the anticipated customer relationship period as the average customer life, which is based on historical data.

For sales incentive programs where the anticipated customer relationship period is one year or less, the Company has elected the practical expedient to expense the commissions as incurred.

App Store Fees

The Company pays fees to the Apple App Store and the Google Play Store for the distribution of our paid mobile apps. The Company capitalizes and amortizes mobile app store fees related to subscriptions over the term of the applicable subscription.

The following table presents the capitalized costs to obtain a contract with a customer at March 31, 2022 and December 31, 2021, respectively:


	March 31, 2022						December 31, 2021
	Sales Commissions		App Store Fees		Total		Sales Commissions		App Store Fees		Total
	(In thousands)
Current	$	42,794	$	8,640	$	51,434	$	39,669	$	9,023	$	48,692
Non-current	5,987		—		5,987		6,086		—		6,086
Total	$	48,781	$	8,640	$	57,421	$	45,755	$	9,023	$	54,778

The current and non-current capitalized costs to obtain a contract with a customer are included in "Other current assets" and "Other non-current assets," respectively, in the balance sheet.

Certain Risks and Concentrations - Services Agreement with Google (the "Services Agreement")

Certain Risks and Concentrations—Services Agreement with Google (the "Services Agreement")A meaningful portion of the Company's revenue (and a substantial portion of IAC's net cash from operating activities attributable to continuing operations that it can freely access) is attributable to the Services Agreement. In addition, the Company earns certain other advertising revenue from Google that is not attributable to the Services Agreement.

Recent Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted by IAC

There are no recently issued accounting pronouncements that have not yet been adopted that are expected to have a material effect on the results of operations, financial condition or cash flows of the Company.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 20
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 4
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-URI http://asc.fasb.org/extlink&oid=123372394&loc=d3e18823-107790

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

+ Details

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	Mar. 31, 2022	Mar. 31, 2021
Common Stock, $0.0001 par value
Common stock, par value (USD per share)	$ 0.0001
Common Stock, $0.0001 par value \| Common Stock
Common stock, par value (USD per share)	0.0001	$ 0.0001
Class B common stock, $0.0001 par value
Common stock, par value (USD per share)	0.0001
Class B common stock, $0.0001 par value \| Common Stock
Common stock, par value (USD per share)	0.0001	0.0001
Common Stock, $0.001 par value \| Common Stock
Common stock, par value (USD per share)	0.001	0.001
Class B common stock, $0.001 par value \| Common Stock
Common stock, par value (USD per share)	$ 0.001	$ 0.001

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consists of:


	March 31, 2022		December 31, 2021
	(In thousands)
Dotdash Meredith Debt
Dotdash Meredith Term Loan A ("Dotdash Meredith Term Loan A") due December 1, 2026	$	345,625	$	350,000
Dotdash Meredith Term Loan B ("Dotdash Meredith Term Loan B") due December 1, 2028	1,246,875		1,250,000
Total Dotdash Meredith long-term debt	1,592,500		1,600,000
Less: current portion of Dotdash Meredith long-term debt	30,000		30,000
Less: original issue discount	5,950		6,176
Less: unamortized debt issuance costs	11,625		12,139
Total Dotdash Meredith long-term debt, net	1,544,925		1,551,685

ANGI Group Debt
3.875% ANGI Group Senior Notes due August 15, 2028 ("ANGI Group Senior Notes"); interest payable each February 15 and August 15, which commenced February 15, 2021	500,000		500,000


Less: unamortized debt issuance costs	5,270		5,448
Total ANGI Group long-term debt, net	494,730		494,552

Total long-term debt, net	$	2,039,655	$	2,046,237

Dotdash Meredith Term Loans and Dotdash Meredith Revolving Facility

On December 1, 2021, Dotdash Meredith entered into a credit agreement ("Dotdash Meredith Credit Agreement"), which provides for (i) the five-year $350 million Dotdash Meredith Term Loan A, (ii) the seven-year $1.25 billion Dotdash Meredith Term Loan B (and together with Dotdash Meredith Term Loan A, the "Dotdash Meredith Term Loans") and (iii) a five-year $150 million revolving credit facility ("Dotdash Meredith Revolving Facility"). The proceeds of the Dotdash Meredith Term Loans were used to fund a portion of the purchase price for the acquisition of Meredith and pay related fees and expenses. The Dotdash Meredith Term Loan A bears interest at an adjusted term secured overnight financing rate ("Adjusted Term SOFR") as defined in the Dotdash Meredith Credit Agreement plus an applicable margin depending on Dotdash Meredith's most recently reported consolidated net leverage ratio, as defined in the Dotdash Meredith Credit Agreement. At March 31, 2022 and December 31, 2021, the Dotdash Meredith Term Loan A bore interest at Adjusted Term SOFR plus 2.00%, or 2.29% and 2.15%, respectively. The Dotdash Meredith Term Loan B bore interest at Adjusted Term SOFR, subject to a minimum of 0.50%, plus 4.00%, or 4.50% at both March 31, 2022 and December 31, 2021. Interest payments are due at least quarterly through the terms of the Dotdash Meredith Term Loans.

The outstanding balances of the Dotdash Meredith Term Loan A and Dotdash Meredith Term Loan B were $345.6 million and $1.25 billion at March 31, 2022, respectively, and $350.0 million and $1.25 billion at December 31, 2021, respectively. The Dotdash Meredith Term Loan A requires quarterly principal payments of approximately $4.4 million through December 31, 2024, $8.8 million through December 31, 2025 and approximately $13.1 million thereafter through maturity. The Dotdash Meredith Term Loan B requires quarterly payments of $3.1 million through maturity. Commencing December 31, 2022, pursuant to the Dotdash Meredith Credit Agreement, the Dotdash Meredith Term Loan B may require additional annual principal payments as part of an excess cash flow sweep provision, the amount of which, in part, is governed by Dotdash Meredith's net leverage ratio.

There were no outstanding borrowings under the Dotdash Meredith Revolving Facility at March 31, 2022 and December 31, 2021. The annual commitment fee on undrawn funds is based on the consolidated net leverage ratio, as defined in the Dotdash Meredith Credit Agreement, most recently reported and was 35 basis points at both March 31, 2022 and December 31, 2021. Any borrowings under the Dotdash Meredith Revolving Facility would bear interest, at Dotdash Meredith's option, at either a base rate or term benchmark rate, plus an applicable margin, which is based on Dotdash Meredith's net leverage ratio.

As of the last day of any calendar quarter ending on or after March 31, 2022, if either (i) $1.00 or more of loans under the Dotdash Meredith Revolving Facility or Dotdash Meredith Term Loan A are outstanding, or (ii) the outstanding face amount of undrawn letters of credit, other than cash collateralized letters of credit at 102% of face value, exceeds $25 million, subject to certain increases for qualifying material acquisitions, then Dotdash Meredith will not permit the consolidated net leverage ratio as of the last day of such quarter to exceed 5.5 to 1.0. The Dotdash Meredith Credit Agreement also contains covenants that would limit Dotdash Meredith’s ability to pay dividends or make distributions in the event a default has occurred or if Dotdash Meredith’s consolidated net leverage ratio (as defined in the Dotdash Meredith Credit Agreement) exceeds 4.0 to 1.0. There were no such limitations at March 31, 2022.

The obligations under the Dotdash Meredith Credit Agreement are guaranteed by certain of Dotdash Meredith's wholly-owned subsidiaries, and are secured by substantially all of the assets of Dotdash Meredith and certain of its subsidiaries.

ANGI Group Debt

The ANGI Group Senior Notes were issued on August 20, 2020. At any time prior to August 15, 2023, these notes may be redeemed at a redemption price equal to the sum of the principal amount thereof, plus accrued and unpaid interest and a make-whole premium. Thereafter, these notes may be redeemed at the redemption prices set forth in the indenture governing the notes, plus accrued and unpaid interest thereon, if any, to the applicable redemption date.

The indenture governing the ANGI Group Senior Notes contains a covenant that would limit ANGI Group’s ability to incur liens for borrowed money in the event a default has occurred or ANGI Group’s secured leverage ratio (as defined in the indenture) exceeds 3.75 to 1.0. At March 31, 2022 there were no limitations pursuant thereto.

The $250 million ANGI Group Revolving Facility, which otherwise would have expired on November 5, 2023, was terminated effective August 3, 2021. No amounts were ever drawn under the ANGI Group Revolving Facility prior to its termination.

During the three months ended March 31, 2021, ANGI Group prepaid $6.9 million of the ANGI Group Term Loan principal that was otherwise due in the first quarter of 2022 and, as of May 6, 2021, the outstanding balance of the ANGI Group Term Loan was repaid in its entirety.

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Contingent Consideration Arrangement
Contingent Consideration Arrangements
Balance at beginning of period	$ (612)
Fair value adjustments included in earnings	612
Balance at end of period	0
Warrant
Warrant
Balance at beginning of period	109,294	$ 5,276
Fair value adjustments included in earnings	7,985	12,775
Balance at end of period	$ 117,279	$ 18,051

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$ 7,748,960,000	$ 7,150,928,000
Total other comprehensive (loss) income, net of income taxes	(3,701,000)	11,015,000
Balance at end of period	7,500,917,000	7,246,020,000
Tax provision (benefit) on accumulated other comprehensive loss	0	0
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	4,397,000	(6,172,000)
Balance at end of period	765,000	4,149,000
Foreign Currency Translation Adjustment including portion attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Other comprehensive (loss) income before reclassifications	(3,634,000)	294,000
Amounts reclassified to earnings	0	10,032,000
Total other comprehensive (loss) income, net of income taxes	(3,634,000)	10,326,000
Foreign Currency Translation Adjustment attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Total other comprehensive (loss) income, net of income taxes	2,000	(5,000)
Unrealized Gains (Losses) On Available-For-Sale Marketable Debt Securities
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period		2,000
Balance at end of period		0
Unrealized Gains (Losses) on Available-for-Sale Debt Securities including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Other comprehensive (loss) income before reclassifications		(2,000)
Amounts reclassified to earnings		0
Total other comprehensive (loss) income, net of income taxes		(2,000)
Unrealized Gains (Losses) on Available-for-Sale Debt Securities attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Total other comprehensive (loss) income, net of income taxes		0
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	4,397,000	(6,170,000)
Balance at end of period	765,000	4,149,000
Accumulated Other Comprehensive (Loss) Income including portion attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Other comprehensive (loss) income before reclassifications	(3,634,000)	292,000
Amounts reclassified to earnings	0	10,032,000
Total other comprehensive (loss) income, net of income taxes	(3,634,000)	10,324,000
Accumulated Other Comprehensive (Loss) Income attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Total other comprehensive (loss) income, net of income taxes	$ 2,000	$ (5,000)

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS - Restructuring Accrual and Related Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Restructuring charge accruals
Charges incurred	$ 22,060
Payments	(2,627)
Restructuring accrual as of March 31, 2022	19,433
Inventory write-off	400
Digital
Restructuring charge accruals
Charges incurred	5,090
Payments	(394)
Restructuring accrual as of March 31, 2022	4,696
Print
Restructuring charge accruals
Charges incurred	15,248
Payments	(2,127)
Restructuring accrual as of March 31, 2022	13,121
Other
Restructuring charge accruals
Charges incurred	1,722
Payments	(106)
Restructuring accrual as of March 31, 2022	$ 1,616

(LOSS) EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

(LOSS) EARNINGS PER SHARE

The Company treats its common stock and Class B common stock as one class of stock for net (loss) earnings per share ("EPS") purposes as both classes of stock participate in earnings, dividends and other distributions on the same basis. The restricted stock award granted to our Chief Executive Officer ("CEO") on November 5, 2020 is a participating security and the Company calculates EPS using the two-class method since those restricted shares are unvested and have a non-forfeitable dividend right in the event the Company declares a cash dividend on common shares and participate in all other distributions of the Company in the same manner as all other IAC common shares.

Undistributed earnings allocated to the participating security is subtracted from earnings in determining earnings attributable to holders of IAC common stock and Class B common stock for basic EPS. Basic EPS is computed by dividing net (loss) earnings attributable to holders of IAC common stock and Class B common stock by the weighted-average number of shares of common stock and Class B common stock outstanding during the period.

For the calculation of diluted EPS, net (loss) earnings attributable to holders of IAC common stock and Class B common stock is adjusted for the impact from our public subsidiary's dilutive securities, if applicable, and the reallocation of undistributed earnings allocated to the participating security by the weighted-average number of common stock and Class B common stock outstanding plus dilutive securities during the period.

The numerator and denominator of basic and diluted EPS computations for the Company’s common stock and Class B common stock are calculated as follows:


	Three Months Ended March 31,
		2022		2021
		(In thousands, except per share data)
Basic EPS:
Numerator:
Net (loss) earnings from continuing operations		$	(240,893)	$	318,945
Net loss attributable to noncontrolling interests of continuing operations		5,095		1,036
Net earnings attributed to unvested participating security		—		(10,798)
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		$	(235,798)	$	309,183

Net earnings from discontinued operations, net of tax		$	—	$	9,956
Net earnings attributable to noncontrolling interests of discontinued operations		—		(809)
Net earnings attributed to unvested participating security		—		(309)
Net earnings from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders		$	—	$	8,838

Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders		$	(235,798)	$	318,021

Denominator:
Weighted average basic IAC Common Stock and Class B common stock shares outstanding(a)		86,784		85,899

(Loss) earnings per share:
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		$	(2.72)	$	3.60
Earnings per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders		$	—	$	0.10
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders		$	(2.72)	$	3.70


	Three Months Ended March 31,
		2022		2021
		(In thousands, except per share data)
Diluted EPS:
Numerator:
Net (loss) earnings from continuing operations		$	(240,893)	$	318,945
Net loss attributable to noncontrolling interests of continuing operations		5,095		1,036
Net earnings attributed to unvested participating security		—		(10,089)
Impact from public subsidiaries' dilutive securities(b)		—		(18)
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		$	(235,798)	$	309,874

Net earnings from discontinued operations, net of tax		$	—	$	9,956
Net earnings attributable to noncontrolling interests of discontinued operations		—		(809)
Net earnings attributed to unvested participating security		—		(288)
Net earnings from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders		$	—	$	8,859

Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders		$	(235,798)	$	318,733

Denominator:
Weighted average basic IAC Common Stock and Class B common stock shares outstanding(a)		86,784		85,899
Dilutive securities(b)(c)(d)		—		6,239
Denominator for earnings per share—weighted average shares(b)(c)(d)		86,784		92,138

(Loss) earnings per share:
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		$	(2.72)	$	3.36
Earnings per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders		$	—	$	0.10
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders		$	(2.72)	$	3.46

_____________________

(a) On November 5, 2020, IAC's CEO was granted a stock-based award in the form of 3.0 million shares of restricted common stock. The number of shares that ultimately vests is subject to the satisfaction of growth targets in IAC's stock price over the 10-year service condition of the award. These restricted shares have a non-forfeitable dividend right in the event the Company declares a cash dividend on its common shares and participate in all other distributions of the Company in the same manner as all other IAC common shares. Accordingly, the two-class method of calculating EPS is used. While the restricted shares are presented as outstanding shares in the balance sheet, these shares are excluded from the weighted average shares outstanding in calculating basic EPS and the allocable portion of net earnings are also excluded. Fully diluted EPS reflects the impact on earnings and fully diluted shares in the manner that is most dilutive.

(b) IAC has the option to settle certain Angi Inc. stock-based awards in its shares. For the three months ended March 31, 2022, both the Company and Angi Inc. had a loss from operations and as a result these awards were excluded from computing dilutive earnings per share because the impact would have been anti-dilutive. For the three months ended March 31, 2021 it was more dilutive for IAC to settle these Angi Inc. equity awards. The impact on net earnings relates to the settlement of Angi Inc.'s dilutive securities in IAC common shares.

(c) For the three months ended March 31, 2022, the Company had a loss from continuing operations and, as a result, approximately 7.8 million potentially dilutive securities were excluded from computing diluted EPS because the impact would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding were used to compute the EPS amounts for the three months ended March 31, 2022.

(d) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and subsidiary denominated equity and vesting of restricted common stock, restricted stock units ("RSUs") and market-based awards ("MSUs"). For the three months ended March 31, 2021, 3.0 million potentially dilutive securities were excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive.

PENSION AND POSTRETIREMENT BENEFIT PLANS - Expected Return on Plan Assets (Details) - Pension	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
United States
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	1.00%	6.00%
International
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	1.90%	1.90%

DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONSOn May 25, 2021, IAC completed the Spin-off. Following the Spin-off, Vimeo became an independent, separately traded public company. Therefore, Vimeo is presented as a discontinued operation within IAC's financial statements for all periods prior to May 25, 2021.

The components of the earnings from discontinued operations for the three months ended March 31, 2021 in the statement of operations consisted of the following:


	Three Months Ended March 31, 2021
	(In thousands)
Revenue	$	89,418
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)	24,956
Selling and marketing expense	32,053
General and administrative expense	13,528
Product development expense	21,475
Depreciation	114
Amortization of intangibles	1,887
Total operating costs and expenses	94,013
Operating loss from discontinued operations	(4,595)
Interest expense	(64)
Other income, net	10,085
Earnings from discontinued operations before tax	5,426
Income tax benefit	4,530
Earnings from discontinued operations, net of tax	$	9,956

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Investment in MGM	$ 2,664,612	$ 2,649,442
Other non-current assets	966,394	1,037,067
Total assets	4,354,910	4,445,502
Liabilities:
Contingent consideration arrangement	0	(612)
Quoted Market Prices for Identical Assets in Active Markets (Level 1)
Assets:
Investment in MGM	2,664,612	2,649,442
Total assets	3,937,642	4,330,151
Significant Other Observable Inputs (Level 2)
Assets:
Investment in MGM	0	0
Total assets	299,989	6,057
Significant Unobservable Inputs (Level 3)
Assets:
Investment in MGM	0	0
Total assets	117,279	109,294
Liabilities:
Contingent consideration arrangement	0	(612)
Money market funds
Assets:
Cash equivalents	1,214,018	1,660,921
Money market funds \| Quoted Market Prices for Identical Assets in Active Markets (Level 1)
Assets:
Cash equivalents	1,214,018	1,660,921
Money market funds \| Significant Other Observable Inputs (Level 2)
Assets:
Cash equivalents	0	0
Money market funds \| Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	0	0
Treasury discount notes
Assets:
Cash equivalents	299,989
Treasury discount notes \| Quoted Market Prices for Identical Assets in Active Markets (Level 1)
Assets:
Cash equivalents	0
Treasury discount notes \| Significant Other Observable Inputs (Level 2)
Assets:
Cash equivalents	299,989
Treasury discount notes \| Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	0
Marketable equity securities
Assets:
Marketable equity securities	59,012	19,788
Marketable equity securities \| Quoted Market Prices for Identical Assets in Active Markets (Level 1)
Assets:
Marketable equity securities	59,012	19,788
Marketable equity securities \| Significant Other Observable Inputs (Level 2)
Assets:
Marketable equity securities	0	0
Marketable equity securities \| Significant Unobservable Inputs (Level 3)
Assets:
Marketable equity securities	0	0
Time deposits
Assets:
Cash equivalents		6,057
Time deposits \| Quoted Market Prices for Identical Assets in Active Markets (Level 1)
Assets:
Cash equivalents		0
Time deposits \| Significant Other Observable Inputs (Level 2)
Assets:
Cash equivalents		6,057
Time deposits \| Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents		0
Warrant
Assets:
Other non-current assets	117,279	109,294
Warrant \| Quoted Market Prices for Identical Assets in Active Markets (Level 1)
Assets:
Other non-current assets	0	0
Warrant \| Significant Other Observable Inputs (Level 2)
Assets:
Other non-current assets	0	0
Warrant \| Significant Unobservable Inputs (Level 3)
Assets:
Other non-current assets	$ 117,279	$ 109,294

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands, shares in Millions		3 Months Ended		24 Months Ended
	Feb. 16, 2022 USD ($) shares	Mar. 31, 2022 USD ($) investment	Mar. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Feb. 23, 2022 shares	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of investments in marketable equity securities \| investment		2
Unrealized gain on marketable equity security		$ 34,400
Unrealized gain (loss) on investment in MGM Resorts International		(187,330)	$ 382,540
Total upward adjustments to equity securities without readily determinable fair value		28,700		$ 28,700
Total downward adjustments to equity securities without readily determinable fair value		38,600		38,600
Contingent consideration arrangement liability		$ 0		$ 0		$ 612
Mosaic Group
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, impairment testing, decline in fair value of reporting unit input (as a percent)		0.10		0.10
Goodwill impairment loss if 10% decline in fair value took place to the reporting unit		$ 25,000
Care.com and Meredith Corporation \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement liability		7,000		$ 7,000
MGM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage					14.50%
MGM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of equity securities purchased (in shares) \| shares	4.5
Payments to acquire additional MGM shares	$ 202,500
Total number of equity securities owned (in shares) \| shares					63.5
Unrealized gain (loss) on investment in MGM Resorts International		$ 187,300	$ 382,500	$ 1,400,000
Turo
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest in equity method investment (as a percent)		26.90%		26.90%

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Capitalized Costs to Obtain a Contract with a Customer

The following table presents the capitalized costs to obtain a contract with a customer at March 31, 2022 and December 31, 2021, respectively:


	March 31, 2022						December 31, 2021
	Sales Commissions		App Store Fees		Total		Sales Commissions		App Store Fees		Total
	(In thousands)
Current	$	42,794	$	8,640	$	51,434	$	39,669	$	9,023	$	48,692
Non-current	5,987		—		5,987		6,086		—		6,086
Total	$	48,781	$	8,640	$	57,421	$	45,755	$	9,023	$	54,778

SEGMENT INFORMATION - Revenue by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,325,345	$ 786,570
Operating Segments \| Dotdash Meredith
Segment Reporting Information [Line Items]
Revenue	500,471	65,421
Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	216,165	65,421
Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	289,978	0
Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	436,159	387,029
Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	223,385	181,034
Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	166,994	153,156
Inter-segment eliminations
Segment Reporting Information [Line Items]
Revenue	(1,664)	(70)
Inter-segment eliminations \| Dotdash Meredith
Segment Reporting Information [Line Items]
Revenue	$ (5,672)	0
Inter-segment eliminations \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue		$ 0

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		21 Months Ended
	Jul. 01, 2022	Dec. 31, 2021	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Charges incurred				$ 22,400
Severance Costs				20,500
Payments				2,627
Meredith Corporation
Restructuring Cost and Reserve [Line Items]
Transaction-related costs				$ 4,000
Forecast
Restructuring Cost and Reserve [Line Items]
Payments					$ 9,400
Dotdash Meredith
Restructuring Cost and Reserve [Line Items]
Payments made for change in control		$ 60,100
Dotdash Meredith \| Forecast
Restructuring Cost and Reserve [Line Items]
Payments made for change in control	$ 69,300		$ 3,000

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESIn the ordinary course of business, the Company is a party to various lawsuits. The Company establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where the Company believes an unfavorable outcome is not probable and, therefore, no reserve is established. Although management currently believes that resolving claims against the Company, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. The Company also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. See "Note 2—Income Taxes" for additional information related to income tax contingencies.

(LOSS) EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share

The numerator and denominator of basic and diluted EPS computations for the Company’s common stock and Class B common stock are calculated as follows:


	Three Months Ended March 31,
		2022		2021
		(In thousands, except per share data)
Basic EPS:
Numerator:
Net (loss) earnings from continuing operations		$	(240,893)	$	318,945
Net loss attributable to noncontrolling interests of continuing operations		5,095		1,036
Net earnings attributed to unvested participating security		—		(10,798)
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		$	(235,798)	$	309,183

Net earnings from discontinued operations, net of tax		$	—	$	9,956
Net earnings attributable to noncontrolling interests of discontinued operations		—		(809)
Net earnings attributed to unvested participating security		—		(309)
Net earnings from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders		$	—	$	8,838

Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders		$	(235,798)	$	318,021

Denominator:
Weighted average basic IAC Common Stock and Class B common stock shares outstanding(a)		86,784		85,899

(Loss) earnings per share:
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		$	(2.72)	$	3.60
Earnings per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders		$	—	$	0.10
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders		$	(2.72)	$	3.70


	Three Months Ended March 31,
		2022		2021
		(In thousands, except per share data)
Diluted EPS:
Numerator:
Net (loss) earnings from continuing operations		$	(240,893)	$	318,945
Net loss attributable to noncontrolling interests of continuing operations		5,095		1,036
Net earnings attributed to unvested participating security		—		(10,089)
Impact from public subsidiaries' dilutive securities(b)		—		(18)
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		$	(235,798)	$	309,874

Net earnings from discontinued operations, net of tax		$	—	$	9,956
Net earnings attributable to noncontrolling interests of discontinued operations		—		(809)
Net earnings attributed to unvested participating security		—		(288)
Net earnings from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders		$	—	$	8,859

Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders		$	(235,798)	$	318,733

Denominator:
Weighted average basic IAC Common Stock and Class B common stock shares outstanding(a)		86,784		85,899
Dilutive securities(b)(c)(d)		—		6,239
Denominator for earnings per share—weighted average shares(b)(c)(d)		86,784		92,138

(Loss) earnings per share:
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		$	(2.72)	$	3.36
Earnings per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders		$	—	$	0.10
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders		$	(2.72)	$	3.46

_____________________

BUSINESS COMBINATIONS - Preliminary Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 01, 2021
Business Acquisition [Line Items]
Goodwill	$ 3,221,041	$ 3,226,610
Meredith Corporation
Business Acquisition [Line Items]
Cash and cash equivalents			$ 12,436
Accounts receivable			373,091
Other current assets			90,371
Property and equipment			283,319
Goodwill			1,564,929
Intangible assets			1,095,500
Other non-current assets			682,214
Total assets			4,101,860
Customer deposit liability			(140,690)
Other current liabilities			(457,549)
Deferred income taxes			(230,880)
Other non-current liabilities			(586,276)
Net assets acquired			$ 2,686,465

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current portion of long-term debt	$ (30,000)	$ (30,000)
Long-term debt, net	(2,039,655)	(2,046,237)
Unamortized original issue discount and debt issuance costs	22,800	23,800
Carrying Value
Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current portion of long-term debt	(30,000)	(30,000)
Long-term debt, net	(2,039,655)	(2,046,237)
Fair Value
Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current portion of long-term debt	(29,925)	(29,550)
Long-term debt, net	$ (1,980,958)	$ (2,061,450)

FINANCIAL STATEMENT DETAILS - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1	$ 36,637	$ 27,178
Current period provision for credit losses	23,287	19,308
Write-offs charged against the allowance	(20,383)	(20,762)
Recoveries collected	0	757
Balance at March 31	$ 39,541	$ 26,481

(LOSS) EARNINGS PER SHARE - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 05, 2020	Mar. 31, 2022	Mar. 31, 2021
Numerator: Basic
Net (loss) earnings from continuing operations		$ (240,893)	$ 318,945
Net loss attributable to noncontrolling interests of continuing operations		5,095	1,036
Net earnings attributed to unvested participating security		0	(10,798)
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		(235,798)	309,183
Net earnings from discontinued operations, net of tax		0	9,956
Net earnings attributable to noncontrolling interests of discontinued operations		0	(809)
Net earnings attributed to unvested participating security		0	(309)
Net earnings from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders		0	8,838
Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders		$ (235,798)	$ 318,021
Denominator: Basic
Weighted average basic IAC Common Stock and Class B common stock shares outstanding (shares)		86,784,000	85,899,000
Earnings (loss) per share: Basic
Earnings (loss) per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders (USD per share)		$ (2.72)	$ 3.60
Loss per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders (USD per share)		0	0.10
Earnings (loss) per share attributable to IAC Common Stock shareholders and Class B common stock shareholders (USD per share)		$ (2.72)	$ 3.70
Numerator: Diluted
Net (loss) earnings from continuing operations		$ (240,893)	$ 318,945
Net loss attributable to noncontrolling interests of continuing operations		5,095	1,036
Net earnings attributed to unvested participating security		0	(10,089)
Impact from public subsidiaries' dilutive securities		0	(18)
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		(235,798)	309,874
Net earnings from discontinued operations, net of tax		0	9,956
Net earnings attributable to noncontrolling interests of discontinued operations		0	(809)
Net earnings attributed to unvested participating security		0	(288)
Net earnings from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders		0	8,859
Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders		$ (235,798)	$ 318,733
Denominator: Diluted
Weighted average basic IAC Common Stock and Class B common stock shares outstanding (shares)		86,784,000	85,899,000
Dilutive securities (shares)		0	6,239,000
Denominator for earnings per share - weighted average shares (shares)		86,784,000	92,138,000
Earnings (loss) per share: Diluted
Earnings (loss) per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders (USD per share)		$ (2.72)	$ 3.36
Loss per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders (USD per share)		0	0.10
Earnings (loss) per share attributable to IAC Common Stock and Class B common stock shareholders (USD per share)		$ (2.72)	$ 3.46
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted earnings per share (shares)		7,800,000	3,000,000
Chief Executive Officer \| Restricted Stock Awards \| RSA Agreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares authorized for issuance (in shares)	3,000,000
Term of employment agreement and restricted stock agreement (in years)	10 years

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Acquisition of Meredith

On December 1, 2021, Dotdash Media Inc. (formerly known as About Inc., and referred to herein as "Dotdash"), a wholly-owned subsidiary of IAC/InterActiveCorp ("IAC"), completed the acquisition of Meredith Holdings Corporation ("Meredith"), which holds Meredith Corporation's national media business, consisting of its digital and magazine businesses, and its corporate operations. The parent of the combined entity is Dotdash Meredith, Inc. ("Dotdash Meredith"). See “Note 4—Business Combinations” for a description of the acquisition of Meredith.

Vimeo Spin-off

On May 25, 2021, IAC completed the spin-off of its full stake in Vimeo, Inc. (formerly Vimeo Holdings, Inc. ("Vimeo")) to IAC shareholders (which we refer to as the “Spin-off”). Following the Spin-off, Vimeo became an independent, separately traded public company. Therefore, Vimeo is presented as a discontinued operation within IAC's financial statements for all periods prior to May 25, 2021. See “Note 3—Discontinued Operations” for additional details.

Nature of Operations

IAC today is comprised of Dotdash Meredith, Angi Inc. and Care.com, as well as a number of other businesses ranging from early stage to established.

As used herein, "IAC," the "Company," "we," "our" or "us" and similar terms refer to IAC/InterActiveCorp and its subsidiaries (unless the context requires otherwise).

Basis of Presentation

COVID-19 Update

The impact on the Company from the COVID-19 pandemic and the measures designed to contain its spread has been varied and volatile.

As previously disclosed, the impact of COVID-19 on the businesses in IAC's Angi Inc. segment initially resulted in a decline in demand for service requests, driven primarily by decreases in demand in certain categories of jobs (particularly discretionary indoor projects). While these businesses experienced a rebound in service requests from mid-2020 through early 2021, service requests started to decline in May 2021 and continued to decline into the first quarter of 2022 because of Angi Inc.'s brand integration that began in March 2021 and, in late 2021 and early 2022, the Omicron variant surge. Moreover, many service professionals’ businesses have been and continue to be adversely impacted by labor and material constraints and many service professionals have limited capacity to take on new business, which continues to negatively impact the ability of Angi Inc.'s businesses to monetize service requests. Although Angi Inc.'s ability to monetize service requests rebounded modestly in the second half of 2021 and first quarter of 2022, it still has not returned to levels experienced pre-COVID-19. No assurances can be provided that Angi Inc. will continue to be able to improve monetization, or that service professionals’ businesses and, as a consequence, our revenue and profitability will not continue to be adversely impacted in the future. In addition, in the first quarter of 2022, revenue at Dotdash, excluding Meredith, declined compared to the first quarter of 2021 due to lower traffic to its sites compared to prior year COVID-19 traffic highs, impacting both display advertising and performance marketing revenue.

The extent to which developments related to the COVID-19 pandemic and measures designed to curb its spread continue to impact the Company’s business, financial condition and results of operations will depend on future developments, all of which are highly uncertain and many of which are beyond the Company’s control, including the continuing spread of COVID-19, the severity of resurgences of COVID-19 caused by variant strains of the virus, the effectiveness of vaccines and attitudes toward receiving them, materials and supply chain constraints, labor shortages, the scope of governmental and other restrictions on travel, discretionary services and other activity, and public reactions to these developments.

Accounting Estimates

Accounting for Investments in Equity Securities

Investments in equity securities, other than those of the Company's consolidated subsidiaries and those accounted for under the equity method, if applicable, are accounted for at fair value or under the measurement alternative of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-01, Recognition and Measurement of Financial Assets and Liabilities, with any changes to fair value recognized in "Other income, net" in the statement of operations each reporting period. Under the measurement alternative, equity investments without readily determinable fair values are carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar securities of the same issuer; fair value is generally determined based on a market approach as of the transaction date. A security will be considered identical or similar if it has identical or similar rights to the equity securities held by the Company.

The Company accounts for investments in the common stock or in-substance common stock of entities in which the Company has the ability to exercise significant influence over the operating and financial matters of the investee, but does not have a controlling financial interest, using the equity method. At March 31, 2022 and December 31, 2021, the Company has one investment accounted for using the equity method, which is included in "Long-term investments" in the balance sheet.

See "Note 5—Financial Instruments and Fair Value Measurements" for additional information on investments in equity securities.

General Revenue Recognition

The Company's disaggregated revenue disclosures are presented in "Note 9—Segment Information."

Deferred Revenue

Practical Expedients and Exemptions

Costs to Obtain a Contract with a Customer

Commissions Paid to Third-Party Agent Sales of Magazine Subscriptions

Commissions Paid to Employees Pursuant to Sales Incentive Programs

For sales incentive programs where the anticipated customer relationship period is one year or less, the Company has elected the practical expedient to expense the commissions as incurred.

App Store Fees

The following table presents the capitalized costs to obtain a contract with a customer at March 31, 2022 and December 31, 2021, respectively:


	March 31, 2022						December 31, 2021
	Sales Commissions		App Store Fees		Total		Sales Commissions		App Store Fees		Total
	(In thousands)
Current	$	42,794	$	8,640	$	51,434	$	39,669	$	9,023	$	48,692
Non-current	5,987		—		5,987		6,086		—		6,086
Total	$	48,781	$	8,640	$	57,421	$	45,755	$	9,023	$	54,778

The current and non-current capitalized costs to obtain a contract with a customer are included in "Other current assets" and "Other non-current assets," respectively, in the balance sheet.

Certain Risks and Concentrations—Services Agreement with Google (the "Services Agreement")

A meaningful portion of the Company's revenue (and a substantial portion of IAC's net cash from operating activities attributable to continuing operations that it can freely access) is attributable to the Services Agreement. In addition, the Company earns certain other advertising revenue from Google that is not attributable to the Services Agreement. For the three months ended March 31, 2022 and 2021, total revenue earned from Google was $193.4 million and $171.8 million, respectively, representing 15% and 22%, respectively, of the Company's revenue. The related accounts receivable totaled $66.8 million and $89.1 million at March 31, 2022 and December 31, 2021, respectively.

The total revenue earned from the Services Agreement for the three months ended March 31, 2022 and 2021 was $147.1 million and $152.5 million, respectively, representing 11% and 19%, respectively, of the Company's total revenue.

The revenue attributable to the Services Agreement is earned by Ask Media Group and the Desktop business, both within the Search segment. For the three months ended March 31, 2022 and 2021, revenue earned from the Services Agreement was $120.5 million and $121.4 million, respectively, within Ask Media Group and $26.6 million and $31.0 million, respectively, within the Desktop business.

The Company and Google are parties to an amended Services Agreement, which expires on March 31, 2024 and provides for an automatic renewal for an additional one year period absent a notice of non-renewal from either party on or before March 31, 2023. The Services Agreement requires that the Company comply with certain guidelines promulgated by Google. Google may generally unilaterally update its policies and guidelines without advance notice. These updates may be specific to the Services Agreement or could be more general and thereby impact the Company as well as other companies. These policy and guideline updates have in the past and could in the future require modifications to, or prohibit and/or render obsolete certain of our products, services and/or business practices, which have been and could be costly to address or negatively impact revenue and have had and in the future could have an adverse effect on our financial condition and results of operations. As described below, Google has made changes to the policies under the Services Agreement and has also made industry-wide changes that have negatively impacted the Desktop business-to-consumer ("B2C") business. Google may make changes in the future that could impact the revenue earned from Google, including under the Services Agreement.

Certain industry-wide policy changes became effective on August 27, 2020. These industry-wide changes, combined with increased enforcement of policies under the Services Agreement, have had a negative impact on the results of operations of the B2C business. During the fourth quarter of 2020, Google suspended services with respect to some B2C's products and may do so with respect to other products in the future. As a result, the B2C business elected to modify certain marketing strategies in early January 2021. Subsequently, Google informed us of another policy change in the first quarter of 2021 that became effective on May 10, 2021. We anticipated that this Google policy change would eliminate our ability to successfully introduce and market new B2C products that would be profitable. Therefore, we undertook cost reduction measures and effectively eliminated all marketing of B2C products beginning in March 2021. This elimination of marketing has positively impacted profitability starting in the second quarter of 2021 because revenue from B2C products is earned over multiple periods beyond just the period in which the initial marketing is incurred. Following the cessation of the introduction of new products in March 2021, the B2C revenue stream relates solely to the then existing installed base of products. In 2022 and beyond, we expect the revenue and profits of the B2C business to decline significantly.

Recent Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted by IAC

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue	$ 1,325,345	$ 786,570
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)	537,103	228,994
Selling and marketing expense	490,488	312,538
General and administrative expense	238,355	163,160
Product development expense	80,787	53,083
Depreciation	30,236	19,186
Amortization of intangibles	57,190	16,839
Total operating costs and expenses	1,434,159	793,800
Operating loss	(108,814)	(7,230)
Interest expense	(21,912)	(6,617)
Unrealized (loss) gain on investment in MGM Resorts International	(187,330)	382,540
Other income, net	6,699	3,563
(Loss) earnings from continuing operations before income taxes	(311,357)	372,256
Income tax benefit (provision)	70,464	(53,311)
Net (loss) earnings from continuing operations	(240,893)	318,945
Earnings from discontinued operations, net of tax	0	9,956
Net (loss) earnings	(240,893)	328,901
Net loss attributable to noncontrolling interests	5,095	227
Net (loss) earnings attributable to IAC shareholders	$ (235,798)	$ 329,128
Per share information from continuing operations:
Basic (loss) earnings per share (USD per share)	$ (2.72)	$ 3.60
Diluted (loss) earnings per share (USD per share)	(2.72)	3.36
Per share information attributable to IAC Common Stock and Class B common stock shareholders:
Basic (loss) earnings per share (USD per share)	(2.72)	3.70
Diluted (loss) earnings per share (USD per share)	$ (2.72)	$ 3.46
Stock-based compensation expense by function:
Stock-based compensation expense	$ 29,687	$ 18,315
Cost of revenue
Stock-based compensation expense by function:
Stock-based compensation expense	25	12
Selling and marketing expense
Stock-based compensation expense by function:
Stock-based compensation expense	1,508	1,216
General and administrative expense
Stock-based compensation expense by function:
Stock-based compensation expense	25,371	15,744
Product development expense
Stock-based compensation expense by function:
Stock-based compensation expense	$ 2,783	$ 1,343

PENSION AND POSTRETIREMENT BENEFIT PLANS

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

PENSION AND POSTRETIREMENT BENEFIT PLANS

The following table presents the components of net periodic benefit costs for the pension and postretirement benefit plans the Company assumed in connection with the acquisition of Meredith:


	Three Months Ended March 31, 2022
	Pension				Postretirement
	Domestic		International		Domestic
	(In thousands)
Service cost	$	982	$	—	$	2
Interest cost	699		3,275		67
Expected return on plan assets	(1,578)		(4,624)		—

Actuarial loss amortization	12,532		24,988		—


Net periodic benefit costs	$	12,635	$	23,639	$	69

Settlements during the three months ended March 31, 2022 triggered a remeasurement of Meredith’s funded pension plans in the U.K. and U.S. The U.K. loss of $23.6 million primarily relates to the decline in the fair value of the U.K. pension plan's assets exceeding the decline in the plan liabilities, in each case due to higher interest rates. The U.S. loss of $12.6 million was primarily due to the decline in the fair value of plan assets.

The following table summarizes the weighted average expected return on plan assets used to determine the net periodic benefit costs at March 31, 2022, following the remeasurement, and December 31, 2021, respectively:


	March 31, 2022				December 31, 2021
	Pension
	Domestic		International		Domestic		International
Expected return on plan assets	1.00	%	1.90	%	6.00	%	1.90	%

The components of net periodic benefit costs, other than the service cost component, are included in "Other income, net" in the statement of operations.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Costs

The following table presents the components of net periodic benefit costs for the pension and postretirement benefit plans the Company assumed in connection with the acquisition of Meredith:


	Three Months Ended March 31, 2022
	Pension				Postretirement
	Domestic		International		Domestic
	(In thousands)
Service cost	$	982	$	—	$	2
Interest cost	699		3,275		67
Expected return on plan assets	(1,578)		(4,624)		—

Actuarial loss amortization	12,532		24,988		—


Net periodic benefit costs	$	12,635	$	23,639	$	69

Summary of the Weighted Average Expected Return on Plan Assets


	March 31, 2022				December 31, 2021
	Pension
	Domestic		International		Domestic		International
Expected return on plan assets	1.00	%	1.90	%	6.00	%	1.90	%

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax benefit (provision)	$ 70,464	$ (53,311)
Effective income tax rate (as a percent)	23.00%	14.00%
Unrecognized tax benefits, including interest and penalties	$ 18,700		$ 18,000
Increase (decrease) in unrecognized tax benefits, including interest and penalties during the period	700
Unrecognized tax benefits, if subsequently recognized would reduce income tax expense	17,400		$ 16,700
Decrease in unrecognized tax benefit, reasonably possible within twelve months	2,900
Unrecognized tax benefits, reduction resulting from expected settlements	$ 2,600

- Definition

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

+ References + Details

BUSINESS COMBINATIONS - Preliminary Estimated Fair Value of Intangible Assets Acquired (Details) - Meredith Corporation $ in Thousands	Dec. 01, 2021 USD ($)
Acquired Intangible Assets [Line Items]
Total identifiable intangible assets acquired	$ 1,095,500
Advertiser relationships
Acquired Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 334,000
Advertiser relationships \| Minimum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	5 years
Advertiser relationships \| Maximum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	7 years
Licensee relationships
Acquired Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 150,000
Licensee relationships \| Minimum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	3 years
Licensee relationships \| Maximum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	6 years
Trade name and trademarks
Acquired Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 105,000
Trade name and trademarks \| Minimum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	2 years
Trade name and trademarks \| Maximum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	5 years
Subscriber relationships
Acquired Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 73,700
Subscriber relationships \| Minimum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	1 year
Subscriber relationships \| Maximum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	2 years
Trade name and trademarks
Acquired Intangible Assets [Line Items]
Indefinite-lived trade names and trademarks	$ 432,800

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS - Remaining Estimated Restructuring Costs (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Remaining estimated restructuring costs	$ 9,363
Digital
Restructuring Cost and Reserve [Line Items]
Remaining estimated restructuring costs	3,558
Print
Restructuring Cost and Reserve [Line Items]
Remaining estimated restructuring costs	4,740
Other
Restructuring Cost and Reserve [Line Items]
Remaining estimated restructuring costs	$ 1,065

LONG-TERM DEBT - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: current portion of Dotdash Meredith long-term debt	$ 30,000	$ 30,000
Long-term debt, net	2,039,655	2,046,237
Dotdash Meredith
Debt Instrument [Line Items]
Long-term debt	1,592,500	1,600,000
Less: current portion of Dotdash Meredith long-term debt	30,000	30,000
Less: original issue discount	5,950	6,176
Less: unamortized debt issuance costs	11,625	12,139
Long-term debt, net	1,544,925	1,551,685
Angi Inc.
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	5,270	5,448
Long-term debt, net	$ 494,730	$ 494,552
Term Loan \| Dotdash Meredith Term loan A Facility
Debt Instrument [Line Items]
Interest rate on debt instrument (as a percent)	2.29%	2.15%
Term Loan \| Dotdash Meredith Term loan A Facility \| Dotdash Meredith
Debt Instrument [Line Items]
Long-term debt	$ 345,625	$ 350,000
Term Loan \| Dotdash Meredith Term Loan B Facility
Debt Instrument [Line Items]
Interest rate on debt instrument (as a percent)	4.50%	4.50%
Term Loan \| Dotdash Meredith Term Loan B Facility \| Dotdash Meredith
Debt Instrument [Line Items]
Long-term debt	$ 1,246,875	$ 1,250,000
Senior Notes \| ANGI 3.875% Senior Notes \| Angi Inc.
Debt Instrument [Line Items]
Long-term debt	$ 500,000	$ 500,000
Interest rate on debt instrument (as a percent)	3.875%

RELATED PARTY TRANSACTIONS - Narrative (Details)	3 Months Ended
RELATED PARTY TRANSACTIONS - Narrative (Details)	Mar. 31, 2022 USD ($) plane shares	Mar. 31, 2021 shares	Dec. 31, 2021 USD ($)
Angi, Inc. \| Employee Matters Agreement
Related Party Transaction [Line Items]
Stock received from related party (shares) \| shares	0
Mr. Diller
Related Party Transaction [Line Items]
Voting interests	0.10
Vimeo \| Tax Sharing Agreement
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 0
Due from (to) related party	0		$ 0
Vimeo \| Transition Services Agreement
Related Party Transaction [Line Items]
Expenses from transactions with related party	100,000
Due from (to) related party	0		0
Vimeo \| Employee Benefit Plans Participation
Related Party Transaction [Line Items]
Due from related party	100,000		6,400,000
Vimeo \| Lease Agreement
Related Party Transaction [Line Items]
Expenses from transactions with related party	1,100,000
Due from related party	$ 0		$ 0
Expedia \| Corporate Aircraft Purchase Agreement
Related Party Transaction [Line Items]
Proportion of ownership interest held each by entity and by related party in aircraft employing flight crew (as a percent)	50.00%
Number of aircraft operated \| plane	3
Proportion of ownership interest held each by entity and by related party in another entity employing flight crew (as a percent)	50.00%
Class B common stock \| Angi, Inc. \| Employee Matters Agreement
Related Party Transaction [Line Items]
Stock received from related party (shares) \| shares		100,000
Common Stock \| Angi, Inc. \| Employee Matters Agreement
Related Party Transaction [Line Items]
Stock received from related party (shares) \| shares		2,600,000

DISCONTINUED OPERATIONS - Components of Earnings from Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating costs and expenses:
Earnings from discontinued operations, net of tax	$ 0	$ 9,956
Vimeo \| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		89,418
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)		24,956
Selling and marketing expense		32,053
General and administrative expense		13,528
Product development expense		21,475
Depreciation		114
Amortization of intangibles		1,887
Total operating costs and expenses		94,013
Operating loss from discontinued operations		(4,595)
Interest expense		(64)
Other income, net		10,085
Earnings from discontinued operations before tax		5,426
Income tax benefit		4,530
Earnings from discontinued operations, net of tax		$ 9,956

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities attributable to continuing operations:
Net (loss) earnings	$ (240,893)	$ 328,901
Less: Earnings from discontinued operations, net of tax	0	9,956
Net (loss) earnings from continuing operations	(240,893)	318,945
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities attributable to continuing operations:
Stock-based compensation expense	29,687	18,315
Amortization of intangibles	57,190	16,839
Depreciation	30,236	19,186
Provision for credit losses	23,287	19,308
Deferred income taxes	(76,933)	51,748
Unrealized (loss) gain on investment in MGM Resorts International	187,330	(382,540)
Gains on investments in equity securities, net	(34,820)	(1,457)
Unrealized increase in the estimated fair value of a warrant	(7,985)	(12,775)
Non-cash lease expense (including right-of-use asset impairments)	13,727	6,550
Pension and postretirement benefit expense	36,343	0
Other adjustments, net	(717)	16,088
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable	75,272	(40,511)
Other assets	5,341	8,006
Operating lease liabilities	(17,224)	(6,907)
Accounts payable and other liabilities	(84,049)	5,159
Income taxes payable and receivable	5,786	(799)
Deferred revenue	11,324	17,061
Net cash provided by operating activities attributable to continuing operations	12,902	52,216
Cash flows from investing activities attributable to continuing operations:
Capital expenditures	(30,493)	(20,217)
Proceeds from maturities of marketable debt securities	0	225,000
Net proceeds from the sale of businesses and investments	1,317	1,089
Purchases of investment in MGM Resorts International	(202,500)	0
Purchases of investments	0	(7,180)
Other, net	87	(1,306)
Net cash (used in) provided by investing activities attributable to continuing operations	(231,589)	197,386
Cash flows from financing activities attributable to continuing operations:
Principal payments on Dotdash Meredith Term Loans	(7,500)	0
Principal payments on ANGI Group Term Loan	0	(6,875)
Debt issuance costs	(785)	0
Purchase of Angi Inc. treasury stock	(8,144)	(4,916)
Proceeds from the exercise of IAC stock options	0	1,471
Purchase of noncontrolling interests	0	(22,938)
Other, net	5,159	526
Net cash used in financing activities attributable to continuing operations	(27,482)	(99,164)
Total cash (used in) provided by continuing operations	(246,169)	150,438
Net cash provided by operating activities attributable to discontinued operations	0	1,656
Net cash provided by investing activities attributable to discontinued operations	0	7,633
Net cash provided by financing activities attributable to discontinued operations	0	293,577
Total cash provided by discontinued operations	0	302,866
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(1,029)	(93)
Net (decrease) increase in cash and cash equivalents and restricted cash	(247,198)	453,211
Cash and cash equivalents and restricted cash at beginning of period	2,121,864	3,477,110
Cash and cash equivalents and restricted cash at end of period	1,874,666	3,930,321
IAC employees
Cash flows from financing activities attributable to continuing operations:
Withholding taxes paid on behalf of employees on net settled stock-based awards	(14,890)	(18,264)
Angi Inc. employees
Cash flows from financing activities attributable to continuing operations:
Withholding taxes paid on behalf of employees on net settled stock-based awards	$ (1,322)	$ (48,168)

SEGMENT INFORMATION - Operating Income (Loss) and Asjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (108,814)	$ (7,230)
Operating Segments \| Dotdash Meredith
Segment Reporting Information [Line Items]
Operating Income (Loss)	(56,245)	18,127
Adjusted EBITDA		19,922
Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Operating Income (Loss)	(1,944)	18,127
Adjusted EBITDA	34,800	19,922
Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Operating Income (Loss)	(38,271)
Adjusted EBITDA	(10,480)	0
Operating Segments \| Dotdash Meredith \| Other
Segment Reporting Information [Line Items]
Operating Income (Loss)	(16,030)
Adjusted EBITDA	(15,786)	0
Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Operating Income (Loss)	(33,957)	109
Adjusted EBITDA	(3,169)	23,186
Operating Segments \| Search
Segment Reporting Information [Line Items]
Operating Income (Loss)	25,079	18,386
Adjusted EBITDA	25,100	18,386
Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Operating Income (Loss)	(5,044)	994
Adjusted EBITDA	916	11,964
Corporate
Segment Reporting Information [Line Items]
Operating Income (Loss)	(38,647)	(44,846)
Adjusted EBITDA	$ (23,694)	$ (26,348)

CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) earnings	$ (240,893)	$ 328,901
Other comprehensive (loss) income, net of income taxes:
Change in foreign currency translation adjustment	(3,701)	11,017
Change in unrealized gains and losses on available-for-sale marketable debt securities	0	(2)
Total other comprehensive (loss) income, net of income taxes	(3,701)	11,015
Comprehensive (loss) income, net of income taxes	(244,594)	339,916
Components of comprehensive loss (income) attributable to noncontrolling interests:
Net loss attributable to noncontrolling interests	5,095	227
Change in foreign currency translation adjustment attributable to noncontrolling interests	67	(691)
Comprehensive loss (income) attributable to noncontrolling interests	5,162	(464)
Comprehensive (loss) income attributable to IAC shareholders	$ (239,432)	$ 339,452

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Capitalized Contract Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Current	$ 51,434	$ 48,692
Non-current	5,987	6,086
Total	57,421	54,778
Sales Commissions
Capitalized Contract Cost [Line Items]
Current	42,794	39,669
Non-current	5,987	6,086
Total	48,781	45,755
App Store Fees
Capitalized Contract Cost [Line Items]
Current	8,640	9,023
Non-current	0	0
Total	$ 8,640	$ 9,023

FINANCIAL STATEMENT DETAILS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 1,852,598	$ 2,118,730	$ 3,599,244	$ 3,366,176
Restricted cash included in other current assets	21,183	1,941	14,116	448
Restricted cash included in other non-current assets	885	1,193	433	449
Cash, cash equivalents, and restricted cash included in current assets of discontinued operations	0	0	316,528	110,037
Total cash and cash equivalents and restricted cash as shown on the statement of cash flows	$ 1,874,666	$ 2,121,864	$ 3,930,321	$ 3,477,110

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the components of accumulated other comprehensive income (loss) and items reclassified out of accumulated other comprehensive income (loss) into earnings:


	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
	Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income (Loss)		Foreign Currency Translation Adjustment		Unrealized Gains (Losses) On Available-For-Sale Marketable Debt Securities		Accumulated Other Comprehensive (Loss) Income
	(In thousands)
Balance at January 1	$	4,397	$	4,397	$	(6,172)	$	2	$	(6,170)
Other comprehensive (loss) income before reclassifications	(3,634)		(3,634)		294		(2)		292
Amounts reclassified to earnings	—		—		10,032		—		10,032
Net current period other comprehensive (loss) income	(3,634)		(3,634)		10,326		(2)		10,324
Accumulated other comprehensive loss (income) allocated to noncontrolling interests during the period	2		2		(5)		—		(5)
Balance at March 31	$	765	$	765	$	4,149	$	—	$	4,149

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consists of:


	March 31, 2022		December 31, 2021
	(In thousands)
Dotdash Meredith Debt
Dotdash Meredith Term Loan A ("Dotdash Meredith Term Loan A") due December 1, 2026	$	345,625	$	350,000
Dotdash Meredith Term Loan B ("Dotdash Meredith Term Loan B") due December 1, 2028	1,246,875		1,250,000
Total Dotdash Meredith long-term debt	1,592,500		1,600,000
Less: current portion of Dotdash Meredith long-term debt	30,000		30,000
Less: original issue discount	5,950		6,176
Less: unamortized debt issuance costs	11,625		12,139
Total Dotdash Meredith long-term debt, net	1,544,925		1,551,685

ANGI Group Debt
3.875% ANGI Group Senior Notes due August 15, 2028 ("ANGI Group Senior Notes"); interest payable each February 15 and August 15, which commenced February 15, 2021	500,000		500,000


Less: unamortized debt issuance costs	5,270		5,448
Total ANGI Group long-term debt, net	494,730		494,552

Total long-term debt, net	$	2,039,655	$	2,046,237

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details