Priceline 2010 Annual Report Download - page 140
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66
As of December 31, 2010 and 2009, we had outstanding forward currency contracts with a notional value
of 378 million Euros and 183 million Euros, respectively, to hedge a portion of our net investment in a foreign
subsidiary. These contracts are all short-term in nature. Mark-to-market adjustments on these net investment
hedges are recorded as currency translation adjustments. The net fair value of these derivatives at December 31,
2010 was a net liability of $2.8 million, with assets of $4.0 million recorded in “Prepaid expenses and other current
assets” and liabilities of $6.8 million recorded in “Accrued expenses and other current liabilities” in the
Consolidated Balance Sheet. Derivative assets at December 31, 2009 of $8.0 million are recorded in “Prepaid
expenses and other current assets” in the Consolidated Balance Sheet. A hypothetical 10% strengthening of the
foreign exchange rates relative to the U.S. Dollar, with all other variables held constant, would have resulted in a
derivative liability of approximately $53 million as of December 31, 2010. See Note 5 to the Consolidated Financial
Statements for further detail on our derivative instruments.
Additionally, fixed rate investments are subject to unrealized gains and losses due to interest rate volatility.
To the extent that changes in interest rates and currency exchange rates affect general economic conditions, the
Priceline Group would also be affected by such changes.
Item 8. Financial Statements and Supplementary Data
The following Consolidated Financial Statements of the Company and the report of our independent
registered public accounting firm are filed as part of this Annual Report on Form 10-K (See Item 15).
Consolidated Balance Sheets as of December 31, 2010 and 2009; Consolidated Statements of Operations,
Changes in Stockholders’ Equity and Cash Flows for the years ended December 31, 2010, 2009 and 2008; Notes to
Consolidated Financial Statements and Report of Independent Registered Public Accounting Firm.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.