Priceline 2014 Annual Report Download - page 110

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(1)
The fair value of the redeemable noncontrolling interests was determined by industry peer comparable analysis and a discounted cash
flow valuation model.
The table below provides the balances for each classification of accumulated other comprehensive income (loss) as of December 31,
2014 and 2013 (in thousands):
_____________________________
(1)
Foreign currency translation adjustments, net of tax, includes net losses from fair value adjustments at December 31, 2014 of $37.8
million after tax ( $57.8 million before tax) and a net losses from fair value adjustments at December 31, 2013 of $58.7 million
after tax
( $98.8 million before tax) associated with derivatives designated as net investment hedges (see Note 5).
Foreign currency translation adjustments, net of tax, includes foreign currency transaction gains at December 31, 2014 of $48.3 million
after tax ( $83.8 million before tax) associated with the Company's 2024 Notes, which are Euro denominated debt, designated as a net
investment hedge (see Note 11).
The remaining balance in currency translation adjustments excludes income taxes as a result of the Company's intention to indefinitely
reinvest the earnings of its non-U.S. subsidiaries outside of the United States.
(2)
The unrealized loss before tax at December 31, 2014 was $164.7 million compared to an unrealized gain before tax at December 31,
2013 of $0.2 million .
International pre-tax income was $2.9 billion , $2.2 billion and $1.7 billion for the years ended December 31, 2014 , 2013 and 2012 ,
respectively. Domestic pre-tax income was $98.4 million , $48.5 million , and $95.0 million for the years ended December 31, 2014 , 2013 , and
2012 , respectively.
The income tax expense (benefit) for the year ended December 31, 2014 is as follows (in thousands):
The income tax expense (benefit) for the year ended December 31, 2013 is as follows (in thousands):
105
14.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
December 31,
2014
December 31,
2013
Foreign currency translation adjustments, net of tax
(1)
$
(102,758
)
$
84,598
Net unrealized gain (loss) on investment securities, net of tax
(2)
(157,144
)
131
Accumulated other comprehensive income (loss)
$
(259,902
)
$
84,729
15.
INCOME TAXES
Current
Deferred
Total
International
$
496,719
$
(10,613
)
$
486,106
U.S. Federal
10,316
47,847
58,163
U.S. State
28,953
(5,527
)
23,426
Total
$
535,988
$
31,707
$
567,695
Current
Deferred
Total
International
$
396,162
$
(16,314
)
$
379,848
U.S. Federal
5,250
11,454
16,704
U.S. State
13,431
(6,244
)
7,187
Total
$
414,843
$
(11,104
)
$
403,739