Priceline 2015 Annual Report Download - page 112

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A reconciliation of redeemable noncontrolling interests for the year ended December 31, 2013 is as follows (in thousands):
2013
Balance, beginning of period $ 160,287
Net income attributable to noncontrolling interests 135
Fair value adjustments (1) 42,522
Purchase of subsidiary shares at fair value (1) (192,530)
Currency translation adjustments (10,414)
Balance, end of period $ —
(1) The fair value of the redeemable noncontrolling interests was determined by industry peer comparable analysis and a discounted cash flow valuation
model.
13 . ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The table below provides the balances for each classification of accumulated other comprehensive income (loss) as of December 31, 2015 and 2014 (in
thousands):
December 31, 2015
December 31, 2014
Foreign currency translation adjustments, net of tax (1) $ (217,263)
$ (102,758)
Net unrealized gain (loss) on marketable securities, net of tax (2) 462,115
(157,144)
Accumulated other comprehensive income (loss) $ 244,852
$ (259,902)
(1) Foreign currency translation adjustments, net of tax, includes net losses from fair value adjustments of $34.8 million after tax ( $52.6 million before tax)
and $37.8 million after tax ( $57.8 million before tax) associated with derivatives designated as net investment hedges at December 31, 2015 and 2014 ,
respectively (see Note 5 ).
Foreign currency translation adjustments, net of tax, includes foreign currency transaction gains at December 31, 2015 of $126.8 million after tax ( $220.5
million before tax) associated with the Company's 2022 Notes, 2024 Notes and 2027 Notes and 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. The 2022 Notes, 2024 Notes and 2027 Notes are Euro-
denominated debt and are designated as hedges of certain of the Company's Euro-denominated net assets (see Note 10 ).
The remaining balance in foreign currency translation adjustments excludes income taxes as a result of the Company's intention to indefinitely reinvest
the earnings of its international subsidiaries outside of the United States.
(2) The unrealized gains before tax at December 31, 2015 were $456.1 million , of which unrealized gains of $481.3 million were exempt from tax in the
Netherlands and unrealized losses of $25.2 million were taxable. The unrealized losses before tax at December 31, 2014 were $164.7 million , of which
unrealized losses of $134.6 million were exempt from tax in the Netherlands and unrealized losses of $30.1 million were taxable.
14 . INCOME TAXES
International pre-tax income was $3.1 billion , $2.9 billion and $2.2 billion for the years ended December 31, 2015 , 2014 and 2013 , respectively. U.S.
pre-tax income was $35.4 million , $98.4 million , and $48.5 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively.
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