Priceline 2015 Annual Report Download - page 72

fluctuation risk for the Euro and the British Pound Sterling versus the U.S. Dollar. As of December 31, 2015 and 2014 , there were no such outstanding derivative
contracts. Foreign exchange losses of $6.6 million for the year ended December 31, 2015 and foreign exchange gains of $13.7 million and $0.3 million for the
years ended December 31, 2014 and 2013 , respectively, were recorded in "Foreign currency transactions and other" in the Consolidated Statements of Operations.
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 Part IV Item 15 Exhibits and Financial Statement Schedules): Consolidated Balance Sheets as of December 31, 2015 and
2014 ; Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Stockholders' Equity
and Consolidated Statements of Cash Flows for the years ended December 31, 2015 , 2014 and 2013 ; Notes to the 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.
Item 9A. Controls and Procedures
Disclosure Controls and Procedures . Under the supervision and with the participation of our management, including our principal executive officer and
our principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Exchange Act Rule 13a-15(e).
Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as
of the end of the period covered by this Annual Report on Form 10-K.
Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, we include a report of our management's assessment of the design and effectiveness of our
internal controls over financial reporting for the year ended December 31, 2015 .
Management's Report on Internal Control Over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal
control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of our management,
including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial
reporting based on the framework in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission.
Based on our evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2015 . Our
independent registered public accounting firm also attested to, and reported on the effectiveness of internal control over financial reporting.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
Changes in Internal Controls. No change in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f))
occurred during the three months ended December 31, 2015 that materially affected, or is reasonably likely to materially affect, our internal control over financial
reporting.
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