TripAdvisor 2015 Annual Report Download - page 49


obligationisconsideredalong-termfinanceleaseobligationandisrecordedtolong-termliabilitiesonourconsolidatedbalancesheet.Attheendofthelease
term,thecarryingvalueofthebuildingassetandtheremainingfinancingobligationareexpectedtobeequal,atwhichtimewemayeithersurrendertheleased
assetassettlementoftheremainingfinancingobligationorextendtheinitialtermoftheleaseforthecontinueduseoftheasset.In2015,theCompanyrecorded$4
millionininterestexpense,$2millionindepreciationexpenseand$1millioninrentexpenserelatedtothePremises.
Wealsoleaseanaggregateofapproximately410,000squarefeetatapproximately40otherlocationsacrossNorthAmerica,EuropeandAsiaPacific,in
citiessuchas,NewYork,Boston,London,andBeijing,primarilyforoursalesoffices,subsidiaryheadquarters,andinternationalmanagementteams,pursuantto
leaseswithexpirationdatesthroughJune2027.
AsofDecember31,2015,futureminimumcommitmentsunderourcorporateheadquartersleaseandothernon-cancelableoperatingleasesforofficespace
withtermsofmorethanoneyearandcontractualsubleaseincomewereasfollows:

Year 
Corporate
Headquarters
Lease (1)
Other Operating
Leases Sublease Income
Total Lease
Commitments (Net
of Sublease
Income)
(in millions)
2016 $ 9 $ 15 $(2)$ 22
2017  9  15 (1) 23
2018  9  14 (1) 22
2019  9  14 (1) 22
2020  9  13   —   22
Thereafter  97  42   —   139
Totalminimumleasepayments $ 142 $ 113 $(5)$ 250

(1) Amountincludesan$84millionfinancingobligation,whichwehaverecordedinotherlong-termliabilitiesonourconsolidatedbalancesheetatDecember
31,2015,relatedtoourcorporateheadquarterslease.
Letters of Credit
AsofDecember31,2015,wehaveissuedunusedlettersofcredittotaling$2million,relatedtoourpropertyleases,whichincludes$1milliondeliveredto
thelandlordofourcorporateheadquartersassecuritydeposit,whichamountissubjecttoincreaseundercertaincircumstances.
Sources and Uses of Cash
Ourcashflowsfromoperating,investingandfinancingactivities,asreflectedintheconsolidatedstatementsofcashflows,aresummarizedinthefollowing
table:

Year ended December 31,
  2015 2014 2013
  (in millions)
Netcashprovidedby(usedin): 
Operatingactivities  $ 382  $ 387  $ 349
Investingactivities   (60)   (234)   (196)
Financingactivities   (153)   (41)   (170)
Ourprincipalsourceofliquidityiscashflowsgeneratedfromoperations,althoughliquidityneedscanalsobemetthroughdrawdownsunderourcredit
facilitiesdiscussedabove.AsofDecember31,2015and2014,wehad$698millionand$594millionofcash,cashequivalentsandshortandlong-termavailable-
for-salemarketablesecurities.AsofDecember31,2015approximately$521millionofourcash,cashequivalentsandshortandlong-termmarketablesecurities
areheldbyourinternationalsubsidiaries,primarilyintheUnitedKingdom,andarerelatedtoearningsweintendtoreinvestpermanentlyoutsidetheUnitedStates.
CumulativeundistributedearningsofforeignsubsidiariesthatweintendtoindefinitelyreinvestoutsideoftheUnitedStatestotaledapproximately$759millionas
ofDecember31,2015.Shouldwedistribute,orbetreatedundercertainU.S.taxrulesashavingdistributed,theearningsofforeignsubsidiariesintheformof
dividendsorotherwise,wemaybesubjecttoU.S.incometaxes.Determinationofthe

46