TripAdvisor 2015 Annual Report Download - page 88
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fiscalyear.The2015CreditFacilityalsorequiresustomaintainamaximumleverageratioandcontainscertaincustomaryaffirmativecovenantsandeventsof
default,includingachangeofcontrol.Ifaneventofdefaultoccurs,thelendersunderthe2015CreditFacilitywillbeentitledtotakevariousactions,includingthe
accelerationofallamountsdueunder2015CreditFacility.AsofDecember31,2015,weareincompliancewithallofourdebtcovenants.
Thefulltextofthecreditagreemententeredintoinconnectionwiththe2015CreditFacilityisincorporatedbyreferenceinthisAnnualReportonForm10-
KasExhibit10.27oftheCompany’sCurrentReportonForm8-KfiledJune30,2015.
Chinese Credit Facilities
Inadditiontoourborrowingsunderthe2015CreditFacility,wemaintainourChineseCreditFacilities.AsofDecember31,2015and2014,wehadshort-
termborrowingsoutstandingof$1millionand$38million,respectively.
OurChinesesubsidiaryisenteredintoa$30million,one-yearrevolvingcreditfacilitywithBankofAmerica(the“ChineseCreditFacility—BOA”)thatis
currentlysubjecttoreviewonaperiodicbasiswithnospecificexpirationperiod.OurChineseCreditFacility—BOAcurrentlybearsinterestata100%ofthe
People’sBankofChina’sbaseratewhichwas4.35%asofDecember31,2015.DuringtheyearendedDecember31,2015,theCompanymadea$22million
repaymentofouroutstandingborrowingsonourChineseCreditFacilities-BOA.AsofDecember31,2015,wehad$1millionofoutstandingborrowingsfromthe
ChineseCreditFacility—BOA.
Inaddition,ourChinesesubsidiaryisenteredintoaRMB125,000,000(approximately$20million)one-yearrevolvingcreditfacilitywithJ.P.Morgan
ChaseBank(“ChineseCreditFacility-JPM”).OurChineseCreditFacility—JPMcurrentlyalsobearsinterestataratebasedon100%ofthePeople’sBankof
China’sbaserate,whichwas4.35%asofDecember31,2015.DuringtheyearendedDecember31,2015,theCompanymadea$19millionrepaymentofour
outstandingborrowingsonourChineseCreditFacilities-JPM.AsofDecember31,2015,therearenooutstandingborrowingsunderourChineseCreditFacility–
JPM.
NOTE 9: INCOME TAXES
Thefollowingtablepresentsasummaryofourdomesticandforeignincomebeforeincometaxes:
Year Ended December 31,
2015 2014 2013
(in millions)
Domestic $ 67 $ 146 $ 129
Foreign 172 176 155
Total $ 239 $ 322 $ 284
Thefollowingtablepresentsasummaryofthecomponentsofourprovisionforincometaxes:
Year Ended December 31,
2015 2014 2013
(in millions)
Currentincometaxexpense:
Federal $ 48 $ 93 $ 48
State 8 14 9
Foreign 22 6 17
Currentincometaxexpense 78 113 74
Deferredincometax(benefit)expense:
Federal (29) (12) 6
State (2) (1) 1
Foreign (6) (4) (2)
Deferredincometax(benefit)expense: (37) (17) 5
Provisionforincometaxes $ 41 $ 96 $ 79
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