TripAdvisor 2015 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2015 TripAdvisor annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 115

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115

Additional United States and International Locations
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.
Charitable Foundation
ExcludedfromtheabovetableisourobligationtofundtheFoundation.OurpledgeobligationtotheFoundationhasbeenfullysatisfiedasofDecember
31,2015.Ourpledgeagreementprovidedforanimmediatesatisfactionofallfutureannualcontributions,bypayinganamountequaltoeightmultipliedbyour
prioryearcontributiontotheFoundation,whichwascalculatedas2%ofourannualOIBA(see“Note16—Segment and Geographic Information ”).We
exercisedthisrightunderthepledgeagreementinDecember2015.Consequently,werecordedanexpensefortheyearendedDecember31,2015intheamountof
$67millionforthecontribution,whichwasrecordedtogeneralandadministrativeexpenseinourconsolidatedstatementofoperations.Wesettledthisobligation
withtreasurysharesbasedonthefairvalueofourcommonstockonthedatethetreasuryshareswereissuedtotheFoundation.Wedonotexpecttomakeany
futurecontributionstotheFoundation.TheBoardofDirectorsoftheFoundationiscurrentlycomprisedofStephenKaufer-PresidentandChiefExecutiveOfficer
oftheCompany,JulieM.B.Bradley-formerChiefFinancialOfficeroftheCompanyandSethJ.Kalvert-SeniorVicePresident,GeneralCounselandSecretaryof
theCompany.
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.
Off-Balance Sheet Arrangements
Wedidnothaveanyoff-balancesheetarrangements,asdefinedinItem303(a)(4)(ii)ofRegulationS-KoftheSEC,thathave,orarereasonablylikelyto
have,acurrentorfutureeffectonourfinancialcondition,resultsofoperations,liquidity,capitalexpendituresorcapitalresourcesatDecember31,2015.
90