Expedia 2010 Annual Report Download - page 61

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we repurchased, through open market transactions, 20.6 million shares under these authorizations for a total cost
of $489 million, excluding transaction costs, representing an average repurchase price of $23.71 per share. As of
December 31, 2010, 19.4 million shares remain authorized for repurchase under the October 2010 authorization.
There is no fixed termination date for the repurchases. No additional repurchases have been made under this
authorization as of February 10, 2011.
In 2010, the Executive Committee, acting on behalf of the Board of Directors, declared the following
dividends:
Declaration Date
Dividend
Per Share Record Date
Total Amount
(in thousands) Payment Date
February 10, 2010 ....... $0.07 March 11, 2010 $20,220 March 31, 2010
April 27, 2010 .......... 0.07 May 27, 2010 19,902 June 17, 2010
July 26, 2010 ........... 0.07 August 26, 2010 19,703 September 16, 2010
October 25, 2010 ........ 0.07 November 18, 2010 19,251 December 9, 2010
In addition, on February 9, 2011, the Executive Committee, acting on behalf of the Board of Directors,
declared a quarterly cash dividend of $0.07 per share of outstanding common stock to stockholders of record as
of the close of business on March 11, 2011. Future declarations of dividends are subject to final determination by
our Board of Directors.
The effect of foreign exchange on our cash balances denominated in foreign currency in 2010 showed a net
decrease of $29 million primarily due to higher foreign-denominated cash balances in the current year and the
relative depreciation in foreign currencies during 2010 compared to their appreciation in 2009. The effect of
foreign exchange on our cash balances denominated in foreign currency in 2009 showed a net increase of $87
million primarily due to the relative appreciation in foreign currencies during 2009 compared to their
depreciation in 2008.
In our opinion, available cash, funds from operations and available borrowings will provide sufficient
capital resources to meet our foreseeable liquidity needs. There can be no assurance, however, that future
borrowings, including refinancings, if any, will be available on terms acceptable to us.
Contractual Obligations and Commercial Commitments
The following table presents our material contractual obligations and commercial commitments as of
December 31, 2010:
By Period
Total
Less than
1 year 1 to 3 years 3 to 5 years
More than
5 years
(In millions)
Long-term debt(1) .................. $2,600 $117 $232 $232 $2,019
Operating leases(2) ................. 218 42 73 49 54
Purchase obligations(3) .............. 53 38 15 — —
Guarantees(4) ...................... 37 33 4 — —
Letters of credit(4) .................. 27 19 8 — —
Unrecognized tax benfits(5) .......... 2 2 — — —
Total ............................. $2,937 $251 $332 $281 $2,073
(1) Our 8.5% Notes, 7.456% Notes, and 5.95% Notes include interest payments through maturity in 2016, 2018,
and 2020 respectively, based on the stated fixed rates. In the above table, we have reflected the 7.456%
Notes based on the maturity date in 2018; however such Notes are repayable in whole or in part on
August 15, 2013 at the option of the holders.
(2) The operating leases are for office space and related office equipment. We account for these leases on a
monthly basis. Certain leases contain periodic rent escalation adjustments and renewal options. Operating
lease obligations expire at various dates with the latest maturity in 2020.
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