Expedia 2011 Annual Report Download - page 98
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Amortization expense was $22 million, $23 million, and $24 million for the years ended December 31,
2011, 2010 and 2009.
The estimated future amortization expense related to intangible assets with definite lives as of December 31,
2011, assuming no subsequent impairment of the underlying assets, is as follows, in thousands:
2012 $ 22,184
2013 18,388
2014 12,832
2015 6,338
2016 6,294
2017 and thereafter 20,086
Total $ 86,122
NOTE 8 — Debt
The following table sets forth our outstanding debt:
December 31,
2011
December 31,
2010
(In thousands)
7.456% senior notes due 2018 $ 500,000 $ 500,000
5.95% senior notes due 2020, net of discount 749,281 749,221
Long-term debt $1,249,281 $1,249,221
We have excluded from the above table the $400 million 8.5% Notes, which were included in current
liabilities of discontinued operations as of December 31, 2011 and noncurrent liabilities of discontinued
operations as of December 31, 2010 in the consolidated balance sheets. For further information, see Note 4 —
Discontinued Operations.
Long-term Debt
Our $500 million in registered senior unsecured notes outstanding at December 31, 2011 are due in August
2018 and bear interest at 7.456% (the “7.456% Notes”). Interest is payable semi-annually in February and August
of each year. The 7.456% Notes include covenants that limit our ability (i) to enter into sale/leaseback
transactions, (ii) to create or incur liens and (iii) to merge or consolidate with or into another entity. The 7.456%
Notes are repayable in whole or in part on August 15, 2013, at the option of the holders of such 7.456% Notes, at
100% of the principal amount plus accrued interest. We may redeem the 7.456% Notes at a redemption price of
100% of the principal plus accrued interest, plus a “make-whole” premium, in whole or in part at any time at our
option.
Our $750 million in registered senior unsecured notes outstanding at December 31, 2011 are due in August
2020 and bear interest at 5.95% (the “5.95% Notes”). The 5.95% Notes were issued at 99.893% of par resulting
in a discount, which is being amortized over their life. Interest is payable semi-annually in February and August
of each year. The 5.95% Notes include covenants that limit our ability under certain circumstances to (i) create
certain liens, (ii) enter into sale/leaseback transactions and (iii) merge or consolidate with or into another
entity. We may redeem the 5.95% Notes at our option in whole or in part at any time or from time to time at a
specified “make-whole” premium.
The 7.456% and 5.95% Notes (collectively the “Notes”) are senior unsecured obligations guaranteed by
certain domestic Expedia subsidiaries and rank equally in right of payment with all of our existing and future
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