Expedia 2015 Annual Report Download - page 112

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earnings). The put/call arrangement includes certain rollover provisions that, if triggered, would cause the
minority shares to be treated as though they become mandatorily redeemable, and to be reclassified as a liability
at the time such trigger becomes certain to occur. Our redeemable noncontrolling interest balance related to
trivago was $654 million as of December 31, 2015, which represents our best estimate of fair value. The final
redemption amount could materially differ from this estimate based on the final negotiations. For further
information on redeemable noncontrolling interest, see Note 12 — Redeemable Noncontrolling Interests.
trivago’s results of operations have been included in our consolidated results from the transaction closing
date forward. Pro forma results of operations have not been presented as such pro forma financial information
would not be materially different from historical results. During 2013, the acquisition accounted for
approximately 4% of consolidated revenue for the year.
NOTE 4 — Disposition of Business
On May 22, 2015, we completed the sale of our 62.4% ownership stake in eLong, Inc., which was a separate
reportable segment, for approximately $671 million (or $666 million net of costs to sell and other transaction
expenses) to several purchasers, including Ctrip.com International, Ltd. Of the total sales price, approximately
$67 million was remitted directly to escrow for estimated tax obligations, and is recorded in long-term
investments and other assets on our consolidated balance sheet as of December 31, 2015 and represents a
noncash item in our consolidated statement of cash flows. As a result of the sale, we recognized a pre-tax gain of
$509 million ($395 million after tax) during 2015 included in gain on sale of business in our consolidated
statement of operations.
The following table presents the carrying amounts of our eLong business immediately preceding the
disposition on May 22, 2015, in thousands:
Total current assets(1) $350,196
Total long-term assets 137,709
Total assets divested $487,905
Total current liabilities $187,296
Total long-term liabilities 5,782
Total liabilities divested $193,078
Components of accumulated other comprehensive income divested 45,259
Non-redeemable noncontrolling interest divested 92,550
Net carrying value divested $157,018
(1) Includes cash and cash equivalents of approximately $74 million.
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