Expedia 2015 Annual Report Download - page 119

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liabilities on the consolidated balance sheet. Another of our international subsidiaries maintains a $5.6 million
uncommitted credit facility, which is guaranteed by Expedia, Inc., that may be terminated at any time by the
lender. As of December 31, 2015, we had approximately $5 million in borrowings outstanding included in
accrued expenses and other current liabilities on the consolidated balance sheet. As of December 31, 2014, we
had no borrowings outstanding under either of these international credit facilities.
NOTE 9 — Employee Benefit Plans
Our U.S. employees are generally eligible to participate in a retirement and savings plan that qualifies under
Section 401(k) of the Internal Revenue Code. Participating employees may contribute up to 50% of their pretax
salary, but not more than statutory limits. We contribute fifty cents for each dollar a participant contributes in this
plan, with a maximum contribution of 3% of a participant’s earnings. Our contribution vests with the employee
after the employee completes two years of service. Participating employees have the option to invest in our
common stock, but there is no requirement for participating employees to invest their contribution or our
matching contribution in our common stock. We also have various defined contribution plans for our
international employees. Our contributions to these benefit plans were $41 million, $36 million and $28 million
for the years ended December 31, 2015, 2014 and 2013.
NOTE 10 — Stock-Based Awards and Other Equity Instruments
Pursuant to the Amended and Restated Expedia, Inc. 2005 Stock and Annual Incentive Plan, we may grant
restricted stock, restricted stock awards, RSUs, stock options and other stock-based awards to directors, officers,
employees and consultants. As of December 31, 2015, we had approximately 10 million shares of common stock
reserved for new stock-based awards under the 2005 Stock and Annual Incentive Plan. We issue new shares to
satisfy the exercise or release of stock-based awards.
The following table presents a summary of our stock option activity:
Options
Weighted Average
Exercise Price
Remaining
Contractual Life
Aggregate
Intrinsic Value
(In thousands) (In years) (In thousands)
Balance as of January 1, 2013 15,236 $25.24
Granted 4,016 65.29
Exercised (2,730) 18.10
Cancelled (1,095) 37.87
Balance as of December 31, 2013 15,427 36.03
Granted 4,113 78.70
Exercised (3,804) 25.66
Cancelled (1,301) 53.69
Balance as of December 31, 2014 14,435 49.33
Granted 7,572 94.13
Exercised (4,201) 34.57
Cancelled (751) 74.06
Balance as of December 31, 2015 17,055 71.77 4.9 $896,377
Exercisable as of December 31, 2015 4,880 42.32 3.2 400,120
Vested and expected to vest after
December 31, 2015 15,980 70.70 4.9 856,574
The aggregate intrinsic value of outstanding options shown in the stock option activity table above
represents the total pretax intrinsic value at December 31, 2015, based on our closing stock price of $124.30 as of
the last trading date in 2015. The total intrinsic value of stock options exercised was $314 million, $208 million
F-34