Expedia 2015 Annual Report Download - page 128
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The majority of the other activity in the above table relates to Australian stamp duty tax that was paid to
certain Australian jurisdictions related to business restructuring events.
NOTE 16 — Other Income (Expense)
Other, net
The following table presents the components of other, net:
For the Year Ended December 31,
2015 2014 2013
(In thousands)
Foreign exchange rate gains (losses), net $ 24,787 $ 6,069 $ (473)
Noncontrolling investment basis adjustment 77,400 2,783 —
Equity gains (losses) in unconsolidated affiliates (13) 2,743 2,909
Other 10,912 6,083 (5,224)
Total $113,086 $17,678 $(2,788)
NOTE 17 — Commitments and Contingencies
Letters of Credit, Purchase Obligations and Guarantees
We have commitments and obligations that include purchase obligations, guarantees and LOCs, which
could potentially require our payment in the event of demands by third parties or contingent events. The
following table presents these commitments and obligations as of December 31, 2015:
By Period
Total
Less than
1 year
1to3
years
3to5
years
More than
5 years
(In thousands)
Purchase obligations $244,848 $157,071 $82,043 $5,734 $—
Guarantees 192,155 179,348 12,807 — —
Letters of credit 55,062 51,209 3,285 503 65
$492,065 $387,628 $98,135 $6,237 $ 65
Our purchase obligations represent the minimum obligations we have under agreements with certain of our
vendors. These minimum obligations are less than our projected use for those periods. Payments may be more
than the minimum obligations based on actual use.
We have guarantees which consist primarily of bonds relating to tax assessments that we are contesting as
well as bonds required by certain foreign countries’ aviation authorities for the potential non-delivery, by us, of
packaged travel sold in those countries. The authorities also require that a portion of the total amount of
packaged travel sold be bonded. Our guarantees also include certain surety bonds related to various company
performance obligations.
Our LOCs consist of stand-by LOCs, underwritten by a group of lenders, which we primarily issue for
certain regulatory purposes as well as to certain hotel properties to secure our payment for hotel room
transactions. The contractual expiration dates of these LOCs are shown in the table above. There were no
material claims made against any stand-by LOCs during the years ended December 31, 2015, 2014 and 2013.
In addition, our redeemable noncontrolling interest in trivago contains certain put/call rights whereby we
may acquire and the minority shareholders may sell to us the minority shares of the company. See Note 3 —
Acquisitions and Other Investments for further information.
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