Orbitz 2014 Annual Report Download - page 73

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ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
73
Financing Arrangements
We are required to issue letters of credit to support certain suppliers, commercial agreements, leases and non-
U.S. regulatory and governmental agencies primarily to satisfy consumer protection requirements. We believe we have access
to sufficient letter of credit availability to meet our short-term and long-term requirements through a combination of the
restricted cash balance currently used to collateralize letters of credit or similar instruments, cash from our balance sheet which
can be used to support letters of credit and similar instruments and our $80.0 million Revolver through which we are allowed to
issue up to $55.0 million in letters of credit.
The following table shows the amount of letters of credit and similar instruments outstanding by facility, as well as the
amounts of our restricted cash balances:
December 31, 2014 December 31, 2013
Letters of
Credit and
Other Credit
Support Restricted
Cash
Letters of
Credit and
Other Credit
Support Restricted
Cash
(in thousands)
Multi-currency letter of credit facility. . . . . . . . . . . . . . . . . . 2,892 3,176 21,863 22,670
Uncommitted letter of credit facilities and surety bonds . . . 98,406 94,634 91,033 96,091
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 101,298 $ 97,810 $ 112,896 $ 118,761
Total letter of credit fees were $0.3 million, $4.2 million, and $7.0 million for the years ended December 31, 2014, 2013, and
2012, respectively.
10. Income Taxes
Pre-tax income/(loss) for U.S. and non-U.S. operations consisted of the following:
Years Ended December 31,
2014 2013 2012
(in thousands)
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 67,093 $ 26,105 $ (277,375)
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,532)(26,025)(21,190)
Income/(loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44,561 $ 80 $ (298,565)
The provision/(benefit) for income taxes consisted of the following:
Years Ended December 31,
2014 2013 2012
(in thousands)
Current
U.S. federal and state . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 272 $ 157 $ (95)
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,775 1,262 2,399
Total current. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,047 1,419 2,304
Deferred
U.S. federal and state . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,910 (167,714) 253
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,324 1,290 616
Total deferred. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,234 (166,424) 869
Provision/(benefit) for income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,281 $ (165,005) $ 3,173
As of December 31, 2014 and 2013, our U.S. federal, state and foreign income taxes receivable/(payable) was $0.0
million and $(0.2) million, respectively.