ServiceMagic 2014 Annual Report Download - page 95

Download and view the complete annual report

Please find page 95 of the 2014 ServiceMagic annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 144

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144

IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Warrants
No warrants were outstanding at December 31, 2014 , 2013 and 2012 . No warrants were issued during the three years ended December 31,
2014 . During the year ended December 31, 2012 , 14.3 million warrants were exercised. Some of those warrants were exercised on a cashless or
net basis and IAC received proceeds of $284.1 million from the exercise of warrants exercised on a gross basis during the year ended
December 31,
2012 . A total of 11.7 million common shares were issued in connection with the exercise of these warrants.
Common Stock Repurchases
During 2014 , the Company did not purchase any shares of IAC common stock. During 2013 and 2012 , the Company purchased 4.5 million
and 15.5 million shares of IAC common stock for aggregate consideration, on a trade date basis, of $229.1 million and $716.1 million ,
respectively.
On April 30, 2013, IAC's Board of Directors authorized the repurchase of up to 10 million shares of IAC common stock. At December 31,
2014 , the Company has approximately 8.6 million shares remaining in its share repurchase authorization.
NOTE 10—ACCUMULATED OTHER COMPREHENSIVE LOSS
The following tables present the components of accumulated other comprehensive loss and items reclassified out of accumulated other
comprehensive loss into earnings:
73
Year Ended December 31, 2014
Foreign Currency
Translation
Adjustment
Unrealized Gains
(Losses) On
Available-For-Sale
Securities
Accumulated Other
Comprehensive Loss
(In thousands)
Balance at January 1
$
(20,352
)
$
7,306
$
(13,046
)
Other comprehensive loss before reclassifications, net of tax benefit of $0.7 million
related to unrealized losses on available-for-sale securities
(66,496
)
(6,233
)
(72,729
)
Amounts reclassified related to unrealized gains on available-for-sale securities, net
of tax provision of $1.2 million
—
(
1,925
)
(1,925
)
Net current period other comprehensive loss
(66,496
)
(8,158
)
(74,654
)
Balance at December 31
$
(86,848
)
$
(852
)
$
(87,700
)
Year Ended December 31, 2013
Foreign Currency
Translation
Adjustment
Unrealized (Losses)
Gains On Available-
For-Sale Securities
Accumulated Other
Comprehensive
(Loss) Income
(In thousands)
Balance at January 1
$
(25,073
)
$
(7,096
)
$
(32,169
)
Other comprehensive income before reclassifications, net of tax provision of $3.9
million related to unrealized gains on available-for-sale securities
4,721
43,235
47,956
Amounts reclassified related to unrealized gains on available-for-sale securities, net
of tax provision of $6.9 million
—
(
28,833
)
(28,833
)
Net current period other comprehensive income
4,721
14,402
19,123
Balance at December 31
$
(20,352
)
$
7,306
$
(13,046
)