XML 38 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
OPERATING ACTIVITIES:      
Net income $ 2,421,753us-gaap_ProfitLoss $ 1,892,798us-gaap_ProfitLoss $ 1,424,037us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 78,241us-gaap_DepreciationNonproduction 48,365us-gaap_DepreciationNonproduction 32,818us-gaap_DepreciationNonproduction
Amortization 129,579us-gaap_AmortizationOfIntangibleAssets 69,610us-gaap_AmortizationOfIntangibleAssets 32,323us-gaap_AmortizationOfIntangibleAssets
Provision for uncollectible accounts, net 22,990us-gaap_ProvisionForDoubtfulAccounts 16,451us-gaap_ProvisionForDoubtfulAccounts 16,094us-gaap_ProvisionForDoubtfulAccounts
Deferred income tax expense (benefit) 31,707us-gaap_DeferredIncomeTaxExpenseBenefit (11,104)us-gaap_DeferredIncomeTaxExpenseBenefit 19,596us-gaap_DeferredIncomeTaxExpenseBenefit
Stock-based compensation expense and other stock based payments 189,292pcln_ShareBasedCompensationAndOtherStockBasedExpense 142,098pcln_ShareBasedCompensationAndOtherStockBasedExpense 72,035pcln_ShareBasedCompensationAndOtherStockBasedExpense
Amortization of debt issuance costs 5,229pcln_AmortizationOfFinancingCostsAndWriteOffOfUnamortizedDiscountDueToEarlyDebtConversions 7,898pcln_AmortizationOfFinancingCostsAndWriteOffOfUnamortizedDiscountDueToEarlyDebtConversions 5,212pcln_AmortizationOfFinancingCostsAndWriteOffOfUnamortizedDiscountDueToEarlyDebtConversions
Amortization of debt discount 54,731us-gaap_AmortizationOfDebtDiscountPremium 55,718us-gaap_AmortizationOfDebtDiscountPremium 39,820us-gaap_AmortizationOfDebtDiscountPremium
Loss on early extinguishment of debt 6,270us-gaap_GainsLossesOnExtinguishmentOfDebt 26,661us-gaap_GainsLossesOnExtinguishmentOfDebt 0us-gaap_GainsLossesOnExtinguishmentOfDebt
Changes in assets and liabilities:      
Accounts receivable (182,209)us-gaap_IncreaseDecreaseInAccountsReceivable (111,572)us-gaap_IncreaseDecreaseInAccountsReceivable (105,277)us-gaap_IncreaseDecreaseInAccountsReceivable
Prepaid expenses and other current assets (48,932)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (6,909)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (40,793)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable, accrued expenses and other current liabilities 203,870us-gaap_IncreaseDecreaseInOperatingLiabilities 182,163us-gaap_IncreaseDecreaseInOperatingLiabilities 256,021us-gaap_IncreaseDecreaseInOperatingLiabilities
Other 1,876us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet (10,741)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet 33,864us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet
Net cash provided by operating activities 2,914,397us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 2,301,436us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 1,785,750us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
INVESTING ACTIVITIES:      
Purchase of investments (10,552,214)us-gaap_PaymentsToAcquireInvestments (9,955,800)us-gaap_PaymentsToAcquireInvestments (6,352,495)us-gaap_PaymentsToAcquireInvestments
Proceeds from sale of investments 10,902,500us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities 8,291,283us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities 4,799,412us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
Additions to property and equipment (131,504)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (84,445)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (55,158)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Acquisitions and other equity investments, net of cash acquired (2,496,366)us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates (331,918)us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates (33,861)us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates
Proceeds from foreign currency contracts 14,354us-gaap_ProceedsFromHedgeInvestingActivities 3,266us-gaap_ProceedsFromHedgeInvestingActivities 86,159us-gaap_ProceedsFromHedgeInvestingActivities
Payments on foreign currency contracts (94,661)us-gaap_PaymentsForHedgeInvestingActivities (81,870)us-gaap_PaymentsForHedgeInvestingActivities (4,014)us-gaap_PaymentsForHedgeInvestingActivities
Change in restricted cash 9,347us-gaap_IncreaseDecreaseInRestrictedCash (2,783)us-gaap_IncreaseDecreaseInRestrictedCash (2,756)us-gaap_IncreaseDecreaseInRestrictedCash
Net cash used in investing activities (2,348,544)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (2,162,267)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (1,562,713)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
FINANCING ACTIVITIES:      
Proceeds from revolving credit facility 995,000us-gaap_ProceedsFromLinesOfCredit 0us-gaap_ProceedsFromLinesOfCredit 0us-gaap_ProceedsFromLinesOfCredit
Payments related to revolving credit facility (995,000)us-gaap_RepaymentsOfLinesOfCredit 0us-gaap_RepaymentsOfLinesOfCredit 0us-gaap_RepaymentsOfLinesOfCredit
Proceeds from the issuance of long-term debt 2,282,217us-gaap_ProceedsFromIssuanceOfLongTermDebt 980,000us-gaap_ProceedsFromIssuanceOfLongTermDebt 1,000,000us-gaap_ProceedsFromIssuanceOfLongTermDebt
Payment of debt issuance costs (17,464)us-gaap_PaymentsOfFinancingCosts (1,018)us-gaap_PaymentsOfFinancingCosts (20,916)us-gaap_PaymentsOfFinancingCosts
Payments related to conversion of senior notes (125,136)pcln_PaymentsRelatedToConversionOfSeniorNotes (414,569)pcln_PaymentsRelatedToConversionOfSeniorNotes (1)pcln_PaymentsRelatedToConversionOfSeniorNotes
Repurchase of common stock (750,378)us-gaap_PaymentsForRepurchaseOfCommonStock (883,515)us-gaap_PaymentsForRepurchaseOfCommonStock (257,021)us-gaap_PaymentsForRepurchaseOfCommonStock
Payments to purchase subsidiary shares from noncontrolling interests 0us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest (192,530)us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest (61,079)us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
Payments of stock issuance costs 0us-gaap_PaymentsOfStockIssuanceCosts (1,191)us-gaap_PaymentsOfStockIssuanceCosts 0us-gaap_PaymentsOfStockIssuanceCosts
Proceeds from exercise of stock options 16,389us-gaap_ProceedsFromStockOptionsExercised 91,607us-gaap_ProceedsFromStockOptionsExercised 2,683us-gaap_ProceedsFromStockOptionsExercised
Proceeds from the termination of conversion spread hedges 0pcln_ProceedsFromConversionSpreadHedgeFinancingActivities 19pcln_ProceedsFromConversionSpreadHedgeFinancingActivities 0pcln_ProceedsFromConversionSpreadHedgeFinancingActivities
Excess tax benefit from stock-based compensation 23,366us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 17,686us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 5,189us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash provided by (used in) financing activities 1,428,994us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (403,511)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 668,855us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effect of exchange rate changes on cash and cash equivalents (136,190)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents 17,987us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents 11,621us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net increase (decrease) in cash and cash equivalents 1,858,657us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (246,355)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 903,513us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents, beginning of period 1,289,994us-gaap_CashAndCashEquivalentsAtCarryingValue 1,536,349us-gaap_CashAndCashEquivalentsAtCarryingValue 632,836us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents, end of period 3,148,651us-gaap_CashAndCashEquivalentsAtCarryingValue 1,289,994us-gaap_CashAndCashEquivalentsAtCarryingValue 1,536,349us-gaap_CashAndCashEquivalentsAtCarryingValue
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid during the period for income taxes 491,530us-gaap_IncomeTaxesPaidNet 391,169us-gaap_IncomeTaxesPaidNet 300,539us-gaap_IncomeTaxesPaidNet
Cash paid during the period for interest 16,950us-gaap_InterestPaidNet 20,954us-gaap_InterestPaidNet 13,933us-gaap_InterestPaidNet
Non-cash fair value increase for redeemable noncontrolling interests 0pcln_RedeemableNoncontrollingInterestsFairValueAdjustmentNetOfTax 42,522pcln_RedeemableNoncontrollingInterestsFairValueAdjustmentNetOfTax 84,693pcln_RedeemableNoncontrollingInterestsFairValueAdjustmentNetOfTax
Non-cash investing activity for contingent consideration 10,700pcln_OtherSignificantNoncashTransactionInvestingactivitiesContingentConsideration 0pcln_OtherSignificantNoncashTransactionInvestingactivitiesContingentConsideration 0pcln_OtherSignificantNoncashTransactionInvestingactivitiesContingentConsideration
Non-cash financing activity for acquisitions $ 13,751us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1 $ 1,546,748us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1 $ 0us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1