Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Entity Registrant Name | 'IAC/INTERACTIVECORP | ' |
Entity Central Index Key | '0000891103 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Public Float | ' | $4,316,591,180 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Common Stock | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 77,504,390 |
Class B Convertible Common Stock | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 5,789,499 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $741,652 | $749,977 |
Marketable securities | 26,340 | 20,604 |
Accounts receivable, net of allowance of $10,439 and $11,088, respectively | 209,949 | 229,830 |
Other current assets | 151,980 | 156,339 |
Total current assets | 1,129,921 | 1,156,750 |
Property and equipment, net of accumulated depreciation and amortization of $257,338 and $232,911, respectively | 290,470 | 270,512 |
Goodwill | 1,672,705 | 1,616,154 |
Intangible assets, net | 458,371 | 482,904 |
Long-term investments | 164,170 | 161,278 |
Other non-current assets | 89,145 | 118,230 |
TOTAL ASSETS | 3,804,782 | 3,805,828 |
LIABILITIES: | ' | ' |
Current maturities of long-term debt | 0 | 15,844 |
Accounts payable, trade | 72,966 | 98,314 |
Deferred revenue | 161,950 | 155,499 |
Accrued expenses and other current liabilities | 366,635 | 355,232 |
Total current liabilities | 601,551 | 624,889 |
Long-term debt, net of current maturities | 580,000 | 580,000 |
Income taxes payable | 411,172 | 479,945 |
Deferred income taxes | 326,109 | 323,403 |
Other long-term liabilities | 65,175 | 31,830 |
Redeemable noncontrolling interests | 32,779 | 58,126 |
Commitments and contingencies | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Additional paid-in capital | 11,585,545 | 11,607,367 |
Accumulated deficit | -109,652 | -318,519 |
Accumulated other comprehensive loss | -6,625 | -32,169 |
Treasury stock 183,869,749 and 182,878,295 shares, respectively | -9,734,479 | -9,601,218 |
Total IAC shareholders' equity | 1,735,056 | 1,655,728 |
Noncontrolling interests | 52,940 | 51,907 |
Total shareholders' equity | 1,787,996 | 1,707,635 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,804,782 | 3,805,828 |
Common Stock | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Common stock | 251 | 251 |
Class B Convertible Common Stock | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Common stock | $16 | $16 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance (in dollars) | $10,439 | $11,088 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $257,338 | $232,911 |
Treasury stock, shares | 183,869,749 | 182,878,295 |
Common Stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, authorized shares | 1,600,000,000 | 1,600,000,000 |
Common stock, issued shares | 250,982,079 | 250,982,079 |
Common stock, outstanding shares | 77,480,330 | 78,471,784 |
Class B Convertible Common Stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, authorized shares | 400,000,000 | 400,000,000 |
Common stock, issued shares | 16,157,499 | 16,157,499 |
Common stock, outstanding shares | 5,789,499 | 5,789,499 |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue | $756,872 | $714,470 | $2,298,532 | $2,035,682 |
Costs and expenses: | ' | ' | ' | ' |
Cost of revenue (exclusive of depreciation shown separately below) | 248,856 | 262,275 | 777,527 | 722,879 |
Selling and marketing expense | 248,282 | 235,130 | 738,349 | 665,168 |
General and administrative expense | 75,977 | 93,074 | 275,216 | 271,185 |
Product development expense | 35,232 | 27,596 | 104,401 | 82,628 |
Depreciation | 13,489 | 13,150 | 44,541 | 37,490 |
Amortization of intangibles | 13,032 | 5,212 | 45,247 | 18,058 |
Total costs and expenses | 634,868 | 636,437 | 1,985,281 | 1,797,408 |
Operating income | 122,004 | 78,033 | 313,251 | 238,274 |
Equity in losses of unconsolidated affiliates | -3,253 | -3,298 | -4,422 | -28,208 |
Interest expense | -7,623 | -1,391 | -22,944 | -4,102 |
Other income, net | 16,719 | 447 | 18,373 | 2,835 |
Earnings from continuing operations before income taxes | 127,847 | 73,791 | 304,258 | 208,799 |
Income tax provision | -36,126 | -27,606 | -101,288 | -83,360 |
Earnings from continuing operations | 91,721 | 46,185 | 202,970 | 125,439 |
Earnings (loss) from discontinued operations, net of tax | 3,914 | -5,624 | 1,902 | -6,581 |
Net earnings | 95,635 | 40,561 | 204,872 | 118,858 |
Net loss (earnings) attributable to noncontrolling interests | 1,305 | 156 | 3,995 | -331 |
Net earnings attributable to IAC shareholders | 96,940 | 40,717 | 208,867 | 118,527 |
Per share information attributable to IAC shareholders: | ' | ' | ' | ' |
Basic earnings per share from continuing operations (in dollars per share) | $1.12 | $0.52 | $2.47 | $1.46 |
Diluted earnings per share from continuing operations (in dollars per share) | $1.08 | $0.49 | $2.39 | $1.35 |
Basic earnings per share (in dollars per share) | $1.17 | $0.46 | $2.50 | $1.38 |
Diluted earnings per share (in dollars per share) | $1.13 | $0.43 | $2.41 | $1.28 |
Dividends declared per share (in dollars per share) | $0.24 | $0.24 | $0.72 | $0.48 |
Non-cash compensation expense by function: | ' | ' | ' | ' |
Total non-cash compensation expense | 14,365 | 23,351 | 38,848 | 65,258 |
Cost of revenue | ' | ' | ' | ' |
Non-cash compensation expense by function: | ' | ' | ' | ' |
Total non-cash compensation expense | 700 | 1,550 | 2,001 | 4,775 |
Selling and marketing expense | ' | ' | ' | ' |
Non-cash compensation expense by function: | ' | ' | ' | ' |
Total non-cash compensation expense | 820 | 1,386 | 2,000 | 3,512 |
General and administrative expense | ' | ' | ' | ' |
Non-cash compensation expense by function: | ' | ' | ' | ' |
Total non-cash compensation expense | 11,478 | 18,850 | 31,685 | 52,378 |
Product development expense | ' | ' | ' | ' |
Non-cash compensation expense by function: | ' | ' | ' | ' |
Total non-cash compensation expense | $1,367 | $1,565 | $3,162 | $4,593 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $95,635 | $40,561 | $204,872 | $118,858 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Change in foreign currency translation adjustment | 16,724 | 14,609 | 3,703 | -4,940 |
Change in net unrealized gains (losses) on available-for-sale securities (net of tax provision of $1,732 and $1,648 for the three and nine months ended September 30, 2013, respectively, and tax benefit of $6,220 and tax provision of $883 for the three and nine months ended September 30, 2012, respectively) | 12,182 | -8,758 | 24,393 | 4,685 |
Net current period other comprehensive income (loss) | 28,906 | 5,851 | 28,096 | -255 |
Comprehensive income | 124,541 | 46,412 | 232,968 | 118,603 |
Comprehensive (income) loss attributable to noncontrolling interests | -2,039 | -2,026 | 1,443 | 476 |
Comprehensive income attributable to IAC shareholders | $122,502 | $44,386 | $234,411 | $119,079 |
CONSOLIDATED_STATEMENT_OF_COMP1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Change in net unrealized (losses) gains on available-for-sale securities, tax | ($1,732) | $6,220 | ($1,648) | ($883) |
CONSOLIDATED_STATEMENT_OF_SHAR
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (USD $) | Total | IAC | Common Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests | Redeemable Noncontrolling Interests |
In Thousands, unless otherwise specified | Class B Convertible Common Stock | |||||||||
Redeemable noncontrolling interests, balance at Dec. 31, 2012 | $58,126 | ' | ' | ' | ' | ' | ' | ' | ' | $58,126 |
Balance at Dec. 31, 2012 | 1,707,635 | 1,655,728 | 251 | 16 | 11,607,367 | -318,519 | -32,169 | -9,601,218 | 51,907 | ' |
Balance (in shares) at Dec. 31, 2012 | ' | ' | 250,982 | 16,157 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) earnings for the nine months ended September 30, 2013 | 208,911 | 208,867 | ' | ' | ' | 208,867 | ' | ' | 44 | ' |
Redeemable noncontrolling interests, net (loss) earnings for the nine months ended September 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,039 |
Other comprehensive income, net of tax | 26,366 | 25,544 | ' | ' | ' | ' | 25,544 | ' | 822 | ' |
Non-cash compensation expense | 38,848 | 38,305 | ' | ' | 38,305 | ' | ' | ' | 543 | ' |
Redeemable noncontrolling interests, other comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,730 |
Issuance of common stock upon exercise of stock options, vesting of restricted stock units and other, net of withholding taxes | 1,655 | 1,655 | ' | ' | 1,653 | ' | ' | 2 | ' | ' |
Income tax benefit related to the exercise of stock options, vesting of restricted stock units and other | 26,329 | 26,329 | ' | ' | 26,329 | ' | ' | ' | ' | ' |
Dividends | -57,624 | -57,624 | ' | ' | -57,624 | ' | ' | ' | ' | ' |
Purchase of treasury stock | -133,263 | -133,263 | ' | ' | ' | ' | ' | -133,263 | ' | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | -56,498 |
Fair value of redeemable noncontrolling interests adjustment | -33,038 | -33,038 | ' | ' | -33,038 | ' | ' | ' | ' | 33,038 |
Transfer from noncontrolling interests to redeemable noncontrolling interests | -376 | ' | ' | ' | ' | ' | ' | ' | -376 | 376 |
Redeemable noncontrolling interests, other | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46 |
Stockholders' Equity, Other | 2,553 | 2,553 | ' | ' | 2,553 | ' | ' | ' | ' | ' |
Redeemable noncontrolling interests, balance at Sep. 30, 2013 | 32,779 | ' | ' | ' | ' | ' | ' | ' | ' | 32,779 |
Balance at Sep. 30, 2013 | 1,787,996 | 1,735,056 | 251 | 16 | 11,585,545 | -109,652 | -6,625 | -9,734,479 | 52,940 | ' |
Balance (in shares) at Sep. 30, 2013 | ' | ' | 250,982 | 16,157 | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interests, balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | 25,562 | ' | ' | ' |
Balance at Sep. 30, 2013 | ' | ' | $251 | $16 | ' | ' | ($6,625) | ' | ' | ' |
Balance (in shares) at Sep. 30, 2013 | ' | ' | 250,982 | 16,157 | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities attributable to continuing operations: | ' | ' |
Net earnings | $204,872 | $118,858 |
Less: earnings (loss) from discontinued operations, net of tax | 1,902 | -6,581 |
Earnings from continuing operations | 202,970 | 125,439 |
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities attributable to continuing operations: | ' | ' |
Non-cash compensation expense | 38,848 | 65,258 |
Depreciation | 44,541 | 37,490 |
Amortization of intangibles | 45,247 | 18,058 |
Excess tax benefits from stock-based awards | -26,430 | -23,486 |
Deferred income taxes | -5,939 | 5,410 |
Equity in losses of unconsolidated affiliates | 4,422 | 28,208 |
Acquisition-related contingent consideration fair value adjustment | 6,339 | 0 |
Gain on sales of long-term investments | -18,141 | -1,876 |
Gain on sales of assets | -14,755 | ' |
Changes in assets and liabilities, net of effects of acquisitions: | ' | ' |
Accounts receivable | 10,810 | -16,443 |
Other current assets | -19,916 | -9,749 |
Accounts payable and other current liabilities | -6,159 | 18,700 |
Income taxes payable | 48,136 | 52,965 |
Deferred revenue | -1,406 | 10,575 |
Other, net | 15,763 | 13,058 |
Net cash provided by operating activities attributable to continuing operations | 324,330 | 323,607 |
Cash flows from investing activities attributable to continuing operations: | ' | ' |
Acquisitions, net of cash acquired | -39,457 | -377,123 |
Capital expenditures | -64,114 | -32,363 |
Proceeds from maturities and sales of marketable debt securities | 12,502 | 79,353 |
Purchases of marketable debt securities | 0 | -47,902 |
Proceeds from sales of long-term investments | 42,286 | 12,744 |
Purchases of long-term investments | -26,605 | -10,031 |
Other, net | 8,904 | -12,264 |
Net cash used in investing activities attributable to continuing operations | -66,484 | -387,586 |
Cash flows from financing activities attributable to continuing operations: | ' | ' |
Purchase of treasury stock | -168,376 | -434,041 |
Issuance of common stock, net of withholding taxes | 6,456 | 320,070 |
Dividends | -58,882 | -43,695 |
Excess tax benefits from stock-based awards | 26,430 | 23,486 |
Payments to Noncontrolling Interests | -55,561 | -4,891 |
Principal payments on long-term debt | -15,844 | 0 |
Other, net | -3,386 | 195 |
Net cash used in financing activities attributable to continuing operations | -269,163 | -138,876 |
Total cash used in continuing operations | -11,317 | -202,855 |
Total cash provided by (used in) discontinued operations | 2,257 | -1,866 |
Effect of exchange rate changes on cash and cash equivalents | 735 | 2,347 |
Net decrease in cash and cash equivalents | -8,325 | -202,374 |
Cash and cash equivalents at beginning of period | 749,977 | 704,153 |
Cash and cash equivalents at end of period | $741,652 | $501,779 |
THE_COMPANY_AND_SUMMARY_OF_SIG
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Operations | |
IAC is a leading media and internet company comprised of more than 150 brands and products, including Ask.com, About.com, Match.com, HomeAdvisor.com and Vimeo.com. Focused in the areas of search, applications, online dating, local and media, IAC's network of websites is one of the largest in the world, with more than a billion monthly visits across more than 30 countries. IAC includes the businesses comprising its Search & Applications, Match, Local, Media and Other segments, as well as investments in unconsolidated affiliates. | |
All references to "IAC," the "Company," "we," "our" or "us" in this report are to IAC/InterActiveCorp. | |
Basis of Presentation | |
The consolidated financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. Intercompany transactions and accounts have been eliminated. Investments in entities in which the Company has the ability to exercise significant influence over the operating and financial matters of the investee, but does not have a controlling financial interest, are accounted for using the equity method and are included in "Long-term investments" in the accompanying consolidated balance sheet. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for a full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2012 included in our Current Report on Form 8-K dated May 3, 2013. | |
Accounting Estimates | |
The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates, judgments and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and judgments including those related to: the fair values of marketable securities and other investments; the recoverability of goodwill and indefinite-lived intangible assets; the useful lives and recovery of definite-lived intangible assets and property and equipment; the carrying value of accounts receivable, including the determination of the allowance for doubtful accounts and revenue reserves; the fair value of acquisition-related contingent consideration; the reserves for income tax contingencies; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets and other factors that the Company considers relevant. | |
Certain Risks and Concentrations | |
A substantial portion of the Company's revenue is derived from online advertising, the market for which is highly competitive and rapidly changing. Significant changes in this industry or changes in advertising spending behavior or in customer buying behavior could adversely affect our operating results. Most of the Company's online advertising revenue is attributable to a services agreement with Google Inc. ("Google"), which expires on March 31, 2016. Our services agreement requires that we comply with certain guidelines promulgated by Google. Subject to certain limitations, Google may unilaterally update its policies and guidelines, which could in turn require modifications to, or prohibit and/or render obsolete certain of, our products, services and/or business practices, which could be costly to address or otherwise have an adverse effect on our business, financial condition and results of operations. For the three and nine months ended September 30, 2013, revenue earned from Google is $369.9 million and $1.2 billion, respectively. For the three and nine months ended September 30, 2012, revenue earned from Google is $357.2 million and $1.0 billion, respectively. This revenue is earned by the businesses comprising the Search & Applications segment. Accounts receivable related to revenue earned from Google totaled $115.0 million at September 30, 2013 and $125.3 million at December 31, 2012. | |
Reclassifications | |
Certain prior year amounts have been reclassified to conform to the current year presentation. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
At the end of each interim period, the Company makes its best estimate of the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to significant, unusual, or extraordinary items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or income tax contingencies is recognized in the interim period in which the change occurs. | |
The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences, and the likelihood of the realizability of deferred tax assets generated in the current year. The accounting estimates used to compute the provision or benefit for income taxes may change as new events occur, more experience is acquired, additional information is obtained or our tax environment changes. To the extent that the expected annual effective income tax rate changes during a quarter, the effect of the change on prior quarters is included in income tax provision in the quarter in which the change occurs. | |
For the three and nine months ended September 30, 2013, the Company recorded an income tax provision for continuing operations of $36.1 million and $101.3 million, respectively, which represents effective income tax rates of 28% and 33%, respectively. The effective rates for the three and nine months ended September 30, 2013 are lower than the statutory rate of 35% due primarily to the realization of certain beginning of the year deferred tax assets in the current period and foreign income taxed at lower rates, partially offset by state taxes. For the three and nine months ended September 30, 2012, the Company recorded an income tax provision for continuing operations of $27.6 million and $83.4 million, respectively, which represents effective income tax rates of 37% and 40%, respectively. The effective rate for the three months ended September 30, 2012 is higher than the statutory rate of 35% due primarily to state taxes and interest on reserves for tax contingencies, partially offset by foreign income taxed at lower rates. The effective rate for the nine months ended September 30, 2012 is higher than the statutory rate of 35% due primarily to an increase in reserves for and interest on reserves for tax contingencies, a valuation allowance on the deferred tax asset created by the News_Beast (formerly The Newsweek/DailyBeast Company) non-cash re-measurement charge related to our acquisition of a controlling interest, and state taxes, partially offset by foreign income taxed at lower rates and a net decrease in the valuation allowance on the beginning of the year deferred tax assets related to investments in unconsolidated affiliates. | |
On August 28, 2013, the Joint Committee of Taxation completed its review and approved the audit settlement previously agreed to with the Internal Revenue Service ("IRS") for the years ended December 31, 2001 through 2009. The statute of limitations for the years 2001 through 2009 is extended through June 30, 2014. The resolution of this IRS examination resulted in a net liability to the IRS of $7.1 million. At September 30, 2013 and December 31, 2012, unrecognized tax benefits, including interest, are $415.5 million and $496.8 million, respectively. Unrecognized tax benefits, including interest, at September 30, 2013 decreased by $81.3 million due principally to the settlement of the audit of the federal income tax returns for the years ended December 31, 2001 through 2009. The reduction of unrecognized tax benefits was substantially offset by a reduction of receivables related to the same period. Of the total unrecognized tax benefits at September 30, 2013, $401.0 million is included in "Income taxes payable," $14.0 million relates to deferred tax assets included in "Deferred income taxes" and $0.5 million is included in "Accrued expenses and other current liabilities" in the accompanying consolidated balance sheet. Included in unrecognized tax benefits at September 30, 2013 is $47.9 million relating to tax positions for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. If unrecognized tax benefits at September 30, 2013 are subsequently recognized, $119.6 million and $170.2 million, net of related deferred tax assets and interest, would reduce income tax expense for continuing operations and discontinued operations, respectively. | |
The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in income tax provision. Included in the income tax provision for continuing operations and discontinued operations for the three months ended September 30, 2013 is a $0.5 million expense and a $1.4 million benefit, respectively, net of related deferred taxes, for interest on unrecognized tax benefits. Included in the income tax provision for continuing operations and discontinued operations for the nine months ended September 30, 2013 is a $3.4 million and a $0.6 million expense, respectively, net of related deferred taxes, for interest on unrecognized tax benefits. At September 30, 2013 and December 31, 2012, the Company has accrued $125.3 million and $117.5 million, respectively, for the payment of interest. At September 30, 2013 and December 31, 2012, the Company has accrued $4.9 million and $5.0 million, respectively, for penalties. | |
The Company is routinely under audit by federal, state, local and foreign authorities in the area of income tax. These audits include questioning the timing and the amount of income and deductions and the allocation of income and deductions among various tax jurisdictions. Various jurisdictions are currently under examination, the most significant of which are France, California, New York and New York City for various tax years beginning with 2006. Income taxes payable include reserves considered sufficient to pay assessments that may result from examination of prior year tax returns. Changes to reserves from period to period and differences between amounts paid, if any, upon resolution of issues raised in audits and amounts previously provided may be material. Differences between the reserves for income tax contingencies and the amounts owed by the Company are recorded in the period they become known. The Company believes that it is reasonably possible that its unrecognized tax benefits could change within twelve months of the current reporting date. An estimate of changes in unrecognized tax benefits, while potentially significant, cannot be made. |
BUSINESS_COMBINATION
BUSINESS COMBINATION | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
BUSINESS COMBINATION | ' | ||||||||
BUSINESS COMBINATIONS | |||||||||
Acquisition of Twoo | |||||||||
On January 4, 2013, Meetic S.A., a Match subsidiary, purchased all the outstanding shares of Massive Media NV, which operates Twoo, a social discovery website that allows its users to meet new people. The purchase price was $25.0 million in cash, plus potential additional consideration of up to €83.2 million (or $112.2 million using the September 30, 2013 exchange rate) that is contingent upon a combination of earnings performance and user growth through December 31, 2015. The fair value of the contingent consideration arrangement at the acquisition date was $40.8 million. See Note 5 for additional information related to the fair value measurement of the contingent consideration arrangement. | |||||||||
Acquisition of About, Inc. | |||||||||
On September 24, 2012, IAC completed its purchase of all the outstanding shares of About, Inc. (“The About Group”), an online content and reference library offering expert, quality content across 90,000 topics. The purchase price was $300 million in cash, plus an amount equal to the net working capital of $17.1 million at closing. The financial results of The About Group are included in IAC's consolidated financial statements, within the Search & Applications segment, beginning October 1, 2012. | |||||||||
The unaudited pro forma financial information in the table below summarizes the combined results of IAC and The About Group as if the acquisition of The About Group had occurred on January 1, 2012. The pro forma financial information includes adjustments required under the acquisition method of accounting and is presented for informational purposes only and is not necessarily indicative of what the results would have been had the acquisition occurred on January 1, 2012. For the three and nine months ended September 30, 2012, pro forma adjustments reflected below include an increase of $4.6 million and $14.1 million, respectively, in amortization of intangible assets. | |||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||
(In thousands, except per share data) | |||||||||
Revenue | $ | 740,086 | $ | 2,110,653 | |||||
Net earnings attributable to IAC shareholders | $ | 43,909 | $ | 125,722 | |||||
Basic earnings per share attributable to IAC shareholders | $ | 0.5 | $ | 1.47 | |||||
Diluted earnings per share attributable to IAC shareholders | $ | 0.46 | $ | 1.35 | |||||
MARKETABLE_SECURITIES
MARKETABLE SECURITIES | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||
MARKETABLE SECURITIES | ' | |||||||||||||||
MARKETABLE SECURITIES | ||||||||||||||||
At September 30, 2013, current available-for-sale marketable securities are as follows: | ||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||
Corporate debt security | $ | 1,007 | $ | 8 | $ | — | $ | 1,015 | ||||||||
Total debt security | 1,007 | 8 | — | 1,015 | ||||||||||||
Equity securities | 7,927 | 17,398 | — | 25,325 | ||||||||||||
Total marketable securities | $ | 8,934 | $ | 17,406 | $ | — | $ | 26,340 | ||||||||
The contractual maturity of the debt security classified as available-for-sale at September 30, 2013 is less than one year. | ||||||||||||||||
At December 31, 2012, current available-for-sale marketable securities are as follows: | ||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||
Corporate debt securities | $ | 13,608 | $ | 19 | $ | — | $ | 13,627 | ||||||||
Total debt securities | 13,608 | 19 | — | 13,627 | ||||||||||||
Equity security | — | 6,977 | — | 6,977 | ||||||||||||
Total marketable securities | $ | 13,608 | $ | 6,996 | $ | — | $ | 20,604 | ||||||||
The net unrealized gains in the tables above are included in "Accumulated other comprehensive loss" in the accompanying consolidated balance sheet. | ||||||||||||||||
At September 30, 2013 and December 31, 2012, there are no investments in current available-for-sale marketable securities that are in an unrealized loss position. | ||||||||||||||||
The following table presents the proceeds from maturities and sales of current and non-current available-for-sale marketable securities and the related gross realized gains: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Proceeds from maturities and sales of available-for-sale marketable securities | $ | 41,976 | $ | 40,570 | $ | 54,478 | $ | 88,347 | ||||||||
Gross realized gains | 17,977 | 241 | 17,977 | 2,039 | ||||||||||||
Gross realized gains from the maturities and sales of available-for-sale marketable securities are included in "Other income, net" in the accompanying consolidated statement of operations. | ||||||||||||||||
The specific-identification method is used to determine the cost of securities sold and the amount of unrealized gains and losses reclassified out of accumulated other comprehensive income into earnings. |
FAIR_VALUE_MEASUREMENTS_AND_FI
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | ||||||||||||||||
The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are: | ||||||||||||||||
• | Level 1: Observable inputs obtained from independent sources, such as quoted prices for identical assets and liabilities in active markets. | |||||||||||||||
• | Level 2: Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair value of the Company's Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used. | |||||||||||||||
• | Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities. See below for a discussion of fair value measurements made using Level 3 inputs. | |||||||||||||||
The following tables present the Company's financial instruments that are measured at fair value on a recurring basis: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Quoted Market | Significant | Significant | Total | |||||||||||||
Prices in Active | Other | Unobservable | Fair Value | |||||||||||||
Markets for | Observable | Inputs | Measurements | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 347,345 | $ | — | $ | — | $ | 347,345 | ||||||||
Commercial paper | — | 81,890 | — | 81,890 | ||||||||||||
Time deposits | — | 92,446 | — | 92,446 | ||||||||||||
Marketable securities: | ||||||||||||||||
Corporate debt security | — | 1,015 | — | 1,015 | ||||||||||||
Equity securities | 25,325 | — | — | 25,325 | ||||||||||||
Long-term investments: | ||||||||||||||||
Auction rate security | — | — | 9,300 | 9,300 | ||||||||||||
Marketable equity securities | 12,360 | — | — | 12,360 | ||||||||||||
Total | $ | 385,030 | $ | 175,351 | $ | 9,300 | $ | 569,681 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration arrangement | $ | — | $ | — | $ | (48,931 | ) | $ | (48,931 | ) | ||||||
December 31, 2012 | ||||||||||||||||
Quoted Market | Significant | Significant | Total | |||||||||||||
Prices in Active | Other | Unobservable | Fair Value | |||||||||||||
Markets for | Observable | Inputs | Measurements | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 545,290 | $ | — | $ | — | $ | 545,290 | ||||||||
Time deposits | — | 11,994 | — | 11,994 | ||||||||||||
Marketable securities: | ||||||||||||||||
Corporate debt securities | — | 13,627 | — | 13,627 | ||||||||||||
Equity security | 6,977 | — | — | 6,977 | ||||||||||||
Long-term investments: | ||||||||||||||||
Auction rate security | — | — | 8,100 | 8,100 | ||||||||||||
Marketable equity securities | 31,244 | — | — | 31,244 | ||||||||||||
Total | $ | 583,511 | $ | 25,621 | $ | 8,100 | $ | 617,232 | ||||||||
The cost basis of the Company's long-term marketable equity securities at September 30, 2013 is $8.8 million, with gross unrealized gains of $3.6 million included in "Accumulated other comprehensive loss" in the accompanying consolidated balance sheet. The cost basis of the Company's long-term marketable equity securities at December 31, 2012 is $42.1 million, with a gross unrealized loss of $10.8 million included in "Accumulated other comprehensive loss" in the accompanying consolidated balance sheet. | ||||||||||||||||
The following tables present the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3): | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Auction Rate | Contingent | Auction Rate | ||||||||||||||
Security | Consideration | Security | ||||||||||||||
Arrangement | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at July 1 | $ | 8,760 | $ | (46,912 | ) | $ | 6,730 | |||||||||
Total net gains (losses) (unrealized): | ||||||||||||||||
Included in earnings | — | (632 | ) | — | ||||||||||||
Included in other comprehensive income (loss) | 540 | (1,387 | ) | 600 | ||||||||||||
Balance at September 30 | $ | 9,300 | $ | (48,931 | ) | $ | 7,330 | |||||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Auction Rate | Contingent | Auction Rate | Contingent | |||||||||||||
Security | Consideration | Security | Consideration | |||||||||||||
Arrangement | Arrangement | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance at January 1 | $ | 8,100 | $ | — | $ | 5,870 | $ | (10,000 | ) | |||||||
Total net gains (losses) (unrealized): | ||||||||||||||||
Included in earnings | — | (6,339 | ) | — | — | |||||||||||
Included in other comprehensive income (loss) | 1,200 | (1,755 | ) | 1,460 | — | |||||||||||
Fair value at date of acquisition | — | (40,837 | ) | — | — | |||||||||||
Settlements | — | — | — | 10,000 | ||||||||||||
Balance at September 30 | $ | 9,300 | $ | (48,931 | ) | $ | 7,330 | $ | — | |||||||
There are no gains or losses included in earnings for the three and nine months ended September 30, 2012 relating to the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs. | ||||||||||||||||
Auction rate security | ||||||||||||||||
The Company's auction rate security is valued by discounting the estimated future cash flow streams of the security over the life of the security. Credit spreads and other risk factors are also considered in establishing fair value. The cost basis of the auction rate security is $10.0 million, with gross unrealized losses of $0.7 million and $1.9 million at September 30, 2013 and December 31, 2012, respectively. The unrealized losses are included in "Accumulated other comprehensive loss" in the accompanying consolidated balance sheet. At September 30, 2013, the auction rate security is rated A-/WR and matures in 2035. The Company does not consider the auction rate security to be other-than-temporarily impaired at September 30, 2013, due to its high credit rating and because the Company does not intend to sell this security, and it is not more likely than not that the Company will be required to sell this security, before the recovery of its amortized cost basis, which may be maturity. | ||||||||||||||||
Contingent Consideration Arrangement | ||||||||||||||||
The contingent consideration arrangement entered into in 2013 arose from the acquisition of Twoo (see Note 3 for additional information). The fair value of the contingent consideration arrangement was determined using a probability-weighted analysis, and reflects a discount rate of 15%, which captures the risks associated with the obligation. The probability-weighted analysis consists of the Company's multi-scenario forecasts of Twoo's earnings and the number of users of Twoo.com in accordance with the contingent consideration arrangement through December 31, 2015, and the Company's estimate of the probability of each scenario occurring. These multi-scenario forecasts and related probability assessments were based primarily on management's internal projections and strategic plans, with limited additional consideration given to growth trends of similarly situated businesses. The fair value of the contingent consideration arrangement is sensitive to changes in the discount rate and changes in the forecasts of earnings and website users. The Company remeasures the fair value of the contingent consideration arrangement each reporting period, and changes are recognized in “General and administrative expense” in the accompanying consolidated statement of operations. The contingent consideration arrangement liability at September 30, 2013 includes a current portion of $3.9 million and non-current portion of $45.0 million, which are included in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively, in the accompanying consolidated balance sheet. | ||||||||||||||||
The contingent consideration arrangement in 2012 related to OkCupid, acquired in January 2011. | ||||||||||||||||
Assets measured at fair value on a nonrecurring basis | ||||||||||||||||
The Company's non-financial assets, such as goodwill, intangible assets and property and equipment, as well as equity and cost method investments, are adjusted to fair value only when an impairment charge is recognized. Such fair value measurements are based predominantly on Level 3 inputs. | ||||||||||||||||
At September 30, 2013 and December 31, 2012, the carrying values of the Company's investments accounted for under the cost method totaled $119.2 million and $113.8 million, respectively, and are included in "Long-term investments" in the accompanying consolidated balance sheet. The Company evaluates each cost method investment for possible impairment on a quarterly basis and determines the fair value if indicators of impairment are deemed to be present; the Company recognizes an impairment loss if a decline in value is determined to be other-than-temporary. If the Company has not identified events or changes in circumstances that may have a significant adverse effect on the fair value of a cost method investment, then the fair value of such cost method investment is not estimated, as it is impracticable to do so. | ||||||||||||||||
Financial instruments measured at fair value only for disclosure purposes | ||||||||||||||||
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes: | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
(In thousands) | ||||||||||||||||
Current maturities of long-term debt | $ | — | $ | — | $ | (15,844 | ) | $ | (15,875 | ) | ||||||
Long-term debt, net of current maturities | (580,000 | ) | (538,891 | ) | (580,000 | ) | (581,994 | ) | ||||||||
The fair value of long-term debt, including current maturities, is estimated using market prices or indices for similar liabilities and taking into consideration other factors such as credit quality and maturity, which are Level 3 inputs. |
LONGTERM_DEBT
LONG-TERM DEBT | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
LONG-TERM DEBT | ' | |||||||
LONG-TERM DEBT | ||||||||
The balance of long-term debt is comprised of: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
7.00% Senior Notes due January 15, 2013 (the "2002 Senior Notes"); interest payable each January 15 and July 15 | $ | — | $ | 15,844 | ||||
4.75% Senior Notes due December 15, 2022 (the "2012 Senior Notes"); interest payable each June 15 and December 15 | 500,000 | 500,000 | ||||||
5% New York City Industrial Development Agency Liberty Bonds due September 1, 2035; interest payable each March 1 and September 1 | 80,000 | 80,000 | ||||||
Total long-term debt | 580,000 | 595,844 | ||||||
Less current maturities | — | (15,844 | ) | |||||
Long-term debt, net of current maturities | $ | 580,000 | $ | 580,000 | ||||
On December 21, 2012, the Company issued $500.0 million aggregate principal amount of 4.75% Senior Notes due December 15, 2022. The 2012 Senior Notes were issued at par. Certain domestic subsidiaries have unconditionally guaranteed the 2012 Senior Notes. See Note 12 for guarantor and non-guarantor financial information. | ||||||||
The indenture governing the 2012 Senior Notes contains covenants that would limit our ability to pay dividends or make other distributions and repurchase or redeem our stock in the event a default has occurred or we are not in compliance with the financial ratio set forth in the indenture. At September 30, 2013, there were no limitations pursuant thereto. There are additional covenants that limit our ability and the ability of our subsidiaries to, among other things, (i) incur indebtedness, make investments, or sell assets in the event we are not in compliance with the financial ratio set forth in the indenture, and (ii) incur liens, enter into agreements restricting our subsidiaries' ability to pay dividends, enter into transactions with affiliates and consolidate, merge or sell all or substantially all of our assets. | ||||||||
On December 21, 2012, the Company entered into a $300.0 million revolving credit facility, which expires on December 21, 2017. The annual fee to maintain the revolving credit facility is currently 25 basis points. At September 30, 2013 and December 31, 2012, there were no outstanding borrowings under the revolving credit facility. IAC's obligation under the revolving credit facility is unconditionally guaranteed by certain domestic subsidiaries and is also secured by the stock of certain of our domestic and foreign subsidiaries. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | |||||||||||
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: | ||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||
Foreign Currency Translation Adjustment | Unrealized Gains On Available-For-Sale Securities | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | ||||||||||||
Balance at July 1 | $ | (37,302 | ) | $ | 5,115 | $ | (32,187 | ) | ||||
Other comprehensive income | 13,976 | 16,899 | 30,875 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (5,313 | ) | (5,313 | ) | |||||||
Net current period other comprehensive income | 13,976 | 11,586 | 25,562 | |||||||||
Balance at September 30 | $ | (23,326 | ) | $ | 16,701 | $ | (6,625 | ) | ||||
Nine Months Ended September 30, 2013 | ||||||||||||
Foreign Currency Translation Adjustment | Unrealized (Losses) Gains On Available-For-Sale Securities | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | ||||||||||||
Balance at January 1 | $ | (25,073 | ) | $ | (7,096 | ) | $ | (32,169 | ) | |||
Other comprehensive income | 1,747 | 19,691 | 21,438 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 4,106 | 4,106 | |||||||||
Net current period other comprehensive income | 1,747 | 23,797 | 25,544 | |||||||||
Balance at September 30 | $ | (23,326 | ) | $ | 16,701 | $ | (6,625 | ) | ||||
Unrealized gains, net of tax, reclassified out of accumulated other comprehensive loss related to the maturities and sales of available-for-sale securities are included in "Other income, net" in the accompanying consolidated statement of operations. Unrealized gains, net of tax, reclassified out of accumulated other comprehensive loss into other (expense) income, net for the three and nine months ended September 30, 2012 were less than $0.1 million and $0.9 million, respectively. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
The following tables set forth the computation of basic and diluted earnings per share attributable to IAC shareholders. | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Numerator: | ||||||||||||||||
Earnings from continuing operations | $ | 91,721 | $ | 91,721 | $ | 46,185 | $ | 46,185 | ||||||||
Net loss attributable to noncontrolling interests | 1,305 | 1,305 | 156 | 156 | ||||||||||||
Earnings from continuing operations attributable to IAC shareholders | 93,026 | 93,026 | 46,341 | 46,341 | ||||||||||||
Earnings (loss) from discontinued operations attributable to IAC shareholders | 3,914 | 3,914 | (5,624 | ) | (5,624 | ) | ||||||||||
Net earnings attributable to IAC shareholders | $ | 96,940 | $ | 96,940 | $ | 40,717 | $ | 40,717 | ||||||||
Denominator: | ||||||||||||||||
Weighted average basic shares outstanding | 83,094 | 83,094 | 88,296 | 88,296 | ||||||||||||
Dilutive securities including stock options and RSUs(a)(b) | — | 2,978 | — | 6,394 | ||||||||||||
Denominator for earnings per share—weighted average shares(a)(b) | 83,094 | 86,072 | 88,296 | 94,690 | ||||||||||||
Earnings (loss) per share attributable to IAC shareholders: | ||||||||||||||||
Earnings per share from continuing operations | $ | 1.12 | $ | 1.08 | $ | 0.52 | $ | 0.49 | ||||||||
Discontinued operations | 0.05 | 0.05 | (0.06 | ) | (0.06 | ) | ||||||||||
Earnings per share | $ | 1.17 | $ | 1.13 | $ | 0.46 | $ | 0.43 | ||||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Numerator: | ||||||||||||||||
Earnings from continuing operations | $ | 202,970 | $ | 202,970 | $ | 125,439 | $ | 125,439 | ||||||||
Net loss (earnings) attributable to noncontrolling interests | 3,995 | 3,995 | (331 | ) | (331 | ) | ||||||||||
Earnings from continuing operations attributable to IAC shareholders | 206,965 | 206,965 | 125,108 | 125,108 | ||||||||||||
Earnings (loss) from discontinued operations attributable to IAC shareholders | 1,902 | 1,902 | (6,581 | ) | (6,581 | ) | ||||||||||
Net earnings attributable to IAC shareholders | $ | 208,867 | $ | 208,867 | $ | 118,527 | $ | 118,527 | ||||||||
Denominator: | ||||||||||||||||
Weighted average basic shares outstanding | 83,636 | 83,636 | 85,766 | 85,766 | ||||||||||||
Dilutive securities including stock options, warrants and RSUs(a)(b) | — | 3,032 | — | 7,026 | ||||||||||||
Denominator for earnings per share—weighted average shares(a)(b) | 83,636 | 86,668 | 85,766 | 92,792 | ||||||||||||
Earnings (loss) per share attributable to IAC shareholders: | ||||||||||||||||
Earnings per share from continuing operations | $ | 2.47 | $ | 2.39 | $ | 1.46 | $ | 1.35 | ||||||||
Discontinued operations | 0.03 | 0.02 | (0.08 | ) | (0.07 | ) | ||||||||||
Earnings per share | $ | 2.5 | $ | 2.41 | $ | 1.38 | $ | 1.28 | ||||||||
____________________________________________ | ||||||||||||||||
(a) | If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and warrants and vesting of restricted stock units ("RSUs"). As of May 8, 2012, there are no warrants outstanding. For the three and nine months ended September 30, 2013, approximately 0.3 million and 0.7 million shares, respectively, related to potentially dilutive securities are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2012, approximately 0.3 million and 0.7 million shares, respectively, related to potentially dilutive securities are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. | |||||||||||||||
(b) | Performance-based stock units ("PSUs") are included in the denominator for earnings per share if (i) the applicable performance condition(s) has been met and (ii) the inclusion of the PSUs is dilutive for the respective reporting periods. For the three and nine months ended September 30, 2013, approximately 0.1 million PSUs that are probable of vesting were excluded from the calculation of diluted earnings per share because the performance conditions had not been met. At September 30, 2012, there were approximately 2.3 million PSUs included in the calculation of diluted earnings per share, as their performance conditions had been met. For the three and nine months ended September 30, 2012, approximately 0.6 million PSUs that were probable of vesting were excluded from the calculation of diluted earnings per share because the performance conditions had not been met. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||
The overall concept that IAC employs in determining its operating segments is to present the financial information in a manner consistent with how the chief operating decision maker views the businesses, how the businesses are organized as to segment management, and the focus of the businesses with regards to the types of services or products offered or the target market. Operating segments are combined for reporting purposes if they meet certain aggregation criteria, which principally relate to the similarity of their economic characteristics or, in the case of the "Other" reportable segment, do not meet the quantitative thresholds that require presentation as separate operating segments. | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Search & Applications | $ | 407,291 | $ | 370,227 | $ | 1,231,932 | $ | 1,062,187 | ||||||||||||
Match | 201,069 | 178,190 | 584,251 | 530,883 | ||||||||||||||||
Local | 62,805 | 84,314 | 222,484 | 245,938 | ||||||||||||||||
Media | 50,974 | 52,736 | 154,303 | 107,015 | ||||||||||||||||
Other | 35,085 | 29,064 | 106,135 | 89,899 | ||||||||||||||||
Inter-segment elimination | (352 | ) | (61 | ) | (573 | ) | (240 | ) | ||||||||||||
Total | $ | 756,872 | $ | 714,470 | $ | 2,298,532 | $ | 2,035,682 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||
Search & Applications | $ | 87,756 | $ | 69,036 | $ | 264,085 | $ | 216,593 | ||||||||||||
Match | 64,823 | 56,078 | 164,169 | 143,083 | ||||||||||||||||
Local | 9,853 | 7,343 | 2,492 | 22,802 | ||||||||||||||||
Media | (8,475 | ) | (13,178 | ) | (21,331 | ) | (27,152 | ) | ||||||||||||
Other | (2,529 | ) | (2,685 | ) | (9,848 | ) | (6,581 | ) | ||||||||||||
Corporate | (29,424 | ) | (38,561 | ) | (86,316 | ) | (110,471 | ) | ||||||||||||
Total | $ | 122,004 | $ | 78,033 | $ | 313,251 | $ | 238,274 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Operating Income Before Amortization: | ||||||||||||||||||||
Search & Applications | $ | 94,647 | $ | 69,192 | $ | 284,303 | $ | 216,771 | ||||||||||||
Match | 68,447 | 59,980 | 182,358 | 159,953 | ||||||||||||||||
Local | 12,417 | 7,817 | 13,384 | 23,599 | ||||||||||||||||
Media | (7,984 | ) | (12,236 | ) | (19,880 | ) | (25,426 | ) | ||||||||||||
Other | (1,880 | ) | (2,259 | ) | (7,797 | ) | (5,412 | ) | ||||||||||||
Corporate | (15,614 | ) | (15,898 | ) | (48,683 | ) | (47,895 | ) | ||||||||||||
Total | $ | 150,033 | $ | 106,596 | $ | 403,685 | $ | 321,590 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Depreciation: | ||||||||||||||||||||
Search & Applications | $ | 3,865 | $ | 3,343 | $ | 14,143 | $ | 10,019 | ||||||||||||
Match | 4,985 | 4,502 | 14,438 | 11,781 | ||||||||||||||||
Local | 1,346 | 2,463 | 6,399 | 7,739 | ||||||||||||||||
Media | 526 | 424 | 1,573 | 898 | ||||||||||||||||
Other | 360 | 286 | 1,010 | 787 | ||||||||||||||||
Corporate | 2,407 | 2,132 | 6,978 | 6,266 | ||||||||||||||||
Total | $ | 13,489 | $ | 13,150 | $ | 44,541 | $ | 37,490 | ||||||||||||
Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below: | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
United States | $ | 527,675 | $ | 499,409 | $ | 1,594,169 | $ | 1,417,622 | ||||||||||||
All other countries | 229,197 | 215,061 | 704,363 | 618,060 | ||||||||||||||||
Total | $ | 756,872 | $ | 714,470 | $ | 2,298,532 | $ | 2,035,682 | ||||||||||||
September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Long-lived assets (excluding goodwill and intangible assets): | ||||||||||||||||||||
United States | $ | 268,725 | $ | 251,379 | ||||||||||||||||
All other countries | 21,745 | 19,133 | ||||||||||||||||||
Total | $ | 290,470 | $ | 270,512 | ||||||||||||||||
The Company's primary metric is Operating Income Before Amortization, which is defined as operating income excluding, if applicable: (1) non-cash compensation expense, (2) amortization and impairment of intangibles, (3) goodwill impairment, (4) acquisition-related contingent consideration fair value adjustments and (5) one-time items. The Company believes this measure is useful to investors because it represents the consolidated operating results from IAC's segments, taking into account depreciation, which it believes is an ongoing cost of doing business, but excluding the effects of any other non-cash expenses. Operating Income Before Amortization has certain limitations in that it does not take into account the impact to IAC's statement of operations of certain expenses, including non-cash compensation and acquisition-related accounting. IAC endeavors to compensate for the limitations of the non-U.S. GAAP measure presented by providing the comparable U.S. GAAP measure with equal or greater prominence, financial statements prepared in accordance with U.S. GAAP, and descriptions of the reconciling items, including quantifying such items, to derive the non-U.S. GAAP measure. | ||||||||||||||||||||
The following tables reconcile Operating Income Before Amortization to operating income (loss) for the Company's reportable segments: | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Operating | Non-Cash | Amortization | Acquisition-related Contingent Consideration Fair Value Adjustments | Operating | ||||||||||||||||
Income Before | Compensation | of Intangibles | Income | |||||||||||||||||
Amortization | Expense | (Loss) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Search & Applications | $ | 94,647 | $ | — | $ | (6,891 | ) | $ | — | $ | 87,756 | |||||||||
Match | 68,447 | (336 | ) | (2,656 | ) | (632 | ) | 64,823 | ||||||||||||
Local | 12,417 | — | (2,564 | ) | — | 9,853 | ||||||||||||||
Media | (7,984 | ) | (219 | ) | (272 | ) | — | (8,475 | ) | |||||||||||
Other | (1,880 | ) | — | (649 | ) | — | (2,529 | ) | ||||||||||||
Corporate | (15,614 | ) | (13,810 | ) | — | — | (29,424 | ) | ||||||||||||
Total | $ | 150,033 | $ | (14,365 | ) | $ | (13,032 | ) | $ | (632 | ) | $ | 122,004 | |||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Operating | Non-Cash | Amortization | Operating | |||||||||||||||||
Income Before | Compensation | of Intangibles | Income | |||||||||||||||||
Amortization | Expense | (Loss) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Search & Applications | $ | 69,192 | $ | (9 | ) | $ | (147 | ) | $ | 69,036 | ||||||||||
Match | 59,980 | (560 | ) | (3,342 | ) | 56,078 | ||||||||||||||
Local | 7,817 | — | (474 | ) | 7,343 | |||||||||||||||
Media | (12,236 | ) | (62 | ) | (880 | ) | (13,178 | ) | ||||||||||||
Other | (2,259 | ) | (57 | ) | (369 | ) | (2,685 | ) | ||||||||||||
Corporate | (15,898 | ) | (22,663 | ) | — | (38,561 | ) | |||||||||||||
Total | $ | 106,596 | $ | (23,351 | ) | $ | (5,212 | ) | $ | 78,033 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Operating | Non-Cash | Amortization | Acquisition-related Contingent Consideration Fair Value Adjustments | Operating | ||||||||||||||||
Income Before | Compensation | of Intangibles | Income | |||||||||||||||||
Amortization | Expense | (Loss) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Search & Applications | $ | 284,303 | $ | (3 | ) | $ | (20,215 | ) | $ | — | $ | 264,085 | ||||||||
Match | 182,358 | (542 | ) | (11,308 | ) | (6,339 | ) | 164,169 | ||||||||||||
Local | 13,384 | — | (10,892 | ) | — | 2,492 | ||||||||||||||
Media | (19,880 | ) | (637 | ) | (814 | ) | — | (21,331 | ) | |||||||||||
Other | (7,797 | ) | (33 | ) | (2,018 | ) | — | (9,848 | ) | |||||||||||
Corporate | (48,683 | ) | (37,633 | ) | — | — | (86,316 | ) | ||||||||||||
Total | $ | 403,685 | $ | (38,848 | ) | $ | (45,247 | ) | $ | (6,339 | ) | $ | 313,251 | |||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Operating | Non-Cash | Amortization | Operating | |||||||||||||||||
Income Before | Compensation | of Intangibles | Income | |||||||||||||||||
Amortization | Expense | (Loss) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Search & Applications | $ | 216,771 | $ | (26 | ) | $ | (152 | ) | $ | 216,593 | ||||||||||
Match | 159,953 | (2,023 | ) | (14,847 | ) | 143,083 | ||||||||||||||
Local | 23,599 | — | (797 | ) | 22,802 | |||||||||||||||
Media | (25,426 | ) | (566 | ) | (1,160 | ) | (27,152 | ) | ||||||||||||
Other | (5,412 | ) | (67 | ) | (1,102 | ) | (6,581 | ) | ||||||||||||
Corporate | (47,895 | ) | (62,576 | ) | — | (110,471 | ) | |||||||||||||
Total | $ | 321,590 | $ | (65,258 | ) | $ | (18,058 | ) | $ | 238,274 | ||||||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Sep. 30, 2013 | |
Supplemental Cash Flow Information [Abstract] | ' |
SUPPLEMENTAL CASH FLOW INFORMATION | ' |
SUPPLEMENTAL CASH FLOW INFORMATION | |
The consideration for the acquisition of Twoo on January 4, 2013 includes a contingent consideration arrangement, which is described in Note 3 and Note 5. |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
Loss Contingency [Abstract] | ' |
CONTINGENCIES | ' |
CONTINGENCIES | |
In the ordinary course of business, the Company is a party to various lawsuits. The Company establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where we believe an unfavorable outcome is not probable and, therefore, no reserve is established. Although management currently believes that resolving claims against us, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. The Company also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. See Note 2 for additional information related to income tax contingencies. |
GUARANTOR_AND_NONGUARANTOR_FIN
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Guarantor and Nonguarantor Financial Statements [Abstract] | ' | |||||||||||||||||||
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | ' | |||||||||||||||||||
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | ||||||||||||||||||||
The 2012 Senior Notes are unconditionally guaranteed, jointly and severally, by certain domestic subsidiaries which are 100% owned by the Company. The following tables present condensed consolidating financial information at September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012 for: IAC, on a stand-alone basis; the combined guarantor subsidiaries of IAC; the combined non-guarantor subsidiaries of IAC; and IAC on a consolidated basis. | ||||||||||||||||||||
Balance sheet at September 30, 2013: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 452,097 | $ | — | $ | 289,555 | $ | — | $ | 741,652 | ||||||||||
Marketable securities | 15,445 | — | 10,895 | — | 26,340 | |||||||||||||||
Accounts receivable, net | 19 | 129,189 | 80,741 | — | 209,949 | |||||||||||||||
Other current assets | 43,317 | 68,415 | 41,229 | (981 | ) | 151,980 | ||||||||||||||
Intercompany receivables | — | 498,273 | 1,722,874 | (2,221,147 | ) | — | ||||||||||||||
Property and equipment, net | 4,088 | 217,650 | 68,732 | — | 290,470 | |||||||||||||||
Goodwill | — | 1,179,888 | 492,817 | — | 1,672,705 | |||||||||||||||
Intangible assets, net | — | 310,248 | 148,123 | — | 458,371 | |||||||||||||||
Investment in subsidiaries | 4,510,043 | 697,685 | — | (5,207,728 | ) | — | ||||||||||||||
Other non-current assets | 87,167 | 20,647 | 150,354 | (4,853 | ) | 253,315 | ||||||||||||||
Total assets | $ | 5,112,176 | $ | 3,121,995 | $ | 3,005,320 | $ | (7,434,709 | ) | $ | 3,804,782 | |||||||||
Accounts payable, trade | $ | 2,262 | $ | 39,414 | $ | 31,290 | $ | — | $ | 72,966 | ||||||||||
Other current liabilities | 69,965 | 252,040 | 208,295 | (1,715 | ) | 528,585 | ||||||||||||||
Long-term debt, net of current maturities | 500,000 | 80,000 | — | — | 580,000 | |||||||||||||||
Income taxes payable | 358,327 | 25,199 | 27,646 | — | 411,172 | |||||||||||||||
Intercompany liabilities | 2,221,147 | — | — | (2,221,147 | ) | — | ||||||||||||||
Other long-term liabilities | 225,419 | 85,975 | 84,009 | (4,119 | ) | 391,284 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 32,779 | — | 32,779 | |||||||||||||||
IAC shareholders' equity | 1,735,056 | 2,639,367 | 2,568,361 | (5,207,728 | ) | 1,735,056 | ||||||||||||||
Noncontrolling interests | — | — | 52,940 | — | 52,940 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 5,112,176 | $ | 3,121,995 | $ | 3,005,320 | $ | (7,434,709 | ) | $ | 3,804,782 | |||||||||
Balance sheet at December 31, 2012: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 501,075 | $ | — | $ | 248,902 | $ | — | $ | 749,977 | ||||||||||
Marketable securities | 20,604 | — | — | — | 20,604 | |||||||||||||||
Accounts receivable, net | 43 | 142,627 | 87,160 | — | 229,830 | |||||||||||||||
Other current assets | 58,452 | 53,720 | 45,204 | (1,037 | ) | 156,339 | ||||||||||||||
Intercompany receivables | — | 482,926 | 10,276,178 | (10,759,104 | ) | — | ||||||||||||||
Property and equipment, net | 4,116 | 194,515 | 71,881 | — | 270,512 | |||||||||||||||
Goodwill | — | 1,190,199 | 425,955 | — | 1,616,154 | |||||||||||||||
Intangible assets, net | — | 340,631 | 142,273 | — | 482,904 | |||||||||||||||
Investment in subsidiaries | 12,913,694 | 611,851 | — | (13,525,545 | ) | — | ||||||||||||||
Other non-current assets | 153,155 | 16,509 | 109,912 | (68 | ) | 279,508 | ||||||||||||||
Total assets | $ | 13,651,139 | $ | 3,032,978 | $ | 11,407,465 | $ | (24,285,754 | ) | $ | 3,805,828 | |||||||||
Accounts payable, trade | $ | 4,366 | $ | 64,888 | $ | 29,060 | $ | — | $ | 98,314 | ||||||||||
Other current liabilities | 74,214 | 216,010 | 238,003 | (1,652 | ) | 526,575 | ||||||||||||||
Long-term debt, net of current maturities | 500,000 | 80,000 | — | — | 580,000 | |||||||||||||||
Income taxes payable | 440,110 | 26,389 | 13,446 | — | 479,945 | |||||||||||||||
Intercompany liabilities | 10,759,104 | — | — | (10,759,104 | ) | — | ||||||||||||||
Other long-term liabilities | 217,617 | 91,119 | 45,950 | 547 | 355,233 | |||||||||||||||
Redeemable noncontrolling interests | — | 1,388 | 56,738 | — | 58,126 | |||||||||||||||
IAC shareholders' equity | 1,655,728 | 2,553,184 | 10,972,361 | (13,525,545 | ) | 1,655,728 | ||||||||||||||
Noncontrolling interests | — | — | 51,907 | — | 51,907 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 13,651,139 | $ | 3,032,978 | $ | 11,407,465 | $ | (24,285,754 | ) | $ | 3,805,828 | |||||||||
Statement of operations for the three months ended September 30, 2013: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 519,972 | $ | 237,990 | $ | (1,090 | ) | $ | 756,872 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 578 | 134,280 | 114,627 | (629 | ) | 248,856 | ||||||||||||||
Selling and marketing expense | 743 | 182,195 | 65,691 | (347 | ) | 248,282 | ||||||||||||||
General and administrative expense | 23,334 | 36,715 | 16,042 | (114 | ) | 75,977 | ||||||||||||||
Product development expense | 1,321 | 23,858 | 10,053 | — | 35,232 | |||||||||||||||
Depreciation | 340 | 8,187 | 4,962 | — | 13,489 | |||||||||||||||
Amortization of intangibles | — | 9,003 | 4,029 | — | 13,032 | |||||||||||||||
Total costs and expenses | 26,316 | 394,238 | 215,404 | (1,090 | ) | 634,868 | ||||||||||||||
Operating (loss) income | (26,316 | ) | 125,734 | 22,586 | — | 122,004 | ||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 95,701 | 19,670 | (56 | ) | (118,568 | ) | (3,253 | ) | ||||||||||||
Interest expense | (6,520 | ) | (1,061 | ) | (42 | ) | — | (7,623 | ) | |||||||||||
Other income (expense), net | 20,882 | (9,813 | ) | 5,650 | — | 16,719 | ||||||||||||||
Earnings from continuing operations before income taxes | 83,747 | 134,530 | 28,138 | (118,568 | ) | 127,847 | ||||||||||||||
Income tax benefit (provision) | 9,279 | (40,929 | ) | (4,476 | ) | — | (36,126 | ) | ||||||||||||
Earnings from continuing operations | 93,026 | 93,601 | 23,662 | (118,568 | ) | 91,721 | ||||||||||||||
Earnings from discontinued operations, net of tax | 3,914 | — | 3 | (3 | ) | 3,914 | ||||||||||||||
Net earnings | 96,940 | 93,601 | 23,665 | (118,571 | ) | 95,635 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 1,305 | — | 1,305 | |||||||||||||||
Net earnings attributable to IAC shareholders | $ | 96,940 | $ | 93,601 | $ | 24,970 | $ | (118,571 | ) | $ | 96,940 | |||||||||
Comprehensive income attributable to IAC shareholders | $ | 122,502 | $ | 94,037 | $ | 37,401 | $ | (131,438 | ) | $ | 122,502 | |||||||||
Statement of operations for the three months ended September 30, 2012: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 495,065 | $ | 220,943 | $ | (1,538 | ) | $ | 714,470 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 1,347 | 143,348 | 118,908 | (1,328 | ) | 262,275 | ||||||||||||||
Selling and marketing expense | 1,250 | 177,896 | 56,195 | (211 | ) | 235,130 | ||||||||||||||
General and administrative expense | 31,539 | 37,769 | 23,765 | 1 | 93,074 | |||||||||||||||
Product development expense | 1,486 | 18,107 | 8,003 | — | 27,596 | |||||||||||||||
Depreciation | 203 | 8,508 | 4,439 | — | 13,150 | |||||||||||||||
Amortization of intangibles | — | 468 | 4,744 | — | 5,212 | |||||||||||||||
Total costs and expenses | 35,825 | 386,096 | 216,054 | (1,538 | ) | 636,437 | ||||||||||||||
Operating (loss) income | (35,825 | ) | 108,969 | 4,889 | — | 78,033 | ||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | (9,808 | ) | 10,572 | (3,062 | ) | (1,000 | ) | (3,298 | ) | |||||||||||
Interest expense | (277 | ) | (1,063 | ) | (51 | ) | — | (1,391 | ) | |||||||||||
Other income (expense), net | 205,214 | (578 | ) | (204,189 | ) | — | 447 | |||||||||||||
Earnings (loss) from continuing operations before income taxes | 159,304 | 117,900 | (202,413 | ) | (1,000 | ) | 73,791 | |||||||||||||
Income tax (provision) benefit | (112,963 | ) | (35,809 | ) | 121,166 | — | (27,606 | ) | ||||||||||||
Earnings (loss) from continuing operations | 46,341 | 82,091 | (81,247 | ) | (1,000 | ) | 46,185 | |||||||||||||
(Loss) earnings from discontinued operations, net of tax | (5,624 | ) | — | 598 | (598 | ) | (5,624 | ) | ||||||||||||
Net earnings (loss) | 40,717 | 82,091 | (80,649 | ) | (1,598 | ) | 40,561 | |||||||||||||
Net loss attributable to noncontrolling interests | — | 146 | 10 | — | 156 | |||||||||||||||
Net earnings (loss) attributable to IAC shareholders | $ | 40,717 | $ | 82,237 | $ | (80,639 | ) | $ | (1,598 | ) | $ | 40,717 | ||||||||
Comprehensive income (loss)attributable to IAC shareholders | $ | 44,386 | $ | 82,188 | $ | (68,147 | ) | $ | (14,041 | ) | $ | 44,386 | ||||||||
Statement of operations for the nine months ended September 30, 2013: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 1,589,162 | $ | 712,656 | $ | (3,286 | ) | $ | 2,298,532 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 1,804 | 444,655 | 333,476 | (2,408 | ) | 777,527 | ||||||||||||||
Selling and marketing expense | 1,884 | 540,405 | 196,816 | (756 | ) | 738,349 | ||||||||||||||
General and administrative expense | 69,161 | 120,882 | 85,295 | (122 | ) | 275,216 | ||||||||||||||
Product development expense | 3,087 | 69,956 | 31,358 | — | 104,401 | |||||||||||||||
Depreciation | 1,051 | 28,568 | 14,922 | — | 44,541 | |||||||||||||||
Amortization of intangibles | — | 30,070 | 15,177 | — | 45,247 | |||||||||||||||
Total costs and expenses | 76,987 | 1,234,536 | 677,044 | (3,286 | ) | 1,985,281 | ||||||||||||||
Operating (loss) income | (76,987 | ) | 354,626 | 35,612 | — | 313,251 | ||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 286,178 | 30,981 | (279 | ) | (321,302 | ) | (4,422 | ) | ||||||||||||
Interest expense | (19,592 | ) | (3,204 | ) | (148 | ) | — | (22,944 | ) | |||||||||||
Other (expense) income, net | (31,457 | ) | (38,170 | ) | 88,000 | — | 18,373 | |||||||||||||
Earnings from continuing operations before income taxes | 158,142 | 344,233 | 123,185 | (321,302 | ) | 304,258 | ||||||||||||||
Income tax benefit (provision) | 48,823 | (116,383 | ) | (33,728 | ) | — | (101,288 | ) | ||||||||||||
Earnings from continuing operations | 206,965 | 227,850 | 89,457 | (321,302 | ) | 202,970 | ||||||||||||||
Earnings from discontinued operations, net of tax | 1,902 | — | 14 | (14 | ) | 1,902 | ||||||||||||||
Net earnings | 208,867 | 227,850 | 89,471 | (321,316 | ) | 204,872 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | 412 | 3,583 | — | 3,995 | |||||||||||||||
Net earnings attributable to IAC shareholders | $ | 208,867 | $ | 228,262 | $ | 93,054 | $ | (321,316 | ) | $ | 208,867 | |||||||||
Comprehensive income attributable to IAC shareholders | $ | 234,411 | $ | 228,560 | $ | 83,895 | $ | (312,455 | ) | $ | 234,411 | |||||||||
Statement of operations for the nine months ended September 30, 2012: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 1,428,316 | $ | 611,954 | $ | (4,588 | ) | $ | 2,035,682 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 4,040 | 422,193 | 300,297 | (3,651 | ) | 722,879 | ||||||||||||||
Selling and marketing expense | 3,022 | 497,647 | 165,453 | (954 | ) | 665,168 | ||||||||||||||
General and administrative expense | 89,599 | 108,886 | 72,683 | 17 | 271,185 | |||||||||||||||
Product development expense | 4,309 | 57,072 | 21,247 | — | 82,628 | |||||||||||||||
Depreciation | 495 | 26,151 | 10,844 | — | 37,490 | |||||||||||||||
Amortization of intangibles | — | 1,694 | 16,364 | — | 18,058 | |||||||||||||||
Total costs and expenses | 101,465 | 1,113,643 | 586,888 | (4,588 | ) | 1,797,408 | ||||||||||||||
Operating (loss) income | (101,465 | ) | 314,673 | 25,066 | — | 238,274 | ||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 196,390 | 28,757 | (25,774 | ) | (227,581 | ) | (28,208 | ) | ||||||||||||
Interest expense | (832 | ) | (3,193 | ) | (77 | ) | — | (4,102 | ) | |||||||||||
Other (expense) income, net | (3,350 | ) | (2,369 | ) | 8,554 | — | 2,835 | |||||||||||||
Earnings from continuing operations before income taxes | 90,743 | 337,868 | 7,769 | (227,581 | ) | 208,799 | ||||||||||||||
Income tax benefit (provision) | 34,365 | (110,884 | ) | (6,841 | ) | — | (83,360 | ) | ||||||||||||
Earnings from continuing operations | 125,108 | 226,984 | 928 | (227,581 | ) | 125,439 | ||||||||||||||
(Loss) earnings from discontinued operations, net of tax | (6,581 | ) | — | 856 | (856 | ) | (6,581 | ) | ||||||||||||
Net earnings | 118,527 | 226,984 | 1,784 | (228,437 | ) | 118,858 | ||||||||||||||
Net loss (earnings) attributable to noncontrolling interests | — | 183 | (514 | ) | (331 | ) | ||||||||||||||
Net earnings attributable to IAC shareholders | $ | 118,527 | $ | 227,167 | $ | 1,270 | $ | (228,437 | ) | $ | 118,527 | |||||||||
Comprehensive income (loss)attributable to IAC shareholders | $ | 119,079 | $ | 226,908 | $ | (2,587 | ) | $ | (224,321 | ) | $ | 119,079 | ||||||||
Statement of cash flows for the nine months ended September 30, 2013: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations | $ | (55,102 | ) | $ | 392,407 | $ | (12,975 | ) | $ | — | $ | 324,330 | ||||||||
Cash flows from investing activities attributable to continuing operations: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | (6,084 | ) | (33,373 | ) | — | (39,457 | ) | ||||||||||||
Capital expenditures | (742 | ) | (52,098 | ) | (11,274 | ) | — | (64,114 | ) | |||||||||||
Proceeds from maturities and sales of marketable debt securities | 12,502 | — | — | — | 12,502 | |||||||||||||||
Proceeds from sales of long-term investments | 41,976 | — | 310 | — | 42,286 | |||||||||||||||
Purchases of long-term investments | (17,362 | ) | — | (9,243 | ) | — | (26,605 | ) | ||||||||||||
Other, net | — | (1,717 | ) | 10,621 | — | 8,904 | ||||||||||||||
Net cash provided by (used in) investing activities attributable to continuing operations | 36,374 | (59,899 | ) | (42,959 | ) | — | (66,484 | ) | ||||||||||||
Cash flows from financing activities attributable to continuing operations: | ||||||||||||||||||||
Purchase of treasury stock | (168,376 | ) | — | — | — | (168,376 | ) | |||||||||||||
Issuance of common stock, net of withholding taxes | 6,456 | — | — | — | 6,456 | |||||||||||||||
Dividends | (58,882 | ) | — | — | — | (58,882 | ) | |||||||||||||
Excess tax benefits from stock-based awards | 26,430 | — | — | — | 26,430 | |||||||||||||||
Purchase of noncontrolling interests | — | — | (55,561 | ) | — | (55,561 | ) | |||||||||||||
Principal payments on long-term debt | (15,844 | ) | — | — | — | (15,844 | ) | |||||||||||||
Intercompany | 178,663 | (331,295 | ) | 152,632 | — | — | ||||||||||||||
Other, net | (951 | ) | (1,225 | ) | (1,210 | ) | — | (3,386 | ) | |||||||||||
Net cash (used in) provided by financing activities attributable to continuing operations | (32,504 | ) | (332,520 | ) | 95,861 | — | (269,163 | ) | ||||||||||||
Total cash (used in) provided by continuing operations | (51,232 | ) | (12 | ) | 39,927 | — | (11,317 | ) | ||||||||||||
Total cash provided by discontinued operations | 2,254 | — | 3 | — | 2,257 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 12 | 723 | — | 735 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (48,978 | ) | — | 40,653 | — | (8,325 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 501,075 | — | 248,902 | — | 749,977 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 452,097 | $ | — | $ | 289,555 | $ | — | $ | 741,652 | ||||||||||
Statement of cash flows for the nine months ended September 30, 2012: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations | $ | (25,409 | ) | $ | 337,883 | $ | 11,133 | $ | — | $ | 323,607 | |||||||||
Cash flows from investing activities attributable to continuing operations: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | (341,906 | ) | (35,217 | ) | — | (377,123 | ) | ||||||||||||
Capital expenditures | (805 | ) | (20,295 | ) | (11,263 | ) | — | (32,363 | ) | |||||||||||
Proceeds from maturities and sales of marketable debt securities | 79,353 | — | — | — | 79,353 | |||||||||||||||
Purchases of marketable debt securities | (47,902 | ) | — | — | — | (47,902 | ) | |||||||||||||
Proceeds from sales of long-term investments | 12,744 | — | — | — | 12,744 | |||||||||||||||
Purchases of long-term investments | (2,588 | ) | (724 | ) | (6,719 | ) | — | (10,031 | ) | |||||||||||
Other, net | (350 | ) | 117 | (12,031 | ) | — | (12,264 | ) | ||||||||||||
Net cash provided by (used in) investing activities attributable to continuing operations | 40,452 | (362,808 | ) | (65,230 | ) | — | (387,586 | ) | ||||||||||||
Cash flows from financing activities attributable to continuing operations: | ||||||||||||||||||||
Purchase of treasury stock | (434,041 | ) | — | — | — | (434,041 | ) | |||||||||||||
Issuance of common stock, net of withholding taxes | 320,070 | — | — | — | 320,070 | |||||||||||||||
Dividends | (43,695 | ) | — | — | — | (43,695 | ) | |||||||||||||
Excess tax benefits from stock-based awards | 18,594 | 4,892 | — | — | 23,486 | |||||||||||||||
Purchase of noncontrolling interests | (1,937 | ) | — | (2,954 | ) | — | (4,891 | ) | ||||||||||||
Intercompany | (153,633 | ) | 20,052 | 133,581 | — | — | ||||||||||||||
Other, net | — | — | 195 | — | 195 | |||||||||||||||
Net cash (used in) provided by financing activities attributable to continuing operations | (294,642 | ) | 24,944 | 130,822 | — | (138,876 | ) | |||||||||||||
Total cash (used in) provided by continuing operations | (279,599 | ) | 19 | 76,725 | — | (202,855 | ) | |||||||||||||
Total cash provided by (used in) discontinued operations | 2,576 | — | (4,442 | ) | — | (1,866 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (19 | ) | 2,366 | — | 2,347 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (277,023 | ) | — | 74,649 | — | (202,374 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 545,222 | — | 158,931 | — | 704,153 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 268,199 | $ | — | $ | 233,580 | $ | — | $ | 501,779 | ||||||||||
THE_COMPANY_AND_SUMMARY_OF_SIG1
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Accounting Estimates | ' |
Accounting Estimates | |
The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates, judgments and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and judgments including those related to: the fair values of marketable securities and other investments; the recoverability of goodwill and indefinite-lived intangible assets; the useful lives and recovery of definite-lived intangible assets and property and equipment; the carrying value of accounts receivable, including the determination of the allowance for doubtful accounts and revenue reserves; the fair value of acquisition-related contingent consideration; the reserves for income tax contingencies; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets and other factors that the Company considers relevant. |
BUSINESS_COMBINATION_Tables
BUSINESS COMBINATION (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of pro forma financial information | ' | ||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||
(In thousands, except per share data) | |||||||||
Revenue | $ | 740,086 | $ | 2,110,653 | |||||
Net earnings attributable to IAC shareholders | $ | 43,909 | $ | 125,722 | |||||
Basic earnings per share attributable to IAC shareholders | $ | 0.5 | $ | 1.47 | |||||
Diluted earnings per share attributable to IAC shareholders | $ | 0.46 | $ | 1.35 | |||||
MARKETABLE_SECURITIES_Tables
MARKETABLE SECURITIES (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||
Schedule of current available-for-sale marketable securities | ' | |||||||||||||||
At September 30, 2013, current available-for-sale marketable securities are as follows: | ||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||
Corporate debt security | $ | 1,007 | $ | 8 | $ | — | $ | 1,015 | ||||||||
Total debt security | 1,007 | 8 | — | 1,015 | ||||||||||||
Equity securities | 7,927 | 17,398 | — | 25,325 | ||||||||||||
Total marketable securities | $ | 8,934 | $ | 17,406 | $ | — | $ | 26,340 | ||||||||
The contractual maturity of the debt security classified as available-for-sale at September 30, 2013 is less than one year. | ||||||||||||||||
At December 31, 2012, current available-for-sale marketable securities are as follows: | ||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||
Corporate debt securities | $ | 13,608 | $ | 19 | $ | — | $ | 13,627 | ||||||||
Total debt securities | 13,608 | 19 | — | 13,627 | ||||||||||||
Equity security | — | 6,977 | — | 6,977 | ||||||||||||
Total marketable securities | $ | 13,608 | $ | 6,996 | $ | — | $ | 20,604 | ||||||||
Schedule of proceeds from maturities and sales of current and non-current available-for-sale marketable securities and the related gross realized gains and losses | ' | |||||||||||||||
The following table presents the proceeds from maturities and sales of current and non-current available-for-sale marketable securities and the related gross realized gains: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Proceeds from maturities and sales of available-for-sale marketable securities | $ | 41,976 | $ | 40,570 | $ | 54,478 | $ | 88,347 | ||||||||
Gross realized gains | 17,977 | 241 | 17,977 | 2,039 | ||||||||||||
FAIR_VALUE_MEASUREMENTS_AND_FI1
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||
The following tables present the Company's financial instruments that are measured at fair value on a recurring basis: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Quoted Market | Significant | Significant | Total | |||||||||||||
Prices in Active | Other | Unobservable | Fair Value | |||||||||||||
Markets for | Observable | Inputs | Measurements | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 347,345 | $ | — | $ | — | $ | 347,345 | ||||||||
Commercial paper | — | 81,890 | — | 81,890 | ||||||||||||
Time deposits | — | 92,446 | — | 92,446 | ||||||||||||
Marketable securities: | ||||||||||||||||
Corporate debt security | — | 1,015 | — | 1,015 | ||||||||||||
Equity securities | 25,325 | — | — | 25,325 | ||||||||||||
Long-term investments: | ||||||||||||||||
Auction rate security | — | — | 9,300 | 9,300 | ||||||||||||
Marketable equity securities | 12,360 | — | — | 12,360 | ||||||||||||
Total | $ | 385,030 | $ | 175,351 | $ | 9,300 | $ | 569,681 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration arrangement | $ | — | $ | — | $ | (48,931 | ) | $ | (48,931 | ) | ||||||
December 31, 2012 | ||||||||||||||||
Quoted Market | Significant | Significant | Total | |||||||||||||
Prices in Active | Other | Unobservable | Fair Value | |||||||||||||
Markets for | Observable | Inputs | Measurements | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 545,290 | $ | — | $ | — | $ | 545,290 | ||||||||
Time deposits | — | 11,994 | — | 11,994 | ||||||||||||
Marketable securities: | ||||||||||||||||
Corporate debt securities | — | 13,627 | — | 13,627 | ||||||||||||
Equity security | 6,977 | — | — | 6,977 | ||||||||||||
Long-term investments: | ||||||||||||||||
Auction rate security | — | — | 8,100 | 8,100 | ||||||||||||
Marketable equity securities | 31,244 | — | — | 31,244 | ||||||||||||
Total | $ | 583,511 | $ | 25,621 | $ | 8,100 | $ | 617,232 | ||||||||
Schedule of changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ' | |||||||||||||||
The following tables present the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3): | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Auction Rate | Contingent | Auction Rate | ||||||||||||||
Security | Consideration | Security | ||||||||||||||
Arrangement | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at July 1 | $ | 8,760 | $ | (46,912 | ) | $ | 6,730 | |||||||||
Total net gains (losses) (unrealized): | ||||||||||||||||
Included in earnings | — | (632 | ) | — | ||||||||||||
Included in other comprehensive income (loss) | 540 | (1,387 | ) | 600 | ||||||||||||
Balance at September 30 | $ | 9,300 | $ | (48,931 | ) | $ | 7,330 | |||||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Auction Rate | Contingent | Auction Rate | Contingent | |||||||||||||
Security | Consideration | Security | Consideration | |||||||||||||
Arrangement | Arrangement | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance at January 1 | $ | 8,100 | $ | — | $ | 5,870 | $ | (10,000 | ) | |||||||
Total net gains (losses) (unrealized): | ||||||||||||||||
Included in earnings | — | (6,339 | ) | — | — | |||||||||||
Included in other comprehensive income (loss) | 1,200 | (1,755 | ) | 1,460 | — | |||||||||||
Fair value at date of acquisition | — | (40,837 | ) | — | — | |||||||||||
Settlements | — | — | — | 10,000 | ||||||||||||
Balance at September 30 | $ | 9,300 | $ | (48,931 | ) | $ | 7,330 | $ | — | |||||||
Schedule of fair values of the financial instruments | ' | |||||||||||||||
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes: | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
(In thousands) | ||||||||||||||||
Current maturities of long-term debt | $ | — | $ | — | $ | (15,844 | ) | $ | (15,875 | ) | ||||||
Long-term debt, net of current maturities | (580,000 | ) | (538,891 | ) | (580,000 | ) | (581,994 | ) |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments | ' | |||||||
The balance of long-term debt is comprised of: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
7.00% Senior Notes due January 15, 2013 (the "2002 Senior Notes"); interest payable each January 15 and July 15 | $ | — | $ | 15,844 | ||||
4.75% Senior Notes due December 15, 2022 (the "2012 Senior Notes"); interest payable each June 15 and December 15 | 500,000 | 500,000 | ||||||
5% New York City Industrial Development Agency Liberty Bonds due September 1, 2035; interest payable each March 1 and September 1 | 80,000 | 80,000 | ||||||
Total long-term debt | 580,000 | 595,844 | ||||||
Less current maturities | — | (15,844 | ) | |||||
Long-term debt, net of current maturities | $ | 580,000 | $ | 580,000 | ||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Schedule of 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: | ||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||
Foreign Currency Translation Adjustment | Unrealized Gains On Available-For-Sale Securities | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | ||||||||||||
Balance at July 1 | $ | (37,302 | ) | $ | 5,115 | $ | (32,187 | ) | ||||
Other comprehensive income | 13,976 | 16,899 | 30,875 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (5,313 | ) | (5,313 | ) | |||||||
Net current period other comprehensive income | 13,976 | 11,586 | 25,562 | |||||||||
Balance at September 30 | $ | (23,326 | ) | $ | 16,701 | $ | (6,625 | ) | ||||
Nine Months Ended September 30, 2013 | ||||||||||||
Foreign Currency Translation Adjustment | Unrealized (Losses) Gains On Available-For-Sale Securities | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | ||||||||||||
Balance at January 1 | $ | (25,073 | ) | $ | (7,096 | ) | $ | (32,169 | ) | |||
Other comprehensive income | 1,747 | 19,691 | 21,438 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 4,106 | 4,106 | |||||||||
Net current period other comprehensive income | 1,747 | 23,797 | 25,544 | |||||||||
Balance at September 30 | $ | (23,326 | ) | $ | 16,701 | $ | (6,625 | ) | ||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of basic and diluted earnings per share | ' | |||||||||||||||
The following tables set forth the computation of basic and diluted earnings per share attributable to IAC shareholders. | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Numerator: | ||||||||||||||||
Earnings from continuing operations | $ | 91,721 | $ | 91,721 | $ | 46,185 | $ | 46,185 | ||||||||
Net loss attributable to noncontrolling interests | 1,305 | 1,305 | 156 | 156 | ||||||||||||
Earnings from continuing operations attributable to IAC shareholders | 93,026 | 93,026 | 46,341 | 46,341 | ||||||||||||
Earnings (loss) from discontinued operations attributable to IAC shareholders | 3,914 | 3,914 | (5,624 | ) | (5,624 | ) | ||||||||||
Net earnings attributable to IAC shareholders | $ | 96,940 | $ | 96,940 | $ | 40,717 | $ | 40,717 | ||||||||
Denominator: | ||||||||||||||||
Weighted average basic shares outstanding | 83,094 | 83,094 | 88,296 | 88,296 | ||||||||||||
Dilutive securities including stock options and RSUs(a)(b) | — | 2,978 | — | 6,394 | ||||||||||||
Denominator for earnings per share—weighted average shares(a)(b) | 83,094 | 86,072 | 88,296 | 94,690 | ||||||||||||
Earnings (loss) per share attributable to IAC shareholders: | ||||||||||||||||
Earnings per share from continuing operations | $ | 1.12 | $ | 1.08 | $ | 0.52 | $ | 0.49 | ||||||||
Discontinued operations | 0.05 | 0.05 | (0.06 | ) | (0.06 | ) | ||||||||||
Earnings per share | $ | 1.17 | $ | 1.13 | $ | 0.46 | $ | 0.43 | ||||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Numerator: | ||||||||||||||||
Earnings from continuing operations | $ | 202,970 | $ | 202,970 | $ | 125,439 | $ | 125,439 | ||||||||
Net loss (earnings) attributable to noncontrolling interests | 3,995 | 3,995 | (331 | ) | (331 | ) | ||||||||||
Earnings from continuing operations attributable to IAC shareholders | 206,965 | 206,965 | 125,108 | 125,108 | ||||||||||||
Earnings (loss) from discontinued operations attributable to IAC shareholders | 1,902 | 1,902 | (6,581 | ) | (6,581 | ) | ||||||||||
Net earnings attributable to IAC shareholders | $ | 208,867 | $ | 208,867 | $ | 118,527 | $ | 118,527 | ||||||||
Denominator: | ||||||||||||||||
Weighted average basic shares outstanding | 83,636 | 83,636 | 85,766 | 85,766 | ||||||||||||
Dilutive securities including stock options, warrants and RSUs(a)(b) | — | 3,032 | — | 7,026 | ||||||||||||
Denominator for earnings per share—weighted average shares(a)(b) | 83,636 | 86,668 | 85,766 | 92,792 | ||||||||||||
Earnings (loss) per share attributable to IAC shareholders: | ||||||||||||||||
Earnings per share from continuing operations | $ | 2.47 | $ | 2.39 | $ | 1.46 | $ | 1.35 | ||||||||
Discontinued operations | 0.03 | 0.02 | (0.08 | ) | (0.07 | ) | ||||||||||
Earnings per share | $ | 2.5 | $ | 2.41 | $ | 1.38 | $ | 1.28 | ||||||||
____________________________________________ | ||||||||||||||||
(a) | If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and warrants and vesting of restricted stock units ("RSUs"). As of May 8, 2012, there are no warrants outstanding. For the three and nine months ended September 30, 2013, approximately 0.3 million and 0.7 million shares, respectively, related to potentially dilutive securities are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2012, approximately 0.3 million and 0.7 million shares, respectively, related to potentially dilutive securities are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. | |||||||||||||||
(b) | Performance-based stock units ("PSUs") are included in the denominator for earnings per share if (i) the applicable performance condition(s) has been met and (ii) the inclusion of the PSUs is dilutive for the respective reporting periods. For the three and nine months ended September 30, 2013, approximately 0.1 million PSUs that are probable of vesting were excluded from the calculation of diluted earnings per share because the performance conditions had not been met. At September 30, 2012, there were approximately 2.3 million PSUs included in the calculation of diluted earnings per share, as their performance conditions had been met. For the three and nine months ended September 30, 2012, approximately 0.6 million PSUs that were probable of vesting were excluded from the calculation of diluted earnings per share because the performance conditions had not been met. |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of reconciliation of revenues from segments to consolidated | ' | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Search & Applications | $ | 407,291 | $ | 370,227 | $ | 1,231,932 | $ | 1,062,187 | ||||||||||||
Match | 201,069 | 178,190 | 584,251 | 530,883 | ||||||||||||||||
Local | 62,805 | 84,314 | 222,484 | 245,938 | ||||||||||||||||
Media | 50,974 | 52,736 | 154,303 | 107,015 | ||||||||||||||||
Other | 35,085 | 29,064 | 106,135 | 89,899 | ||||||||||||||||
Inter-segment elimination | (352 | ) | (61 | ) | (573 | ) | (240 | ) | ||||||||||||
Total | $ | 756,872 | $ | 714,470 | $ | 2,298,532 | $ | 2,035,682 | ||||||||||||
Schedule of reconciliation of operating income (loss) from segments to consolidated | ' | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||
Search & Applications | $ | 87,756 | $ | 69,036 | $ | 264,085 | $ | 216,593 | ||||||||||||
Match | 64,823 | 56,078 | 164,169 | 143,083 | ||||||||||||||||
Local | 9,853 | 7,343 | 2,492 | 22,802 | ||||||||||||||||
Media | (8,475 | ) | (13,178 | ) | (21,331 | ) | (27,152 | ) | ||||||||||||
Other | (2,529 | ) | (2,685 | ) | (9,848 | ) | (6,581 | ) | ||||||||||||
Corporate | (29,424 | ) | (38,561 | ) | (86,316 | ) | (110,471 | ) | ||||||||||||
Total | $ | 122,004 | $ | 78,033 | $ | 313,251 | $ | 238,274 | ||||||||||||
Schedule of reconciliation of Operating Income Before Amortization from segments to consolidated | ' | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Operating Income Before Amortization: | ||||||||||||||||||||
Search & Applications | $ | 94,647 | $ | 69,192 | $ | 284,303 | $ | 216,771 | ||||||||||||
Match | 68,447 | 59,980 | 182,358 | 159,953 | ||||||||||||||||
Local | 12,417 | 7,817 | 13,384 | 23,599 | ||||||||||||||||
Media | (7,984 | ) | (12,236 | ) | (19,880 | ) | (25,426 | ) | ||||||||||||
Other | (1,880 | ) | (2,259 | ) | (7,797 | ) | (5,412 | ) | ||||||||||||
Corporate | (15,614 | ) | (15,898 | ) | (48,683 | ) | (47,895 | ) | ||||||||||||
Total | $ | 150,033 | $ | 106,596 | $ | 403,685 | $ | 321,590 | ||||||||||||
Schedule of reconciliation of depreciation from segments to consolidated | ' | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Depreciation: | ||||||||||||||||||||
Search & Applications | $ | 3,865 | $ | 3,343 | $ | 14,143 | $ | 10,019 | ||||||||||||
Match | 4,985 | 4,502 | 14,438 | 11,781 | ||||||||||||||||
Local | 1,346 | 2,463 | 6,399 | 7,739 | ||||||||||||||||
Media | 526 | 424 | 1,573 | 898 | ||||||||||||||||
Other | 360 | 286 | 1,010 | 787 | ||||||||||||||||
Corporate | 2,407 | 2,132 | 6,978 | 6,266 | ||||||||||||||||
Total | $ | 13,489 | $ | 13,150 | $ | 44,541 | $ | 37,490 | ||||||||||||
Schedule of revenue and long-lived assets, excluding goodwill and intangible assets, by geography | ' | |||||||||||||||||||
Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below: | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
United States | $ | 527,675 | $ | 499,409 | $ | 1,594,169 | $ | 1,417,622 | ||||||||||||
All other countries | 229,197 | 215,061 | 704,363 | 618,060 | ||||||||||||||||
Total | $ | 756,872 | $ | 714,470 | $ | 2,298,532 | $ | 2,035,682 | ||||||||||||
September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Long-lived assets (excluding goodwill and intangible assets): | ||||||||||||||||||||
United States | $ | 268,725 | $ | 251,379 | ||||||||||||||||
All other countries | 21,745 | 19,133 | ||||||||||||||||||
Total | $ | 290,470 | $ | 270,512 | ||||||||||||||||
Schedule of reconciliation of Operating Income Before Amortization to operating income (loss) for the entity's reportable segments | ' | |||||||||||||||||||
The following tables reconcile Operating Income Before Amortization to operating income (loss) for the Company's reportable segments: | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Operating | Non-Cash | Amortization | Acquisition-related Contingent Consideration Fair Value Adjustments | Operating | ||||||||||||||||
Income Before | Compensation | of Intangibles | Income | |||||||||||||||||
Amortization | Expense | (Loss) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Search & Applications | $ | 94,647 | $ | — | $ | (6,891 | ) | $ | — | $ | 87,756 | |||||||||
Match | 68,447 | (336 | ) | (2,656 | ) | (632 | ) | 64,823 | ||||||||||||
Local | 12,417 | — | (2,564 | ) | — | 9,853 | ||||||||||||||
Media | (7,984 | ) | (219 | ) | (272 | ) | — | (8,475 | ) | |||||||||||
Other | (1,880 | ) | — | (649 | ) | — | (2,529 | ) | ||||||||||||
Corporate | (15,614 | ) | (13,810 | ) | — | — | (29,424 | ) | ||||||||||||
Total | $ | 150,033 | $ | (14,365 | ) | $ | (13,032 | ) | $ | (632 | ) | $ | 122,004 | |||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Operating | Non-Cash | Amortization | Operating | |||||||||||||||||
Income Before | Compensation | of Intangibles | Income | |||||||||||||||||
Amortization | Expense | (Loss) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Search & Applications | $ | 69,192 | $ | (9 | ) | $ | (147 | ) | $ | 69,036 | ||||||||||
Match | 59,980 | (560 | ) | (3,342 | ) | 56,078 | ||||||||||||||
Local | 7,817 | — | (474 | ) | 7,343 | |||||||||||||||
Media | (12,236 | ) | (62 | ) | (880 | ) | (13,178 | ) | ||||||||||||
Other | (2,259 | ) | (57 | ) | (369 | ) | (2,685 | ) | ||||||||||||
Corporate | (15,898 | ) | (22,663 | ) | — | (38,561 | ) | |||||||||||||
Total | $ | 106,596 | $ | (23,351 | ) | $ | (5,212 | ) | $ | 78,033 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Operating | Non-Cash | Amortization | Acquisition-related Contingent Consideration Fair Value Adjustments | Operating | ||||||||||||||||
Income Before | Compensation | of Intangibles | Income | |||||||||||||||||
Amortization | Expense | (Loss) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Search & Applications | $ | 284,303 | $ | (3 | ) | $ | (20,215 | ) | $ | — | $ | 264,085 | ||||||||
Match | 182,358 | (542 | ) | (11,308 | ) | (6,339 | ) | 164,169 | ||||||||||||
Local | 13,384 | — | (10,892 | ) | — | 2,492 | ||||||||||||||
Media | (19,880 | ) | (637 | ) | (814 | ) | — | (21,331 | ) | |||||||||||
Other | (7,797 | ) | (33 | ) | (2,018 | ) | — | (9,848 | ) | |||||||||||
Corporate | (48,683 | ) | (37,633 | ) | — | — | (86,316 | ) | ||||||||||||
Total | $ | 403,685 | $ | (38,848 | ) | $ | (45,247 | ) | $ | (6,339 | ) | $ | 313,251 | |||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Operating | Non-Cash | Amortization | Operating | |||||||||||||||||
Income Before | Compensation | of Intangibles | Income | |||||||||||||||||
Amortization | Expense | (Loss) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Search & Applications | $ | 216,771 | $ | (26 | ) | $ | (152 | ) | $ | 216,593 | ||||||||||
Match | 159,953 | (2,023 | ) | (14,847 | ) | 143,083 | ||||||||||||||
Local | 23,599 | — | (797 | ) | 22,802 | |||||||||||||||
Media | (25,426 | ) | (566 | ) | (1,160 | ) | (27,152 | ) | ||||||||||||
Other | (5,412 | ) | (67 | ) | (1,102 | ) | (6,581 | ) | ||||||||||||
Corporate | (47,895 | ) | (62,576 | ) | — | (110,471 | ) | |||||||||||||
Total | $ | 321,590 | $ | (65,258 | ) | $ | (18,058 | ) | $ | 238,274 | ||||||||||
GUARANTOR_AND_NONGUARANTOR_FIN1
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Guarantor and Nonguarantor Financial Statements [Abstract] | ' | |||||||||||||||||||
Schedule of condensed balance sheet | ' | |||||||||||||||||||
Balance sheet at September 30, 2013: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 452,097 | $ | — | $ | 289,555 | $ | — | $ | 741,652 | ||||||||||
Marketable securities | 15,445 | — | 10,895 | — | 26,340 | |||||||||||||||
Accounts receivable, net | 19 | 129,189 | 80,741 | — | 209,949 | |||||||||||||||
Other current assets | 43,317 | 68,415 | 41,229 | (981 | ) | 151,980 | ||||||||||||||
Intercompany receivables | — | 498,273 | 1,722,874 | (2,221,147 | ) | — | ||||||||||||||
Property and equipment, net | 4,088 | 217,650 | 68,732 | — | 290,470 | |||||||||||||||
Goodwill | — | 1,179,888 | 492,817 | — | 1,672,705 | |||||||||||||||
Intangible assets, net | — | 310,248 | 148,123 | — | 458,371 | |||||||||||||||
Investment in subsidiaries | 4,510,043 | 697,685 | — | (5,207,728 | ) | — | ||||||||||||||
Other non-current assets | 87,167 | 20,647 | 150,354 | (4,853 | ) | 253,315 | ||||||||||||||
Total assets | $ | 5,112,176 | $ | 3,121,995 | $ | 3,005,320 | $ | (7,434,709 | ) | $ | 3,804,782 | |||||||||
Accounts payable, trade | $ | 2,262 | $ | 39,414 | $ | 31,290 | $ | — | $ | 72,966 | ||||||||||
Other current liabilities | 69,965 | 252,040 | 208,295 | (1,715 | ) | 528,585 | ||||||||||||||
Long-term debt, net of current maturities | 500,000 | 80,000 | — | — | 580,000 | |||||||||||||||
Income taxes payable | 358,327 | 25,199 | 27,646 | — | 411,172 | |||||||||||||||
Intercompany liabilities | 2,221,147 | — | — | (2,221,147 | ) | — | ||||||||||||||
Other long-term liabilities | 225,419 | 85,975 | 84,009 | (4,119 | ) | 391,284 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 32,779 | — | 32,779 | |||||||||||||||
IAC shareholders' equity | 1,735,056 | 2,639,367 | 2,568,361 | (5,207,728 | ) | 1,735,056 | ||||||||||||||
Noncontrolling interests | — | — | 52,940 | — | 52,940 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 5,112,176 | $ | 3,121,995 | $ | 3,005,320 | $ | (7,434,709 | ) | $ | 3,804,782 | |||||||||
Balance sheet at December 31, 2012: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 501,075 | $ | — | $ | 248,902 | $ | — | $ | 749,977 | ||||||||||
Marketable securities | 20,604 | — | — | — | 20,604 | |||||||||||||||
Accounts receivable, net | 43 | 142,627 | 87,160 | — | 229,830 | |||||||||||||||
Other current assets | 58,452 | 53,720 | 45,204 | (1,037 | ) | 156,339 | ||||||||||||||
Intercompany receivables | — | 482,926 | 10,276,178 | (10,759,104 | ) | — | ||||||||||||||
Property and equipment, net | 4,116 | 194,515 | 71,881 | — | 270,512 | |||||||||||||||
Goodwill | — | 1,190,199 | 425,955 | — | 1,616,154 | |||||||||||||||
Intangible assets, net | — | 340,631 | 142,273 | — | 482,904 | |||||||||||||||
Investment in subsidiaries | 12,913,694 | 611,851 | — | (13,525,545 | ) | — | ||||||||||||||
Other non-current assets | 153,155 | 16,509 | 109,912 | (68 | ) | 279,508 | ||||||||||||||
Total assets | $ | 13,651,139 | $ | 3,032,978 | $ | 11,407,465 | $ | (24,285,754 | ) | $ | 3,805,828 | |||||||||
Accounts payable, trade | $ | 4,366 | $ | 64,888 | $ | 29,060 | $ | — | $ | 98,314 | ||||||||||
Other current liabilities | 74,214 | 216,010 | 238,003 | (1,652 | ) | 526,575 | ||||||||||||||
Long-term debt, net of current maturities | 500,000 | 80,000 | — | — | 580,000 | |||||||||||||||
Income taxes payable | 440,110 | 26,389 | 13,446 | — | 479,945 | |||||||||||||||
Intercompany liabilities | 10,759,104 | — | — | (10,759,104 | ) | — | ||||||||||||||
Other long-term liabilities | 217,617 | 91,119 | 45,950 | 547 | 355,233 | |||||||||||||||
Redeemable noncontrolling interests | — | 1,388 | 56,738 | — | 58,126 | |||||||||||||||
IAC shareholders' equity | 1,655,728 | 2,553,184 | 10,972,361 | (13,525,545 | ) | 1,655,728 | ||||||||||||||
Noncontrolling interests | — | — | 51,907 | — | 51,907 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 13,651,139 | $ | 3,032,978 | $ | 11,407,465 | $ | (24,285,754 | ) | $ | 3,805,828 | |||||||||
Schedule of condensed income statement | ' | |||||||||||||||||||
Statement of operations for the three months ended September 30, 2013: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 519,972 | $ | 237,990 | $ | (1,090 | ) | $ | 756,872 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 578 | 134,280 | 114,627 | (629 | ) | 248,856 | ||||||||||||||
Selling and marketing expense | 743 | 182,195 | 65,691 | (347 | ) | 248,282 | ||||||||||||||
General and administrative expense | 23,334 | 36,715 | 16,042 | (114 | ) | 75,977 | ||||||||||||||
Product development expense | 1,321 | 23,858 | 10,053 | — | 35,232 | |||||||||||||||
Depreciation | 340 | 8,187 | 4,962 | — | 13,489 | |||||||||||||||
Amortization of intangibles | — | 9,003 | 4,029 | — | 13,032 | |||||||||||||||
Total costs and expenses | 26,316 | 394,238 | 215,404 | (1,090 | ) | 634,868 | ||||||||||||||
Operating (loss) income | (26,316 | ) | 125,734 | 22,586 | — | 122,004 | ||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 95,701 | 19,670 | (56 | ) | (118,568 | ) | (3,253 | ) | ||||||||||||
Interest expense | (6,520 | ) | (1,061 | ) | (42 | ) | — | (7,623 | ) | |||||||||||
Other income (expense), net | 20,882 | (9,813 | ) | 5,650 | — | 16,719 | ||||||||||||||
Earnings from continuing operations before income taxes | 83,747 | 134,530 | 28,138 | (118,568 | ) | 127,847 | ||||||||||||||
Income tax benefit (provision) | 9,279 | (40,929 | ) | (4,476 | ) | — | (36,126 | ) | ||||||||||||
Earnings from continuing operations | 93,026 | 93,601 | 23,662 | (118,568 | ) | 91,721 | ||||||||||||||
Earnings from discontinued operations, net of tax | 3,914 | — | 3 | (3 | ) | 3,914 | ||||||||||||||
Net earnings | 96,940 | 93,601 | 23,665 | (118,571 | ) | 95,635 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 1,305 | — | 1,305 | |||||||||||||||
Net earnings attributable to IAC shareholders | $ | 96,940 | $ | 93,601 | $ | 24,970 | $ | (118,571 | ) | $ | 96,940 | |||||||||
Comprehensive income attributable to IAC shareholders | $ | 122,502 | $ | 94,037 | $ | 37,401 | $ | (131,438 | ) | $ | 122,502 | |||||||||
Statement of operations for the three months ended September 30, 2012: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 495,065 | $ | 220,943 | $ | (1,538 | ) | $ | 714,470 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 1,347 | 143,348 | 118,908 | (1,328 | ) | 262,275 | ||||||||||||||
Selling and marketing expense | 1,250 | 177,896 | 56,195 | (211 | ) | 235,130 | ||||||||||||||
General and administrative expense | 31,539 | 37,769 | 23,765 | 1 | 93,074 | |||||||||||||||
Product development expense | 1,486 | 18,107 | 8,003 | — | 27,596 | |||||||||||||||
Depreciation | 203 | 8,508 | 4,439 | — | 13,150 | |||||||||||||||
Amortization of intangibles | — | 468 | 4,744 | — | 5,212 | |||||||||||||||
Total costs and expenses | 35,825 | 386,096 | 216,054 | (1,538 | ) | 636,437 | ||||||||||||||
Operating (loss) income | (35,825 | ) | 108,969 | 4,889 | — | 78,033 | ||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | (9,808 | ) | 10,572 | (3,062 | ) | (1,000 | ) | (3,298 | ) | |||||||||||
Interest expense | (277 | ) | (1,063 | ) | (51 | ) | — | (1,391 | ) | |||||||||||
Other income (expense), net | 205,214 | (578 | ) | (204,189 | ) | — | 447 | |||||||||||||
Earnings (loss) from continuing operations before income taxes | 159,304 | 117,900 | (202,413 | ) | (1,000 | ) | 73,791 | |||||||||||||
Income tax (provision) benefit | (112,963 | ) | (35,809 | ) | 121,166 | — | (27,606 | ) | ||||||||||||
Earnings (loss) from continuing operations | 46,341 | 82,091 | (81,247 | ) | (1,000 | ) | 46,185 | |||||||||||||
(Loss) earnings from discontinued operations, net of tax | (5,624 | ) | — | 598 | (598 | ) | (5,624 | ) | ||||||||||||
Net earnings (loss) | 40,717 | 82,091 | (80,649 | ) | (1,598 | ) | 40,561 | |||||||||||||
Net loss attributable to noncontrolling interests | — | 146 | 10 | — | 156 | |||||||||||||||
Net earnings (loss) attributable to IAC shareholders | $ | 40,717 | $ | 82,237 | $ | (80,639 | ) | $ | (1,598 | ) | $ | 40,717 | ||||||||
Comprehensive income (loss)attributable to IAC shareholders | $ | 44,386 | $ | 82,188 | $ | (68,147 | ) | $ | (14,041 | ) | $ | 44,386 | ||||||||
Statement of operations for the nine months ended September 30, 2013: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 1,589,162 | $ | 712,656 | $ | (3,286 | ) | $ | 2,298,532 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 1,804 | 444,655 | 333,476 | (2,408 | ) | 777,527 | ||||||||||||||
Selling and marketing expense | 1,884 | 540,405 | 196,816 | (756 | ) | 738,349 | ||||||||||||||
General and administrative expense | 69,161 | 120,882 | 85,295 | (122 | ) | 275,216 | ||||||||||||||
Product development expense | 3,087 | 69,956 | 31,358 | — | 104,401 | |||||||||||||||
Depreciation | 1,051 | 28,568 | 14,922 | — | 44,541 | |||||||||||||||
Amortization of intangibles | — | 30,070 | 15,177 | — | 45,247 | |||||||||||||||
Total costs and expenses | 76,987 | 1,234,536 | 677,044 | (3,286 | ) | 1,985,281 | ||||||||||||||
Operating (loss) income | (76,987 | ) | 354,626 | 35,612 | — | 313,251 | ||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 286,178 | 30,981 | (279 | ) | (321,302 | ) | (4,422 | ) | ||||||||||||
Interest expense | (19,592 | ) | (3,204 | ) | (148 | ) | — | (22,944 | ) | |||||||||||
Other (expense) income, net | (31,457 | ) | (38,170 | ) | 88,000 | — | 18,373 | |||||||||||||
Earnings from continuing operations before income taxes | 158,142 | 344,233 | 123,185 | (321,302 | ) | 304,258 | ||||||||||||||
Income tax benefit (provision) | 48,823 | (116,383 | ) | (33,728 | ) | — | (101,288 | ) | ||||||||||||
Earnings from continuing operations | 206,965 | 227,850 | 89,457 | (321,302 | ) | 202,970 | ||||||||||||||
Earnings from discontinued operations, net of tax | 1,902 | — | 14 | (14 | ) | 1,902 | ||||||||||||||
Net earnings | 208,867 | 227,850 | 89,471 | (321,316 | ) | 204,872 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | 412 | 3,583 | — | 3,995 | |||||||||||||||
Net earnings attributable to IAC shareholders | $ | 208,867 | $ | 228,262 | $ | 93,054 | $ | (321,316 | ) | $ | 208,867 | |||||||||
Comprehensive income attributable to IAC shareholders | $ | 234,411 | $ | 228,560 | $ | 83,895 | $ | (312,455 | ) | $ | 234,411 | |||||||||
Statement of operations for the nine months ended September 30, 2012: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 1,428,316 | $ | 611,954 | $ | (4,588 | ) | $ | 2,035,682 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 4,040 | 422,193 | 300,297 | (3,651 | ) | 722,879 | ||||||||||||||
Selling and marketing expense | 3,022 | 497,647 | 165,453 | (954 | ) | 665,168 | ||||||||||||||
General and administrative expense | 89,599 | 108,886 | 72,683 | 17 | 271,185 | |||||||||||||||
Product development expense | 4,309 | 57,072 | 21,247 | — | 82,628 | |||||||||||||||
Depreciation | 495 | 26,151 | 10,844 | — | 37,490 | |||||||||||||||
Amortization of intangibles | — | 1,694 | 16,364 | — | 18,058 | |||||||||||||||
Total costs and expenses | 101,465 | 1,113,643 | 586,888 | (4,588 | ) | 1,797,408 | ||||||||||||||
Operating (loss) income | (101,465 | ) | 314,673 | 25,066 | — | 238,274 | ||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 196,390 | 28,757 | (25,774 | ) | (227,581 | ) | (28,208 | ) | ||||||||||||
Interest expense | (832 | ) | (3,193 | ) | (77 | ) | — | (4,102 | ) | |||||||||||
Other (expense) income, net | (3,350 | ) | (2,369 | ) | 8,554 | — | 2,835 | |||||||||||||
Earnings from continuing operations before income taxes | 90,743 | 337,868 | 7,769 | (227,581 | ) | 208,799 | ||||||||||||||
Income tax benefit (provision) | 34,365 | (110,884 | ) | (6,841 | ) | — | (83,360 | ) | ||||||||||||
Earnings from continuing operations | 125,108 | 226,984 | 928 | (227,581 | ) | 125,439 | ||||||||||||||
(Loss) earnings from discontinued operations, net of tax | (6,581 | ) | — | 856 | (856 | ) | (6,581 | ) | ||||||||||||
Net earnings | 118,527 | 226,984 | 1,784 | (228,437 | ) | 118,858 | ||||||||||||||
Net loss (earnings) attributable to noncontrolling interests | — | 183 | (514 | ) | (331 | ) | ||||||||||||||
Net earnings attributable to IAC shareholders | $ | 118,527 | $ | 227,167 | $ | 1,270 | $ | (228,437 | ) | $ | 118,527 | |||||||||
Comprehensive income (loss)attributable to IAC shareholders | $ | 119,079 | $ | 226,908 | $ | (2,587 | ) | $ | (224,321 | ) | $ | 119,079 | ||||||||
Schedule of condensed cash flow statement | ' | |||||||||||||||||||
Statement of cash flows for the nine months ended September 30, 2013: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations | $ | (55,102 | ) | $ | 392,407 | $ | (12,975 | ) | $ | — | $ | 324,330 | ||||||||
Cash flows from investing activities attributable to continuing operations: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | (6,084 | ) | (33,373 | ) | — | (39,457 | ) | ||||||||||||
Capital expenditures | (742 | ) | (52,098 | ) | (11,274 | ) | — | (64,114 | ) | |||||||||||
Proceeds from maturities and sales of marketable debt securities | 12,502 | — | — | — | 12,502 | |||||||||||||||
Proceeds from sales of long-term investments | 41,976 | — | 310 | — | 42,286 | |||||||||||||||
Purchases of long-term investments | (17,362 | ) | — | (9,243 | ) | — | (26,605 | ) | ||||||||||||
Other, net | — | (1,717 | ) | 10,621 | — | 8,904 | ||||||||||||||
Net cash provided by (used in) investing activities attributable to continuing operations | 36,374 | (59,899 | ) | (42,959 | ) | — | (66,484 | ) | ||||||||||||
Cash flows from financing activities attributable to continuing operations: | ||||||||||||||||||||
Purchase of treasury stock | (168,376 | ) | — | — | — | (168,376 | ) | |||||||||||||
Issuance of common stock, net of withholding taxes | 6,456 | — | — | — | 6,456 | |||||||||||||||
Dividends | (58,882 | ) | — | — | — | (58,882 | ) | |||||||||||||
Excess tax benefits from stock-based awards | 26,430 | — | — | — | 26,430 | |||||||||||||||
Purchase of noncontrolling interests | — | — | (55,561 | ) | — | (55,561 | ) | |||||||||||||
Principal payments on long-term debt | (15,844 | ) | — | — | — | (15,844 | ) | |||||||||||||
Intercompany | 178,663 | (331,295 | ) | 152,632 | — | — | ||||||||||||||
Other, net | (951 | ) | (1,225 | ) | (1,210 | ) | — | (3,386 | ) | |||||||||||
Net cash (used in) provided by financing activities attributable to continuing operations | (32,504 | ) | (332,520 | ) | 95,861 | — | (269,163 | ) | ||||||||||||
Total cash (used in) provided by continuing operations | (51,232 | ) | (12 | ) | 39,927 | — | (11,317 | ) | ||||||||||||
Total cash provided by discontinued operations | 2,254 | — | 3 | — | 2,257 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 12 | 723 | — | 735 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (48,978 | ) | — | 40,653 | — | (8,325 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 501,075 | — | 248,902 | — | 749,977 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 452,097 | $ | — | $ | 289,555 | $ | — | $ | 741,652 | ||||||||||
Statement of cash flows for the nine months ended September 30, 2012: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations | $ | (25,409 | ) | $ | 337,883 | $ | 11,133 | $ | — | $ | 323,607 | |||||||||
Cash flows from investing activities attributable to continuing operations: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | (341,906 | ) | (35,217 | ) | — | (377,123 | ) | ||||||||||||
Capital expenditures | (805 | ) | (20,295 | ) | (11,263 | ) | — | (32,363 | ) | |||||||||||
Proceeds from maturities and sales of marketable debt securities | 79,353 | — | — | — | 79,353 | |||||||||||||||
Purchases of marketable debt securities | (47,902 | ) | — | — | — | (47,902 | ) | |||||||||||||
Proceeds from sales of long-term investments | 12,744 | — | — | — | 12,744 | |||||||||||||||
Purchases of long-term investments | (2,588 | ) | (724 | ) | (6,719 | ) | — | (10,031 | ) | |||||||||||
Other, net | (350 | ) | 117 | (12,031 | ) | — | (12,264 | ) | ||||||||||||
Net cash provided by (used in) investing activities attributable to continuing operations | 40,452 | (362,808 | ) | (65,230 | ) | — | (387,586 | ) | ||||||||||||
Cash flows from financing activities attributable to continuing operations: | ||||||||||||||||||||
Purchase of treasury stock | (434,041 | ) | — | — | — | (434,041 | ) | |||||||||||||
Issuance of common stock, net of withholding taxes | 320,070 | — | — | — | 320,070 | |||||||||||||||
Dividends | (43,695 | ) | — | — | — | (43,695 | ) | |||||||||||||
Excess tax benefits from stock-based awards | 18,594 | 4,892 | — | — | 23,486 | |||||||||||||||
Purchase of noncontrolling interests | (1,937 | ) | — | (2,954 | ) | — | (4,891 | ) | ||||||||||||
Intercompany | (153,633 | ) | 20,052 | 133,581 | — | — | ||||||||||||||
Other, net | — | — | 195 | — | 195 | |||||||||||||||
Net cash (used in) provided by financing activities attributable to continuing operations | (294,642 | ) | 24,944 | 130,822 | — | (138,876 | ) | |||||||||||||
Total cash (used in) provided by continuing operations | (279,599 | ) | 19 | 76,725 | — | (202,855 | ) | |||||||||||||
Total cash provided by (used in) discontinued operations | 2,576 | — | (4,442 | ) | — | (1,866 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (19 | ) | 2,366 | — | 2,347 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (277,023 | ) | — | 74,649 | — | (202,374 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 545,222 | — | 158,931 | — | 704,153 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 268,199 | $ | — | $ | 233,580 | $ | — | $ | 501,779 | ||||||||||
THE_COMPANY_AND_SUMMARY_OF_SIG2
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
country | brand | ||||
visit | |||||
country | |||||
Revenue from major customers | ' | ' | ' | ' | ' |
Minimum number of brands owned by the company | ' | ' | 150 | ' | ' |
More than 1 billion monthly visits to company website | ' | ' | 1,000,000,000 | ' | ' |
Number of countries where the company has consumer audiences | 30 | ' | 30 | ' | ' |
Revenue | $756,872 | $714,470 | $2,298,532 | $2,035,682 | ' |
Accounts receivable, net of allowance of $10,439 and $11,088, respectively | 209,949 | ' | 209,949 | ' | 229,830 |
Google Inc. | ' | ' | ' | ' | ' |
Revenue from major customers | ' | ' | ' | ' | ' |
Revenue | 369,900 | 357,200 | 1,200,000 | 1,000,000 | ' |
Accounts receivable, net of allowance of $10,439 and $11,088, respectively | $115,000 | ' | $115,000 | ' | $125,300 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Income tax provision | ($36,126,000) | ($27,606,000) | ($101,288,000) | ($83,360,000) | ' |
Effective tax rate (as a percent) | 28.00% | 37.00% | 33.00% | 40.00% | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% | 35.00% | ' |
Income Tax Examination, Increase (Decrease) in Liability from Prior Year | 7,100,000 | ' | 7,100,000 | ' | ' |
Total unrecognized tax benefits including interest | 415,500,000 | ' | 415,500,000 | ' | 496,800,000 |
Unrecognized tax benefits, including interest, increased due to a net increase in deductible timing differences | ' | ' | 81,300,000 | ' | ' |
Portion of unrecognized tax benefits included in income taxes payable | 401,000,000 | ' | 401,000,000 | ' | ' |
Portion of unrecognized tax benefits related to deferred tax assets included in deferred income taxes | 14,000,000 | ' | 14,000,000 | ' | ' |
Portion of unrecognized tax benefits included in accrued expenses and other current liabilities | 500,000 | ' | 500,000 | ' | ' |
Unrecognized tax benefits, tax positions for which the ultimate deductibility is highly certain but timing is uncertain | 47,900,000 | ' | 47,900,000 | ' | ' |
Unrecognized tax benefit, if recognized would reduce income tax expense for continuing operations | 119,600,000 | ' | 119,600,000 | ' | ' |
Unrecognized tax benefit, if recognized would reduce income tax expense for discontinued operations | 170,200,000 | ' | 170,200,000 | ' | ' |
Interest expense related to unrecognized tax benefits from continuing operations | 500,000 | ' | 3,400,000 | ' | ' |
Interest benefit related to unrecognized tax benefits from discontinued operations | 1,400,000 | ' | 600,000 | ' | ' |
Accrued interest on unrecognized tax benefits | 125,300,000 | ' | 125,300,000 | ' | 117,500,000 |
Accrued penalties on unrecognized tax benefits | $4,900,000 | ' | $4,900,000 | ' | $5,000,000 |
BUSINESS_COMBINATION_Details
BUSINESS COMBINATION (Details) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2012 | Jan. 04, 2013 | Jan. 04, 2013 | Sep. 24, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | |
USD ($) | USD ($) | Twoo | Twoo | About Group | About Group | About Group | |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | |||
topic | |||||||
Business Combination | ' | ' | ' | ' | ' | ' | ' |
Purchase price, cash paid | ' | ' | $25,000,000 | ' | $300,000,000 | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | 112,200,000 | 83,200,000 | ' | ' | ' |
Contingent consideration, fair value | ' | ' | 40,800,000 | ' | ' | ' | ' |
Number of topics in the online liabrary | ' | ' | ' | ' | 90,000 | ' | ' |
Purchase of net working capital | ' | ' | ' | ' | 17,100,000 | ' | ' |
Pro forma financial information | ' | ' | ' | ' | ' | ' | ' |
Adjustment for amortization of intangible assets | ' | ' | ' | ' | ' | 4,600,000 | 14,100,000 |
Revenue | 740,086,000 | 2,110,653,000 | ' | ' | ' | ' | ' |
Net earnings attributable to IAC shareholders | $43,909,000 | $125,722,000 | ' | ' | ' | ' | ' |
Basic earnings per share attributable to IAC shareholders (in dollars per share) | $0.50 | $1.47 | ' | ' | ' | ' | ' |
Diluted earnings per share attributable to IAC shareholders (in dollars per share) | $0.46 | $1.35 | ' | ' | ' | ' | ' |
MARKETABLE_SECURITIES_Details
MARKETABLE SECURITIES (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Current available-for-sale marketable securities | ' | ' |
Amortized Cost | $8,934 | $13,608 |
Gross Unrealized Gains | 17,406 | 6,996 |
Gross Unrealized Losses | 0 | 0 |
Marketable securities | 26,340 | 20,604 |
Corporate debt securities | ' | ' |
Current available-for-sale marketable securities | ' | ' |
Amortized Cost | 1,007 | 13,608 |
Gross Unrealized Gains | 8 | 19 |
Gross Unrealized Losses | 0 | 0 |
Marketable securities | 1,015 | 13,627 |
Total debt securities | ' | ' |
Current available-for-sale marketable securities | ' | ' |
Amortized Cost | 1,007 | 13,608 |
Gross Unrealized Gains | 8 | 19 |
Gross Unrealized Losses | 0 | 0 |
Marketable securities | 1,015 | 13,627 |
Equity securities | ' | ' |
Current available-for-sale marketable securities | ' | ' |
Amortized Cost | 7,927 | 0 |
Gross Unrealized Gains | 17,398 | 6,977 |
Gross Unrealized Losses | 0 | 0 |
Marketable securities | $25,325 | $6,977 |
MARKETABLE_SECURITIES_Details_
MARKETABLE SECURITIES (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Proceeds from maturities and sales of current and non-current available-for-sale marketable securities and related gross realized gains and losses | ' | ' | ' | ' |
Proceeds from maturities and sales of available-for-sale marketable securities | $41,976 | $40,570 | $54,478 | $88,347 |
Gross realized gains | $17,977 | $241 | $17,977 | $2,039 |
FAIR_VALUE_MEASUREMENTS_AND_FI2
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Assets: | ' | ' |
Marketable securities: | $26,340,000 | $20,604,000 |
Long-term marketable equity securities | ' | ' |
Gross Unrealized Gains | 17,406,000 | 6,996,000 |
Gross Unrealized Losses | 0 | 0 |
Equity securities | ' | ' |
Long-term marketable equity securities | ' | ' |
Cost basis | 8,800,000 | 42,100,000 |
Gross Unrealized Gains | 3,600,000 | ' |
Gross Unrealized Losses | ' | 10,800,000 |
Fair value on a recurring basis | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Assets: | ' | ' |
Total Assets | 385,030,000 | 583,511,000 |
Fair value on a recurring basis | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ' | ' |
Assets: | ' | ' |
Cash equivalents: | 347,345,000 | 545,290,000 |
Fair value on a recurring basis | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | Equity securities | ' | ' |
Assets: | ' | ' |
Marketable securities: | 25,325,000 | 6,977,000 |
Long-term investments: | 12,360,000 | 31,244,000 |
Fair value on a recurring basis | Significant Other Observable Inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Total Assets | 175,351,000 | 25,621,000 |
Fair value on a recurring basis | Significant Other Observable Inputs (Level 2) | Commercial paper | ' | ' |
Assets: | ' | ' |
Cash equivalents: | 81,890,000 | ' |
Fair value on a recurring basis | Significant Other Observable Inputs (Level 2) | Time deposits | ' | ' |
Assets: | ' | ' |
Cash equivalents: | 92,446,000 | 11,994,000 |
Fair value on a recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ' | ' |
Assets: | ' | ' |
Marketable securities: | 1,015,000 | 13,627,000 |
Fair value on a recurring basis | Significant Unobservable Inputs (Level 3) | ' | ' |
Assets: | ' | ' |
Total Assets | 9,300,000 | 8,100,000 |
Liabilities: | ' | ' |
Contingent consideration arrangement | -48,931,000 | ' |
Fair value on a recurring basis | Significant Unobservable Inputs (Level 3) | Auction rate security | ' | ' |
Assets: | ' | ' |
Long-term investments: | 9,300,000 | 8,100,000 |
Fair value on a recurring basis | Fair Value | ' | ' |
Assets: | ' | ' |
Total Assets | 569,681,000 | 617,232,000 |
Liabilities: | ' | ' |
Contingent consideration arrangement | -48,931,000 | ' |
Fair value on a recurring basis | Fair Value | Money market funds | ' | ' |
Assets: | ' | ' |
Cash equivalents: | 347,345,000 | 545,290,000 |
Fair value on a recurring basis | Fair Value | Commercial paper | ' | ' |
Assets: | ' | ' |
Cash equivalents: | 81,890,000 | ' |
Fair value on a recurring basis | Fair Value | Time deposits | ' | ' |
Assets: | ' | ' |
Cash equivalents: | 92,446,000 | 11,994,000 |
Fair value on a recurring basis | Fair Value | Corporate debt securities | ' | ' |
Assets: | ' | ' |
Marketable securities: | 1,015,000 | 13,627,000 |
Fair value on a recurring basis | Fair Value | Equity securities | ' | ' |
Assets: | ' | ' |
Marketable securities: | 25,325,000 | 6,977,000 |
Long-term investments: | 12,360,000 | 31,244,000 |
Fair value on a recurring basis | Fair Value | Auction rate security | ' | ' |
Assets: | ' | ' |
Long-term investments: | $9,300,000 | $8,100,000 |
FAIR_VALUE_MEASUREMENTS_AND_FI3
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Auction rate security | ' | ' | ' | ' | ' |
Gross Unrealized Losses | ' | ' | $0 | ' | $0 |
Contingent Consideration Arrangement | ' | ' | ' | ' | ' |
Increase in contingent consideration | 632,000 | ' | 6,339,000 | 0 | ' |
Assets measured at fair value on a nonrecurring basis | ' | ' | ' | ' | ' |
Cost-method investments | 119,200,000 | ' | 119,200,000 | ' | 113,800,000 |
Twoo | ' | ' | ' | ' | ' |
Contingent Consideration Arrangement | ' | ' | ' | ' | ' |
Fair Value of continegent consideration discount rate for risk | 15.00% | ' | 15.00% | ' | ' |
Contingent consideration, current | 3,900,000 | ' | 3,900,000 | ' | ' |
Contingent consideration, noncurrent | 45,000,000 | ' | 45,000,000 | ' | ' |
Auction rate security | ' | ' | ' | ' | ' |
Changes in assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ' | ' | ' | ' | ' |
Balance at the beginning of the period, assets | 8,760,000 | 6,730,000 | 8,100,000 | 5,870,000 | 5,870,000 |
Total net gains (losses) (unrealized) included in other comprehensive income (loss), assets | 540,000 | 600,000 | 1,200,000 | 1,460,000 | ' |
Balance at the end of the period, assets | 9,300,000 | 7,330,000 | 9,300,000 | 7,330,000 | 8,100,000 |
Auction rate security | ' | ' | ' | ' | ' |
Cost basis | 10,000,000 | ' | 10,000,000 | ' | ' |
Gross Unrealized Losses | ' | ' | 700,000 | ' | 1,900,000 |
Contingent Consideration Arrangement | ' | ' | ' | ' | ' |
Changes in liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ' | ' | ' | ' | ' |
Balance at the beginning of the period, liabilities | -46,912,000 | ' | 0 | -10,000,000 | -10,000,000 |
Total net gains (losses) (unrealized) included in earnings, liabilities | -632,000 | ' | -6,339,000 | ' | ' |
Total net gains (losses) (unrealized) included in other comprehensive income (loss), liabilities | -1,387,000 | ' | -1,755,000 | ' | ' |
Fair value at date of acquisition, liabilities | ' | ' | -40,837,000 | ' | ' |
Settlements, liabilities | ' | ' | ' | 10,000,000 | ' |
Balance at the end of the period, liabilities | ($48,931,000) | $0 | ($48,931,000) | $0 | ' |
FAIR_VALUE_MEASUREMENTS_AND_FI4
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Current maturities of long-term debt | $0 | ($15,844) |
Long-term debt, net of current maturities | -580,000 | -580,000 |
Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Current maturities of long-term debt | 0 | -15,844 |
Long-term debt, net of current maturities | -580,000 | -580,000 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Current maturities of long-term debt | 0 | -15,875 |
Long-term debt, net of current maturities | ($538,891) | ($581,994) |
LONGTERM_DEBT_Details
LONG-TERM DEBT (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Dec. 21, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | $580,000,000 | $595,844,000 | ' |
Less current maturities | 0 | -15,844,000 | ' |
Long-term debt, net of current maturities | 580,000,000 | 580,000,000 | ' |
Senior Notes | 7% Senior Notes due January 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 0 | 15,844,000 | ' |
Stated rate | 7.00% | 7.00% | ' |
Senior Notes | 4.75% Senior Notes due December 2022 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | 500,000,000 |
Total long-term debt | 500,000,000 | 500,000,000 | ' |
Stated rate | 4.75% | 4.75% | 4.75% |
Bonds | 5% New York City Industrial Development Agency Liberty Bonds due September 2035 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 80,000,000 | 80,000,000 | ' |
Stated rate | 5.00% | 5.00% | ' |
Revolving Credit Facility | ' | ' | ' |
Line of Credit Facility [Abstract] | ' | ' | ' |
Line of credit, maximum borrowing capacity | ' | ' | 300,000,000 |
Line of credit, amount outstanding | $0 | $0 | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ' | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($32,169) | ' |
Net current period other comprehensive income | 28,906 | 5,851 | 28,096 | -255 |
Other comprehensive (loss) income, net of tax | ' | ' | 26,366 | ' |
Ending balance | -6,625 | ' | -6,625 | ' |
Foreign Currency Translation Adjustment | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | -37,302 | ' | -25,073 | ' |
Other comprehensive income | 13,976 | ' | 1,747 | ' |
Amounts reclassified from accumulated other comprehensive loss | 0 | ' | 0 | ' |
Net current period other comprehensive income | 13,976 | ' | 1,747 | ' |
Ending balance | -23,326 | ' | -23,326 | ' |
Unrealized (Losses) Gains On Available-For-Sale Securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 5,115 | ' | -7,096 | ' |
Other comprehensive income | 16,899 | ' | 19,691 | ' |
Amounts reclassified from accumulated other comprehensive loss | -5,313 | ' | 4,106 | ' |
Net current period other comprehensive income | 11,586 | ' | 23,797 | ' |
Ending balance | 16,701 | ' | 16,701 | ' |
Unrealized (Losses) Gains On Available-For-Sale Securities | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | 100 | ' | 900 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | -32,187 | ' | -32,169 | ' |
Other comprehensive income | 30,875 | ' | 21,438 | ' |
Amounts reclassified from accumulated other comprehensive loss | -5,313 | ' | 4,106 | ' |
Other comprehensive (loss) income, net of tax | 25,562 | ' | 25,544 | ' |
Ending balance | ($6,625) | ' | ($6,625) | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: Basic | ' | ' | ' | ' |
Earnings from continuing operations | $91,721 | $46,185 | $202,970 | $125,439 |
Net loss (earnings) attributable to noncontrolling interests | 1,305 | 156 | 3,995 | -331 |
Earnings from continuing operations attributable to IAC shareholders | 93,026 | 46,341 | 206,965 | 125,108 |
Earnings (loss) from discontinued operations attributable to IAC shareholders | 3,914 | -5,624 | 1,902 | -6,581 |
Net earnings attributable to IAC shareholders | 96,940 | 40,717 | 208,867 | 118,527 |
Numerator: Diluted | ' | ' | ' | ' |
Earnings from continuing operations | 91,721 | 46,185 | 202,970 | 125,439 |
Net loss (earnings) attributable to noncontrolling interests | 1,305 | 156 | 3,995 | -331 |
Earnings from continuing operations attributable to IAC shareholders | 93,026 | 46,341 | 206,965 | 125,108 |
Earnings (loss) from discontinued operations attributable to IAC shareholders | 3,914 | -5,624 | 1,902 | -6,581 |
Net earnings attributable to IAC shareholders | $96,940 | $40,717 | $208,867 | $118,527 |
Denominator: Basic | ' | ' | ' | ' |
Weighted average basic shares outstanding | 83,094 | 88,296 | 83,636 | 85,766 |
Denominator: Diluted | ' | ' | ' | ' |
Weighted average basic shares outstanding | 83,094 | 88,296 | 83,636 | 85,766 |
Dilutive securities including stock options, warrants and RSUs (in shares) | 2,978 | 6,394 | 3,032 | 7,026 |
Denominator for earnings per share-weighted average shares (in shares) | 86,072 | 94,690 | 86,668 | 92,792 |
Earnings (loss) per share attributable to IAC shareholders: Basic | ' | ' | ' | ' |
Earnings per share from continuing operations (in dollars per share) | $1.12 | $0.52 | $2.47 | $1.46 |
Discontinued operations (in dollars per share) | $0.05 | ($0.06) | $0.03 | ($0.08) |
Earnings per share (in dollars per share) | $1.17 | $0.46 | $2.50 | $1.38 |
Earnings (loss) per share attributable to IAC shareholders: Diluted | ' | ' | ' | ' |
Earnings per share from continuing operations (in dollars per share) | $1.08 | $0.49 | $2.39 | $1.35 |
Discontinued operations (in dollars per share) | $0.05 | ($0.06) | $0.02 | ($0.07) |
Earnings per share (in dollars per share) | $1.13 | $0.43 | $2.41 | $1.28 |
EARNINGS_PER_SHARE_Details_2
EARNINGS PER SHARE (Details 2) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Anti-dilutive weighted average common shares | ' | ' | ' | ' |
PSUs included in calculation of diluted earnings per share | 2,978,000 | 6,394,000 | 3,032,000 | 7,026,000 |
RSUs | ' | ' | ' | ' |
Anti-dilutive weighted average common shares | ' | ' | ' | ' |
Potentially dilutive securities excluded from calculation of diluted earnings per share (in shares) | 300,000 | 300,000 | 700,000 | 700,000 |
Performance Shares [Member] | ' | ' | ' | ' |
Anti-dilutive weighted average common shares | ' | ' | ' | ' |
Potentially dilutive securities excluded from calculation of diluted earnings per share (in shares) | 100,000 | 600,000 | ' | 600,000 |
PSUs included in calculation of diluted earnings per share | ' | ' | 2,300,000 | ' |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment reporting information | ' | ' | ' | ' |
Revenue | $756,872 | $714,470 | $2,298,532 | $2,035,682 |
Operating income | 122,004 | 78,033 | 313,251 | 238,274 |
Operating Income Before Amortization | 150,033 | 106,596 | 403,685 | 321,590 |
Depreciation | 13,489 | 13,150 | 44,541 | 37,490 |
Reconciliation of Operating Income Before Amortization to operating income (loss) for the entity's reportable segments | ' | ' | ' | ' |
Operating Income Before Amortization | 150,033 | 106,596 | 403,685 | 321,590 |
Non-Cash Compensation Expense | -14,365 | -23,351 | -38,848 | -65,258 |
Amortization of Intangibles | -13,032 | -5,212 | -45,247 | -18,058 |
Acquisition-related Contingent Consideration Fair Value Adjustments | -632 | ' | -6,339 | 0 |
Operating income | 122,004 | 78,033 | 313,251 | 238,274 |
Search and Applications | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Revenue | 407,291 | 370,227 | 1,231,932 | 1,062,187 |
Operating income | 87,756 | 69,036 | 264,085 | 216,593 |
Operating Income Before Amortization | 94,647 | 69,192 | 284,303 | 216,771 |
Depreciation | 3,865 | 3,343 | 14,143 | 10,019 |
Reconciliation of Operating Income Before Amortization to operating income (loss) for the entity's reportable segments | ' | ' | ' | ' |
Operating Income Before Amortization | 94,647 | 69,192 | 284,303 | 216,771 |
Non-Cash Compensation Expense | 0 | -9 | -3 | -26 |
Amortization of Intangibles | -6,891 | -147 | -20,215 | -152 |
Operating income | 87,756 | 69,036 | 264,085 | 216,593 |
Match | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Revenue | 201,069 | 178,190 | 584,251 | 530,883 |
Operating income | 64,823 | 56,078 | 164,169 | 143,083 |
Operating Income Before Amortization | 68,447 | 59,980 | 182,358 | 159,953 |
Depreciation | 4,985 | 4,502 | 14,438 | 11,781 |
Reconciliation of Operating Income Before Amortization to operating income (loss) for the entity's reportable segments | ' | ' | ' | ' |
Operating Income Before Amortization | 68,447 | 59,980 | 182,358 | 159,953 |
Non-Cash Compensation Expense | -336 | -560 | -542 | -2,023 |
Amortization of Intangibles | -2,656 | -3,342 | -11,308 | -14,847 |
Acquisition-related Contingent Consideration Fair Value Adjustments | -632 | ' | -6,339 | ' |
Operating income | 64,823 | 56,078 | 164,169 | 143,083 |
Local | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Revenue | 62,805 | 84,314 | 222,484 | 245,938 |
Operating income | 9,853 | 7,343 | 2,492 | 22,802 |
Operating Income Before Amortization | 12,417 | 7,817 | 13,384 | 23,599 |
Depreciation | 1,346 | 2,463 | 6,399 | 7,739 |
Reconciliation of Operating Income Before Amortization to operating income (loss) for the entity's reportable segments | ' | ' | ' | ' |
Operating Income Before Amortization | 12,417 | 7,817 | 13,384 | 23,599 |
Amortization of Intangibles | -2,564 | -474 | -10,892 | -797 |
Operating income | 9,853 | 7,343 | 2,492 | 22,802 |
Media | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Revenue | 50,974 | 52,736 | 154,303 | 107,015 |
Operating income | -8,475 | -13,178 | -21,331 | -27,152 |
Operating Income Before Amortization | -7,984 | -12,236 | -19,880 | -25,426 |
Depreciation | 526 | 424 | 1,573 | 898 |
Reconciliation of Operating Income Before Amortization to operating income (loss) for the entity's reportable segments | ' | ' | ' | ' |
Operating Income Before Amortization | -7,984 | -12,236 | -19,880 | -25,426 |
Non-Cash Compensation Expense | -219 | -62 | -637 | -566 |
Amortization of Intangibles | -272 | -880 | -814 | -1,160 |
Operating income | -8,475 | -13,178 | -21,331 | -27,152 |
Other | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Revenue | 35,085 | 29,064 | 106,135 | 89,899 |
Operating income | -2,529 | -2,685 | -9,848 | -6,581 |
Operating Income Before Amortization | -1,880 | -2,259 | -7,797 | -5,412 |
Depreciation | 360 | 286 | 1,010 | 787 |
Reconciliation of Operating Income Before Amortization to operating income (loss) for the entity's reportable segments | ' | ' | ' | ' |
Operating Income Before Amortization | -1,880 | -2,259 | -7,797 | -5,412 |
Non-Cash Compensation Expense | 0 | -57 | -33 | -67 |
Amortization of Intangibles | -649 | -369 | -2,018 | -1,102 |
Operating income | -2,529 | -2,685 | -9,848 | -6,581 |
Total Eliminations | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Revenue | -352 | -61 | -573 | -240 |
Corporate | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Operating income | -29,424 | -38,561 | -86,316 | -110,471 |
Operating Income Before Amortization | -15,614 | -15,898 | -48,683 | -47,895 |
Depreciation | 2,407 | 2,132 | 6,978 | 6,266 |
Reconciliation of Operating Income Before Amortization to operating income (loss) for the entity's reportable segments | ' | ' | ' | ' |
Operating Income Before Amortization | -15,614 | -15,898 | -48,683 | -47,895 |
Non-Cash Compensation Expense | -13,810 | -22,663 | -37,633 | -62,576 |
Operating income | ($29,424) | ($38,561) | ($86,316) | ($110,471) |
SEGMENT_INFORMATION_Details_2
SEGMENT INFORMATION (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Revenue and long-lived assets by geography | ' | ' | ' | ' | ' |
Revenue | $756,872 | $714,470 | $2,298,532 | $2,035,682 | ' |
Long-lived assets (excluding goodwill and intangible assets) | 290,470 | ' | 290,470 | ' | 270,512 |
United States | ' | ' | ' | ' | ' |
Revenue and long-lived assets by geography | ' | ' | ' | ' | ' |
Revenue | 527,675 | 499,409 | 1,594,169 | 1,417,622 | ' |
Long-lived assets (excluding goodwill and intangible assets) | 268,725 | ' | 268,725 | ' | 251,379 |
All other countries | ' | ' | ' | ' | ' |
Revenue and long-lived assets by geography | ' | ' | ' | ' | ' |
Revenue | 229,197 | 215,061 | 704,363 | 618,060 | ' |
Long-lived assets (excluding goodwill and intangible assets) | $21,745 | ' | $21,745 | ' | $19,133 |
CONTINGENCIES_Details
CONTINGENCIES (Details) | 9 Months Ended |
Sep. 30, 2013 | |
lawsuit | |
Loss Contingency [Abstract] | ' |
Minimum number of lawsuits that could have material impact on the liquidity, results of operations, or financial condition | 1 |
GUARANTOR_AND_NONGUARANTOR_FIN2
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $741,652 | $749,977 | $501,779 | $704,153 |
Marketable securities | 26,340 | 20,604 | ' | ' |
Accounts receivable, net | 209,949 | 229,830 | ' | ' |
Other current assets | 151,980 | 156,339 | ' | ' |
Property and equipment, net | 290,470 | 270,512 | ' | ' |
Goodwill | 1,672,705 | 1,616,154 | ' | ' |
Intangible assets, net | 458,371 | 482,904 | ' | ' |
Other non-current assets | 89,145 | 118,230 | ' | ' |
TOTAL ASSETS | 3,804,782 | 3,805,828 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable, trade | 72,966 | 98,314 | ' | ' |
Long-term debt, net of current maturities | 580,000 | 580,000 | ' | ' |
Income taxes payable | 411,172 | 479,945 | ' | ' |
Other long-term liabilities | 65,175 | 31,830 | ' | ' |
Redeemable noncontrolling interests | 32,779 | 58,126 | ' | ' |
IAC shareholders' equity | 1,735,056 | 1,655,728 | ' | ' |
Noncontrolling interests | 52,940 | 51,907 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,804,782 | 3,805,828 | ' | ' |
IAC | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 452,097 | 501,075 | 268,199 | 545,222 |
Marketable securities | 15,445 | 20,604 | ' | ' |
Accounts receivable, net | 19 | 43 | ' | ' |
Other current assets | 43,317 | 58,452 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Property and equipment, net | 4,088 | 4,116 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Investment in subsidiaries | 4,510,043 | 12,913,694 | ' | ' |
Other non-current assets | 87,167 | 153,155 | ' | ' |
TOTAL ASSETS | 5,112,176 | 13,651,139 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable, trade | 2,262 | 4,366 | ' | ' |
Other Liabilities, Current | 69,965 | 74,214 | ' | ' |
Long-term debt, net of current maturities | 500,000 | 500,000 | ' | ' |
Income taxes payable | 358,327 | 440,110 | ' | ' |
Intercompany liabilities | 2,221,147 | 10,759,104 | ' | ' |
Other long-term liabilities | 225,419 | 217,617 | ' | ' |
Redeemable noncontrolling interests | 0 | 0 | ' | ' |
IAC shareholders' equity | 1,735,056 | 1,655,728 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 5,112,176 | 13,651,139 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | 0 | 0 | ' | ' |
Accounts receivable, net | 129,189 | 142,627 | ' | ' |
Other current assets | 68,415 | 53,720 | ' | ' |
Intercompany receivables | 498,273 | 482,926 | ' | ' |
Property and equipment, net | 217,650 | 194,515 | ' | ' |
Goodwill | 1,179,888 | 1,190,199 | ' | ' |
Intangible assets, net | 310,248 | 340,631 | ' | ' |
Investment in subsidiaries | 697,685 | 611,851 | ' | ' |
Other non-current assets | 20,647 | 16,509 | ' | ' |
TOTAL ASSETS | 3,121,995 | 3,032,978 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable, trade | 39,414 | 64,888 | ' | ' |
Other Liabilities, Current | 252,040 | 216,010 | ' | ' |
Long-term debt, net of current maturities | 80,000 | 80,000 | ' | ' |
Income taxes payable | 25,199 | 26,389 | ' | ' |
Intercompany liabilities | 0 | 0 | ' | ' |
Other long-term liabilities | 85,975 | 91,119 | ' | ' |
Redeemable noncontrolling interests | 0 | 1,388 | ' | ' |
IAC shareholders' equity | 2,639,367 | 2,553,184 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,121,995 | 3,032,978 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 289,555 | 248,902 | 233,580 | 158,931 |
Marketable securities | 10,895 | 0 | ' | ' |
Accounts receivable, net | 80,741 | 87,160 | ' | ' |
Other current assets | 41,229 | 45,204 | ' | ' |
Intercompany receivables | 1,722,874 | 10,276,178 | ' | ' |
Property and equipment, net | 68,732 | 71,881 | ' | ' |
Goodwill | 492,817 | 425,955 | ' | ' |
Intangible assets, net | 148,123 | 142,273 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other non-current assets | 150,354 | 109,912 | ' | ' |
TOTAL ASSETS | 3,005,320 | 11,407,465 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable, trade | 31,290 | 29,060 | ' | ' |
Other Liabilities, Current | 208,295 | 238,003 | ' | ' |
Long-term debt, net of current maturities | 0 | 0 | ' | ' |
Income taxes payable | 27,646 | 13,446 | ' | ' |
Intercompany liabilities | 0 | 0 | ' | ' |
Other long-term liabilities | 84,009 | 45,950 | ' | ' |
Redeemable noncontrolling interests | 32,779 | 56,738 | ' | ' |
IAC shareholders' equity | 2,568,361 | 10,972,361 | ' | ' |
Noncontrolling interests | 52,940 | 51,907 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,005,320 | 11,407,465 | ' | ' |
Total Eliminations | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Other current assets | -981 | -1,037 | ' | ' |
Intercompany receivables | -2,221,147 | -10,759,104 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Investment in subsidiaries | -5,207,728 | -13,525,545 | ' | ' |
Other non-current assets | -4,853 | -68 | ' | ' |
TOTAL ASSETS | -7,434,709 | -24,285,754 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable, trade | 0 | 0 | ' | ' |
Other Liabilities, Current | -1,715 | -1,652 | ' | ' |
Long-term debt, net of current maturities | 0 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Intercompany liabilities | -2,221,147 | -10,759,104 | ' | ' |
Other long-term liabilities | -4,119 | 547 | ' | ' |
Redeemable noncontrolling interests | 0 | 0 | ' | ' |
IAC shareholders' equity | -5,207,728 | -13,525,545 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | -7,434,709 | -24,285,754 | ' | ' |
IAC Consolidated | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 741,652 | 749,977 | 501,779 | 704,153 |
Marketable securities | 26,340 | 20,604 | ' | ' |
Accounts receivable, net | 209,949 | 229,830 | ' | ' |
Other current assets | 151,980 | 156,339 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Property and equipment, net | 290,470 | 270,512 | ' | ' |
Goodwill | 1,672,705 | 1,616,154 | ' | ' |
Intangible assets, net | 458,371 | 482,904 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other non-current assets | 253,315 | 279,508 | ' | ' |
TOTAL ASSETS | 3,804,782 | 3,805,828 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable, trade | 72,966 | 98,314 | ' | ' |
Other Liabilities, Current | 528,585 | 526,575 | ' | ' |
Long-term debt, net of current maturities | 580,000 | 580,000 | ' | ' |
Income taxes payable | 411,172 | 479,945 | ' | ' |
Intercompany liabilities | 0 | 0 | ' | ' |
Other long-term liabilities | 391,284 | 355,233 | ' | ' |
Redeemable noncontrolling interests | 32,779 | 58,126 | ' | ' |
IAC shareholders' equity | 1,735,056 | 1,655,728 | ' | ' |
Noncontrolling interests | 52,940 | 51,907 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $3,804,782 | $3,805,828 | ' | ' |
GUARANTOR_AND_NONGUARANTOR_FIN3
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue | $756,872 | $714,470 | $2,298,532 | $2,035,682 |
Costs and expenses: | ' | ' | ' | ' |
Cost of revenue (exclusive of depreciation shown separately below) | 248,856 | 262,275 | 777,527 | 722,879 |
Selling and marketing expense | 248,282 | 235,130 | 738,349 | 665,168 |
General and administrative expense | 75,977 | 93,074 | 275,216 | 271,185 |
Product development expense | 35,232 | 27,596 | 104,401 | 82,628 |
Depreciation | 13,489 | 13,150 | 44,541 | 37,490 |
Amortization of intangibles | 13,032 | 5,212 | 45,247 | 18,058 |
Total costs and expenses | 634,868 | 636,437 | 1,985,281 | 1,797,408 |
Operating income | 122,004 | 78,033 | 313,251 | 238,274 |
Equity in losses of unconsolidated affiliates | -3,253 | -3,298 | -4,422 | -28,208 |
Interest expense | -7,623 | -1,391 | -22,944 | -4,102 |
Other income, net | 16,719 | 447 | 18,373 | 2,835 |
Earnings from continuing operations before income taxes | 127,847 | 73,791 | 304,258 | 208,799 |
Income tax provision | -36,126 | -27,606 | -101,288 | -83,360 |
Earnings from continuing operations | 91,721 | 46,185 | 202,970 | 125,439 |
Earnings (loss) from discontinued operations, net of tax | 3,914 | -5,624 | 1,902 | -6,581 |
Net earnings | 95,635 | 40,561 | 204,872 | 118,858 |
Net loss (earnings) attributable to noncontrolling interests | 1,305 | 156 | 3,995 | -331 |
Net earnings attributable to IAC shareholders | 96,940 | 40,717 | 208,867 | 118,527 |
Comprehensive income attributable to IAC shareholders | 122,502 | 44,386 | 234,411 | 119,079 |
IAC | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 |
Costs and expenses: | ' | ' | ' | ' |
Cost of revenue (exclusive of depreciation shown separately below) | 578 | 1,347 | 1,804 | 4,040 |
Selling and marketing expense | 743 | 1,250 | 1,884 | 3,022 |
General and administrative expense | 23,334 | 31,539 | 69,161 | 89,599 |
Product development expense | 1,321 | 1,486 | 3,087 | 4,309 |
Depreciation | 340 | 203 | 1,051 | 495 |
Amortization of intangibles | 0 | 0 | 0 | 0 |
Total costs and expenses | 26,316 | 35,825 | 76,987 | 101,465 |
Operating income | -26,316 | -35,825 | -76,987 | -101,465 |
Equity in losses of unconsolidated affiliates | 95,701 | -9,808 | 286,178 | 196,390 |
Interest expense | -6,520 | -277 | -19,592 | -832 |
Other income, net | 20,882 | 205,214 | -31,457 | -3,350 |
Earnings from continuing operations before income taxes | 83,747 | 159,304 | 158,142 | 90,743 |
Income tax provision | 9,279 | -112,963 | 48,823 | 34,365 |
Earnings from continuing operations | 93,026 | 46,341 | 206,965 | 125,108 |
Earnings (loss) from discontinued operations, net of tax | 3,914 | -5,624 | 1,902 | -6,581 |
Net earnings | 96,940 | 40,717 | 208,867 | 118,527 |
Net loss (earnings) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings attributable to IAC shareholders | 96,940 | 40,717 | 208,867 | 118,527 |
Comprehensive income attributable to IAC shareholders | 122,502 | 44,386 | 234,411 | 119,079 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue | 519,972 | 495,065 | 1,589,162 | 1,428,316 |
Costs and expenses: | ' | ' | ' | ' |
Cost of revenue (exclusive of depreciation shown separately below) | 134,280 | 143,348 | 444,655 | 422,193 |
Selling and marketing expense | 182,195 | 177,896 | 540,405 | 497,647 |
General and administrative expense | 36,715 | 37,769 | 120,882 | 108,886 |
Product development expense | 23,858 | 18,107 | 69,956 | 57,072 |
Depreciation | 8,187 | 8,508 | 28,568 | 26,151 |
Amortization of intangibles | 9,003 | 468 | 30,070 | 1,694 |
Total costs and expenses | 394,238 | 386,096 | 1,234,536 | 1,113,643 |
Operating income | 125,734 | 108,969 | 354,626 | 314,673 |
Equity in losses of unconsolidated affiliates | 19,670 | 10,572 | 30,981 | 28,757 |
Interest expense | -1,061 | -1,063 | -3,204 | -3,193 |
Other income, net | -9,813 | -578 | -38,170 | -2,369 |
Earnings from continuing operations before income taxes | 134,530 | 117,900 | 344,233 | 337,868 |
Income tax provision | -40,929 | -35,809 | -116,383 | -110,884 |
Earnings from continuing operations | 93,601 | 82,091 | 227,850 | 226,984 |
Earnings (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net earnings | 93,601 | 82,091 | 227,850 | 226,984 |
Net loss (earnings) attributable to noncontrolling interests | 0 | 146 | 412 | 183 |
Net earnings attributable to IAC shareholders | 93,601 | 82,237 | 228,262 | 227,167 |
Comprehensive income attributable to IAC shareholders | 94,037 | 82,188 | 228,560 | 226,908 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue | 237,990 | 220,943 | 712,656 | 611,954 |
Costs and expenses: | ' | ' | ' | ' |
Cost of revenue (exclusive of depreciation shown separately below) | 114,627 | 118,908 | 333,476 | 300,297 |
Selling and marketing expense | 65,691 | 56,195 | 196,816 | 165,453 |
General and administrative expense | 16,042 | 23,765 | 85,295 | 72,683 |
Product development expense | 10,053 | 8,003 | 31,358 | 21,247 |
Depreciation | 4,962 | 4,439 | 14,922 | 10,844 |
Amortization of intangibles | 4,029 | 4,744 | 15,177 | 16,364 |
Total costs and expenses | 215,404 | 216,054 | 677,044 | 586,888 |
Operating income | 22,586 | 4,889 | 35,612 | 25,066 |
Equity in losses of unconsolidated affiliates | -56 | -3,062 | -279 | -25,774 |
Interest expense | -42 | -51 | -148 | -77 |
Other income, net | 5,650 | -204,189 | 88,000 | 8,554 |
Earnings from continuing operations before income taxes | 28,138 | -202,413 | 123,185 | 7,769 |
Income tax provision | -4,476 | 121,166 | -33,728 | -6,841 |
Earnings from continuing operations | 23,662 | -81,247 | 89,457 | 928 |
Earnings (loss) from discontinued operations, net of tax | 3 | 598 | 14 | 856 |
Net earnings | 23,665 | -80,649 | 89,471 | 1,784 |
Net loss (earnings) attributable to noncontrolling interests | 1,305 | 10 | 3,583 | -514 |
Net earnings attributable to IAC shareholders | 24,970 | -80,639 | 93,054 | 1,270 |
Comprehensive income attributable to IAC shareholders | 37,401 | -68,147 | 83,895 | -2,587 |
Total Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue | -1,090 | -1,538 | -3,286 | -4,588 |
Costs and expenses: | ' | ' | ' | ' |
Cost of revenue (exclusive of depreciation shown separately below) | -629 | -1,328 | -2,408 | -3,651 |
Selling and marketing expense | -347 | -211 | -756 | -954 |
General and administrative expense | -114 | 1 | -122 | 17 |
Product development expense | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization of intangibles | 0 | 0 | 0 | 0 |
Total costs and expenses | -1,090 | -1,538 | -3,286 | -4,588 |
Operating income | 0 | 0 | 0 | 0 |
Equity in losses of unconsolidated affiliates | -118,568 | -1,000 | -321,302 | -227,581 |
Interest expense | 0 | 0 | 0 | 0 |
Other income, net | 0 | 0 | 0 | 0 |
Earnings from continuing operations before income taxes | -118,568 | -1,000 | -321,302 | -227,581 |
Income tax provision | 0 | 0 | 0 | 0 |
Earnings from continuing operations | -118,568 | -1,000 | -321,302 | -227,581 |
Earnings (loss) from discontinued operations, net of tax | -3 | -598 | -14 | -856 |
Net earnings | -118,571 | -1,598 | -321,316 | -228,437 |
Net loss (earnings) attributable to noncontrolling interests | 0 | 0 | 0 | ' |
Net earnings attributable to IAC shareholders | -118,571 | -1,598 | -321,316 | -228,437 |
Comprehensive income attributable to IAC shareholders | -131,438 | -14,041 | -312,455 | -224,321 |
IAC Consolidated | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue | 756,872 | 714,470 | 2,298,532 | 2,035,682 |
Costs and expenses: | ' | ' | ' | ' |
Cost of revenue (exclusive of depreciation shown separately below) | 248,856 | 262,275 | 777,527 | 722,879 |
Selling and marketing expense | 248,282 | 235,130 | 738,349 | 665,168 |
General and administrative expense | 75,977 | 93,074 | 275,216 | 271,185 |
Product development expense | 35,232 | 27,596 | 104,401 | 82,628 |
Depreciation | 13,489 | 13,150 | 44,541 | 37,490 |
Amortization of intangibles | 13,032 | 5,212 | 45,247 | 18,058 |
Total costs and expenses | 634,868 | 636,437 | 1,985,281 | 1,797,408 |
Operating income | 122,004 | 78,033 | 313,251 | 238,274 |
Equity in losses of unconsolidated affiliates | -3,253 | -3,298 | -4,422 | -28,208 |
Interest expense | -7,623 | -1,391 | -22,944 | -4,102 |
Other income, net | 16,719 | 447 | 18,373 | 2,835 |
Earnings from continuing operations before income taxes | 127,847 | 73,791 | 304,258 | 208,799 |
Income tax provision | -36,126 | -27,606 | -101,288 | -83,360 |
Earnings from continuing operations | 91,721 | 46,185 | 202,970 | 125,439 |
Earnings (loss) from discontinued operations, net of tax | 3,914 | -5,624 | 1,902 | -6,581 |
Net earnings | 95,635 | 40,561 | 204,872 | 118,858 |
Net loss (earnings) attributable to noncontrolling interests | 1,305 | 156 | 3,995 | -331 |
Net earnings attributable to IAC shareholders | 96,940 | 40,717 | 208,867 | 118,527 |
Comprehensive income attributable to IAC shareholders | $122,502 | $44,386 | $234,411 | $119,079 |
GUARANTOR_AND_NONGUARANTOR_FIN4
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details3) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities attributable to continuing operations | $324,330 | $323,607 |
Cash flows from investing activities attributable to continuing operations: | ' | ' |
Acquisitions, net of cash acquired | -39,457 | -377,123 |
Capital expenditures | -64,114 | -32,363 |
Proceeds from maturities and sales of marketable debt securities | 12,502 | 79,353 |
Purchases of marketable debt securities | 0 | -47,902 |
Proceeds from sales of long-term investments | 42,286 | 12,744 |
Purchases of long-term investments | -26,605 | -10,031 |
Other, net | 8,904 | -12,264 |
Net cash used in investing activities attributable to continuing operations | -66,484 | -387,586 |
Cash flows from financing activities attributable to continuing operations: | ' | ' |
Purchase of treasury stock | -168,376 | -434,041 |
Issuance of common stock, net of withholding taxes | 6,456 | 320,070 |
Dividends | -58,882 | -43,695 |
Excess tax benefits from stock-based awards | 26,430 | 23,486 |
Payments to Noncontrolling Interests | 55,561 | 4,891 |
Principal payments on long-term debt | -15,844 | 0 |
Other, net | -3,386 | 195 |
Net cash used in financing activities attributable to continuing operations | -269,163 | -138,876 |
Total cash used in continuing operations | -11,317 | -202,855 |
Total cash provided by (used in) discontinued operations | 2,257 | -1,866 |
Effect of exchange rate changes on cash and cash equivalents | 735 | 2,347 |
Net decrease in cash and cash equivalents | -8,325 | -202,374 |
Cash and cash equivalents at beginning of period | 749,977 | 704,153 |
Cash and cash equivalents at end of period | 741,652 | 501,779 |
IAC | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities attributable to continuing operations | -55,102 | -25,409 |
Cash flows from investing activities attributable to continuing operations: | ' | ' |
Acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures | -742 | -805 |
Proceeds from maturities and sales of marketable debt securities | 12,502 | 79,353 |
Purchases of marketable debt securities | ' | -47,902 |
Proceeds from sales of long-term investments | 41,976 | 12,744 |
Purchases of long-term investments | -17,362 | -2,588 |
Other, net | 0 | -350 |
Net cash used in investing activities attributable to continuing operations | 36,374 | 40,452 |
Cash flows from financing activities attributable to continuing operations: | ' | ' |
Purchase of treasury stock | -168,376 | -434,041 |
Issuance of common stock, net of withholding taxes | 6,456 | 320,070 |
Dividends | -58,882 | -43,695 |
Excess tax benefits from stock-based awards | 26,430 | 18,594 |
Payments to Noncontrolling Interests | 0 | -1,937 |
Principal payments on long-term debt | -15,844 | ' |
Intercompany | 178,663 | -153,633 |
Other, net | -951 | 0 |
Net cash used in financing activities attributable to continuing operations | -32,504 | -294,642 |
Total cash used in continuing operations | -51,232 | -279,599 |
Total cash provided by (used in) discontinued operations | 2,254 | 2,576 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | -48,978 | -277,023 |
Cash and cash equivalents at beginning of period | 501,075 | 545,222 |
Cash and cash equivalents at end of period | 452,097 | 268,199 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities attributable to continuing operations | 392,407 | 337,883 |
Cash flows from investing activities attributable to continuing operations: | ' | ' |
Acquisitions, net of cash acquired | -6,084 | -341,906 |
Capital expenditures | -52,098 | -20,295 |
Proceeds from maturities and sales of marketable debt securities | 0 | 0 |
Purchases of marketable debt securities | ' | 0 |
Proceeds from sales of long-term investments | 0 | 0 |
Purchases of long-term investments | 0 | -724 |
Other, net | -1,717 | 117 |
Net cash used in investing activities attributable to continuing operations | -59,899 | -362,808 |
Cash flows from financing activities attributable to continuing operations: | ' | ' |
Purchase of treasury stock | 0 | 0 |
Issuance of common stock, net of withholding taxes | 0 | 0 |
Dividends | 0 | 0 |
Excess tax benefits from stock-based awards | 0 | 4,892 |
Payments to Noncontrolling Interests | 0 | 0 |
Principal payments on long-term debt | 0 | ' |
Intercompany | -331,295 | 20,052 |
Other, net | -1,225 | 0 |
Net cash used in financing activities attributable to continuing operations | -332,520 | 24,944 |
Total cash used in continuing operations | -12 | 19 |
Total cash provided by (used in) discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 12 | -19 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities attributable to continuing operations | -12,975 | 11,133 |
Cash flows from investing activities attributable to continuing operations: | ' | ' |
Acquisitions, net of cash acquired | -33,373 | -35,217 |
Capital expenditures | -11,274 | -11,263 |
Proceeds from maturities and sales of marketable debt securities | 0 | 0 |
Purchases of marketable debt securities | ' | 0 |
Proceeds from sales of long-term investments | 310 | 0 |
Purchases of long-term investments | -9,243 | -6,719 |
Other, net | 10,621 | -12,031 |
Net cash used in investing activities attributable to continuing operations | -42,959 | -65,230 |
Cash flows from financing activities attributable to continuing operations: | ' | ' |
Purchase of treasury stock | 0 | 0 |
Issuance of common stock, net of withholding taxes | 0 | 0 |
Dividends | 0 | 0 |
Excess tax benefits from stock-based awards | 0 | 0 |
Payments to Noncontrolling Interests | -55,561 | -2,954 |
Principal payments on long-term debt | 0 | ' |
Intercompany | 152,632 | 133,581 |
Other, net | -1,210 | 195 |
Net cash used in financing activities attributable to continuing operations | 95,861 | 130,822 |
Total cash used in continuing operations | 39,927 | 76,725 |
Total cash provided by (used in) discontinued operations | 3 | -4,442 |
Effect of exchange rate changes on cash and cash equivalents | 723 | 2,366 |
Net decrease in cash and cash equivalents | 40,653 | 74,649 |
Cash and cash equivalents at beginning of period | 248,902 | 158,931 |
Cash and cash equivalents at end of period | 289,555 | 233,580 |
Total Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities attributable to continuing operations | 0 | 0 |
Cash flows from investing activities attributable to continuing operations: | ' | ' |
Acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from maturities and sales of marketable debt securities | 0 | 0 |
Purchases of marketable debt securities | ' | 0 |
Proceeds from sales of long-term investments | 0 | 0 |
Purchases of long-term investments | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in investing activities attributable to continuing operations | 0 | 0 |
Cash flows from financing activities attributable to continuing operations: | ' | ' |
Purchase of treasury stock | 0 | 0 |
Issuance of common stock, net of withholding taxes | 0 | 0 |
Dividends | 0 | 0 |
Excess tax benefits from stock-based awards | 0 | 0 |
Payments to Noncontrolling Interests | 0 | 0 |
Principal payments on long-term debt | 0 | ' |
Intercompany | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in financing activities attributable to continuing operations | 0 | 0 |
Total cash used in continuing operations | 0 | 0 |
Total cash provided by (used in) discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
IAC Consolidated | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities attributable to continuing operations | 324,330 | 323,607 |
Cash flows from investing activities attributable to continuing operations: | ' | ' |
Acquisitions, net of cash acquired | -39,457 | -377,123 |
Capital expenditures | -64,114 | -32,363 |
Proceeds from maturities and sales of marketable debt securities | 12,502 | 79,353 |
Purchases of marketable debt securities | ' | -47,902 |
Proceeds from sales of long-term investments | 42,286 | 12,744 |
Purchases of long-term investments | -26,605 | -10,031 |
Other, net | 8,904 | -12,264 |
Net cash used in investing activities attributable to continuing operations | -66,484 | -387,586 |
Cash flows from financing activities attributable to continuing operations: | ' | ' |
Purchase of treasury stock | -168,376 | -434,041 |
Issuance of common stock, net of withholding taxes | 6,456 | 320,070 |
Dividends | -58,882 | -43,695 |
Excess tax benefits from stock-based awards | 26,430 | 23,486 |
Payments to Noncontrolling Interests | -55,561 | -4,891 |
Principal payments on long-term debt | -15,844 | ' |
Intercompany | 0 | 0 |
Other, net | -3,386 | 195 |
Net cash used in financing activities attributable to continuing operations | -269,163 | -138,876 |
Total cash used in continuing operations | -11,317 | -202,855 |
Total cash provided by (used in) discontinued operations | 2,257 | -1,866 |
Effect of exchange rate changes on cash and cash equivalents | 735 | 2,347 |
Net decrease in cash and cash equivalents | -8,325 | -202,374 |
Cash and cash equivalents at beginning of period | 749,977 | 704,153 |
Cash and cash equivalents at end of period | $741,652 | $501,779 |