iHeartMedia 2002 Annual Report Download - page 85
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Summarized Financial Information
The following table summarizes the Company’s investments in these nonconsolidated affiliates:
(In thousands)
The above investments are not consolidated, but are accounted for under the equity method of accounting, whereby the Company records its
investments in these entities in the balance sheet as “Investments in, and advances to, nonconsolidated affiliates.”The Company’s interests in
their operations are recorded in the statement of operations as “Equity in earnings of nonconsolidated affiliates”. Other income derived from
transactions with nonconsolidated affiliates consists of interest income of $5.1 million in 2002, $3.7 million in 2001 and $4.3 million in 2000,
and are recorded in the statement of operations as “Equity in earnings of nonconsolidated affiliates.”Accumulated undistributed earnings
included in retained earnings for these investments was $67.5 million, $45.7 million and $39.0 million for December 31, 2002, 2001 and 2000,
respectively.
The Company conducts business with certain of its equity method investees in the ordinary course of business. Transactions relate to venue
rentals, management fees, sponsorship revenue, and reimbursement of certain costs. In 2002, payments made to and received from these equity
investees for services rendered for these business ventures were approximately $10.3 million and $3.1 million, respectively. It is the
Company’s opinion, that these transactions were recorded at fair value.
Other Investments
Other investments of $89.8 million and $354.3 million at December 31, 2002 and 2001, respectively, include marketable equity securities
classified as follows:
(In thousands)
78
Clear All
ARN HBC ACIR Media Others Total
At December 31, 2001 $79,875 $165,062 $51,276 $56,013 $149,959 $502,185
Acquisition of new investments
—
—
——2,113 2,113
Transfers from cost investments and other
reclasses
—
—
—(50)(2,843)(2,893)
Additional investment, net (1,416)
—
—4,144 (8,756) (6,028)
Equity in net earnings (loss) 5,770 10,638 1,984 4,782 (1,385)21,789
Cumulative effect of a change in accounting
principle (5,242)
—
——
—
(5,242)
Foreign currency transaction adjustment (364)
—
— —
—
(364)
Foreign currency translation adjustment 7,450
—
(1,122) (1) 24,327 30,654
At December 31, 2002 $86,073 $175,700 $52,138 $64,888 $163,415 $542,214
Unrealized
Fair
Investments Value Gains (Losses) Net Cost
2002
Available-for sale $54,430 $1,444 $(11,440) $(9,996) $64,426
Trading 7,097 663
—
663 6,434
Other cost investments 28,317
—
—
—28,317
Total $89,844 $2,107 $(11,440) $(9,333) $99,177