iHeartMedia 2004 Annual Report Download - page 90
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the employees based upon their years of service to the Company. Contributions to these plans of $35.2 million, $27.5 million and $21.4 million
were charged to expense for 2004, 2003 and 2002, respectively.
The Company has a non-qualified employee stock purchase plan for all eligible employees. Under the plan, shares of the Company’s common
stock may be purchased at 85% of the market value on the day of purchase. Employees may purchase shares having a value not exceeding 10%
of their annual gross compensation or $25,000, whichever is lower. During 2004, 2003 and 2002, employees purchased 262,163, 266,978 and
319,817 shares at weighted average share prices of $32.05, $34.01 and $33.85, respectively.
The Company offers a non-qualified deferred compensation plan for highly compensated executives allowing deferrals up to 50% of their
annual salary and up to 80% of their bonus before taxes. The Company does not match any deferral amounts and retains ownership of all assets
until distributed. The liability under this deferred compensation plan at December 31, 2004, 2003 and 2002 was approximately $14.0 million,
$8.9 million and $3.5 million, respectively, recorded in “Other long-term liabilities”.
NOTE M – OTHER INFORMATION
87
For the year ended December 31,
(In thousands) 2004 2003 2002
The following details the components of “Other income (expense) – net”:
Reimbursement of capital cos
t
$ (2,174) $ (5,019) $ (6,008)
Gain on sale of operating and fixed assets 22,156 10,044 41,233
Gain on sale of representation contracts 1,857 1,450 14,836
Asset retirement obligation
—
(7,000) —
Minority interest (10,902) (7,186) (1,033)
Gain (loss) on extinguishment of deb
t
(31,600)36,735 11,980
Other 6,716 (8,065) (3,578)
Total other income (expense) – ne
t
$(13,947) $ 20,959 $57,430
The following details the income tax expense (benefit) on items of other comprehensive income
(loss):
Foreign currency translation adjustments $32,586 $37,898 $25,096
Unrealized gain (loss) on securities and derivatives:
Unrealized holding gain (loss) $29,298 $117,876 $(62,182)
Unrealized gain (loss) on cash flow derivatives $(40,346) $ (38,936) $ —
Reclassification adjustment for gains on shares held prior to merger $
—
$
—
$(2,441)
Reclassification adjustments for (gain) loss included in net income (loss) $(19,927) $ (11,896) $ 6,355
As of December 31,
(In thousands) 2004 2003
The following details the components of “Other current assets”:
Current film rights $ 19,927 $ 21,185
Inventory 38,932 36,985
Deferred tax asse
t
42,262
—
Other 86,288 104,291
Total other current assets $187,409 $162,461