iHeartMedia 2000 Annual Report Download - page 74

Download and view the complete annual report

Please find page 74 of the 2000 iHeartMedia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 97

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97

74
Significant components of the provision for income taxes are as follows:
(In thousands)
2000 1999 1998
Current - federal $ 63,366 $ 82,452 $ 36,084
Deferred - domestic 340,999 30,111 30,627
Deferred – state 29,228 13,275 4,702
Deferred - foreign 16,484 (10,049)
State 10,364 14,547 3,156
Foreign 4,290 14,324 (373)
Total $ 464,731 $ 144,660 $ 74,196
Included in current – federal for 1999 is $8.1 million of benefit related to the extraordinary loss resulting
from early extinguishment of long-term debt.
Significant components of the Company's deferred tax liabilities and assets as of December 31, 2000 and
1999 are as follows:
(In thousands)
2000 1999
Deferred tax liabilities:
Intangibles and fixed assets $ 6,597,084 $ 1,158,688
Unrealized gain in marketable securities 232,273 181,114
Accrued liabilities 120,636
Foreign 115,039 98,720
Equity in earnings 5,156
Other 4,914 1,612
Total deferred tax liabilities 7,075,102 1,440,134
Deferred tax assets:
Accrued expenses 144,917 10,651
Long-term debt 93,284 76,864
Operating loss carryforwards 15,454 84,934
Bad debt reserves 22,355 6,271
Deferred income 11,403
Other 16,491 9,248
Total gross deferred tax assets 303,904 187,968
Valuation allowance — 37,617
Total deferred tax assets 303,904 150,351
Net deferred tax liabilities $ 6,771,198 $ 1,289,783
The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense is: