iHeartMedia 2000 Annual Report Download - page 80

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80
NOTE K - EMPLOYEE STOCK AND SAVINGS PLANS
The Company has various 401(K) savings and other plans for the purpose of providing retirement benefits
for substantially all employees. Both the employees and the Company make contributions to the plan.
The Company matches a portion of an employee's contribution. Company matched contributions vest to
the employees based upon their years of service to the Company. Contributions to these plans of $12.5
million, $7.9 million and $3.8 million were charged to expense for 2000, 1999 and 1998, respectively.
In 2000, the Company initiated 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 ten percent (10%) of
their annual gross compensation or $25,000, whichever is lower. During 2000, employees purchased
118,941 shares at a weighted average share price of $64.00.
NOTE L – OTHER INFORMATION
(In thousands)
For the year ended December 31,
2000 1999 1998
The following details the components of “Other
income (expense) – net”:
Gain (loss) on sale of marketable securities $ (5,369) $ 22,930 $ 39,221
Reimbursement of capital cost (14,370) — —
Gain (loss) on disposal of fixed assets 1,901 2,897 (13,845)
Minority interest (4,059) (2,769) (327)
Compensation expense relating to subsidiary options — — (8,791)
IRS and legal settlements — — (7,400)
Charitable contribution of treasury shares — (4,102) —
Other 4,764 (11,664) 3,952
Total Other income (expense) – net $ (17,133) $ 7,292 $ 12,810
The followin g details the income tax expense
(benefit) on items of other comprehensive income:
Foreign currency translation adjustments $ 4,270 $ 3,036 $ 3,124
Unrealized gains on securities:
Unrealized holding gain (loss) arising during period $ (104,264) $ 98,170 $ 87,729
Less: reclassification adjustment for gains
on SFX shares held prior to merger (19,668) $ — $ —
Less: reclassification adjustments for gain (loss)
included in net income $ 3,919 $ (8,026) $(13,727)