iHeartMedia 2001 Annual Report Download - page 96

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96
$21.9 million, $12.5 million and $7.9 million were charged to expense for 2001, 2000 and 1999,
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 2001 and 2000, employees
purchased 265,862 and 118,941 shares at a weighted average share price of $45.26 and $64.00,
respectively.
In 2001, the Company initiated a non-qualified deferred compensation plan for highly compensated
executives allowing deferrals of a portion 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, 2001 was
approximately $.6 million.
NOTE J – OTHER INFORMATION
(In thousands)
For the year ended December 31,
2001 2000 1999
The following details the components of “Other
income (expense) – net”:
Reimbursement of capital cost $ (9,007) $ (14,370) $ —
Gain (loss) on disposal of fixed assets (1,087) 1,901 2,897
Gain on sale of operating assets 167,317 — —
Gain on sale of representation contracts 13,463 2,997 —
Software maintenance – third party (14,071) — —
Minority interest (6,289) (4,059) (2,769)
Charitable contribution of treasury shares — — (4,102)
Other 1,941 1,767 (11,664)
Total other income (expense) – net $ 152,267 $ (11,764) $ (15,638)
The following details the income tax expense
(benefit) on items of other comprehensive income (loss):
Foreign currency translation adjustments $ (3,101) $ (4,270) $ 3,036
Unrealized gain (loss) on securities:
Unrealized holding gain (loss) $ (75,280) $(104,264) $ 98,170
Reclassification adjustment for gains
on securities transferred to trading $ (24,400) $ — $ —
Reclassification adjustment for gains
on SFX shares held prior to merger $ — $ (19,668) $ —
Reclassification adjustments for (gain) loss
included in net income (loss) $ 102,725 $ 3,919 $ (8,026)