iHeartMedia 2004 Annual Report Download - page 56
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Our self-insured liabilities contain uncertainties because management must make assumptions and apply judgment to estimate the ultimate
cost to settle reported claims and claims incurred but not reported as of December 31, 2004.
If actual results are not consistent with our assumptions and judgments, we may be exposed to gains or losses that could be material. A 10%
change in our self-insurance liabilities at December 31, 2004, would have affected net earnings by approximately $4.8 million for the year
ended December 31, 2004.
Inflation
Inflation has affected our performance in terms of higher costs for wages, salaries and equipment. Although the exact impact of inflation is
indeterminable, we believe we have offset these higher costs by increasing the effective advertising rates of most of our broadcasting stations
and outdoor display faces.
RatioofEarningstoFixedCharges
The ratio of earnings to fixed charges is as follows:
The ratio of earnings to fixed charges was computed on a total enterprise basis. Earnings represent income from continuing operations
before income taxes less equity in undistributed net income (loss) of unconsolidated affiliates plus fixed charges. Fixed charges represent
interest, amortization of debt discount and expense, and the estimated interest portion of rental charges. We had no preferred stock outstanding
for any period presented.
ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk.
Required information is within Item 7
53
Year Ended December 31,
2004 2003 2002 2001 2000
2.80 3.62 2.62 * 2.20
*For the year ended December 31, 2001, fixed charges exceeded earnings before income taxes and fixed charges by $1.3 billion.