iHeartMedia 2006 Annual Report Download - page 90

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90
upon their years of service to the Company. Contributions from continuing operations to these plans of $36.2
million, $35.3 million and $32.0 million were charged to expense for 2006, 2005 and 2004, 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 95% of the market value on the day of purchase. The
Company changed its discount from market value offered to participants under the plan from 15% to 5% in July
2005. Employees may purchase shares having a value not exceeding 10% of their annual gross compensation or
$25,000, whichever is lower. During 2006, 2005 and 2004, employees purchased 144,444, 222,789 and 262,163
shares at weighted average share prices of $28.56, $28.79 and $32.05, respectively. Effective January 1, 2007 the
Company no longer accepts contributions to this plan as a condition of its Merger Agreement.
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, 2006, 2005 and 2004 was approximately $32.5 million, $21.1 million and $14.0
million, respectively, recorded in “Other long-term liabilities”.
NOTE N – OTHER INFORMATION
(In thousands) For the year ended December 31,
2006 2005 2004
The following details the components of “Other income (expense) – net”:
Gain (loss) on extinguishment of debt $ ― $ ― $ (31,600)
Foreign exchange gain (loss) (8,130) 7,550 (756)
Other (291) 3,717 2,063
Total other income (expense) – net $ (8,421) $ 11,267 $ (30,293)
The following details the income tax expense (benefit) on items of other
comprehensive income (loss):
Foreign currency translation adjustments $ (22,012) $ 187,216 $ 32,586
Unrealized gain (loss) on securities and derivatives:
Unrealized holding gain (loss) $ (37,091) $ (29,721) $ 29,298
Unrealized gain (loss) on cash flow derivatives $ 46,662 $ 34,711 $ (40,346)
Reclassification adjustments for (gain) loss included in net income
(loss) $ ― $ ― $ (19,927)
(In thousands) As of December 31,
2006 2005
The following details the components of “Other current assets”:
Current film rights $ 19,062 $ 18,060
Inventory 23,062 18,934
Deferred tax asset 19,246 31,148
Deposits 22,346 27,054
Other prepayments 55,795 47,366
Other 126,630 135,732
Total other current assets $266,141 $ 278,294