iHeartMedia 2009 Annual Report Download - page 166
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SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
Deferred Tax Asset Valuation Allowance
161
(In thousands)
Description
Balance at
Beginning
of period
Charges
to Costs,
Expenses
and other (1)
Utilization (2)
Adjustments (3)
Balance
at end of
Period
Year ended
December 31,
2007
$553,398
$
—
$(77,738)
$41,262
$516,922
Period from January 1,
through July 30,
2008
$ 516,922
$
—
$ (264,243)
$
—
$252,679
Period from July 31,
through December 31,
2008
$252,679
$62,114
$3,341
$1,396
$319,530
Year ended
December 31,
2009
$ 319,530
$
—
$ (7,369)
$ (308,307)
$3,854
(1) During 2008 the Company recorded a valuation allowance on certain net operating losses that are not able to be carried
back to prior years.
(2) During 2007, 2008 and 2009 the Company utilized capital loss carryforwards to offset the capital gains generated in both
continuing and discontinued operations from the disposition of primarily broadcast assets and certain investments. The
related valuation allowance was released as a result of the capital loss carryforward utilization.
(3) Related to a valuation allowance for the capital loss carryforward recognized during 2005 as a result of the spin-off of Live
Nation and certain net operating loss carryforwards. During 2007 the amount of capital loss carryforward and the related
valuation allowance were adjusted due to the impact of settlements of various matters with the Internal Revenue Service
for the 1999-2004 tax years. During 2008 the amount of capital loss carryforward and the related valuation allowance were
adjusted due to the true up of the amount utilized on the 2007 tax return and the impact certain IRS audit adjustments that
were agreed to during the year. During 2009 the Company released all valuation allowances related to its capital loss
carryforwards due to the fact the all capital loss carryforwards were utilized or expired as of December 31, 2009. In
addition, the Company released valuation allowances related to certain net operating loss carryforwards due to the fact that
the Company can now carryback certain losses to prior years as a result of the enactment of the Worker, Homeownership,
and Business Assistance Act of 2009 (the “Act”) on November 6, 2009 that allowed carryback of certain net operating
losses five years. The Company’s expectations as to future taxable income from deferred tax liabilities that reverse in the
relevant carryforward period for those net operating losses that cannot be carried back will be sufficient for the realization
of the deferred tax assets associated with the remaining net operating loss carryforwards.