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CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 14 - EMPLOYEE STOCK AND SAVINGS PLANS
Clear Channel has various 401(k) savings and other plans for the purpose of providing retirement benefits for substantially all
employees. Under these plans, an employee can make pre-tax contributions and Clear Channel will match a portion of such an
employee’s contribution. Employees vest in these Clear Channel matching contributions based upon their years of service to Clear
Channel. Contributions from continuing operations to these plans of $29.8 million and $23.0 million for the years ended
December 31, 2010 and 2009, respectively, $12.4 million for the post-merger period ended December 31, 2008 and $17.9 million for
the pre-merger period ended July 30, 2008, were expensed. Clear Channel suspended the matching contribution as of April 30, 2009.
Effective April 1, 2010, Clear Channel reinstated the matching contribution retroactive to January 1, 2010.
Clear Channel offers a non-qualified deferred compensation plan for its highly compensated executives, under which such executives
are able to make an annual election to defer up to 50% of their annual salary and up to 80% of their bonus before taxes. The Company
accounts for the plan in accordance with the provisions of ASC 710-10. Matching credits on amounts deferred may be made in Clear
Channel’s sole discretion and Clear Channel retains ownership of all assets until distributed. Participants in the plan have the
opportunity to allocate their deferrals and any Clear Channel matching credits among different investment options, the performance o
f
which is used to determine the amounts to be paid to participants under the plan. In accordance with the provisions of ASC 710-10,
the assets and liabilities of the non-qualified deferred compensation plan are presented in “Other assets” and “Other long-term
liabilities” in the accompanying consolidated balance sheets, respectively. The asset and liability under the deferred compensation
plan at December 31, 2010 was approximately $11.3 million recorded in “Other assets” and $11.3 million recorded in “Other long-
term liabilities”, respectively. The asset and liability under the deferred compensation plan at December 31, 2009 was approximately
$9.9 million recorded in “Other assets” and $9.9 million recorded in “Other long-term liabilities”, respectively.
NOTE 15 – OTHER INFORMATION
104
(In thousands)
Post-Mer
g
er
Pre-Mer
g
er
Year ended
December 31,
2010
Year ended
December 31,
2009
Period from
July 31
through December 31,
2008
Period from
January 1
through July 30,
2008
“Other income (expense)
–
net”
includes:
Forei
g
n exchan
g
e
g
ain (loss)
$ (12,783)
$ (15,298)
$ 21,323
$7,960
Gain (loss) on early redemption
of debt, net
60,289
713,034
108,174
(13,484)
Other
(1,051)
(18,020)
2,008
412
Total other income (ex
p
ense)
–
net
$ 46,455
$ 679,716
$ 131,505
$(5,112)