iHeartMedia 2011 Annual Report Download - page 105

CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 11 – 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 the Company 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 of $27.8 million, $29.8 million and $23.0 million to these plans for the years ended December 31, 2011, 2010
and 2009, respectively, were expensed. The Company suspended the matching contribution as of April 30, 2009 and reinstated the
matching contribution effective April 1, 2010 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, 2011 was approximately $10.5 million recorded in “Other assets” and $10.5 million recorded in “Other long-
term liabilities”, 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.
NOTE 12 – OTHER INFORMATION
The following table discloses the components of “Other income (expense)” for the years ended December 31, 2011, 2010 and 2009,
respectively:
The following table discloses the deferred income tax (asset) liability related to each component of other comprehensive income
(loss) for the years ended December 31, 2011, 2010 and 2009, respectively:
The following table discloses the components of “Other current assets” as of December 31, 2011 and 2010, respectively:
102
(In thousands)
Years Ended December 31,
2011 2010 2009
Foreign exchange gain (loss)
$ (234) $(12,783) $(15,298)
Gain (loss) on debt extin
g
uishment (1,447) 60,289 713,034
Other (2,935) (1,051) (18,020)
Total other income (ex
p
ense)
–
net $(4,616) $ 46,455 $679,716
(In thousands)
Years Ended December 31,
2011 201
0
2009
Foreign currency translation adjustments
$ (449) $ 5,916 $ 16,569
Unrealized holdin
g
g
ain on marketable securities 2,667 14,475 6,743
Unrealized holdin
g
g
ain (loss) on cash flow derivatives 20,157 9,067 (44,350)
Total income tax benefit (ex
p
ense) $22,375 $29,458 $(21,038)
(In thousands)
As of December 31,
2011 2010
Inventory
$ 21,157 $ 22,517
Deferred tax asset
16,573 25,724
De
p
osits 15,167 30,966
Deferred loan costs
53,672 50,133
Other 84,043 54,913
Total other current assets $190,612 $184,253