|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the CCO 8-K filed Dec 11, 2009. Other Investments Other investments of $22.5 million at December 31, 2008 represent marketable equity securities.
The fair value of certain of the Company’s available-for-sale securities was below their cost each month subsequent to the closing of Clear Channel Communications’ merger. As a result, the Company considered the guidance in SEC Staff Accounting Bulletin Topic 5M and reviewed the length of the time and the extent to which the market value was less than cost and the financial condition and near-term prospects of the issuer. After this assessment, the Company concluded that the impairment was other than temporary and recorded a $59.8 million impairment charge on the statement of operations in “Loss on marketable securities”. This excerpt taken from the CCO DEF 14A filed Apr 30, 2009. Other Investments Other investments of $22.5 million at December 31, 2008 represent marketable equity securities.
The fair value of certain of the Company’s available-for-sale securities was below their cost each month subsequent to the closing of Clear Channel Communications’ merger. As a result, the Company considered the guidance in SEC Staff Accounting Bulletin Topic 5M and reviewed the length of the time and the extent to which the market value was less than cost and the financial condition and near-term prospects of the issuer. After this assessment, the Company concluded that the impairment was other than temporary and recorded a $59.8 million impairment charge on the statement of operations in “Loss on marketable securities”. These excerpts taken from the CCO 10-K filed Mar 2, 2009. Other Investments Other investments are composed of available- for-sale equity securities carried at fair value based on quoted market prices. The net unrealized gains or losses on the available-for-sale securities, net of tax, are reported as a separate component of shareholders’ equity. The Company periodically reviews the value of available-for-sale securities and records impairment charges in the statement of operations for any decline in value that is determined to be other-than-temporary. The average cost method is used to compute the realized gains and losses on sales of equity securities. The Company assessed the value of its available-for-sale securities at December 31, 2008. After this assessment, the Company concluded that an other-than-temporary impairment existed and recorded a $59.8 million impairment charge on the statement of operations in “Loss on marketable securities.” Other Investments Other investments of $22.5 million at December 31, 2008 represent marketable equity securities.
The fair value of certain of the Company’s available-for-sale securities was below their cost each month subsequent to the closing of Clear Channel Communications’ merger. As a result, the Company considered the guidance in SEC Staff Accounting Bulletin Topic 5M and reviewed the length of the time and the extent to which the market value was less than cost and the financial condition and near-term prospects of the issuer. After this assessment, the Company concluded that the impairment was other than temporary and recorded a $59.8 million impairment charge on the statement of operations in “Loss on marketable securities”. | EXCERPTS ON THIS PAGE:
RELATED TOPICS for CCO: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||
