|
4. Other Assets
Other assets consisted of the following (in thousands):
December 31,
2000 1999
Intangible assets, net (consisting primarily of goodwill) $ 77,329 $61,508
Other assets 39,529 19,263
$116,858 $80,771
|
During 1999, the Company entered into life insurance agreements for
five officers whereby the Company pays the premiums on the policies held in
trust for these individuals. The primary purpose of these agreements is to
provide the officers' estates with liquidity in the event of the officers' death
to avoid the need for the estate to liquidate its holdings of the Company's
stock. The Company will recover the premiums it pays through policy withdrawals
or proceeds from the policy benefits in the event of death. The Company has
included the amount of its collateral interest in the policies in Other Assets.
|