Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The results for the Broadcast operations have been classified as discontinued operations for all periods presented in the consolidated statements of income. In addition, the Company acquired three daily newspapers, eleven weekly newspapers, and fifteen classified or specialty publications in 2000, one daily newspaper, two weekly, and four classified or specialty publications in 1999, and five classified or specialty publications and one commercial printer in 1998. All acquisitions were accounted for as a purchase and the results of operations since the date of acquisition are included in the consolidated financial statements.
Interest rates float at rates specified in the agreement.
Covenants under these agreements are not considered restrictive to normal operations or anticipated stockholder dividends. Substantially all the Company's employees are covered by a qualified defined contribution retirement plan. The Company hasother retirement and compensation plans for executives and others. Common Stock and Class B Common Stock have identical rights with respect to cash dividends and upon liquidation. All outstanding Class B Common Stock converts to Common Stock when the shares of Class B Common Stock total less than 5,600,000 shares.