Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 16, 2014 | Oct. 16, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Entity Registrant Name | 'Clear Channel Outdoor Holdings, Inc. | ' | ' |
Entity Central Index Key | '0001334978 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 44,936,373 | 315,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $203,753 | $314,545 |
Accounts receivable, net | 687,340 | 710,529 |
Prepaid expenses | 139,968 | 145,021 |
Other current assets | 67,993 | 68,333 |
Total Current Assets | 1,099,054 | 1,238,428 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Structures, net | 1,643,527 | 1,765,510 |
Other property, plant and equipment, net | 290,724 | 315,588 |
INTANGIBLE ASSETS AND GOODWILL | ' | ' |
Indefinite-lived intangibles | 1,067,341 | 1,067,783 |
Other intangibles, net | 434,329 | 487,926 |
Goodwill | 831,441 | 850,134 |
OTHER ASSETS | ' | ' |
Due from iHeartCommunications | 875,975 | 879,108 |
Other assets | 141,507 | 154,915 |
Total Assets | 6,383,898 | 6,759,392 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 74,197 | 85,882 |
Accrued expenses | 521,823 | 563,766 |
Deferred income | 122,983 | 107,943 |
Current portion of long-term debt | 3,152 | 15,999 |
Total Current Liabilities | 722,155 | 773,590 |
Long-term debt | 4,929,622 | 4,919,377 |
Deferred tax liability | 627,515 | 656,150 |
Other long-term liabilities | 237,174 | 250,167 |
Commitments and contingent liabilities (Note 5) | ' | ' |
SHAREHOLDERS' EQUITY/DEFICIT | ' | ' |
Noncontrolling interest | 202,606 | 202,046 |
Common stock | 3,601 | 3,591 |
Additional paid-in capital | 4,164,126 | 4,332,045 |
Accumulated deficit | -4,215,871 | -4,162,975 |
Accumulated other comprehensive loss | -286,000 | -213,572 |
Cost of shares held in treasury | -1,030 | -1,027 |
Total Shareholders' Equity | -132,568 | 160,108 |
Total Liabilities and Shareholders' Equity | $6,383,898 | $6,759,392 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ' | ' |
Preferred stock par value per share | $0.01 | $0.01 |
Preferred stock shares authorized | 150,000,000 | 150,000,000 |
Preferred stock shares issued | 0 | 0 |
Treasury stock shares | 137,610 | 116,264 |
Class A Common Stock | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock par value per share | $0.01 | $0.01 |
Common stock shares authorized | 750,000,000 | 750,000,000 |
Common stock shares issued | 45,069,575 | 44,117,843 |
Class B Common Stock | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock par value per share | $0.01 | $0.01 |
Common stock shares authorized | 600,000,000 | 600,000,000 |
Common stock shares issued | 315,000,000 | 315,000,000 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements Of Comprehensive Income (Loss) | ' | ' | ' | ' |
Revenue | $742,794 | $723,013 | $2,159,250 | $2,140,094 |
Operating expenses: | ' | ' | ' | ' |
Direct operating expenses (excludes depreciation and amortization) | 400,834 | 396,094 | 1,195,491 | 1,181,843 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 139,613 | 131,437 | 412,834 | 404,018 |
Corporate expenses (excludes depreciation and amortization) | 33,548 | 29,719 | 97,578 | 91,435 |
Depreciation and amortization | 100,416 | 98,344 | 297,883 | 296,237 |
Other operating income, net | 4,623 | 6,604 | 7,524 | 12,404 |
Operating income (loss) | 73,006 | 74,023 | 162,988 | 178,965 |
Interest expense | 87,695 | 87,969 | 265,168 | 264,125 |
Interest income on Due from iHeartCommunications Note | 15,105 | 14,940 | 45,005 | 39,356 |
Loss on marketable securities | 0 | -18 | 0 | -18 |
Equity in earnings (loss) of nonconsolidated affiliates | 4,185 | -645 | 3,776 | -961 |
Other income (expense), net | 2,191 | 1,445 | 16,071 | 228 |
Income (loss) before income taxes | 6,792 | 1,776 | -37,328 | -46,555 |
Income tax benefit (expense) | -5,372 | 10,214 | 2,503 | 3,126 |
Consolidated net income (loss) | 1,420 | 11,990 | -34,825 | -43,429 |
Less amount attributable to noncontrolling interest | 8,483 | 7,772 | 18,071 | 17,723 |
Net income (loss) attributable to the Company | -7,063 | 4,218 | -52,896 | -61,152 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -62,433 | 34,283 | -78,995 | -10,853 |
Unrealized gain (loss) on marketable securities | -74 | 13 | 605 | 229 |
Other adjustments to comprehensive income (loss) | 0 | -1,432 | 0 | -2,430 |
Other comprehensive income (loss) | -62,507 | 32,864 | -78,390 | -13,054 |
Comprehensive income (loss) | -69,570 | 37,082 | -131,286 | -74,206 |
Less amount attributable to noncontrolling interest | -2,511 | 6,041 | -5,962 | -789 |
Comprehensive income (loss) attributable to the Company | ($67,059) | $31,041 | ($125,324) | ($73,417) |
Net income (loss) attributable to the Company per common share: | ' | ' | ' | ' |
Basic | ($0.02) | $0.01 | ($0.15) | ($0.18) |
Weighted average common shares outstanding - Basic | 358,653 | 357,665 | 358,502 | 357,507 |
Diluted | ($0.02) | $0.01 | ($0.15) | ($0.18) |
Weighted average common shares outstanding - Diluted | 358,653 | 359,011 | 358,502 | 357,507 |
Dividends declared per share | $0.49 | $0 | $0.49 | $0 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Consolidated net loss | ($34,825) | ($43,429) |
Reconciling items: | ' | ' |
Depreciation and amortization | 297,883 | 296,237 |
Deferred taxes | -23,813 | -37,846 |
Provision for doubtful accounts | 5,394 | 3,441 |
Share-based compensation | 5,712 | 5,647 |
Gain on sale of operating assets | -7,524 | -12,404 |
Amortization of deferred financing charges and note discounts, net | 6,491 | 6,402 |
Other reconciling items, net | -20,334 | 2,318 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' |
(Increase) decrease in accounts receivable | -7,208 | 49,340 |
Increase in deferred income | 20,131 | 21,435 |
Decrease in accrued expenses | -19,617 | -20,012 |
Increase (decrease) in accounts payable | -9,201 | -21,891 |
Changes in other operating assets and liabilities | -24,234 | 1,885 |
Net cash provided by operating activities | 188,855 | 251,123 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -135,457 | -114,345 |
Purchases of other operating assets | -228 | -842 |
Proceeds from sale of investment securities | 15,820 | 0 |
Proceeds from disposal of assets | 11,825 | 17,479 |
Change in other, net | -2,954 | -2,271 |
Net cash used for investing activities | -110,994 | -99,979 |
Cash flows from financing activities: | ' | ' |
Draws on credit facilities | 820 | 2,752 |
Payments on credit facilities | -3,032 | -1,344 |
Proceeds from long-term debt | 0 | 51 |
Payments on long-term debt | -35 | -5,478 |
Payments to repurchase noncontrolling interests | 0 | -61,143 |
Dividends and other payments to noncontrolling interests | -11,549 | -13,862 |
Dividends paid | -175,022 | 0 |
Net transfers (to) from iHeartCommunications | 3,151 | -215,478 |
Change in other, net | 1,315 | 1,273 |
Net cash used for financing activities | -184,352 | -293,229 |
Effect of exchange rate changes on cash | -4,301 | -1,301 |
Net decrease in cash and cash equivalents | -110,792 | -143,386 |
Cash and cash equivalents at beginning of period | 314,545 | 561,979 |
Cash and cash equivalents at end of period | $203,753 | $418,593 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
NOTE 1 – BASIS OF PRESENTATION | |
Preparation of Interim Financial Statements | |
The accompanying consolidated financial statements were prepared by Clear Channel Outdoor Holdings, Inc. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. Due to seasonality and other factors, the results for the interim periods are not necessarily indicative of results for the full year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2013 Annual Report on Form 10-K. | |
The consolidated financial statements include the accounts of the Company and its subsidiaries and give effect to allocations of expenses from the Company’s indirect parent entity, iHeartCommunications, Inc. (formerly, Clear Channel Communications, Inc. or “iHeart”). These allocations were made on a specifically identifiable basis or using relative percentages of headcount or other methods management considered to be a reasonable reflection of the utilization of services provided. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20 percent to 50 percent of the voting common stock or otherwise exercises significant influence over operating and financial policies of the Company are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation process. Certain prior-period amounts have been reclassified to conform to the 2014 presentation. | |
Information Regarding the Company | |
On September 16, 2014, CC Media Holdings, Inc., the indirect parent company of the Company, issued a press release that announced a change of its name to “iHeartMedia, Inc.” and changed the names of certain of its affiliates, including as follows: | |
Old Name: New Name: | |
Clear Channel Capital I, LLC iHeartMedia Capital I, LLC | |
Clear Channel Capital II, LLC iHeartMedia Capital II, LLC | |
Clear Channel Communications, Inc. iHeartCommunications, Inc. | |
Adoption of New Accounting Standards | |
During the first quarter of 2014, the Company adopted the Financial Accounting Standards Board's (“FASB”) ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. This update provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. The amendments are effective for fiscal years (and interim periods within) beginning after December 15, 2013 and are to be applied retrospectively to all prior periods presented for such obligations that exist at the beginning of an entity’s fiscal year of adoption. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. | |
During the first quarter of 2014, the Company adopted the FASB’s ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity of an Investment in a Foreign Entity. The amendments are effective prospectively for the fiscal years (and interim periods within) beginning after December 15, 2013 and provide clarification guidance for the release of the cumulative translation adjustment under current U.S. GAAP. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. | |
During the first quarter of 2014, the Company adopted the FASB’s ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This update requires unrecognized tax benefits to be offset against a deferred tax asset for a net operating loss carryforward, similar tax loss or tax credit carryforward in certain situations. The amendments are effective prospectively for the fiscal years (and interim periods within) beginning after December 15, 2013. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements | |
During the second quarter of 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This new standard provides guidance for the recognition, measurement and disclosure of revenue resulting from contracts with customers and will supersede virtually all of the current revenue recognition guidance under U.S. GAAP. The standard is effective for the first interim period within annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the provisions of this new standard on its financial position and results of operations. | |
During the third quarter of 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This new standard clarifies that a performance target in a share-based compensation award that could be achieved after an employee completes the requisite service period should be treated as a performance condition that affects the vesting of the award. The standard is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. The Company is currently evaluating the impact of the provisions of this new standard on its financial position and results of operations. |
Property_Plant_And_Equipment_I
Property, Plant And Equipment, Intangible Assets And Goodwill | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract] | ' | |||||||||||
Property, Plant And Equipment, Intangible Assets And Goodwill | ' | |||||||||||
NOTE 2 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | ||||||||||||
Property, Plant and Equipment | ||||||||||||
The Company’s property, plant and equipment consisted of the following classes of assets at September 30, 2014 and December 31, 2013, respectively: | ||||||||||||
(In thousands) | 30-Sep-14 | 31-Dec-13 | ||||||||||
Structures | $ | 3,023,714 | $ | 3,021,152 | ||||||||
Less: accumulated depreciation | 1,380,187 | 1,255,642 | ||||||||||
Structures, net | $ | 1,643,527 | $ | 1,765,510 | ||||||||
Land, buildings and improvements | $ | 206,243 | $ | 213,670 | ||||||||
Furniture and other equipment | 156,508 | 147,768 | ||||||||||
Construction in progress | 73,173 | 83,891 | ||||||||||
435,924 | 445,329 | |||||||||||
Less: accumulated depreciation | 145,200 | 129,741 | ||||||||||
Other property, plant and equipment, net | $ | 290,724 | $ | 315,588 | ||||||||
Indefinite-lived Intangible Assets | ||||||||||||
The Company’s indefinite-lived intangible assets consist primarily of billboard permits in its Americas segment. Due to significant differences in both business practices and regulations, billboards in the International segment are subject to long-term, finite contracts unlike the Company’s permits in the United States and Canada. Accordingly, there are no indefinite-lived intangible assets in the International segment. | ||||||||||||
Other Intangible Assets | ||||||||||||
Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets consist primarily of transit and street furniture contracts, site-leases and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. | ||||||||||||
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets at September 30, 2014 and December 31, 2013, respectively: | ||||||||||||
(In thousands) | 30-Sep-14 | 31-Dec-13 | ||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||
Transit, street furniture and other contractual rights | $ | 749,372 | $ | -490,255 | $ | 777,521 | $ | -464,548 | ||||
Permanent easements | 174,628 | - | 173,753 | - | ||||||||
Other | 2,711 | -2,127 | 2,832 | -1,632 | ||||||||
Total | $ | 926,711 | $ | -492,382 | $ | 954,106 | $ | -466,180 | ||||
Total amortization expense related to definite-lived intangible assets for the three months ended September 30, 2014 and 2013 was $16.7 million and $17.3 million, respectively. Total amortization expense related to definite-lived intangible assets for the nine months ended September 30, 2014 and 2013 was $50.8 million and $53.3 million, respectively. | ||||||||||||
The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets. | ||||||||||||
(In thousands) | ||||||||||||
2015 | $ | 53,845 | ||||||||||
2016 | 41,471 | |||||||||||
2017 | 30,236 | |||||||||||
2018 | 22,146 | |||||||||||
2019 | 16,662 | |||||||||||
Goodwill | ||||||||||||
The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments. | ||||||||||||
(In thousands) | Americas | International | Total | |||||||||
Balance as of December 31, 2012 | $ | 571,932 | $ | 290,316 | $ | 862,248 | ||||||
Impairment | - | -10,684 | -10,684 | |||||||||
Foreign currency | - | -974 | -974 | |||||||||
Dispositions | - | -456 | -456 | |||||||||
Balance as of December 31, 2013 | $ | 571,932 | $ | 278,202 | $ | 850,134 | ||||||
Foreign currency | - | -18,693 | -18,693 | |||||||||
Balance as of September 30, 2014 | $ | 571,932 | $ | 259,509 | $ | 831,441 |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Long-Term Debt | ' | ||||||
NOTE 3 – LONG-TERM DEBT | |||||||
Long-term debt at September 30, 2014 and December 31, 2013, respectively, consisted of the following: | |||||||
(In thousands) | 30-Sep-14 | 31-Dec-13 | |||||
Clear Channel Worldwide Holdings Senior Notes: | |||||||
6.5% Series A Senior Notes Due 2022 | $ | 735,750 | $ | 735,750 | |||
6.5% Series B Senior Notes Due 2022 | 1,989,250 | 1,989,250 | |||||
Clear Channel Worldwide Holdings Senior Subordinated Notes: | |||||||
7.625% Series A Senior Subordinated Notes Due 2020 | 275,000 | 275,000 | |||||
7.625% Series B Senior Subordinated Notes Due 2020 | 1,925,000 | 1,925,000 | |||||
Other debt | 14,101 | 17,133 | |||||
Original issue discount | -6,327 | -6,757 | |||||
Total debt | 4,932,774 | 4,935,376 | |||||
Less: current portion | 3,152 | 15,999 | |||||
Total long-term debt | $ | 4,929,622 | $ | 4,919,377 | |||
The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.1 billion at each of September 30, 2014 and December 31, 2013. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as Level 1. |
Supplemental_Disclosures
Supplemental Disclosures | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Supplemental Disclosures [Abstract] | ' | |||||||||||
Supplemental Disclosures | ' | |||||||||||
NOTE 4 – SUPPLEMENTAL DISCLOSURES | ||||||||||||
Income Tax Benefit (Expense) | ||||||||||||
The Company’s income tax benefit (expense) for the three and nine months ended September 30, 2014 and 2013, respectively, consisted of the following components: | ||||||||||||
(In thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Current tax benefit (expense) | $ | -1,462 | $ | 1,859 | $ | -21,310 | $ | -34,720 | ||||
Deferred tax benefit (expense) | -3,910 | 8,355 | 23,813 | 37,846 | ||||||||
Income tax benefit (expense) | $ | -5,372 | $ | 10,214 | $ | 2,503 | $ | 3,126 | ||||
The effective tax rates for the three and nine months ended September 30, 2014 were 79.1% and 6.7%, respectively. The effective rates were primarily impacted by the Company’s inability to record tax benefits on tax losses in certain foreign jurisdictions due to the uncertainty of the ability to utilize those losses in future years. In addition, the effective tax rates were impacted by the timing and mix of earnings in the various jurisdictions in which the Company operates. | ||||||||||||
The effective tax rates for the three and nine months ended September 30, 2013 were (575.1)% and 6.7%, respectively. The effective rates for the three and six months ended September 30, 2013 were primarily impacted by the settlement of tax examinations which resulted in a reduction in tax expense of approximately $1.0 million during the period and the Company’s inability to record tax benefits on tax losses in certain foreign jurisdictions due to the uncertainty of the ability to utilize those losses in future years. | ||||||||||||
Supplemental Cash Flow Information | ||||||||||||
During the nine months ended September 30, 2014 and 2013, cash paid for interest and income taxes, net of income tax refunds of $0.9 million and $1.2 million, respectively, was as follows: | ||||||||||||
(In thousands) | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | |||||||||||
Interest | $ | 261,546 | $ | 259,963 | ||||||||
Income taxes | 27,234 | 34,456 | ||||||||||
Buspak | ||||||||||||
The Company owned a 50% interest in Buspak, a bus advertising company in Australia. On July 18, 2014, a subsidiary of the Company sold its 49% interest in Buspak, recognizing a gain on the sale of $4.5 million. | ||||||||||||
Commitments_Contingencies_And_
Commitments, Contingencies And Guarantees | 9 Months Ended |
Sep. 30, 2014 | |
Commitments, Contingencies And Guarantees [Abstract] | ' |
Commitments, Contingencies And Guarantees | ' |
NOTE 5 – COMMITMENTS, CONTINGENCIES AND GUARANTEES | |
The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations. | |
Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes; employment and benefits related claims; governmental fines; and tax disputes. | |
Los Angeles Litigation | |
In 2008, Summit Media, LLC, one of the Company’s competitors, sued the City of Los Angeles (the “City”), Clear Channel Outdoor, Inc. and CBS Outdoor in Los Angeles Superior Court (Case No. BS116611) challenging the validity of a settlement agreement that had been entered into in November 2006 among the parties and pursuant to which Clear Channel Outdoor, Inc. had taken down existing billboards and converted 83 existing signs from static displays to digital displays. In 2009 the Los Angeles Superior Court ruled that the settlement agreement constituted an ultra vires act of the City, and nullified its existence. After further proceedings, on April 12, 2013 the Los Angeles Superior Court invalidated 82 digital modernization permits issued to Clear Channel Outdoor, Inc. (77 of which displays were operating at the time of the ruling), and Clear Channel Outdoor, Inc. was required to turn off the electrical power to all affected digital displays on April 15, 2013. The digital display structures remain intact but digital displays are currently prohibited in the City. Clear Channel Outdoor, Inc. is seeking permits under the existing City sign code to either wrap the LED faces with vinyl or convert the LED faces to traditional static signs, and has obtained a number of such permits. Clear Channel Outdoor, Inc. is also pursuing a new ordinance to permit digital signage in the City. | |
Guarantees | |
As of September 30, 2014, the Company had $63.1 million in letters of credit outstanding. Additionally, as of September 30, 2014, iHeart had outstanding commercial standby letters of credit and surety bonds of $1.5 million and $43.0 million, respectively, held on behalf of the Company. These letters of credit and surety bonds relate to various operational matters, including insurance, bid and performance bonds, as well as other items. | |
In addition, as of September 30, 2014, the Company had outstanding bank guarantees of $55.9 million related to international subsidiaries, of which $15.1 million were backed by cash collateral. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE 6 – RELATED PARTY TRANSACTIONS | |
The Company records an amount due from iHeart as “Due from iHeartCommunications” on the consolidated balance sheets. A Revolving Promissory Note issued by iHeart to the Company (the “Due from iHeartCommunications Note”), in the face amount of $1.0 billion, or if more or less than such amount, the aggregate unpaid principal amount of all advances, reflects the balance of this account. The account accrues interest pursuant to the terms of the Due from iHeartCommunications Note and the Due from iHeartCommunications Note is generally payable on demand or when it matures on December 15, 2017. | |
Included in the account are the net activities resulting from day-to-day cash management services provided by iHeart. As a part of these services, the Company maintains collection bank accounts swept daily into accounts of iHeart (after satisfying the funding requirements of the Trustee Accounts under the senior notes and subordinated notes issued by Clear Channel Worldwide Holdings, Inc. (“CCWH”)). In return, iHeart funds the Company’s controlled disbursement accounts as checks or electronic payments are presented for payment. The Company’s claim in relation to cash transferred from its concentration account is on an unsecured basis and is limited to the balance of the “Due from iHeartCommunications” account. At September 30, 2014 and December 31, 2013, the asset recorded in Due from iHeartCommunications on the consolidated balance sheets was $876.0 million and $879.1 million, respectively. | |
The net interest income for the three months ended September 30, 2014 and 2013 was $15.1 million and $14.9 million, respectively. The net interest income for the nine months ended September 30, 2014 and 2013 was $45.0 million and $39.4 million, respectively. At September 30, 2014 and December 31, 2013, the fixed interest rate on the Due from iHeartCommunications account was 6.5%, which is equal to the fixed interest rate on the CCWH senior notes. | |
The Company provides advertising space on its billboards for radio stations owned by iHeart. For the three months ended September 30, 2014 and 2013, the Company recorded $0.7 million and $1.1 million, respectively, in revenue for these advertisements. For the nine months ended September 30, 2014 and 2013, the Company recorded $2.8 million and $1.3 million, respectively, in revenue for these advertisements. | |
Under the Corporate Services Agreement between iHeart and the Company, iHeart provides management services to the Company, which include, among other things: (i) treasury, payroll and other financial related services; (ii) certain executive officer services; (iii) human resources and employee benefits services; (iv) legal and related services; (v) information systems, network and related services; (vi) investment services; (vii) procurement and sourcing support services; and (viii) other general corporate services. These services are charged to the Company based on actual direct costs incurred or allocated by iHeart based on headcount, revenue or other factors on a pro rata basis. For the three months ended September 30, 2014 and 2013, the Company recorded $7.4 million and $8.9 million, respectively, as a component of corporate expenses for these services. For the nine months ended September 30, 2014 and 2013, the Company recorded $23.6 million and $27.6 million, respectively, as a component of corporate expenses for these services. | |
Pursuant to the Tax Matters Agreement between iHeart and the Company, the operations of the Company are included in a consolidated federal income tax return filed by iHeart. The Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated federal income tax returns with its subsidiaries. Tax payments are made to iHeart on the basis of the Company’s separate taxable income. Tax benefits recognized on the Company’s employee stock option exercises are retained by the Company. | |
The Company computes its deferred income tax provision using the liability method in accordance with the provisions of ASC 740-10, as if the Company was a separate taxpayer. Deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not some portion or all of the asset will not be realized. | |
Pursuant to the Employee Matters Agreement, the Company’s employees participate in iHeart’s employee benefit plans, including employee medical insurance and a 401(k) retirement benefit plan. These costs are recorded as a component of selling, general and administrative expenses and were approximately $2.6 million for each of the three months ended September 30, 2014 and 2013, respectively. For each of the nine months ended September 30, 2014 and 2013, the Company recorded approximately $8.0 million as a component of selling, general and administrative expenses for these services. |
Shareholders_Equity_And_Compre
Shareholders' Equity And Comprehensive Loss | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Shareholders' Equity And Comprehensive Loss [Abstract] | ' | ||||||||
Shareholders' Equity And Comprehensive Loss | ' | ||||||||
NOTE 7 – SHAREHOLDERS’ EQUITY (DEFICIT) AND COMPREHENSIVE LOSS | |||||||||
The Company reports its noncontrolling interests in consolidated subsidiaries as a component of equity separate from the Company’s equity. The following table shows the changes in shareholders’ equity attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total ownership interest: | |||||||||
(In thousands) | The Company | Noncontrolling Interests | Consolidated | ||||||
Balances at January 1, 2014 | $ | -41,938 | $ | 202,046 | $ | 160,108 | |||
Net income (loss) | -52,896 | 18,071 | -34,825 | ||||||
Dividends and other payments to noncontrolling interests | - | -11,549 | -11,549 | ||||||
Dividends paid | -175,022 | - | -175,022 | ||||||
Foreign currency translation adjustments | -73,033 | -5,962 | -78,995 | ||||||
Unrealized holding gain on marketable securities | 605 | - | 605 | ||||||
Other adjustments to comprehensive loss | - | - | - | ||||||
Other, net | 7,110 | - | 7,110 | ||||||
Balances at September 30, 2014 | $ | -335,174 | $ | 202,606 | $ | -132,568 | |||
Balances at January 1, 2013 | $ | 198,155 | $ | 247,934 | $ | 446,089 | |||
Net income (loss) | -61,152 | 17,723 | -43,429 | ||||||
Dividends and other payments to noncontrolling interests | - | -58,942 | -58,942 | ||||||
Foreign currency translation adjustments | -10,064 | -789 | -10,853 | ||||||
Unrealized holding gain on marketable securities | 229 | - | 229 | ||||||
Other adjustments to comprehensive loss | -2,430 | - | -2,430 | ||||||
Other, net | 4,691 | 614 | 5,305 | ||||||
Balances at September 30, 2013 | $ | 129,429 | $ | 206,540 | $ | 335,969 | |||
On August 11, 2014, the Company (1) demanded repayment of $175 million outstanding under the Due from iHeartCommunications Note and (2) concurrently paid a special cash dividend in an aggregate amount equal to $175 million (or $0.4865 per share) to its Class A and Class B stockholders of record at the close of business on August 4, 2014. As the indirect parent of the Company, iHeart received approximately 88% of the proceeds from such dividend through its wholly-owned subsidiaries. The remaining approximately 12% of the proceeds from the dividend, or approximately $21 million, was paid to the Company’s public stockholders. Following satisfaction of the demand, the balance outstanding under the Due from iHeartCommunications Note was reduced by $175 million. | |||||||||
Segment_Data
Segment Data | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Segment Data [Abstract] | ' | |||||||||||
Segment Data | ' | |||||||||||
NOTE 8 – SEGMENT DATA | ||||||||||||
The Company has two reportable segments, which it believes best reflect how the Company is currently managed – Americas and International. The Americas segment consists of operations primarily in the United States and Canada, and the International segment primarily includes operations in Europe, Asia, Australia and Latin America. The Americas and International display inventory consists primarily of billboards, street furniture displays and transit displays. Corporate includes infrastructure and support including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded in corporate expenses. | ||||||||||||
The following table presents the Company’s reportable segment results for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||
(In thousands) | Americas | International | Corporate and other reconciling items | Consolidated | ||||||||
Three Months Ended September 30, 2014 | ||||||||||||
Revenue | $ | 329,500 | $ | 413,294 | $ | - | $ | 742,794 | ||||
Direct operating expenses | 140,739 | 260,095 | - | 400,834 | ||||||||
Selling, general and administrative expenses | 55,257 | 84,356 | - | 139,613 | ||||||||
Corporate expenses | - | - | 33,548 | 33,548 | ||||||||
Depreciation and amortization | 48,973 | 50,105 | 1,338 | 100,416 | ||||||||
Other operating income, net | - | - | 4,623 | 4,623 | ||||||||
Operating income (loss) | $ | 84,531 | $ | 18,738 | $ | -30,263 | $ | 73,006 | ||||
Capital expenditures | $ | 18,980 | $ | 22,860 | $ | 650 | $ | 42,490 | ||||
Share-based compensation expense | $ | - | $ | - | $ | 1,462 | $ | 1,462 | ||||
Three Months Ended September 30, 2013 | ||||||||||||
Revenue | $ | 331,346 | $ | 391,667 | $ | - | $ | 723,013 | ||||
Direct operating expenses | 140,972 | 255,122 | - | 396,094 | ||||||||
Selling, general and administrative expenses | 55,739 | 75,698 | - | 131,437 | ||||||||
Corporate expenses | - | - | 29,719 | 29,719 | ||||||||
Depreciation and amortization | 48,530 | 49,090 | 724 | 98,344 | ||||||||
Other operating income, net | - | - | 6,604 | 6,604 | ||||||||
Operating income (loss) | $ | 86,105 | $ | 11,757 | $ | -23,839 | $ | 74,023 | ||||
Capital expenditures | $ | 13,838 | $ | 19,983 | $ | 419 | $ | 34,240 | ||||
Share-based compensation expense | $ | - | $ | - | $ | 1,652 | $ | 1,652 | ||||
(In thousands) | Americas | International | Corporate and other reconciling items | Consolidated | ||||||||
Nine Months Ended September 30, 2014 | ||||||||||||
Revenue | $ | 917,404 | $ | 1,241,846 | $ | - | $ | 2,159,250 | ||||
Direct operating expenses | 413,761 | 781,730 | - | 1,195,491 | ||||||||
Selling, general and administrative expenses | 158,789 | 254,045 | - | 412,834 | ||||||||
Corporate expenses | - | - | 97,578 | 97,578 | ||||||||
Depreciation and amortization | 144,094 | 150,763 | 3,026 | 297,883 | ||||||||
Other operating income, net | - | - | 7,524 | 7,524 | ||||||||
Operating income (loss) | $ | 200,760 | $ | 55,308 | $ | -93,080 | $ | 162,988 | ||||
Capital expenditures | $ | 48,390 | $ | 84,215 | $ | 2,852 | $ | 135,457 | ||||
Share-based compensation expense | $ | - | $ | - | $ | 5,712 | $ | 5,712 | ||||
Nine Months Ended September 30, 2013 | ||||||||||||
Revenue | $ | 952,832 | $ | 1,187,262 | $ | - | $ | 2,140,094 | ||||
Direct operating expenses | 419,676 | 762,167 | - | 1,181,843 | ||||||||
Selling, general and administrative expenses | 165,232 | 238,786 | - | 404,018 | ||||||||
Corporate expenses | - | - | 91,435 | 91,435 | ||||||||
Depreciation and amortization | 144,256 | 150,013 | 1,968 | 296,237 | ||||||||
Other operating income, net | - | - | 12,404 | 12,404 | ||||||||
Operating income (loss) | $ | 223,668 | $ | 36,296 | $ | -80,999 | $ | 178,965 | ||||
Capital expenditures | $ | 43,489 | $ | 68,683 | $ | 2,173 | $ | 114,345 | ||||
Share-based compensation expense | $ | - | $ | - | $ | 5,647 | $ | 5,647 |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Guarantor Subsidiaries [Abstract] | ' | ||||||||||||||||||
Guarantor Subsidiaries | ' | ||||||||||||||||||
NOTE 9 – GUARANTOR SUBSIDIARIES | |||||||||||||||||||
The Company and certain of the Company’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee on a joint and several basis certain of the outstanding indebtedness of CCWH (the “Subsidiary Issuer”). The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d): | |||||||||||||||||||
(In thousands) | As of September 30, 2014 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash and cash equivalents | $ | 26,602 | $ | - | $ | - | $ | 186,863 | $ | -9,712 | $ | 203,753 | |||||||
Accounts receivable, net of allowance | - | - | 192,075 | 495,265 | - | 687,340 | |||||||||||||
Intercompany receivables | - | 213,549 | 1,691,544 | 4,764 | -1,909,857 | - | |||||||||||||
Prepaid expenses | 2,911 | - | 64,959 | 72,098 | - | 139,968 | |||||||||||||
Other current assets | - | 6,850 | 16,457 | 44,686 | - | 67,993 | |||||||||||||
Total Current Assets | 29,513 | 220,399 | 1,965,035 | 803,676 | -1,919,569 | 1,099,054 | |||||||||||||
Structures, net | - | - | 1,071,021 | 572,506 | - | 1,643,527 | |||||||||||||
Other property, plant and equipment, net | - | - | 165,858 | 124,866 | - | 290,724 | |||||||||||||
Indefinite-lived intangibles | - | - | 1,055,905 | 11,436 | - | 1,067,341 | |||||||||||||
Other intangibles, net | - | - | 330,787 | 103,542 | - | 434,329 | |||||||||||||
Goodwill | - | - | 571,932 | 259,509 | - | 831,441 | |||||||||||||
Due from iHeartCommunications | 875,975 | - | - | - | - | 875,975 | |||||||||||||
Intercompany notes receivable | 182,026 | 4,973,627 | - | - | -5,155,653 | - | |||||||||||||
Other assets | 277,136 | 791,279 | 1,288,390 | 55,805 | -2,271,103 | 141,507 | |||||||||||||
Total Assets | $ | 1,364,650 | $ | 5,985,305 | $ | 6,448,928 | $ | 1,931,340 | $ | -9,346,325 | $ | 6,383,898 | |||||||
Accounts payable | $ | - | $ | - | $ | 20,486 | $ | 63,423 | $ | -9,712 | $ | 74,197 | |||||||
Intercompany payable | 1,691,544 | - | 218,313 | - | -1,909,857 | - | |||||||||||||
Accrued expenses | -955 | 3,228 | 90,818 | 428,732 | - | 521,823 | |||||||||||||
Deferred income | - | - | 47,857 | 75,126 | - | 122,983 | |||||||||||||
Current portion of long-term debt | - | - | 54 | 3,098 | - | 3,152 | |||||||||||||
Total Current Liabilities | 1,690,589 | 3,228 | 377,528 | 570,379 | -1,919,569 | 722,155 | |||||||||||||
Long-term debt | - | 4,918,674 | 1,092 | 9,856 | - | 4,929,622 | |||||||||||||
Intercompany notes payable | - | - | 5,034,923 | 120,730 | -5,155,653 | - | |||||||||||||
Deferred tax liability | 772 | 85 | 610,400 | 16,258 | - | 627,515 | |||||||||||||
Other long-term liabilities | - | - | 147,787 | 89,387 | - | 237,174 | |||||||||||||
Total shareholders' equity | -326,711 | 1,063,318 | 277,198 | 1,124,730 | -2,271,103 | -132,568 | |||||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,364,650 | $ | 5,985,305 | $ | 6,448,928 | $ | 1,931,340 | $ | -9,346,325 | $ | 6,383,898 | |||||||
(In thousands) | As of December 31, 2013 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash and cash equivalents | $ | 83,185 | $ | - | $ | 5,885 | $ | 225,475 | $ | - | $ | 314,545 | |||||||
Accounts receivable, net of allowance | - | - | 207,753 | 502,776 | - | 710,529 | |||||||||||||
Intercompany receivables | - | 186,659 | 1,592,228 | - | -1,778,887 | - | |||||||||||||
Prepaid expenses | 1,390 | - | 72,006 | 71,625 | - | 145,021 | |||||||||||||
Other current assets | 3 | 6,850 | 20,333 | 41,147 | - | 68,333 | |||||||||||||
Total Current Assets | 84,578 | 193,509 | 1,898,205 | 841,023 | -1,778,887 | 1,238,428 | |||||||||||||
Structures, net | - | - | 1,142,094 | 623,416 | - | 1,765,510 | |||||||||||||
Other property, plant and equipment, net | - | - | 178,149 | 137,439 | - | 315,588 | |||||||||||||
Indefinite-lived intangibles | - | - | 1,055,728 | 12,055 | - | 1,067,783 | |||||||||||||
Other intangibles, net | - | - | 344,178 | 143,748 | - | 487,926 | |||||||||||||
Goodwill | - | - | 571,932 | 278,202 | - | 850,134 | |||||||||||||
Due from iHeartCommunications | 879,108 | - | - | - | - | 879,108 | |||||||||||||
Intercompany notes receivable | 182,026 | 5,002,517 | - | - | -5,184,543 | - | |||||||||||||
Other assets | 408,083 | 871,363 | 1,373,504 | 61,626 | -2,559,661 | 154,915 | |||||||||||||
Total Assets | $ | 1,553,795 | $ | 6,067,389 | $ | 6,563,790 | $ | 2,097,509 | $ | -9,523,091 | $ | 6,759,392 | |||||||
Accounts payable | $ | - | $ | - | $ | 11,742 | $ | 74,140 | $ | - | $ | 85,882 | |||||||
Intercompany payable | 1,586,370 | - | 186,659 | 5,858 | -1,778,887 | - | |||||||||||||
Accrued expenses | 725 | 1,342 | 105,909 | 455,790 | - | 563,766 | |||||||||||||
Deferred income | - | - | 42,591 | 65,352 | - | 107,943 | |||||||||||||
Current portion of long-term debt | - | - | 47 | 15,952 | - | 15,999 | |||||||||||||
Total Current Liabilities | 1,587,095 | 1,342 | 346,948 | 617,092 | -1,778,887 | 773,590 | |||||||||||||
Long-term debt | - | 4,918,243 | 1,134 | - | - | 4,919,377 | |||||||||||||
Intercompany notes payable | - | - | 5,025,497 | 159,046 | -5,184,543 | - | |||||||||||||
Deferred tax liability | 175 | 85 | 638,141 | 17,749 | - | 656,150 | |||||||||||||
Other long-term liabilities | - | - | 143,925 | 106,242 | - | 250,167 | |||||||||||||
Total shareholders' equity | -33,475 | 1,147,719 | 408,145 | 1,197,380 | -2,559,661 | 160,108 | |||||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,553,795 | $ | 6,067,389 | $ | 6,563,790 | $ | 2,097,509 | $ | -9,523,091 | $ | 6,759,392 | |||||||
(In thousands) | Three Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenue | $ | - | $ | - | $ | 308,200 | $ | 434,594 | $ | - | $ | 742,794 | |||||||
Operating expenses: | |||||||||||||||||||
Direct operating expenses | - | - | 126,757 | 274,077 | - | 400,834 | |||||||||||||
Selling, general and administrative expenses | - | - | 51,194 | 88,419 | - | 139,613 | |||||||||||||
Corporate expenses | 3,094 | - | 17,009 | 13,445 | - | 33,548 | |||||||||||||
Depreciation and amortization | - | - | 49,193 | 51,223 | - | 100,416 | |||||||||||||
Other operating income (expense), net | -133 | - | 4,410 | 346 | - | 4,623 | |||||||||||||
Operating income (loss) | -3,227 | - | 68,457 | 7,776 | - | 73,006 | |||||||||||||
Interest (income) expense, net | -3 | 88,074 | 147 | -523 | - | 87,695 | |||||||||||||
Interest income on Due from iHeartCommunications Note | 15,105 | - | - | - | - | 15,105 | |||||||||||||
Intercompany interest income | 3,922 | 85,215 | 15,338 | - | -104,475 | - | |||||||||||||
Intercompany interest expense | 15,105 | - | 89,137 | 233 | -104,475 | - | |||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -9,731 | -6,863 | -10,813 | 3,774 | 27,818 | 4,185 | |||||||||||||
Other income (expense), net | 1,067 | - | -1,408 | 2,532 | - | 2,191 | |||||||||||||
Income (loss) before income taxes | -7,966 | -9,722 | -17,710 | 14,372 | 27,818 | 6,792 | |||||||||||||
Income tax benefit (expense) | 903 | -2,718 | 7,979 | -11,536 | - | -5,372 | |||||||||||||
Consolidated net income (loss) | -7,063 | -12,440 | -9,731 | 2,836 | 27,818 | 1,420 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | 8,483 | - | 8,483 | |||||||||||||
Net income (loss) attributable to the Company | $ | -7,063 | $ | -12,440 | $ | -9,731 | $ | -5,647 | $ | 27,818 | $ | -7,063 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Foreign currency translation adjustments | - | - | -5,507 | -56,926 | - | -62,433 | |||||||||||||
Unrealized loss on marketable securities | - | - | - | -74 | - | -74 | |||||||||||||
Equity in subsidiary comprehensive income | -59,996 | -53,541 | -54,489 | - | 168,026 | - | |||||||||||||
Comprehensive income (loss) | -67,059 | -65,981 | -69,727 | -62,647 | 195,844 | -69,570 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | -2,511 | - | -2,511 | |||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -67,059 | $ | -65,981 | $ | -69,727 | $ | -60,136 | $ | 195,844 | $ | -67,059 | |||||||
(In thousands) | Three Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenue | $ | - | $ | - | $ | 309,906 | $ | 413,107 | $ | - | $ | 723,013 | |||||||
Operating expenses: | |||||||||||||||||||
Direct operating expenses | - | - | 126,891 | 269,203 | - | 396,094 | |||||||||||||
Selling, general and administrative expenses | - | - | 52,343 | 79,094 | - | 131,437 | |||||||||||||
Corporate expenses | 3,261 | - | 15,404 | 11,054 | - | 29,719 | |||||||||||||
Depreciation and amortization | - | - | 48,185 | 50,159 | - | 98,344 | |||||||||||||
Other operating income (expense), net | -121 | - | 6,889 | -164 | - | 6,604 | |||||||||||||
Operating income (loss) | -3,382 | - | 73,972 | 3,433 | - | 74,023 | |||||||||||||
Interest (income) expense, net | -23 | 88,534 | -69 | -473 | - | 87,969 | |||||||||||||
Interest income on iHeartCommunications Note | 14,940 | - | - | - | - | 14,940 | |||||||||||||
Intercompany interest income | 3,841 | 85,642 | 15,411 | - | -104,894 | - | |||||||||||||
Intercompany interest expense | 14,940 | - | 89,751 | 203 | -104,894 | - | |||||||||||||
Loss on marketable securities | -18 | -18 | |||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 3,021 | -7,058 | -8,085 | -1,037 | 12,514 | -645 | |||||||||||||
Other income (expense), net | 1,432 | - | -4,050 | 4,063 | - | 1,445 | |||||||||||||
Income (loss) before income taxes | 4,935 | -9,950 | -12,434 | 6,711 | 12,514 | 1,776 | |||||||||||||
Income tax benefit (expense) | -717 | 115 | 15,455 | -4,639 | - | 10,214 | |||||||||||||
Consolidated net income (loss) | 4,218 | -9,835 | 3,021 | 2,072 | 12,514 | 11,990 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | 7,772 | - | 7,772 | |||||||||||||
Net income (loss) attributable to the Company | $ | 4,218 | $ | -9,835 | $ | 3,021 | $ | -5,700 | $ | 12,514 | $ | 4,218 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Foreign currency translation adjustments | - | 10 | 1,364 | 32,909 | - | 34,283 | |||||||||||||
Unrealized gain on marketable securities | - | - | - | 13 | - | 13 | |||||||||||||
Other adjustments to comprehensive income | -1,432 | - | - | - | - | -1,432 | |||||||||||||
Equity in subsidiary comprehensive income | 28,255 | 27,733 | 26,891 | - | -82,879 | - | |||||||||||||
Comprehensive income (loss) | 31,041 | 17,908 | 31,276 | 27,222 | -70,365 | 37,082 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | 6,041 | - | 6,041 | |||||||||||||
Comprehensive income (loss) attributable to the Company | $ | 31,041 | $ | 17,908 | $ | 31,276 | $ | 21,181 | $ | -70,365 | $ | 31,041 | |||||||
(In thousands) | Nine Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenue | $ | - | $ | - | $ | 851,887 | $ | 1,307,363 | $ | - | $ | 2,159,250 | |||||||
Operating expenses: | |||||||||||||||||||
Direct operating expenses | - | - | 369,894 | 825,597 | - | 1,195,491 | |||||||||||||
Selling, general and administrative expenses | - | - | 147,325 | 265,509 | - | 412,834 | |||||||||||||
Corporate expenses | 9,148 | - | 49,738 | 38,692 | - | 97,578 | |||||||||||||
Depreciation and amortization | - | - | 143,737 | 154,146 | - | 297,883 | |||||||||||||
Other operating income (expense), net | -403 | - | 7,713 | 214 | - | 7,524 | |||||||||||||
Operating income (loss) | -9,551 | - | 148,906 | 23,633 | - | 162,988 | |||||||||||||
Interest (income) expense, net | -10 | 264,204 | 1,104 | -130 | - | 265,168 | |||||||||||||
Interest income on Due from iHeartCommunications Note | 45,005 | - | - | - | - | 45,005 | |||||||||||||
Intercompany interest income | 11,665 | 255,640 | 45,675 | - | -312,980 | - | |||||||||||||
Intercompany interest expense | 45,005 | - | 267,305 | 670 | -312,980 | - | |||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -58,519 | -6,884 | -11,293 | 2,482 | 77,990 | 3,776 | |||||||||||||
Other income, net | 3,141 | - | 2,466 | 10,464 | - | 16,071 | |||||||||||||
Income (loss) before income taxes | -53,254 | -15,448 | -82,655 | 36,039 | 77,990 | -37,328 | |||||||||||||
Income tax benefit (expense) | 358 | -912 | 24,136 | -21,079 | - | 2,503 | |||||||||||||
Consolidated net income (loss) | -52,896 | -16,360 | -58,519 | 14,960 | 77,990 | -34,825 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | 18,071 | - | 18,071 | |||||||||||||
Net income (loss) attributable to the Company | $ | -52,896 | $ | -16,360 | $ | -58,519 | $ | -3,111 | $ | 77,990 | $ | -52,896 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Foreign currency translation adjustments | - | 21 | -3,495 | -75,521 | - | -78,995 | |||||||||||||
Unrealized gain on marketable securities | - | - | - | 605 | - | 605 | |||||||||||||
Equity in subsidiary comprehensive income (loss) | -72,428 | -68,062 | -68,933 | - | 209,423 | - | |||||||||||||
Comprehensive income (loss) | -125,324 | -84,401 | -130,947 | -78,027 | 287,413 | -131,286 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | -5,962 | - | -5,962 | |||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -125,324 | $ | -84,401 | $ | -130,947 | $ | -72,065 | $ | 287,413 | $ | -125,324 | |||||||
(In thousands) | Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenue | $ | - | $ | - | $ | 886,490 | $ | 1,253,604 | $ | - | $ | 2,140,094 | |||||||
Operating expenses: | |||||||||||||||||||
Direct operating expenses | - | - | 376,146 | 805,697 | - | 1,181,843 | |||||||||||||
Selling, general and administrative expenses | - | - | 153,982 | 250,036 | - | 404,018 | |||||||||||||
Corporate expenses | 9,751 | 3 | 48,188 | 33,493 | - | 91,435 | |||||||||||||
Depreciation and amortization | - | - | 142,956 | 153,281 | - | 296,237 | |||||||||||||
Other operating income (expense), net | -361 | - | 11,912 | 853 | - | 12,404 | |||||||||||||
Operating income (loss) | -10,112 | -3 | 177,130 | 11,950 | - | 178,965 | |||||||||||||
Interest (income) expense, net | -127 | 264,642 | 555 | -945 | - | 264,125 | |||||||||||||
Interest income on iHeartCommunications Note | 39,356 | - | - | - | - | 39,356 | |||||||||||||
Intercompany interest income | 11,323 | 255,957 | 39,827 | 1 | -307,108 | - | |||||||||||||
Intercompany interest expense | 39,582 | - | 267,281 | 245 | -307,108 | - | |||||||||||||
Loss on marketable securities | - | - | - | -18 | - | -18 | |||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -62,743 | -20,176 | -19,661 | -2,315 | 103,934 | -961 | |||||||||||||
Other income (expense), net | 1,432 | - | -12,684 | 11,480 | - | 228 | |||||||||||||
Income (loss) before income taxes | -60,199 | -28,864 | -83,224 | 21,798 | 103,934 | -46,555 | |||||||||||||
Income tax benefit (expense) | -953 | 3,145 | 20,481 | -19,547 | - | 3,126 | |||||||||||||
Consolidated net income (loss) | -61,152 | -25,719 | -62,743 | 2,251 | 103,934 | -43,429 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | 17,723 | - | 17,723 | |||||||||||||
Net income (loss) attributable to the Company | $ | -61,152 | $ | -25,719 | $ | -62,743 | $ | -15,472 | $ | 103,934 | $ | -61,152 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Foreign currency translation adjustments | -31 | -1 | -4,336 | -6,485 | - | -10,853 | |||||||||||||
Unrealized gain on marketable securities | - | - | - | 229 | - | 229 | |||||||||||||
Other adjustments to comprehensive loss | -1,432 | - | - | -998 | - | -2,430 | |||||||||||||
Equity in subsidiary comprehensive income (loss) | -10,802 | -5,657 | -6,466 | - | 22,925 | - | |||||||||||||
Comprehensive income (loss) | -73,417 | -31,377 | -73,545 | -22,726 | 126,859 | -74,206 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | -789 | - | -789 | |||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -73,417 | $ | -31,377 | $ | -73,545 | $ | -21,937 | $ | 126,859 | $ | -73,417 | |||||||
(In thousands) | Nine Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Consolidated net income (loss) | $ | -52,896 | $ | -16,360 | $ | -58,519 | $ | 14,960 | $ | 77,990 | $ | -34,825 | |||||||
Reconciling items: | |||||||||||||||||||
Depreciation and amortization | - | - | 143,737 | 154,146 | - | 297,883 | |||||||||||||
Deferred taxes | 597 | - | -22,016 | -2,394 | - | -23,813 | |||||||||||||
Provision for doubtful accounts | - | - | 2,378 | 3,016 | - | 5,394 | |||||||||||||
Share-based compensation | - | - | 3,647 | 2,065 | - | 5,712 | |||||||||||||
(Gain) loss on sale of operating assets | 403 | - | -7,713 | -214 | - | -7,524 | |||||||||||||
Amortization of deferred financing charges and note discounts, net | - | 5,568 | 923 | - | - | 6,491 | |||||||||||||
Other reconciling items, net | 58,519 | 6,884 | 11,249 | -18,996 | -77,990 | -20,334 | |||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||||||||||
Decrease in accounts receivable | - | - | 11,941 | -19,149 | - | -7,208 | |||||||||||||
Increase in deferred income | - | - | 5,245 | 14,886 | - | 20,131 | |||||||||||||
Increase (decrease) in accrued expenses | -1,680 | 1,885 | -15,091 | -4,731 | - | -19,617 | |||||||||||||
Decrease in accounts payable | - | 21 | 8,725 | -8,235 | -9,712 | -9,201 | |||||||||||||
Changes in other operating assets and liabilities | -1,923 | - | 6,396 | -28,707 | - | -24,234 | |||||||||||||
Net cash provided by (used for) operating activities | 3,020 | -2,002 | 90,902 | 106,647 | -9,712 | 188,855 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property, plant and equipment | - | - | -48,996 | -86,461 | - | -135,457 | |||||||||||||
Purchases of other operating assets | - | - | -411 | 183 | - | -228 | |||||||||||||
Proceeds from sale of investment securities | - | - | - | 15,820 | - | 15,820 | |||||||||||||
Proceeds from disposal of assets | - | - | 10,735 | 1,090 | - | 11,825 | |||||||||||||
Decrease in Intercompany notes receivable, net | - | 38,154 | - | - | -38,154 | - | |||||||||||||
Dividends from subsidiaries | - | - | - | - | - | - | |||||||||||||
Change in other, net | - | - | -10 | -2,944 | - | -2,954 | |||||||||||||
Net cash provided by (used for) investing activities | - | 38,154 | -38,682 | -72,312 | -38,154 | -110,994 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Draws on credit facilities | - | - | - | 820 | - | 820 | |||||||||||||
Payments on credit facilities | - | - | - | -3,032 | - | -3,032 | |||||||||||||
Proceeds from long-term debt | - | - | - | - | - | - | |||||||||||||
Payments on long-term debt | - | - | -35 | - | - | -35 | |||||||||||||
Payments to repurchase noncontrolling interests | - | - | - | - | - | - | |||||||||||||
Decrease in intercompany notes payable, net | - | - | - | -38,154 | 38,154 | - | |||||||||||||
Net transfers to iHeartCommunications | 3,151 | - | - | - | - | 3,151 | |||||||||||||
Intercompany funding | 110,949 | -36,152 | -58,066 | -16,731 | - | - | |||||||||||||
Dividends and other payments to noncontrolling interests | - | - | - | -11,549 | - | -11,549 | |||||||||||||
Dividends paid | -175,022 | - | - | - | - | -175,022 | |||||||||||||
Change in other, net | 1,319 | - | -4 | - | - | 1,315 | |||||||||||||
Net cash used for financing activities | -59,603 | -36,152 | -58,105 | -68,646 | 38,154 | -184,352 | |||||||||||||
Effect of exchange rate changes on cash | - | - | - | -4,301 | - | -4,301 | |||||||||||||
Net decrease in cash and cash equivalents | -56,583 | - | -5,885 | -38,612 | -9,712 | -110,792 | |||||||||||||
Cash and cash equivalents at beginning of period | 83,185 | - | 5,885 | 225,475 | - | 314,545 | |||||||||||||
Cash and cash equivalents at end of period | $ | 26,602 | $ | - | $ | - | $ | 186,863 | $ | -9,712 | $ | 203,753 | |||||||
(In thousands) | Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Consolidated net income (loss) | $ | -61,152 | $ | -25,719 | $ | -62,743 | $ | 2,251 | $ | 103,934 | $ | -43,429 | |||||||
Reconciling items: | |||||||||||||||||||
Depreciation and amortization | - | - | 142,956 | 153,281 | - | 296,237 | |||||||||||||
Deferred taxes | 536 | - | -21,526 | -16,856 | - | -37,846 | |||||||||||||
Provision for doubtful accounts | - | - | 2,479 | 962 | - | 3,441 | |||||||||||||
Share-based compensation | - | - | 3,508 | 2,139 | - | 5,647 | |||||||||||||
(Gain) loss on sale of operating assets | 361 | - | -11,912 | -853 | - | -12,404 | |||||||||||||
Amortization of deferred financing charges and note discounts, net | - | 5,540 | 862 | - | - | 6,402 | |||||||||||||
Other reconciling items, net | 61,311 | 20,176 | 22,685 | 2,080 | -103,934 | 2,318 | |||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | - | ||||||||||||||||||
Decrease in accounts receivable | - | - | 38,679 | 10,661 | - | 49,340 | |||||||||||||
Increase in deferred income | - | - | 5,578 | 15,857 | - | 21,435 | |||||||||||||
Increase (decrease) in accrued expenses | -213 | 75,475 | -78,951 | -16,323 | - | -20,012 | |||||||||||||
Decrease in accounts payable | - | -1 | -6,436 | -20,247 | 4,793 | -21,891 | |||||||||||||
Changes in other operating assets and liabilities | -1,176 | - | 8,143 | -5,082 | - | 1,885 | |||||||||||||
Net cash provided by (used for) operating activities | -333 | 75,471 | 43,322 | 127,870 | 4,793 | 251,123 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property, plant and equipment | - | - | -45,100 | -69,245 | - | -114,345 | |||||||||||||
Purchases of businesses and other operating assets | - | - | -480 | -362 | - | -842 | |||||||||||||
Proceeds from disposal of assets | - | - | 11,727 | 5,752 | - | 17,479 | |||||||||||||
Decrease in intercompany notes receivable, net | - | 38,882 | - | - | -38,882 | - | |||||||||||||
Dividends from subsidiaries | 1,153 | - | - | - | -1,153 | - | |||||||||||||
Change in other, net | - | - | - | -2,271 | - | -2,271 | |||||||||||||
Net cash provided by (used for) investing activities | 1,153 | 38,882 | -33,853 | -66,126 | -40,035 | -99,979 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Draws on credit facilities | - | - | - | 2,752 | - | 2,752 | |||||||||||||
Payments on credit facilities | - | - | - | -1,344 | - | -1,344 | |||||||||||||
Proceeds from long-term debt | 51 | 51 | |||||||||||||||||
Payments on long-term debt | - | - | -64 | -5,414 | - | -5,478 | |||||||||||||
Payments to repurchase noncontrolling interests | - | - | - | -61,143 | - | -61,143 | |||||||||||||
Decrease in intercompany notes payable, net | - | - | - | -38,882 | 38,882 | - | |||||||||||||
Net transfers to iHeartCommunications | -215,478 | - | - | - | - | -215,478 | |||||||||||||
Intercompany funding | 131,662 | -114,353 | -4,499 | -12,810 | - | - | |||||||||||||
Dividends paid | -1,153 | 1,153 | - | ||||||||||||||||
Dividends and other payments to noncontrolling interests | - | - | - | -13,862 | - | -13,862 | |||||||||||||
Change in other, net | 1,610 | - | -337 | - | - | 1,273 | |||||||||||||
Net cash provided by (used for) financing activities | -82,206 | -114,353 | -4,900 | -131,805 | 40,035 | -293,229 | |||||||||||||
Effect of exchange rate changes on cash | - | - | - | -1,301 | - | -1,301 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | -81,386 | - | 4,569 | -71,362 | 4,793 | -143,386 | |||||||||||||
Cash and cash equivalents at beginning of period | 207,411 | - | - | 359,361 | -4,793 | 561,979 | |||||||||||||
Cash and cash equivalents at end of period | $ | 126,025 | $ | - | $ | 4,569 | $ | 287,999 | $ | - | $ | 418,593 |
Property_Plant_And_Equipment_I1
Property, Plant And Equipment, Intangible Assets And Goodwill (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract] | ' | |||||||||||
Schedule Of Property, Plant And Equipment | ' | |||||||||||
(In thousands) | 30-Sep-14 | 31-Dec-13 | ||||||||||
Structures | $ | 3,023,714 | $ | 3,021,152 | ||||||||
Less: accumulated depreciation | 1,380,187 | 1,255,642 | ||||||||||
Structures, net | $ | 1,643,527 | $ | 1,765,510 | ||||||||
Land, buildings and improvements | $ | 206,243 | $ | 213,670 | ||||||||
Furniture and other equipment | 156,508 | 147,768 | ||||||||||
Construction in progress | 73,173 | 83,891 | ||||||||||
435,924 | 445,329 | |||||||||||
Less: accumulated depreciation | 145,200 | 129,741 | ||||||||||
Other property, plant and equipment, net | $ | 290,724 | $ | 315,588 | ||||||||
Schedule of Other Intangible Assets | ' | |||||||||||
(In thousands) | 30-Sep-14 | 31-Dec-13 | ||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||
Transit, street furniture and other contractual rights | $ | 749,372 | $ | -490,255 | $ | 777,521 | $ | -464,548 | ||||
Permanent easements | 174,628 | - | 173,753 | - | ||||||||
Other | 2,711 | -2,127 | 2,832 | -1,632 | ||||||||
Total | $ | 926,711 | $ | -492,382 | $ | 954,106 | $ | -466,180 | ||||
Schedule Of Future Amortization Expenses | ' | |||||||||||
(In thousands) | ||||||||||||
2015 | $ | 53,845 | ||||||||||
2016 | 41,471 | |||||||||||
2017 | 30,236 | |||||||||||
2018 | 22,146 | |||||||||||
2019 | 16,662 | |||||||||||
Schedule Of Goodwill | ' | |||||||||||
(In thousands) | Americas | International | Total | |||||||||
Balance as of December 31, 2012 | $ | 571,932 | $ | 290,316 | $ | 862,248 | ||||||
Impairment | - | -10,684 | -10,684 | |||||||||
Foreign currency | - | -974 | -974 | |||||||||
Dispositions | - | -456 | -456 | |||||||||
Balance as of December 31, 2013 | $ | 571,932 | $ | 278,202 | $ | 850,134 | ||||||
Foreign currency | - | -18,693 | -18,693 | |||||||||
Balance as of September 30, 2014 | $ | 571,932 | $ | 259,509 | $ | 831,441 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Schedule Of Long-Term Debt | ' | ||||||
(In thousands) | 30-Sep-14 | 31-Dec-13 | |||||
Clear Channel Worldwide Holdings Senior Notes: | |||||||
6.5% Series A Senior Notes Due 2022 | $ | 735,750 | $ | 735,750 | |||
6.5% Series B Senior Notes Due 2022 | 1,989,250 | 1,989,250 | |||||
Clear Channel Worldwide Holdings Senior Subordinated Notes: | |||||||
7.625% Series A Senior Subordinated Notes Due 2020 | 275,000 | 275,000 | |||||
7.625% Series B Senior Subordinated Notes Due 2020 | 1,925,000 | 1,925,000 | |||||
Other debt | 14,101 | 17,133 | |||||
Original issue discount | -6,327 | -6,757 | |||||
Total debt | 4,932,774 | 4,935,376 | |||||
Less: current portion | 3,152 | 15,999 | |||||
Total long-term debt | $ | 4,929,622 | $ | 4,919,377 |
Supplemental_Disclosures_Table
Supplemental Disclosures (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Supplemental Disclosures [Abstract] | ' | |||||||||||
Schedule Of Income Tax Benefit (Expense) | ' | |||||||||||
(In thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Current tax benefit (expense) | $ | -1,462 | $ | 1,859 | $ | -21,310 | $ | -34,720 | ||||
Deferred tax benefit (expense) | -3,910 | 8,355 | 23,813 | 37,846 | ||||||||
Income tax benefit (expense) | $ | -5,372 | $ | 10,214 | $ | 2,503 | $ | 3,126 | ||||
Schedule Of Cash Paid For Interest And Income Taxes | ' | |||||||||||
(In thousands) | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | |||||||||||
Interest | $ | 261,546 | $ | 259,963 | ||||||||
Income taxes | 27,234 | 34,456 |
Shareholders_Equity_And_Compre1
Shareholders' Equity And Comprehensive Loss (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Shareholders' Equity And Comprehensive Loss [Abstract] | ' | ||||||||
Schedule Of Changes in Shareholders' Equity and Comprehensive Loss | ' | ||||||||
(In thousands) | The Company | Noncontrolling Interests | Consolidated | ||||||
Balances at January 1, 2014 | $ | -41,938 | $ | 202,046 | $ | 160,108 | |||
Net income (loss) | -52,896 | 18,071 | -34,825 | ||||||
Dividends and other payments to noncontrolling interests | - | -11,549 | -11,549 | ||||||
Dividends paid | -175,022 | - | -175,022 | ||||||
Foreign currency translation adjustments | -73,033 | -5,962 | -78,995 | ||||||
Unrealized holding gain on marketable securities | 605 | - | 605 | ||||||
Other adjustments to comprehensive loss | - | - | - | ||||||
Other, net | 7,110 | - | 7,110 | ||||||
Balances at September 30, 2014 | $ | -335,174 | $ | 202,606 | $ | -132,568 | |||
Balances at January 1, 2013 | $ | 198,155 | $ | 247,934 | $ | 446,089 | |||
Net income (loss) | -61,152 | 17,723 | -43,429 | ||||||
Dividends and other payments to noncontrolling interests | - | -58,942 | -58,942 | ||||||
Foreign currency translation adjustments | -10,064 | -789 | -10,853 | ||||||
Unrealized holding gain on marketable securities | 229 | - | 229 | ||||||
Other adjustments to comprehensive loss | -2,430 | - | -2,430 | ||||||
Other, net | 4,691 | 614 | 5,305 | ||||||
Balances at September 30, 2013 | $ | 129,429 | $ | 206,540 | $ | 335,969 |
Segment_Data_Tables
Segment Data (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Segment Data [Abstract] | ' | |||||||||||
Schedule Of Operating Segment Results | ' | |||||||||||
(In thousands) | Americas | International | Corporate and other reconciling items | Consolidated | ||||||||
Three Months Ended September 30, 2014 | ||||||||||||
Revenue | $ | 329,500 | $ | 413,294 | $ | - | $ | 742,794 | ||||
Direct operating expenses | 140,739 | 260,095 | - | 400,834 | ||||||||
Selling, general and administrative expenses | 55,257 | 84,356 | - | 139,613 | ||||||||
Corporate expenses | - | - | 33,548 | 33,548 | ||||||||
Depreciation and amortization | 48,973 | 50,105 | 1,338 | 100,416 | ||||||||
Other operating income, net | - | - | 4,623 | 4,623 | ||||||||
Operating income (loss) | $ | 84,531 | $ | 18,738 | $ | -30,263 | $ | 73,006 | ||||
Capital expenditures | $ | 18,980 | $ | 22,860 | $ | 650 | $ | 42,490 | ||||
Share-based compensation expense | $ | - | $ | - | $ | 1,462 | $ | 1,462 | ||||
Three Months Ended September 30, 2013 | ||||||||||||
Revenue | $ | 331,346 | $ | 391,667 | $ | - | $ | 723,013 | ||||
Direct operating expenses | 140,972 | 255,122 | - | 396,094 | ||||||||
Selling, general and administrative expenses | 55,739 | 75,698 | - | 131,437 | ||||||||
Corporate expenses | - | - | 29,719 | 29,719 | ||||||||
Depreciation and amortization | 48,530 | 49,090 | 724 | 98,344 | ||||||||
Other operating income, net | - | - | 6,604 | 6,604 | ||||||||
Operating income (loss) | $ | 86,105 | $ | 11,757 | $ | -23,839 | $ | 74,023 | ||||
Capital expenditures | $ | 13,838 | $ | 19,983 | $ | 419 | $ | 34,240 | ||||
Share-based compensation expense | $ | - | $ | - | $ | 1,652 | $ | 1,652 | ||||
(In thousands) | Americas | International | Corporate and other reconciling items | Consolidated | ||||||||
Nine Months Ended September 30, 2014 | ||||||||||||
Revenue | $ | 917,404 | $ | 1,241,846 | $ | - | $ | 2,159,250 | ||||
Direct operating expenses | 413,761 | 781,730 | - | 1,195,491 | ||||||||
Selling, general and administrative expenses | 158,789 | 254,045 | - | 412,834 | ||||||||
Corporate expenses | - | - | 97,578 | 97,578 | ||||||||
Depreciation and amortization | 144,094 | 150,763 | 3,026 | 297,883 | ||||||||
Other operating income, net | - | - | 7,524 | 7,524 | ||||||||
Operating income (loss) | $ | 200,760 | $ | 55,308 | $ | -93,080 | $ | 162,988 | ||||
Capital expenditures | $ | 48,390 | $ | 84,215 | $ | 2,852 | $ | 135,457 | ||||
Share-based compensation expense | $ | - | $ | - | $ | 5,712 | $ | 5,712 | ||||
Nine Months Ended September 30, 2013 | ||||||||||||
Revenue | $ | 952,832 | $ | 1,187,262 | $ | - | $ | 2,140,094 | ||||
Direct operating expenses | 419,676 | 762,167 | - | 1,181,843 | ||||||||
Selling, general and administrative expenses | 165,232 | 238,786 | - | 404,018 | ||||||||
Corporate expenses | - | - | 91,435 | 91,435 | ||||||||
Depreciation and amortization | 144,256 | 150,013 | 1,968 | 296,237 | ||||||||
Other operating income, net | - | - | 12,404 | 12,404 | ||||||||
Operating income (loss) | $ | 223,668 | $ | 36,296 | $ | -80,999 | $ | 178,965 | ||||
Capital expenditures | $ | 43,489 | $ | 68,683 | $ | 2,173 | $ | 114,345 | ||||
Share-based compensation expense | $ | - | $ | - | $ | 5,647 | $ | 5,647 |
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Guarantor Subsidiaries [Abstract] | ' | ||||||||||||||||||
Schedule Of Guarantor Subsidiaries, Balance Sheet | ' | ||||||||||||||||||
(In thousands) | As of September 30, 2014 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash and cash equivalents | $ | 26,602 | $ | - | $ | - | $ | 186,863 | $ | -9,712 | $ | 203,753 | |||||||
Accounts receivable, net of allowance | - | - | 192,075 | 495,265 | - | 687,340 | |||||||||||||
Intercompany receivables | - | 213,549 | 1,691,544 | 4,764 | -1,909,857 | - | |||||||||||||
Prepaid expenses | 2,911 | - | 64,959 | 72,098 | - | 139,968 | |||||||||||||
Other current assets | - | 6,850 | 16,457 | 44,686 | - | 67,993 | |||||||||||||
Total Current Assets | 29,513 | 220,399 | 1,965,035 | 803,676 | -1,919,569 | 1,099,054 | |||||||||||||
Structures, net | - | - | 1,071,021 | 572,506 | - | 1,643,527 | |||||||||||||
Other property, plant and equipment, net | - | - | 165,858 | 124,866 | - | 290,724 | |||||||||||||
Indefinite-lived intangibles | - | - | 1,055,905 | 11,436 | - | 1,067,341 | |||||||||||||
Other intangibles, net | - | - | 330,787 | 103,542 | - | 434,329 | |||||||||||||
Goodwill | - | - | 571,932 | 259,509 | - | 831,441 | |||||||||||||
Due from iHeartCommunications | 875,975 | - | - | - | - | 875,975 | |||||||||||||
Intercompany notes receivable | 182,026 | 4,973,627 | - | - | -5,155,653 | - | |||||||||||||
Other assets | 277,136 | 791,279 | 1,288,390 | 55,805 | -2,271,103 | 141,507 | |||||||||||||
Total Assets | $ | 1,364,650 | $ | 5,985,305 | $ | 6,448,928 | $ | 1,931,340 | $ | -9,346,325 | $ | 6,383,898 | |||||||
Accounts payable | $ | - | $ | - | $ | 20,486 | $ | 63,423 | $ | -9,712 | $ | 74,197 | |||||||
Intercompany payable | 1,691,544 | - | 218,313 | - | -1,909,857 | - | |||||||||||||
Accrued expenses | -955 | 3,228 | 90,818 | 428,732 | - | 521,823 | |||||||||||||
Deferred income | - | - | 47,857 | 75,126 | - | 122,983 | |||||||||||||
Current portion of long-term debt | - | - | 54 | 3,098 | - | 3,152 | |||||||||||||
Total Current Liabilities | 1,690,589 | 3,228 | 377,528 | 570,379 | -1,919,569 | 722,155 | |||||||||||||
Long-term debt | - | 4,918,674 | 1,092 | 9,856 | - | 4,929,622 | |||||||||||||
Intercompany notes payable | - | - | 5,034,923 | 120,730 | -5,155,653 | - | |||||||||||||
Deferred tax liability | 772 | 85 | 610,400 | 16,258 | - | 627,515 | |||||||||||||
Other long-term liabilities | - | - | 147,787 | 89,387 | - | 237,174 | |||||||||||||
Total shareholders' equity | -326,711 | 1,063,318 | 277,198 | 1,124,730 | -2,271,103 | -132,568 | |||||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,364,650 | $ | 5,985,305 | $ | 6,448,928 | $ | 1,931,340 | $ | -9,346,325 | $ | 6,383,898 | |||||||
(In thousands) | As of December 31, 2013 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash and cash equivalents | $ | 83,185 | $ | - | $ | 5,885 | $ | 225,475 | $ | - | $ | 314,545 | |||||||
Accounts receivable, net of allowance | - | - | 207,753 | 502,776 | - | 710,529 | |||||||||||||
Intercompany receivables | - | 186,659 | 1,592,228 | - | -1,778,887 | - | |||||||||||||
Prepaid expenses | 1,390 | - | 72,006 | 71,625 | - | 145,021 | |||||||||||||
Other current assets | 3 | 6,850 | 20,333 | 41,147 | - | 68,333 | |||||||||||||
Total Current Assets | 84,578 | 193,509 | 1,898,205 | 841,023 | -1,778,887 | 1,238,428 | |||||||||||||
Structures, net | - | - | 1,142,094 | 623,416 | - | 1,765,510 | |||||||||||||
Other property, plant and equipment, net | - | - | 178,149 | 137,439 | - | 315,588 | |||||||||||||
Indefinite-lived intangibles | - | - | 1,055,728 | 12,055 | - | 1,067,783 | |||||||||||||
Other intangibles, net | - | - | 344,178 | 143,748 | - | 487,926 | |||||||||||||
Goodwill | - | - | 571,932 | 278,202 | - | 850,134 | |||||||||||||
Due from iHeartCommunications | 879,108 | - | - | - | - | 879,108 | |||||||||||||
Intercompany notes receivable | 182,026 | 5,002,517 | - | - | -5,184,543 | - | |||||||||||||
Other assets | 408,083 | 871,363 | 1,373,504 | 61,626 | -2,559,661 | 154,915 | |||||||||||||
Total Assets | $ | 1,553,795 | $ | 6,067,389 | $ | 6,563,790 | $ | 2,097,509 | $ | -9,523,091 | $ | 6,759,392 | |||||||
Accounts payable | $ | - | $ | - | $ | 11,742 | $ | 74,140 | $ | - | $ | 85,882 | |||||||
Intercompany payable | 1,586,370 | - | 186,659 | 5,858 | -1,778,887 | - | |||||||||||||
Accrued expenses | 725 | 1,342 | 105,909 | 455,790 | - | 563,766 | |||||||||||||
Deferred income | - | - | 42,591 | 65,352 | - | 107,943 | |||||||||||||
Current portion of long-term debt | - | - | 47 | 15,952 | - | 15,999 | |||||||||||||
Total Current Liabilities | 1,587,095 | 1,342 | 346,948 | 617,092 | -1,778,887 | 773,590 | |||||||||||||
Long-term debt | - | 4,918,243 | 1,134 | - | - | 4,919,377 | |||||||||||||
Intercompany notes payable | - | - | 5,025,497 | 159,046 | -5,184,543 | - | |||||||||||||
Deferred tax liability | 175 | 85 | 638,141 | 17,749 | - | 656,150 | |||||||||||||
Other long-term liabilities | - | - | 143,925 | 106,242 | - | 250,167 | |||||||||||||
Total shareholders' equity | -33,475 | 1,147,719 | 408,145 | 1,197,380 | -2,559,661 | 160,108 | |||||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,553,795 | $ | 6,067,389 | $ | 6,563,790 | $ | 2,097,509 | $ | -9,523,091 | $ | 6,759,392 | |||||||
Schedule Of Guarantor Subsidiaries, Income Statement | ' | ||||||||||||||||||
(In thousands) | Three Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenue | $ | - | $ | - | $ | 308,200 | $ | 434,594 | $ | - | $ | 742,794 | |||||||
Operating expenses: | |||||||||||||||||||
Direct operating expenses | - | - | 126,757 | 274,077 | - | 400,834 | |||||||||||||
Selling, general and administrative expenses | - | - | 51,194 | 88,419 | - | 139,613 | |||||||||||||
Corporate expenses | 3,094 | - | 17,009 | 13,445 | - | 33,548 | |||||||||||||
Depreciation and amortization | - | - | 49,193 | 51,223 | - | 100,416 | |||||||||||||
Other operating income (expense), net | -133 | - | 4,410 | 346 | - | 4,623 | |||||||||||||
Operating income (loss) | -3,227 | - | 68,457 | 7,776 | - | 73,006 | |||||||||||||
Interest (income) expense, net | -3 | 88,074 | 147 | -523 | - | 87,695 | |||||||||||||
Interest income on Due from iHeartCommunications Note | 15,105 | - | - | - | - | 15,105 | |||||||||||||
Intercompany interest income | 3,922 | 85,215 | 15,338 | - | -104,475 | - | |||||||||||||
Intercompany interest expense | 15,105 | - | 89,137 | 233 | -104,475 | - | |||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -9,731 | -6,863 | -10,813 | 3,774 | 27,818 | 4,185 | |||||||||||||
Other income (expense), net | 1,067 | - | -1,408 | 2,532 | - | 2,191 | |||||||||||||
Income (loss) before income taxes | -7,966 | -9,722 | -17,710 | 14,372 | 27,818 | 6,792 | |||||||||||||
Income tax benefit (expense) | 903 | -2,718 | 7,979 | -11,536 | - | -5,372 | |||||||||||||
Consolidated net income (loss) | -7,063 | -12,440 | -9,731 | 2,836 | 27,818 | 1,420 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | 8,483 | - | 8,483 | |||||||||||||
Net income (loss) attributable to the Company | $ | -7,063 | $ | -12,440 | $ | -9,731 | $ | -5,647 | $ | 27,818 | $ | -7,063 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Foreign currency translation adjustments | - | - | -5,507 | -56,926 | - | -62,433 | |||||||||||||
Unrealized loss on marketable securities | - | - | - | -74 | - | -74 | |||||||||||||
Equity in subsidiary comprehensive income | -59,996 | -53,541 | -54,489 | - | 168,026 | - | |||||||||||||
Comprehensive income (loss) | -67,059 | -65,981 | -69,727 | -62,647 | 195,844 | -69,570 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | -2,511 | - | -2,511 | |||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -67,059 | $ | -65,981 | $ | -69,727 | $ | -60,136 | $ | 195,844 | $ | -67,059 | |||||||
(In thousands) | Three Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenue | $ | - | $ | - | $ | 309,906 | $ | 413,107 | $ | - | $ | 723,013 | |||||||
Operating expenses: | |||||||||||||||||||
Direct operating expenses | - | - | 126,891 | 269,203 | - | 396,094 | |||||||||||||
Selling, general and administrative expenses | - | - | 52,343 | 79,094 | - | 131,437 | |||||||||||||
Corporate expenses | 3,261 | - | 15,404 | 11,054 | - | 29,719 | |||||||||||||
Depreciation and amortization | - | - | 48,185 | 50,159 | - | 98,344 | |||||||||||||
Other operating income (expense), net | -121 | - | 6,889 | -164 | - | 6,604 | |||||||||||||
Operating income (loss) | -3,382 | - | 73,972 | 3,433 | - | 74,023 | |||||||||||||
Interest (income) expense, net | -23 | 88,534 | -69 | -473 | - | 87,969 | |||||||||||||
Interest income on iHeartCommunications Note | 14,940 | - | - | - | - | 14,940 | |||||||||||||
Intercompany interest income | 3,841 | 85,642 | 15,411 | - | -104,894 | - | |||||||||||||
Intercompany interest expense | 14,940 | - | 89,751 | 203 | -104,894 | - | |||||||||||||
Loss on marketable securities | -18 | -18 | |||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 3,021 | -7,058 | -8,085 | -1,037 | 12,514 | -645 | |||||||||||||
Other income (expense), net | 1,432 | - | -4,050 | 4,063 | - | 1,445 | |||||||||||||
Income (loss) before income taxes | 4,935 | -9,950 | -12,434 | 6,711 | 12,514 | 1,776 | |||||||||||||
Income tax benefit (expense) | -717 | 115 | 15,455 | -4,639 | - | 10,214 | |||||||||||||
Consolidated net income (loss) | 4,218 | -9,835 | 3,021 | 2,072 | 12,514 | 11,990 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | 7,772 | - | 7,772 | |||||||||||||
Net income (loss) attributable to the Company | $ | 4,218 | $ | -9,835 | $ | 3,021 | $ | -5,700 | $ | 12,514 | $ | 4,218 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Foreign currency translation adjustments | - | 10 | 1,364 | 32,909 | - | 34,283 | |||||||||||||
Unrealized gain on marketable securities | - | - | - | 13 | - | 13 | |||||||||||||
Other adjustments to comprehensive income | -1,432 | - | - | - | - | -1,432 | |||||||||||||
Equity in subsidiary comprehensive income | 28,255 | 27,733 | 26,891 | - | -82,879 | - | |||||||||||||
Comprehensive income (loss) | 31,041 | 17,908 | 31,276 | 27,222 | -70,365 | 37,082 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | 6,041 | - | 6,041 | |||||||||||||
Comprehensive income (loss) attributable to the Company | $ | 31,041 | $ | 17,908 | $ | 31,276 | $ | 21,181 | $ | -70,365 | $ | 31,041 | |||||||
(In thousands) | Nine Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenue | $ | - | $ | - | $ | 851,887 | $ | 1,307,363 | $ | - | $ | 2,159,250 | |||||||
Operating expenses: | |||||||||||||||||||
Direct operating expenses | - | - | 369,894 | 825,597 | - | 1,195,491 | |||||||||||||
Selling, general and administrative expenses | - | - | 147,325 | 265,509 | - | 412,834 | |||||||||||||
Corporate expenses | 9,148 | - | 49,738 | 38,692 | - | 97,578 | |||||||||||||
Depreciation and amortization | - | - | 143,737 | 154,146 | - | 297,883 | |||||||||||||
Other operating income (expense), net | -403 | - | 7,713 | 214 | - | 7,524 | |||||||||||||
Operating income (loss) | -9,551 | - | 148,906 | 23,633 | - | 162,988 | |||||||||||||
Interest (income) expense, net | -10 | 264,204 | 1,104 | -130 | - | 265,168 | |||||||||||||
Interest income on Due from iHeartCommunications Note | 45,005 | - | - | - | - | 45,005 | |||||||||||||
Intercompany interest income | 11,665 | 255,640 | 45,675 | - | -312,980 | - | |||||||||||||
Intercompany interest expense | 45,005 | - | 267,305 | 670 | -312,980 | - | |||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -58,519 | -6,884 | -11,293 | 2,482 | 77,990 | 3,776 | |||||||||||||
Other income, net | 3,141 | - | 2,466 | 10,464 | - | 16,071 | |||||||||||||
Income (loss) before income taxes | -53,254 | -15,448 | -82,655 | 36,039 | 77,990 | -37,328 | |||||||||||||
Income tax benefit (expense) | 358 | -912 | 24,136 | -21,079 | - | 2,503 | |||||||||||||
Consolidated net income (loss) | -52,896 | -16,360 | -58,519 | 14,960 | 77,990 | -34,825 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | 18,071 | - | 18,071 | |||||||||||||
Net income (loss) attributable to the Company | $ | -52,896 | $ | -16,360 | $ | -58,519 | $ | -3,111 | $ | 77,990 | $ | -52,896 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Foreign currency translation adjustments | - | 21 | -3,495 | -75,521 | - | -78,995 | |||||||||||||
Unrealized gain on marketable securities | - | - | - | 605 | - | 605 | |||||||||||||
Equity in subsidiary comprehensive income (loss) | -72,428 | -68,062 | -68,933 | - | 209,423 | - | |||||||||||||
Comprehensive income (loss) | -125,324 | -84,401 | -130,947 | -78,027 | 287,413 | -131,286 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | -5,962 | - | -5,962 | |||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -125,324 | $ | -84,401 | $ | -130,947 | $ | -72,065 | $ | 287,413 | $ | -125,324 | |||||||
(In thousands) | Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenue | $ | - | $ | - | $ | 886,490 | $ | 1,253,604 | $ | - | $ | 2,140,094 | |||||||
Operating expenses: | |||||||||||||||||||
Direct operating expenses | - | - | 376,146 | 805,697 | - | 1,181,843 | |||||||||||||
Selling, general and administrative expenses | - | - | 153,982 | 250,036 | - | 404,018 | |||||||||||||
Corporate expenses | 9,751 | 3 | 48,188 | 33,493 | - | 91,435 | |||||||||||||
Depreciation and amortization | - | - | 142,956 | 153,281 | - | 296,237 | |||||||||||||
Other operating income (expense), net | -361 | - | 11,912 | 853 | - | 12,404 | |||||||||||||
Operating income (loss) | -10,112 | -3 | 177,130 | 11,950 | - | 178,965 | |||||||||||||
Interest (income) expense, net | -127 | 264,642 | 555 | -945 | - | 264,125 | |||||||||||||
Interest income on iHeartCommunications Note | 39,356 | - | - | - | - | 39,356 | |||||||||||||
Intercompany interest income | 11,323 | 255,957 | 39,827 | 1 | -307,108 | - | |||||||||||||
Intercompany interest expense | 39,582 | - | 267,281 | 245 | -307,108 | - | |||||||||||||
Loss on marketable securities | - | - | - | -18 | - | -18 | |||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -62,743 | -20,176 | -19,661 | -2,315 | 103,934 | -961 | |||||||||||||
Other income (expense), net | 1,432 | - | -12,684 | 11,480 | - | 228 | |||||||||||||
Income (loss) before income taxes | -60,199 | -28,864 | -83,224 | 21,798 | 103,934 | -46,555 | |||||||||||||
Income tax benefit (expense) | -953 | 3,145 | 20,481 | -19,547 | - | 3,126 | |||||||||||||
Consolidated net income (loss) | -61,152 | -25,719 | -62,743 | 2,251 | 103,934 | -43,429 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | 17,723 | - | 17,723 | |||||||||||||
Net income (loss) attributable to the Company | $ | -61,152 | $ | -25,719 | $ | -62,743 | $ | -15,472 | $ | 103,934 | $ | -61,152 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Foreign currency translation adjustments | -31 | -1 | -4,336 | -6,485 | - | -10,853 | |||||||||||||
Unrealized gain on marketable securities | - | - | - | 229 | - | 229 | |||||||||||||
Other adjustments to comprehensive loss | -1,432 | - | - | -998 | - | -2,430 | |||||||||||||
Equity in subsidiary comprehensive income (loss) | -10,802 | -5,657 | -6,466 | - | 22,925 | - | |||||||||||||
Comprehensive income (loss) | -73,417 | -31,377 | -73,545 | -22,726 | 126,859 | -74,206 | |||||||||||||
Less amount attributable to noncontrolling interest | - | - | - | -789 | - | -789 | |||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -73,417 | $ | -31,377 | $ | -73,545 | $ | -21,937 | $ | 126,859 | $ | -73,417 | |||||||
Schedule Of Guarantor Subsidiaries, Cash Flow | ' | ||||||||||||||||||
(In thousands) | Nine Months Ended September 30, 2014 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Consolidated net income (loss) | $ | -52,896 | $ | -16,360 | $ | -58,519 | $ | 14,960 | $ | 77,990 | $ | -34,825 | |||||||
Reconciling items: | |||||||||||||||||||
Depreciation and amortization | - | - | 143,737 | 154,146 | - | 297,883 | |||||||||||||
Deferred taxes | 597 | - | -22,016 | -2,394 | - | -23,813 | |||||||||||||
Provision for doubtful accounts | - | - | 2,378 | 3,016 | - | 5,394 | |||||||||||||
Share-based compensation | - | - | 3,647 | 2,065 | - | 5,712 | |||||||||||||
(Gain) loss on sale of operating assets | 403 | - | -7,713 | -214 | - | -7,524 | |||||||||||||
Amortization of deferred financing charges and note discounts, net | - | 5,568 | 923 | - | - | 6,491 | |||||||||||||
Other reconciling items, net | 58,519 | 6,884 | 11,249 | -18,996 | -77,990 | -20,334 | |||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||||||||||
Decrease in accounts receivable | - | - | 11,941 | -19,149 | - | -7,208 | |||||||||||||
Increase in deferred income | - | - | 5,245 | 14,886 | - | 20,131 | |||||||||||||
Increase (decrease) in accrued expenses | -1,680 | 1,885 | -15,091 | -4,731 | - | -19,617 | |||||||||||||
Decrease in accounts payable | - | 21 | 8,725 | -8,235 | -9,712 | -9,201 | |||||||||||||
Changes in other operating assets and liabilities | -1,923 | - | 6,396 | -28,707 | - | -24,234 | |||||||||||||
Net cash provided by (used for) operating activities | 3,020 | -2,002 | 90,902 | 106,647 | -9,712 | 188,855 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property, plant and equipment | - | - | -48,996 | -86,461 | - | -135,457 | |||||||||||||
Purchases of other operating assets | - | - | -411 | 183 | - | -228 | |||||||||||||
Proceeds from sale of investment securities | - | - | - | 15,820 | - | 15,820 | |||||||||||||
Proceeds from disposal of assets | - | - | 10,735 | 1,090 | - | 11,825 | |||||||||||||
Decrease in Intercompany notes receivable, net | - | 38,154 | - | - | -38,154 | - | |||||||||||||
Dividends from subsidiaries | - | - | - | - | - | - | |||||||||||||
Change in other, net | - | - | -10 | -2,944 | - | -2,954 | |||||||||||||
Net cash provided by (used for) investing activities | - | 38,154 | -38,682 | -72,312 | -38,154 | -110,994 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Draws on credit facilities | - | - | - | 820 | - | 820 | |||||||||||||
Payments on credit facilities | - | - | - | -3,032 | - | -3,032 | |||||||||||||
Proceeds from long-term debt | - | - | - | - | - | - | |||||||||||||
Payments on long-term debt | - | - | -35 | - | - | -35 | |||||||||||||
Payments to repurchase noncontrolling interests | - | - | - | - | - | - | |||||||||||||
Decrease in intercompany notes payable, net | - | - | - | -38,154 | 38,154 | - | |||||||||||||
Net transfers to iHeartCommunications | 3,151 | - | - | - | - | 3,151 | |||||||||||||
Intercompany funding | 110,949 | -36,152 | -58,066 | -16,731 | - | - | |||||||||||||
Dividends and other payments to noncontrolling interests | - | - | - | -11,549 | - | -11,549 | |||||||||||||
Dividends paid | -175,022 | - | - | - | - | -175,022 | |||||||||||||
Change in other, net | 1,319 | - | -4 | - | - | 1,315 | |||||||||||||
Net cash used for financing activities | -59,603 | -36,152 | -58,105 | -68,646 | 38,154 | -184,352 | |||||||||||||
Effect of exchange rate changes on cash | - | - | - | -4,301 | - | -4,301 | |||||||||||||
Net decrease in cash and cash equivalents | -56,583 | - | -5,885 | -38,612 | -9,712 | -110,792 | |||||||||||||
Cash and cash equivalents at beginning of period | 83,185 | - | 5,885 | 225,475 | - | 314,545 | |||||||||||||
Cash and cash equivalents at end of period | $ | 26,602 | $ | - | $ | - | $ | 186,863 | $ | -9,712 | $ | 203,753 | |||||||
(In thousands) | Nine Months Ended September 30, 2013 | ||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Consolidated net income (loss) | $ | -61,152 | $ | -25,719 | $ | -62,743 | $ | 2,251 | $ | 103,934 | $ | -43,429 | |||||||
Reconciling items: | |||||||||||||||||||
Depreciation and amortization | - | - | 142,956 | 153,281 | - | 296,237 | |||||||||||||
Deferred taxes | 536 | - | -21,526 | -16,856 | - | -37,846 | |||||||||||||
Provision for doubtful accounts | - | - | 2,479 | 962 | - | 3,441 | |||||||||||||
Share-based compensation | - | - | 3,508 | 2,139 | - | 5,647 | |||||||||||||
(Gain) loss on sale of operating assets | 361 | - | -11,912 | -853 | - | -12,404 | |||||||||||||
Amortization of deferred financing charges and note discounts, net | - | 5,540 | 862 | - | - | 6,402 | |||||||||||||
Other reconciling items, net | 61,311 | 20,176 | 22,685 | 2,080 | -103,934 | 2,318 | |||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | - | ||||||||||||||||||
Decrease in accounts receivable | - | - | 38,679 | 10,661 | - | 49,340 | |||||||||||||
Increase in deferred income | - | - | 5,578 | 15,857 | - | 21,435 | |||||||||||||
Increase (decrease) in accrued expenses | -213 | 75,475 | -78,951 | -16,323 | - | -20,012 | |||||||||||||
Decrease in accounts payable | - | -1 | -6,436 | -20,247 | 4,793 | -21,891 | |||||||||||||
Changes in other operating assets and liabilities | -1,176 | - | 8,143 | -5,082 | - | 1,885 | |||||||||||||
Net cash provided by (used for) operating activities | -333 | 75,471 | 43,322 | 127,870 | 4,793 | 251,123 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property, plant and equipment | - | - | -45,100 | -69,245 | - | -114,345 | |||||||||||||
Purchases of businesses and other operating assets | - | - | -480 | -362 | - | -842 | |||||||||||||
Proceeds from disposal of assets | - | - | 11,727 | 5,752 | - | 17,479 | |||||||||||||
Decrease in intercompany notes receivable, net | - | 38,882 | - | - | -38,882 | - | |||||||||||||
Dividends from subsidiaries | 1,153 | - | - | - | -1,153 | - | |||||||||||||
Change in other, net | - | - | - | -2,271 | - | -2,271 | |||||||||||||
Net cash provided by (used for) investing activities | 1,153 | 38,882 | -33,853 | -66,126 | -40,035 | -99,979 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Draws on credit facilities | - | - | - | 2,752 | - | 2,752 | |||||||||||||
Payments on credit facilities | - | - | - | -1,344 | - | -1,344 | |||||||||||||
Proceeds from long-term debt | 51 | 51 | |||||||||||||||||
Payments on long-term debt | - | - | -64 | -5,414 | - | -5,478 | |||||||||||||
Payments to repurchase noncontrolling interests | - | - | - | -61,143 | - | -61,143 | |||||||||||||
Decrease in intercompany notes payable, net | - | - | - | -38,882 | 38,882 | - | |||||||||||||
Net transfers to iHeartCommunications | -215,478 | - | - | - | - | -215,478 | |||||||||||||
Intercompany funding | 131,662 | -114,353 | -4,499 | -12,810 | - | - | |||||||||||||
Dividends paid | -1,153 | 1,153 | - | ||||||||||||||||
Dividends and other payments to noncontrolling interests | - | - | - | -13,862 | - | -13,862 | |||||||||||||
Change in other, net | 1,610 | - | -337 | - | - | 1,273 | |||||||||||||
Net cash provided by (used for) financing activities | -82,206 | -114,353 | -4,900 | -131,805 | 40,035 | -293,229 | |||||||||||||
Effect of exchange rate changes on cash | - | - | - | -1,301 | - | -1,301 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | -81,386 | - | 4,569 | -71,362 | 4,793 | -143,386 | |||||||||||||
Cash and cash equivalents at beginning of period | 207,411 | - | - | 359,361 | -4,793 | 561,979 | |||||||||||||
Cash and cash equivalents at end of period | $ | 126,025 | $ | - | $ | 4,569 | $ | 287,999 | $ | - | $ | 418,593 |
Basis_Of_Presentation_Details
Basis Of Presentation (Details) | Sep. 30, 2014 |
Percentage of ownership | 50.00% |
Minimum [Member] | ' |
Percentage of ownership | 20.00% |
Maximum [Member] | ' |
Percentage of ownership | 50.00% |
Property_Plant_And_Equipment_I2
Property, Plant And Equipment, Intangible Assets And Goodwill (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract] | ' | ' | ' | ' |
Amortization expense | $16.70 | $17.30 | $50.80 | $53.30 |
Property_Plant_And_Equipment_I3
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | $435,924 | $445,329 |
Less: accumulated depreciation | 145,200 | 129,741 |
Other property, plant and equipment, net | 290,724 | 315,588 |
Structures [Line Items] | ' | ' |
Structures, gross | 3,023,714 | 3,021,152 |
Accumulated depreciation, structures | 1,380,187 | 1,255,642 |
Structures, net | 1,643,527 | 1,765,510 |
Land, buildings and improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 206,243 | 213,670 |
Furniture and other equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 156,508 | 147,768 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | $73,173 | $83,891 |
Property_Plant_And_Equipment_I4
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Other Intangible Assets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $926,711 | $954,106 |
Accumulated Amortization | -492,382 | -466,180 |
Transit, street furniture and other contractual rights [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 749,372 | 777,521 |
Accumulated Amortization | -490,255 | -464,548 |
Permanent easements [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 174,628 | 173,753 |
Accumulated Amortization | 0 | 0 |
Other [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 2,711 | 2,832 |
Accumulated Amortization | ($2,127) | ($1,632) |
Property_Plant_And_Equipment_I5
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Future Amortization Expenses) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract] | ' |
2015 | $53,845 |
2016 | 41,471 |
2017 | 30,236 |
2018 | 22,146 |
2019 | $16,662 |
Property_Plant_And_Equipment_I6
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Goodwill) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | $850,134 | $862,248 |
Impairment | ' | -10,684 |
Foreign currency | -18,693 | -974 |
Dispositions | ' | -456 |
Goodwill, Ending Balance | 831,441 | 850,134 |
Parent Company [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Ending Balance | 0 | ' |
Americas [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | 571,932 | 571,932 |
Impairment | ' | 0 |
Foreign currency | 0 | 0 |
Dispositions | ' | 0 |
Goodwill, Ending Balance | 571,932 | 571,932 |
International [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | 278,202 | 290,316 |
Impairment | ' | -10,684 |
Foreign currency | -18,693 | -974 |
Dispositions | ' | -456 |
Goodwill, Ending Balance | $259,509 | $278,202 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (Level 2 [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Level 2 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Market value | $5.10 | $5.10 |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Total debt | $4,932,774 | $4,935,376 |
Less: current portion | 3,152 | 15,999 |
Total long-term debt | 4,929,622 | 4,919,377 |
Original issue discount [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Original issue discount | -6,327 | -6,757 |
Clear Channel Worldwide Holdings Senior Notes [Member] | 6.5% Series A Senior Notes Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 735,750 | 735,750 |
Stated interest rate | 6.50% | 6.50% |
Maturity date | '2022 | '2022 |
Clear Channel Worldwide Holdings Senior Notes [Member] | 6.5% Series B Senior Notes Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 1,989,250 | 1,989,250 |
Stated interest rate | 6.50% | 6.50% |
Maturity date | '2022 | '2022 |
Clear Channel Worldwide Holdings Senior Subordinated Notes [Member] | 7.625% Series A Senior Subordinated Notes Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 275,000 | 275,000 |
Stated interest rate | 7.63% | 7.63% |
Maturity date | '2020 | '2020 |
Clear Channel Worldwide Holdings Senior Subordinated Notes [Member] | 7.625% Series B Senior Subordinated Notes Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 1,925,000 | 1,925,000 |
Stated interest rate | 7.63% | 7.63% |
Maturity date | '2020 | '2020 |
Other debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other debt | $14,101 | $17,133 |
Supplemental_Disclosures_Narra
Supplemental Disclosures (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity Method Investments [Line Items] | ' | ' | ' | ' |
Percentage of ownership | 50.00% | ' | 50.00% | ' |
Percentage of ownership disposed | 49.00% | ' | 49.00% | ' |
Supplemental Disclosures [Abstract] | ' | ' | ' | ' |
Effective tax rate | -79.10% | 575.10% | 6.70% | -6.70% |
Reduction of income tax expense due to settlement | ' | $1 | ' | ' |
Income tax refunds | ' | ' | 0.9 | 1.2 |
Buspak [Member] | ' | ' | ' | ' |
Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Method Investment Realized Gain Loss On Disposal | 4.5 | ' | ' | ' |
Date of sale of equity method investment | 'July 18, 2014 | ' | ' | ' |
Supplemental_Disclosures_Sched
Supplemental Disclosures (Schedule Of Income Tax Benefit (Expense)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Supplemental Disclosures [Abstract] | ' | ' | ' | ' |
Current tax benefit (expense) | ($1,462) | $1,859 | ($21,310) | ($34,720) |
Deferred tax benefit | -3,910 | 8,355 | 23,813 | 37,846 |
Income tax benefit (expense) | $5,372 | ($10,214) | ($2,503) | ($3,126) |
Supplemental_Disclosures_Sched1
Supplemental Disclosures (Schedule Of Cash Paid For Interest And Income Taxes) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Supplemental Disclosures [Abstract] | ' | ' |
Interest | $261,546 | $259,963 |
Income taxes | $27,234 | $34,456 |
Commitments_Contingencies_And_1
Commitments, Contingencies And Guarantees (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
permits | |
signs | |
Los Angeles Litigation [Abstract] | ' |
Lawsuit date | 31-Dec-08 |
Settlement agreement date | 30-Nov-06 |
Ruling date | 31-Jan-10 |
Conversion from static to digital | 83 |
Upholding date | 10-Dec-12 |
Review request date | 22-Jan-13 |
Review denial date | 27-Feb-13 |
Invalidation date | 12-Apr-13 |
Digital modernization permits issued to Company | 82 |
Digital modernization permits issued to competitor | 13 |
Turn off date | 15-Apr-13 |
Further proceedings conducted date | 16-Apr-13 |
Permitting history request date | 16-Sep-13 |
Evidentiary hearing scheduled date | 8-Nov-13 |
Attorney's fees motion hearing date | 11-Dec-13 |
Denial Of Demolition Motion Hearing Date | 22-Nov-13 |
Denial Of Competitors Attorneys Fees Motion Hearing Date | 21-Jan-14 |
Notices Of Appeal Filed By Competitor | 12-Mar-14 |
Guarantees [Abstract] | ' |
Letters of credit outstanding | $63.10 |
Commercial standby letters of credit | 1.5 |
Surety bonds outstanding | 43 |
Bank guarantees outstanding | 55.9 |
Secured bank guarantees | $15.10 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Due from iHeartCommunications | $875,975,000 | ' | $875,975,000 | ' | $879,108,000 |
Labor and related expense | 2,600,000 | ' | 8,000,000 | ' | ' |
Advertising revenue | 700,000 | 1,100,000 | 2,800,000 | 1,300,000 | ' |
Interest income on Due from iHeartCommunications Note | 15,105,000 | 14,940,000 | 45,005,000 | 39,356,000 | ' |
Allocation of corporate expenses | 7,400,000 | 8,900,000 | 23,600,000 | 27,600,000 | ' |
Revolving Credit Facility [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt instrument, face amount | $1,000,000,000 | ' | $1,000,000,000 | ' | ' |
Stated interest rate | 6.50% | ' | 6.50% | ' | 6.50% |
Maturity date | ' | ' | 'DecemberB 15, 2017 | ' | ' |
Shareholders_Equity_And_Compre2
Shareholders' Equity And Comprehensive Loss (Schedule Of Shareholders' Equity and Comprehensive Loss) (Narrative) (Details) (Subsequent Events, USD $) | Jul. 21, 2014 |
In Millions, unless otherwise specified | |
Subsequent Events | ' |
Equity Transactions [Line Items] | ' |
Dividend declared to shareholders | $175 |
Shareholders_Equity_And_Compre3
Shareholders' Equity And Comprehensive Loss (Schedule Of Shareholders' Equity and Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Balances at January 1, Noncontrolling Interests | ' | ' | $202,046 | ' |
Balances at January 1, Consolidated | ' | ' | 160,108 | 446,089 |
Net income (loss) | 1,420 | 11,990 | -34,825 | -43,429 |
Net loss, The Company | -7,063 | 4,218 | -52,896 | -61,152 |
Net income, Noncontrolling Interests | 8,483 | 7,772 | 18,071 | 17,723 |
Dividends paid by the Company | ' | ' | -175,022 | 0 |
Dividends and other payments to noncontrolling interests | ' | ' | -11,549 | -58,942 |
Foreign currency translation adjustments | ' | ' | -78,995 | -10,853 |
Unrealized holding gain (loss) on marketable securities | -74 | 13 | 605 | 229 |
Other adjustments to comprehensive loss | 0 | -1,432 | 0 | -2,430 |
Other, net | ' | ' | 7,110 | 5,305 |
Balances at September 30, Noncontrolling Interests | 202,606 | ' | 202,606 | ' |
Balances at September 30, Consolidated | -132,568 | 335,969 | -132,568 | 335,969 |
The Company [Member] | ' | ' | ' | ' |
Balances at January 1, The Company | ' | ' | -41,938 | 198,155 |
Net loss, The Company | ' | ' | -52,896 | -61,152 |
Dividends paid by the Company | ' | ' | -175,022 | ' |
Dividends and other payments to noncontrolling interests | ' | ' | 0 | 0 |
Foreign currency translation adjustments | ' | ' | -73,033 | -10,064 |
Unrealized holding gain (loss) on marketable securities | ' | ' | 605 | 229 |
Other adjustments to comprehensive loss | ' | ' | 0 | -2,430 |
Other, net | ' | ' | 7,110 | 4,691 |
Balances at September 30, The Company | -335,174 | 129,429 | -335,174 | 129,429 |
Noncontrolling Interests [Member] | ' | ' | ' | ' |
Balances at January 1, Noncontrolling Interests | ' | ' | 202,046 | 247,934 |
Net income, Noncontrolling Interests | ' | ' | 18,071 | 17,723 |
Dividends paid by the Company | ' | ' | 0 | ' |
Dividends and other payments to noncontrolling interests | ' | ' | -11,549 | -58,942 |
Foreign currency translation adjustments | ' | ' | -5,962 | -789 |
Unrealized holding gain (loss) on marketable securities | ' | ' | 0 | 0 |
Other adjustments to comprehensive loss | ' | ' | 0 | 0 |
Other, net | ' | ' | 0 | 614 |
Balances at September 30, Noncontrolling Interests | $202,606 | $206,540 | $202,606 | $206,540 |
Segment_Data_Schedule_Of_Opera
Segment Data (Schedule Of Operating Segment Results) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $742,794 | $723,013 | $2,159,250 | $2,140,094 |
Direct operating expenses | 400,834 | 396,094 | 1,195,491 | 1,181,843 |
Selling, general and administrative expenses | 139,613 | 131,437 | 412,834 | 404,018 |
Depreciation and amortization | 100,416 | 98,344 | 297,883 | 296,237 |
Corporate expenses | 33,548 | 29,719 | 97,578 | 91,435 |
Other operating income, net | 4,623 | 6,604 | 7,524 | 12,404 |
Operating income | 73,006 | 74,023 | 162,988 | 178,965 |
Capital expenditures | 42,490 | 34,240 | 135,457 | 114,345 |
Share-based compensation expense | 1,462 | 1,652 | 5,712 | 5,647 |
Americas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 329,500 | 331,346 | 917,404 | 952,832 |
Direct operating expenses | 140,739 | 140,972 | 413,761 | 419,676 |
Selling, general and administrative expenses | 55,257 | 55,739 | 158,789 | 165,232 |
Depreciation and amortization | 48,973 | 48,530 | 144,094 | 144,256 |
Operating income | 84,531 | 86,105 | 200,760 | 223,668 |
Capital expenditures | 18,980 | 13,838 | 48,390 | 43,489 |
Share-based compensation expense | ' | 0 | 0 | 0 |
International [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 413,294 | 391,667 | 1,241,846 | 1,187,262 |
Direct operating expenses | 260,095 | 255,122 | 781,730 | 762,167 |
Selling, general and administrative expenses | 84,356 | 75,698 | 254,045 | 238,786 |
Depreciation and amortization | 50,105 | 49,090 | 150,763 | 150,013 |
Operating income | 18,738 | 11,757 | 55,308 | 36,296 |
Capital expenditures | 22,860 | 19,983 | 84,215 | 68,683 |
Share-based compensation expense | ' | 0 | 0 | 0 |
Corporate and other reconciling items [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | ' | 0 | 0 | 0 |
Direct operating expenses | ' | 0 | 0 | 0 |
Selling, general and administrative expenses | ' | 0 | 0 | 0 |
Depreciation and amortization | 1,338 | 724 | 3,026 | 1,968 |
Corporate expenses | 33,548 | 29,719 | 97,578 | 91,435 |
Other operating income, net | 4,623 | 6,604 | 7,524 | 12,404 |
Operating income | -30,263 | -23,839 | -93,080 | -80,999 |
Capital expenditures | 650 | 419 | 2,852 | 2,173 |
Share-based compensation expense | $1,462 | $1,652 | $5,712 | $5,647 |
Guarantor_Subsidiaries_Schedul
Guarantor Subsidiaries (Schedule Of Guarantor Subsidiariess, Balance Sheet) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | $203,753 | $314,545 | $418,593 | $561,979 |
Accounts receivable, net of allowance | 687,340 | 710,529 | ' | ' |
Prepaid expenses | 139,968 | 145,021 | ' | ' |
Other current assets | 67,993 | 68,333 | ' | ' |
Total Current Assets | 1,099,054 | 1,238,428 | ' | ' |
Structures, net | 1,643,527 | 1,765,510 | ' | ' |
Other property, plant and equipment, net | 290,724 | 315,588 | ' | ' |
Indefinite-lived intangibles | 1,067,341 | 1,067,783 | ' | ' |
Other intangibles, net | 434,329 | 487,926 | ' | ' |
Goodwill | 831,441 | 850,134 | ' | 862,248 |
Due from iHeartCommunications | 875,975 | 879,108 | ' | ' |
Other assets | 141,507 | 154,915 | ' | ' |
Total Assets | 6,383,898 | 6,759,392 | ' | ' |
Accounts payable | 74,197 | 85,882 | ' | ' |
Accrued expenses | 521,823 | 563,766 | ' | ' |
Deferred income | 122,983 | 107,943 | ' | ' |
Current portion of long-term debt | 3,152 | 15,999 | ' | ' |
Total Current Liabilities | 722,155 | 773,590 | ' | ' |
Long-term debt | 4,929,622 | 4,919,377 | ' | ' |
Deferred tax liability | 627,515 | 656,150 | ' | ' |
Other long-term liabilities | 237,174 | 250,167 | ' | ' |
Total shareholders' equity | -132,568 | 160,108 | 335,969 | 446,089 |
Total Liabilities and Shareholders' Equity | 6,383,898 | 6,759,392 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 26,602 | 83,185 | 126,025 | 207,411 |
Accounts receivable, net of allowance | 0 | ' | ' | ' |
Intercompany receivables | 0 | ' | ' | ' |
Prepaid expenses | 2,911 | 1,390 | ' | ' |
Other current assets | 0 | 3 | ' | ' |
Total Current Assets | 29,513 | 84,578 | ' | ' |
Structures, net | 0 | ' | ' | ' |
Other property, plant and equipment, net | 0 | ' | ' | ' |
Indefinite-lived intangibles | 0 | ' | ' | ' |
Other intangibles, net | 0 | ' | ' | ' |
Goodwill | 0 | ' | ' | ' |
Due from iHeartCommunications | 875,975 | 879,108 | ' | ' |
Intercompany notes receivable | 182,026 | 182,026 | ' | ' |
Other assets | 277,136 | 408,083 | ' | ' |
Total Assets | 1,364,650 | 1,553,795 | ' | ' |
Accounts payable | 0 | ' | ' | ' |
Intercompany payable | 1,691,544 | 1,586,370 | ' | ' |
Accrued expenses | -955 | 725 | ' | ' |
Deferred income | 0 | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' |
Total Current Liabilities | 1,690,589 | 1,587,095 | ' | ' |
Long-term debt | 0 | ' | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Deferred tax liability | 772 | 175 | ' | ' |
Other long-term liabilities | 0 | ' | ' | ' |
Total shareholders' equity | -326,711 | -33,475 | ' | ' |
Total Liabilities and Shareholders' Equity | 1,364,650 | 1,553,795 | ' | ' |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net of allowance | 0 | ' | ' | ' |
Intercompany receivables | 213,549 | 186,659 | ' | ' |
Prepaid expenses | 0 | ' | ' | ' |
Other current assets | 6,850 | 6,850 | ' | ' |
Total Current Assets | 220,399 | 193,509 | ' | ' |
Structures, net | 0 | ' | ' | ' |
Other property, plant and equipment, net | 0 | ' | ' | ' |
Indefinite-lived intangibles | 0 | ' | ' | ' |
Other intangibles, net | 0 | ' | ' | ' |
Goodwill | 0 | ' | ' | ' |
Due from iHeartCommunications | 0 | ' | ' | ' |
Intercompany notes receivable | 4,973,627 | 5,002,517 | ' | ' |
Other assets | 791,279 | 871,363 | ' | ' |
Total Assets | 5,985,305 | 6,067,389 | ' | ' |
Accounts payable | 0 | ' | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Accrued expenses | 3,228 | 1,342 | ' | ' |
Deferred income | 0 | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' |
Total Current Liabilities | 3,228 | 1,342 | ' | ' |
Long-term debt | 4,918,674 | 4,918,243 | ' | ' |
Intercompany notes payable | 0 | ' | ' | ' |
Deferred tax liability | 85 | 85 | ' | ' |
Other long-term liabilities | 0 | ' | ' | ' |
Total shareholders' equity | 1,063,318 | 1,147,719 | ' | ' |
Total Liabilities and Shareholders' Equity | 5,985,305 | 6,067,389 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 5,885 | 4,569 | 0 |
Accounts receivable, net of allowance | 192,075 | 207,753 | ' | ' |
Intercompany receivables | 1,691,544 | 1,592,228 | ' | ' |
Prepaid expenses | 64,959 | 72,006 | ' | ' |
Other current assets | 16,457 | 20,333 | ' | ' |
Total Current Assets | 1,965,035 | 1,898,205 | ' | ' |
Structures, net | 1,071,021 | 1,142,094 | ' | ' |
Other property, plant and equipment, net | 165,858 | 178,149 | ' | ' |
Indefinite-lived intangibles | 1,055,905 | 1,055,728 | ' | ' |
Other intangibles, net | 330,787 | 344,178 | ' | ' |
Goodwill | 571,932 | 571,932 | ' | ' |
Due from iHeartCommunications | 0 | ' | ' | ' |
Intercompany notes receivable | 0 | ' | ' | ' |
Other assets | 1,288,390 | 1,373,504 | ' | ' |
Total Assets | 6,448,928 | 6,563,790 | ' | ' |
Accounts payable | 20,486 | 11,742 | ' | ' |
Intercompany payable | 218,313 | 186,659 | ' | ' |
Accrued expenses | 90,818 | 105,909 | ' | ' |
Deferred income | 47,857 | 42,591 | ' | ' |
Current portion of long-term debt | 54 | 47 | ' | ' |
Total Current Liabilities | 377,528 | 346,948 | ' | ' |
Long-term debt | 1,092 | 1,134 | ' | ' |
Intercompany notes payable | 5,034,923 | 5,025,497 | ' | ' |
Deferred tax liability | 610,400 | 638,141 | ' | ' |
Other long-term liabilities | 147,787 | 143,925 | ' | ' |
Total shareholders' equity | 277,198 | 408,145 | ' | ' |
Total Liabilities and Shareholders' Equity | 6,448,928 | 6,563,790 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 186,863 | 225,475 | 287,999 | 359,361 |
Accounts receivable, net of allowance | 495,265 | 502,776 | ' | ' |
Intercompany receivables | 4,764 | ' | ' | ' |
Prepaid expenses | 72,098 | 71,625 | ' | ' |
Other current assets | 44,686 | 41,147 | ' | ' |
Total Current Assets | 803,676 | 841,023 | ' | ' |
Structures, net | 572,506 | 623,416 | ' | ' |
Other property, plant and equipment, net | 124,866 | 137,439 | ' | ' |
Indefinite-lived intangibles | 11,436 | 12,055 | ' | ' |
Other intangibles, net | 103,542 | 143,748 | ' | ' |
Goodwill | 259,509 | 278,202 | ' | ' |
Due from iHeartCommunications | 0 | ' | ' | ' |
Intercompany notes receivable | 0 | ' | ' | ' |
Other assets | 55,805 | 61,626 | ' | ' |
Total Assets | 1,931,340 | 2,097,509 | ' | ' |
Accounts payable | 63,423 | 74,140 | ' | ' |
Intercompany payable | 0 | 5,858 | ' | ' |
Accrued expenses | 428,732 | 455,790 | ' | ' |
Deferred income | 75,126 | 65,352 | ' | ' |
Current portion of long-term debt | 3,098 | 15,952 | ' | ' |
Total Current Liabilities | 570,379 | 617,092 | ' | ' |
Long-term debt | 9,856 | 0 | ' | ' |
Intercompany notes payable | 120,730 | 159,046 | ' | ' |
Deferred tax liability | 16,258 | 17,749 | ' | ' |
Other long-term liabilities | 89,387 | 106,242 | ' | ' |
Total shareholders' equity | 1,124,730 | 1,197,380 | ' | ' |
Total Liabilities and Shareholders' Equity | 1,931,340 | 2,097,509 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Cash and cash equivalents | -9,712 | 0 | 0 | -4,793 |
Accounts receivable, net of allowance | 0 | ' | ' | ' |
Intercompany receivables | -1,909,857 | -1,778,887 | ' | ' |
Prepaid expenses | 0 | ' | ' | ' |
Other current assets | 0 | ' | ' | ' |
Total Current Assets | -1,919,569 | -1,778,887 | ' | ' |
Structures, net | 0 | ' | ' | ' |
Other property, plant and equipment, net | 0 | ' | ' | ' |
Indefinite-lived intangibles | 0 | ' | ' | ' |
Other intangibles, net | 0 | ' | ' | ' |
Goodwill | 0 | ' | ' | ' |
Due from iHeartCommunications | 0 | ' | ' | ' |
Intercompany notes receivable | -5,155,653 | -5,184,543 | ' | ' |
Other assets | -2,271,103 | -2,559,661 | ' | ' |
Total Assets | -9,346,325 | -9,523,091 | ' | ' |
Accounts payable | -9,712 | 0 | ' | ' |
Intercompany payable | -1,909,857 | -1,778,887 | ' | ' |
Accrued expenses | 0 | ' | ' | ' |
Deferred income | 0 | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' |
Total Current Liabilities | -1,919,569 | -1,778,887 | ' | ' |
Long-term debt | 0 | ' | ' | ' |
Intercompany notes payable | -5,155,653 | -5,184,543 | ' | ' |
Deferred tax liability | 0 | ' | ' | ' |
Other long-term liabilities | 0 | ' | ' | ' |
Total shareholders' equity | -2,271,103 | -2,559,661 | ' | ' |
Total Liabilities and Shareholders' Equity | ($9,346,325) | ($9,523,091) | ' | ' |
Guarantor_Subsidiaries_Schedul1
Guarantor Subsidiaries (Schedule Of Guarantor Subsidiaries, Income Statement) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue | $742,794 | $723,013 | $2,159,250 | $2,140,094 |
Operating expenses: | ' | ' | ' | ' |
Direct operating expenses | 400,834 | 396,094 | 1,195,491 | 1,181,843 |
Selling, general and administrative expenses | 139,613 | 131,437 | 412,834 | 404,018 |
Corporate expenses | 33,548 | 29,719 | 97,578 | 91,435 |
Depreciation and amortization | 100,416 | 98,344 | 297,883 | 296,237 |
Other operating income (expense), net | 4,623 | 6,604 | 7,524 | 12,404 |
Operating income | 73,006 | 74,023 | 162,988 | 178,965 |
Interest (income) expense, net | 87,695 | 87,969 | 265,168 | 264,125 |
Interest income on Due from iHeartCommunications Note | 15,105 | 14,940 | 45,005 | 39,356 |
Loss on marketable securities | 0 | -18 | 0 | -18 |
Equity in earnings (loss) of nonconsolidated affiliates | 4,185 | -645 | 3,776 | -961 |
Other income (expense), net | 2,191 | 1,445 | 16,071 | 228 |
Income (loss) before income taxes | 6,792 | 1,776 | -37,328 | -46,555 |
Income tax benefit (expense) | -5,372 | 10,214 | 2,503 | 3,126 |
Consolidated net income (loss) | 1,420 | 11,990 | -34,825 | -43,429 |
Less amount attributable to noncontrolling interest | 8,483 | 7,772 | 18,071 | 17,723 |
Net income (loss) attributable to the Company | -7,063 | 4,218 | -52,896 | -61,152 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -62,433 | 34,283 | -78,995 | -10,853 |
Unrealized gain (loss) on marketable securities | -74 | 13 | 605 | 229 |
Other adjustments to comprehensive income (loss) | 0 | -1,432 | 0 | -2,430 |
Other comprehensive income (loss) | -62,507 | 32,864 | -78,390 | -13,054 |
Comprehensive income (loss) | -69,570 | 37,082 | -131,286 | -74,206 |
Less amount attributable to noncontrolling interest | -2,511 | 6,041 | -5,962 | -789 |
Comprehensive income (loss) attributable to the Company | -67,059 | 31,041 | -125,324 | -73,417 |
Parent Company [Member] | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Corporate expenses | 3,094 | 3,261 | 9,148 | 9,751 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other operating income (expense), net | -133 | -121 | -403 | -361 |
Operating income | -3,227 | -3,382 | -9,551 | -10,112 |
Interest (income) expense, net | -3 | -23 | -10 | -127 |
Interest income on Due from iHeartCommunications Note | 15,105 | 14,940 | 45,005 | 39,356 |
Intercompany interest income | 3,922 | 3,841 | 11,665 | 11,323 |
Intercompany interest expense | 15,105 | 14,940 | 45,005 | 39,582 |
Loss on marketable securities | 0 | ' | 0 | 0 |
Equity in earnings (loss) of nonconsolidated affiliates | -9,731 | 3,021 | -58,519 | -62,743 |
Other income (expense), net | 1,067 | 1,432 | 3,141 | 1,432 |
Income (loss) before income taxes | -7,966 | 4,935 | -53,254 | -60,199 |
Income tax benefit (expense) | 903 | -717 | 358 | -953 |
Consolidated net income (loss) | -7,063 | 4,218 | -52,896 | -61,152 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the Company | -7,063 | 4,218 | -52,896 | -61,152 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 0 | 0 | 0 | -31 |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Other adjustments to comprehensive income (loss) | 0 | -1,432 | 0 | -1,432 |
Equity in subsidiary comprehensive income (loss) | -59,996 | 28,255 | -72,428 | -10,802 |
Comprehensive income (loss) | -67,059 | 31,041 | -125,324 | -73,417 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the Company | -67,059 | 31,041 | -125,324 | -73,417 |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Corporate expenses | 0 | 0 | 0 | 3 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other operating income (expense), net | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | -3 |
Interest (income) expense, net | 88,074 | 88,534 | 264,204 | 264,642 |
Interest income on Due from iHeartCommunications Note | 0 | 0 | 0 | 0 |
Intercompany interest income | 85,215 | 85,642 | 255,640 | 255,957 |
Intercompany interest expense | 0 | 0 | 0 | 0 |
Loss on marketable securities | 0 | ' | 0 | 0 |
Equity in earnings (loss) of nonconsolidated affiliates | -6,863 | -7,058 | -6,884 | -20,176 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | -9,722 | -9,950 | -15,448 | -28,864 |
Income tax benefit (expense) | -2,718 | 115 | -912 | 3,145 |
Consolidated net income (loss) | -12,440 | -9,835 | -16,360 | -25,719 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the Company | -12,440 | -9,835 | -16,360 | -25,719 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 0 | 10 | 21 | -1 |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Other adjustments to comprehensive income (loss) | 0 | 0 | 0 | 0 |
Equity in subsidiary comprehensive income (loss) | -53,541 | 27,733 | -68,062 | -5,657 |
Comprehensive income (loss) | -65,981 | 17,908 | -84,401 | -31,377 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the Company | -65,981 | 17,908 | -84,401 | -31,377 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenue | 308,200 | 309,906 | 851,887 | 886,490 |
Operating expenses: | ' | ' | ' | ' |
Direct operating expenses | 126,757 | 126,891 | 369,894 | 376,146 |
Selling, general and administrative expenses | 51,194 | 52,343 | 147,325 | 153,982 |
Corporate expenses | 17,009 | 15,404 | 49,738 | 48,188 |
Depreciation and amortization | 49,193 | 48,185 | 143,737 | 142,956 |
Other operating income (expense), net | 4,410 | 6,889 | 7,713 | 11,912 |
Operating income | 68,457 | 73,972 | 148,906 | 177,130 |
Interest (income) expense, net | 147 | -69 | 1,104 | 555 |
Interest income on Due from iHeartCommunications Note | 0 | 0 | 0 | 0 |
Intercompany interest income | 15,338 | 15,411 | 45,675 | 39,827 |
Intercompany interest expense | 89,137 | 89,751 | 267,305 | 267,281 |
Loss on marketable securities | 0 | ' | 0 | 0 |
Equity in earnings (loss) of nonconsolidated affiliates | -10,813 | -8,085 | -11,293 | -19,661 |
Other income (expense), net | -1,408 | -4,050 | 2,466 | -12,684 |
Income (loss) before income taxes | -17,710 | -12,434 | -82,655 | -83,224 |
Income tax benefit (expense) | 7,979 | 15,455 | 24,136 | 20,481 |
Consolidated net income (loss) | -9,731 | 3,021 | -58,519 | -62,743 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the Company | -9,731 | 3,021 | -58,519 | -62,743 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -5,507 | 1,364 | -3,495 | -4,336 |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Other adjustments to comprehensive income (loss) | 0 | 0 | 0 | 0 |
Equity in subsidiary comprehensive income (loss) | -54,489 | 26,891 | -68,933 | -6,466 |
Comprehensive income (loss) | -69,727 | 31,276 | -130,947 | -73,545 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the Company | -69,727 | 31,276 | -130,947 | -73,545 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenue | 434,594 | 413,107 | 1,307,363 | 1,253,604 |
Operating expenses: | ' | ' | ' | ' |
Direct operating expenses | 274,077 | 269,203 | 825,597 | 805,697 |
Selling, general and administrative expenses | 88,419 | 79,094 | 265,509 | 250,036 |
Corporate expenses | 13,445 | 11,054 | 38,692 | 33,493 |
Depreciation and amortization | 51,223 | 50,159 | 154,146 | 153,281 |
Other operating income (expense), net | 346 | -164 | 214 | 853 |
Operating income | 7,776 | 3,433 | 23,633 | 11,950 |
Interest (income) expense, net | -523 | -473 | -130 | -945 |
Interest income on Due from iHeartCommunications Note | 0 | 0 | 0 | 0 |
Intercompany interest income | 0 | 0 | 0 | 1 |
Intercompany interest expense | 233 | 203 | 670 | 245 |
Loss on marketable securities | 0 | -18 | 0 | -18 |
Equity in earnings (loss) of nonconsolidated affiliates | 3,774 | -1,037 | 2,482 | -2,315 |
Other income (expense), net | 2,532 | 4,063 | 10,464 | 11,480 |
Income (loss) before income taxes | 14,372 | 6,711 | 36,039 | 21,798 |
Income tax benefit (expense) | -11,536 | -4,639 | -21,079 | -19,547 |
Consolidated net income (loss) | 2,836 | 2,072 | 14,960 | 2,251 |
Less amount attributable to noncontrolling interest | 8,483 | 7,772 | 18,071 | 17,723 |
Net income (loss) attributable to the Company | -5,647 | -5,700 | -3,111 | -15,472 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -56,926 | 32,909 | -75,521 | -6,485 |
Unrealized gain (loss) on marketable securities | -74 | 13 | 605 | 229 |
Other adjustments to comprehensive income (loss) | 0 | 0 | 0 | -998 |
Equity in subsidiary comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | -62,647 | 27,222 | -78,027 | -22,726 |
Less amount attributable to noncontrolling interest | -2,511 | 6,041 | -5,962 | -789 |
Comprehensive income (loss) attributable to the Company | -60,136 | 21,181 | -72,065 | -21,937 |
Eliminations [Member] | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Corporate expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other operating income (expense), net | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Interest (income) expense, net | 0 | 0 | 0 | 0 |
Interest income on Due from iHeartCommunications Note | 0 | 0 | 0 | 0 |
Intercompany interest income | -104,475 | -104,894 | -312,980 | -307,108 |
Intercompany interest expense | -104,475 | -104,894 | -312,980 | -307,108 |
Loss on marketable securities | 0 | ' | 0 | 0 |
Equity in earnings (loss) of nonconsolidated affiliates | 27,818 | 12,514 | 77,990 | 103,934 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 27,818 | 12,514 | 77,990 | 103,934 |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Consolidated net income (loss) | 27,818 | 12,514 | 77,990 | 103,934 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the Company | 27,818 | 12,514 | 77,990 | 103,934 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Other adjustments to comprehensive income (loss) | 0 | 0 | 0 | 0 |
Equity in subsidiary comprehensive income (loss) | 168,026 | -82,879 | 209,423 | 22,925 |
Comprehensive income (loss) | 195,844 | -70,365 | 287,413 | 126,859 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the Company | $195,844 | ($70,365) | $287,413 | $126,859 |
Guarantor_Subsidiaries_Schedul2
Guarantor Subsidiaries (Schedule Of Guarantor Subsidiaries, Cash Flow) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' | ' | ' |
Consolidated net income (loss) | $1,420 | $11,990 | ($34,825) | ($43,429) |
Reconciling items: | ' | ' | ' | ' |
Depreciation and amortization | 100,416 | 98,344 | 297,883 | 296,237 |
Deferred taxes | 3,910 | -8,355 | -23,813 | -37,846 |
Provision for doubtful accounts | ' | ' | 5,394 | 3,441 |
Share-based compensation | 1,462 | 1,652 | 5,712 | 5,647 |
(Gain) loss on sale of operating assets | ' | ' | -7,524 | -12,404 |
Amortization of deferred financing charges and note discounts, net | ' | ' | 6,491 | 6,402 |
Other reconciling items, net | ' | ' | -20,334 | 2,318 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' | ' | ' |
(Increase) decrease in accounts receivable | ' | ' | -7,208 | 49,340 |
Increase in deferred income | ' | ' | 20,131 | 21,435 |
Increase (decrease) in accrued expenses | ' | ' | -19,617 | -20,012 |
Increase (decrease) in accounts payable | ' | ' | -9,201 | -21,891 |
Changes in other operating assets and liabilities | ' | ' | -24,234 | 1,885 |
Net cash provided by (used for) operating activities | ' | ' | 188,855 | 251,123 |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchases of property, plant and equipment | -42,490 | -34,240 | -135,457 | -114,345 |
Purchases of other operating assets | ' | ' | -228 | -842 |
Proceeds from sale of investment securities | ' | ' | 15,820 | 0 |
Proceeds from disposal of assets | ' | ' | 11,825 | 17,479 |
Change in other, net | ' | ' | -2,954 | -2,271 |
Net cash provided by (used for) investing activities | ' | ' | -110,994 | -99,979 |
Cash flows from financing activities: | ' | ' | ' | ' |
Draws on credit facilities | ' | ' | 820 | 2,752 |
Payments on credit facilities | ' | ' | -3,032 | -1,344 |
Proceeds from long-term debt | ' | ' | 0 | 51 |
Payments on long-term debt | ' | ' | -35 | -5,478 |
Payments to repurchase noncontrolling interests | ' | ' | 0 | -61,143 |
Dividends and other payments to noncontrolling interests | ' | ' | -11,549 | -13,862 |
Dividends paid | ' | ' | -175,022 | 0 |
Net transfers (to) from iHeartCommunications | ' | ' | 3,151 | -215,478 |
Change in other, net | ' | ' | 1,315 | 1,273 |
Net cash provided by (used for) financing activities | ' | ' | -184,352 | -293,229 |
Effect of exchange rate changes on cash | ' | ' | -4,301 | -1,301 |
Net increase (decrease) in cash and cash equivalents | ' | ' | -110,792 | -143,386 |
Cash and cash equivalents at beginning of period | ' | ' | 314,545 | 561,979 |
Cash and cash equivalents at end of period | 203,753 | 418,593 | 203,753 | 418,593 |
Parent Company [Member] | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Consolidated net income (loss) | -7,063 | 4,218 | -52,896 | -61,152 |
Reconciling items: | ' | ' | ' | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Deferred taxes | ' | ' | 597 | 536 |
Provision for doubtful accounts | ' | ' | 0 | 0 |
Share-based compensation | ' | ' | 0 | 0 |
(Gain) loss on sale of operating assets | ' | ' | 403 | 361 |
Amortization of deferred financing charges and note discounts, net | ' | ' | 0 | 0 |
Other reconciling items, net | ' | ' | 58,519 | 61,311 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' | ' | ' |
(Increase) decrease in accounts receivable | ' | ' | 0 | 0 |
Increase in deferred income | ' | ' | 0 | 0 |
Increase (decrease) in accrued expenses | ' | ' | -1,680 | -213 |
Increase (decrease) in accounts payable | ' | ' | 0 | 0 |
Changes in other operating assets and liabilities | ' | ' | -1,923 | -1,176 |
Net cash provided by (used for) operating activities | ' | ' | 3,020 | -333 |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchases of property, plant and equipment | ' | ' | 0 | 0 |
Purchases of other operating assets | ' | ' | 0 | 0 |
Proceeds from sale of investment securities | ' | ' | 0 | ' |
Proceeds from disposal of assets | ' | ' | 0 | 0 |
(Increase) decrease in intercompany notes receivable, net | ' | ' | 0 | 0 |
Dividends from subsidiaries | ' | ' | 0 | 1,153 |
Change in other, net | ' | ' | 0 | 0 |
Net cash provided by (used for) investing activities | ' | ' | 0 | 1,153 |
Cash flows from financing activities: | ' | ' | ' | ' |
Draws on credit facilities | ' | ' | 0 | 0 |
Payments on credit facilities | ' | ' | 0 | 0 |
Proceeds from long-term debt | ' | ' | 0 | ' |
Payments on long-term debt | ' | ' | 0 | 0 |
Payments to repurchase noncontrolling interests | ' | ' | 0 | 0 |
Dividends and other payments to noncontrolling interests | ' | ' | 0 | 0 |
Increase (decrease) in intercompany notes payable, net | ' | ' | 0 | 0 |
Intercompany funding | ' | ' | 110,949 | 131,662 |
Dividends paid | ' | ' | -175,022 | ' |
Net transfers (to) from iHeartCommunications | ' | ' | 3,151 | -215,478 |
Change in other, net | ' | ' | 1,319 | 1,610 |
Net cash provided by (used for) financing activities | ' | ' | -59,603 | -82,206 |
Effect of exchange rate changes on cash | ' | ' | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | ' | ' | -56,583 | -81,386 |
Cash and cash equivalents at beginning of period | ' | ' | 83,185 | 207,411 |
Cash and cash equivalents at end of period | 26,602 | 126,025 | 26,602 | 126,025 |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Consolidated net income (loss) | -12,440 | -9,835 | -16,360 | -25,719 |
Reconciling items: | ' | ' | ' | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Deferred taxes | ' | ' | 0 | 0 |
Provision for doubtful accounts | ' | ' | 0 | 0 |
Share-based compensation | ' | ' | 0 | 0 |
(Gain) loss on sale of operating assets | ' | ' | 0 | 0 |
Amortization of deferred financing charges and note discounts, net | ' | ' | 5,568 | 5,540 |
Other reconciling items, net | ' | ' | 6,884 | 20,176 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' | ' | ' |
(Increase) decrease in accounts receivable | ' | ' | 0 | 0 |
Increase in deferred income | ' | ' | 0 | 0 |
Increase (decrease) in accrued expenses | ' | ' | 1,885 | 75,475 |
Increase (decrease) in accounts payable | ' | ' | 21 | -1 |
Changes in other operating assets and liabilities | ' | ' | 0 | 0 |
Net cash provided by (used for) operating activities | ' | ' | -2,002 | 75,471 |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchases of property, plant and equipment | ' | ' | 0 | 0 |
Purchases of other operating assets | ' | ' | 0 | 0 |
Proceeds from sale of investment securities | ' | ' | 0 | ' |
Proceeds from disposal of assets | ' | ' | 0 | 0 |
(Increase) decrease in intercompany notes receivable, net | ' | ' | 38,154 | 38,882 |
Dividends from subsidiaries | ' | ' | 0 | 0 |
Change in other, net | ' | ' | 0 | 0 |
Net cash provided by (used for) investing activities | ' | ' | 38,154 | 38,882 |
Cash flows from financing activities: | ' | ' | ' | ' |
Draws on credit facilities | ' | ' | 0 | 0 |
Payments on credit facilities | ' | ' | 0 | 0 |
Proceeds from long-term debt | ' | ' | 0 | ' |
Payments on long-term debt | ' | ' | 0 | 0 |
Payments to repurchase noncontrolling interests | ' | ' | 0 | 0 |
Dividends and other payments to noncontrolling interests | ' | ' | 0 | 0 |
Increase (decrease) in intercompany notes payable, net | ' | ' | 0 | 0 |
Intercompany funding | ' | ' | -36,152 | -114,353 |
Dividends paid | ' | ' | 0 | ' |
Net transfers (to) from iHeartCommunications | ' | ' | 0 | 0 |
Change in other, net | ' | ' | ' | 0 |
Net cash provided by (used for) financing activities | ' | ' | -36,152 | -114,353 |
Effect of exchange rate changes on cash | ' | ' | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | ' | ' | 0 | 0 |
Cash and cash equivalents at beginning of period | ' | ' | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Consolidated net income (loss) | -9,731 | 3,021 | -58,519 | -62,743 |
Reconciling items: | ' | ' | ' | ' |
Depreciation and amortization | 49,193 | 48,185 | 143,737 | 142,956 |
Deferred taxes | ' | ' | -22,016 | -21,526 |
Provision for doubtful accounts | ' | ' | 2,378 | 2,479 |
Share-based compensation | ' | ' | 3,647 | 3,508 |
(Gain) loss on sale of operating assets | ' | ' | -7,713 | -11,912 |
Amortization of deferred financing charges and note discounts, net | ' | ' | 923 | 862 |
Other reconciling items, net | ' | ' | 11,249 | 22,685 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' | ' | ' |
(Increase) decrease in accounts receivable | ' | ' | 11,941 | 38,679 |
Increase in deferred income | ' | ' | 5,245 | 5,578 |
Increase (decrease) in accrued expenses | ' | ' | -15,091 | -78,951 |
Increase (decrease) in accounts payable | ' | ' | 8,725 | -6,436 |
Changes in other operating assets and liabilities | ' | ' | 6,396 | 8,143 |
Net cash provided by (used for) operating activities | ' | ' | 90,902 | 43,322 |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchases of property, plant and equipment | ' | ' | -48,996 | -45,100 |
Purchases of other operating assets | ' | ' | -411 | -480 |
Proceeds from sale of investment securities | ' | ' | 0 | ' |
Proceeds from disposal of assets | ' | ' | 10,735 | 11,727 |
(Increase) decrease in intercompany notes receivable, net | ' | ' | 0 | 0 |
Dividends from subsidiaries | ' | ' | 0 | 0 |
Change in other, net | ' | ' | -10 | 0 |
Net cash provided by (used for) investing activities | ' | ' | -38,682 | -33,853 |
Cash flows from financing activities: | ' | ' | ' | ' |
Draws on credit facilities | ' | ' | 0 | 0 |
Payments on credit facilities | ' | ' | 0 | 0 |
Proceeds from long-term debt | ' | ' | 0 | ' |
Payments on long-term debt | ' | ' | -35 | -64 |
Payments to repurchase noncontrolling interests | ' | ' | 0 | 0 |
Dividends and other payments to noncontrolling interests | ' | ' | 0 | 0 |
Increase (decrease) in intercompany notes payable, net | ' | ' | 0 | 0 |
Intercompany funding | ' | ' | -58,066 | -4,499 |
Dividends paid | ' | ' | 0 | ' |
Net transfers (to) from iHeartCommunications | ' | ' | 0 | 0 |
Change in other, net | ' | ' | -4 | -337 |
Net cash provided by (used for) financing activities | ' | ' | -58,105 | -4,900 |
Effect of exchange rate changes on cash | ' | ' | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | ' | ' | -5,885 | 4,569 |
Cash and cash equivalents at beginning of period | ' | ' | 5,885 | 0 |
Cash and cash equivalents at end of period | 0 | 4,569 | 0 | 4,569 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Consolidated net income (loss) | 2,836 | 2,072 | 14,960 | 2,251 |
Reconciling items: | ' | ' | ' | ' |
Depreciation and amortization | 51,223 | 50,159 | 154,146 | 153,281 |
Deferred taxes | ' | ' | -2,394 | -16,856 |
Provision for doubtful accounts | ' | ' | 3,016 | 962 |
Share-based compensation | ' | ' | 2,065 | 2,139 |
(Gain) loss on sale of operating assets | ' | ' | -214 | -853 |
Amortization of deferred financing charges and note discounts, net | ' | ' | 0 | 0 |
Other reconciling items, net | ' | ' | -18,996 | 2,080 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' | ' | ' |
(Increase) decrease in accounts receivable | ' | ' | -19,149 | 10,661 |
Increase in deferred income | ' | ' | 14,886 | 15,857 |
Increase (decrease) in accrued expenses | ' | ' | -4,731 | -16,323 |
Increase (decrease) in accounts payable | ' | ' | -8,235 | -20,247 |
Changes in other operating assets and liabilities | ' | ' | -28,707 | -5,082 |
Net cash provided by (used for) operating activities | ' | ' | 106,647 | 127,870 |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchases of property, plant and equipment | ' | ' | -86,461 | -69,245 |
Purchases of other operating assets | ' | ' | 183 | -362 |
Proceeds from sale of investment securities | ' | ' | 15,820 | ' |
Proceeds from disposal of assets | ' | ' | 1,090 | 5,752 |
(Increase) decrease in intercompany notes receivable, net | ' | ' | 0 | 0 |
Dividends from subsidiaries | ' | ' | 0 | 0 |
Change in other, net | ' | ' | -2,944 | -2,271 |
Net cash provided by (used for) investing activities | ' | ' | -72,312 | -66,126 |
Cash flows from financing activities: | ' | ' | ' | ' |
Draws on credit facilities | ' | ' | 820 | 2,752 |
Payments on credit facilities | ' | ' | -3,032 | -1,344 |
Proceeds from long-term debt | ' | ' | 0 | 51 |
Payments on long-term debt | ' | ' | 0 | -5,414 |
Payments to repurchase noncontrolling interests | ' | ' | 0 | -61,143 |
Dividends and other payments to noncontrolling interests | ' | ' | -11,549 | -13,862 |
Increase (decrease) in intercompany notes payable, net | ' | ' | -38,154 | -38,882 |
Intercompany funding | ' | ' | -16,731 | -12,810 |
Dividends paid | ' | ' | 0 | -1,153 |
Net transfers (to) from iHeartCommunications | ' | ' | 0 | 0 |
Change in other, net | ' | ' | 0 | 0 |
Net cash provided by (used for) financing activities | ' | ' | -68,646 | -131,805 |
Effect of exchange rate changes on cash | ' | ' | -4,301 | -1,301 |
Net increase (decrease) in cash and cash equivalents | ' | ' | -38,612 | -71,362 |
Cash and cash equivalents at beginning of period | ' | ' | 225,475 | 359,361 |
Cash and cash equivalents at end of period | 186,863 | 287,999 | 186,863 | 287,999 |
Eliminations [Member] | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Consolidated net income (loss) | 27,818 | 12,514 | 77,990 | 103,934 |
Reconciling items: | ' | ' | ' | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Deferred taxes | ' | ' | 0 | 0 |
Provision for doubtful accounts | ' | ' | 0 | 0 |
Share-based compensation | ' | ' | 0 | 0 |
(Gain) loss on sale of operating assets | ' | ' | 0 | 0 |
Amortization of deferred financing charges and note discounts, net | ' | ' | 0 | 0 |
Other reconciling items, net | ' | ' | -77,990 | -103,934 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ' | ' | ' | ' |
(Increase) decrease in accounts receivable | ' | ' | 0 | 0 |
Increase in deferred income | ' | ' | 0 | 0 |
Increase (decrease) in accrued expenses | ' | ' | 0 | 0 |
Increase (decrease) in accounts payable | ' | ' | -9,712 | 4,793 |
Changes in other operating assets and liabilities | ' | ' | 0 | 0 |
Net cash provided by (used for) operating activities | ' | ' | -9,712 | 4,793 |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchases of property, plant and equipment | ' | ' | 0 | 0 |
Purchases of other operating assets | ' | ' | 0 | 0 |
Proceeds from sale of investment securities | ' | ' | 0 | ' |
Proceeds from disposal of assets | ' | ' | 0 | 0 |
(Increase) decrease in intercompany notes receivable, net | ' | ' | -38,154 | -38,882 |
Dividends from subsidiaries | ' | ' | 0 | -1,153 |
Change in other, net | ' | ' | 0 | 0 |
Net cash provided by (used for) investing activities | ' | ' | -38,154 | -40,035 |
Cash flows from financing activities: | ' | ' | ' | ' |
Draws on credit facilities | ' | ' | 0 | 0 |
Payments on credit facilities | ' | ' | 0 | 0 |
Proceeds from long-term debt | ' | ' | 0 | ' |
Payments on long-term debt | ' | ' | 0 | 0 |
Payments to repurchase noncontrolling interests | ' | ' | 0 | 0 |
Dividends and other payments to noncontrolling interests | ' | ' | 0 | 0 |
Increase (decrease) in intercompany notes payable, net | ' | ' | 38,154 | 38,882 |
Intercompany funding | ' | ' | 0 | 0 |
Dividends paid | ' | ' | 0 | 1,153 |
Net transfers (to) from iHeartCommunications | ' | ' | 0 | 0 |
Change in other, net | ' | ' | 0 | 0 |
Net cash provided by (used for) financing activities | ' | ' | 38,154 | 40,035 |
Effect of exchange rate changes on cash | ' | ' | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | ' | ' | -9,712 | 4,793 |
Cash and cash equivalents at beginning of period | ' | ' | 0 | -4,793 |
Cash and cash equivalents at end of period | ($9,712) | $0 | ($9,712) | $0 |