Guarantor Subsidiaries [Text Block] | NOTE 10 – 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 Clear Channel Worldwide Holdings, Inc. ("CCWH" or 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) September 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 905 $ - $ 17,545 $ 154,488 $ - $ 172,938 Accounts receivable, net of allowance - - 213,969 478,309 - 692,278 Intercompany receivables - 260,215 1,686,434 11,909 (1,958,558) - Prepaid expenses 3,041 - 66,074 79,593 - 148,708 Other current assets (773) 38 60,819 28,332 - 88,416 Total Current Assets 3,173 260,253 2,044,841 752,631 (1,958,558) 1,102,340 Structures, net - - 977,767 514,014 - 1,491,781 Other property, plant and equipment, net - - 156,557 108,155 - 264,712 Indefinite-lived intangibles - - 1,034,108 9,619 - 1,043,727 Other intangibles, net - - 309,786 60,443 - 370,229 Goodwill - - 571,932 229,110 - 801,042 Due from iHeartCommunications 913,658 - - - - 913,658 Intercompany notes receivable 182,026 4,923,244 - 8,689 (5,113,959) - Other assets 140,749 744,388 1,225,017 45,840 (2,010,226) 145,768 Total Assets $ 1,239,606 $ 5,927,885 $ 6,320,008 $ 1,728,501 $ (9,082,743) $ 6,133,257 Accounts payable $ - $ - $ 6,521 $ 68,075 $ - $ 74,596 Intercompany payable 1,686,434 - 272,124 - (1,958,558) - Accrued expenses - 3,199 90,883 387,327 - 481,409 Deferred income - - 49,991 60,677 - 110,668 Current portion of long-term debt - - 63 2,264 - 2,327 Total Current Liabilities 1,686,434 3,199 419,582 518,343 (1,958,558) 669,000 Long-term debt - 4,919,281 1,031 6,778 - 4,927,090 Intercompany notes payable - - 5,033,596 80,363 (5,113,959) - Deferred tax liability 772 1,367 592,682 4,854 - 599,675 Other long-term liabilities - - 132,383 102,941 - 235,324 Total shareholders' equity (deficit) (447,600) 1,004,038 140,734 1,015,222 (2,010,226) (297,832) Total Liabilities and Shareholders' Equity $ 1,239,606 $ 5,927,885 $ 6,320,008 $ 1,728,501 $ (9,082,743) $ 6,133,257 (In thousands) December 31, 2014 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 905 $ - $ - $ 205,259 $ (19,960) $ 186,204 Accounts receivable, net of allowance - - 202,771 495,040 - 697,811 Intercompany receivables - 259,510 1,731,448 8,056 (1,999,014) - Prepaid expenses 1,299 - 64,922 67,820 - 134,041 Other current assets - 6,850 21,485 33,558 - 61,893 Total Current Assets 2,204 266,360 2,020,626 809,733 (2,018,974) 1,079,949 Structures, net - - 1,049,684 564,515 - 1,614,199 Other property, plant and equipment, net - - 172,809 118,643 - 291,452 Indefinite-lived intangibles - - 1,055,728 11,020 - 1,066,748 Other intangibles, net - - 322,550 89,514 - 412,064 Goodwill - - 571,932 245,180 - 817,112 Due from iHeartCommunications 947,806 - - - - 947,806 Intercompany notes receivable 182,026 4,927,517 - - (5,109,543) - Other assets 264,839 793,626 1,287,717 50,568 (2,263,669) 133,081 Total Assets $ 1,396,875 $ 5,987,503 $ 6,481,046 $ 1,889,173 $ (9,392,186) $ 6,362,411 Accounts payable $ - $ - $ 27,866 $ 68,009 $ (19,960) $ 75,915 Intercompany payable 1,731,448 - 267,566 - (1,999,014) - Accrued expenses 467 3,475 103,243 436,633 - 543,818 Deferred income - - 44,363 50,272 - 94,635 Current portion of long-term debt - - 55 3,406 - 3,461 Total Current Liabilities 1,731,915 3,475 443,093 558,320 (2,018,974) 717,829 Long-term debt - 4,918,822 1,077 10,569 - 4,930,468 Intercompany notes payable - - 5,035,279 74,264 (5,109,543) - Deferred tax liability 772 85 607,841 11,557 - 620,255 Other long-term liabilities - - 128,855 105,945 - 234,800 Total shareholders' equity (deficit) (335,812) 1,065,121 264,901 1,128,518 (2,263,669) (140,941) Total Liabilities and Shareholders' Equity $ 1,396,875 $ 5,987,503 $ 6,481,046 $ 1,889,173 $ (9,392,186) $ 6,362,411 (In thousands) Three Months Ended September 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 311,096 $ 385,181 $ - $ 696,277 Operating expenses: Direct operating expenses - - 127,922 244,794 - 372,716 Selling, general and administrative expenses - - 51,238 81,321 - 132,559 Corporate expenses 3,122 - 13,848 11,377 - 28,347 Depreciation and amortization - - 48,402 44,638 - 93,040 Impairment charges - - 21,631 - - 21,631 Other operating income (expense), net (121) - 996 4,154 - 5,029 Operating income (loss) (3,243) - 49,051 7,205 - 53,013 Interest (income) expense, net 2 88,084 232 (230) - 88,088 Interest income on Due from iHeartCommunications 15,630 - - - - 15,630 Intercompany interest income 4,021 85,147 15,802 - (104,970) - Intercompany interest expense 15,630 - 89,168 172 (104,970) - Equity in loss of nonconsolidated affiliates (23,425) (16,699) (19,030) (1,150) 59,492 (812) Other income (expense), net 356 - (734) (17,364) - (17,742) Loss before income taxes (22,293) (19,636) (44,311) (11,251) 59,492 (37,999) Income tax benefit (expense) (288) 489 20,886 1,710 - 22,797 Consolidated net loss (22,581) (19,147) (23,425) (9,541) 59,492 (15,202) Less amount attributable to noncontrolling interest - - - 7,379 - 7,379 Net loss attributable to the Company $ (22,581) $ (19,147) $ (23,425) $ (16,920) $ 59,492 $ (22,581) Other comprehensive (loss), net of tax: Foreign currency translation adjustments - - (9,038) (12,278) - (21,316) Unrealized holding gain on marketable securities - - - (149) - (149) Equity in subsidiary comprehensive income (14,342) (3,769) (5,304) - 23,415 - Comprehensive loss (36,923) (22,916) (37,767) (29,347) 82,907 (44,046) Less amount attributable to noncontrolling interest - - - (7,123) - (7,123) Comprehensive loss attributable to the Company $ (36,923) $ (22,916) $ (37,767) $ (22,224) $ 82,907 $ (36,923) (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 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) - Loss on marketable securities - - - - - - 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 (loss), net of tax: Foreign currency translation adjustments - - (5,507) (56,926) - (62,433) Unrealized holding gain on marketable securities - - - (74) - (74) Other adjustments to comprehensive loss - - - - - - Equity in subsidiary comprehensive income (59,996) (53,541) (54,489) - 168,026 - Comprehensive loss (67,059) (65,981) (69,727) (62,647) 195,844 (69,570) Less amount attributable to noncontrolling interest - - - (2,511) - (2,511) Comprehensive loss attributable to the Company $ (67,059) $ (65,981) $ (69,727) $ (60,136) $ 195,844 $ (67,059) (In thousands) Nine Months Ended September 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 869,722 $ 1,164,417 $ - $ 2,034,139 Operating expenses: Direct operating expenses - - 377,936 730,093 - 1,108,029 Selling, general and administrative expenses - - 147,196 245,015 - 392,211 Corporate expenses 9,614 - 43,355 34,285 - 87,254 Depreciation and amortization - - 146,090 134,449 - 280,539 Impairment charges - - 21,631 - - 21,631 Other operating income (expense), net (341) - (5,959) 6,544 - 244 Operating income (loss) (9,955) - 127,555 27,119 - 144,719 Interest expense 14 264,245 1,207 594 - 266,060 Interest income on Due from iHeartCommunications 45,932 - - - - 45,932 Intercompany interest income 12,046 255,356 46,355 - (313,757) - Intercompany interest expense 45,932 - 267,402 423 (313,757) - Equity in earnings (loss) of nonconsolidated affiliates (33,457) (970) (10,136) (1,938) 45,860 (641) Other income (expense), net 2,039 3,440 20,515 16,053 (24,575) 17,472 Income (loss) before income taxes (29,341) (6,419) (84,320) 40,217 21,285 (58,578) Income tax benefit (expense) (773) (8,094) 50,863 (22,287) - 19,709 Consolidated net income (loss) (30,114) (14,513) (33,457) 17,930 21,285 (38,869) Less amount attributable to noncontrolling interest - - - 15,820 - 15,820 Net income (loss) attributable to the Company $ (30,114) $ (14,513) $ (33,457) $ 2,110 $ 21,285 $ (54,689) Other comprehensive (loss), net of tax: Foreign currency translation adjustments - (3,440) (16,064) (80,399) - (99,903) Unrealized holding gain on marketable securities - - - 540 - 540 Other adjustments to comprehensive loss - - - (1,154) - (1,154) Equity in subsidiary comprehensive income (90,633) (43,130) (74,569) - 208,332 - Comprehensive loss (120,747) (61,083) (124,090) (78,903) 229,617 (155,206) Less amount attributable to noncontrolling interest - - - (9,884) - (9,884) Comprehensive loss attributable to the Company $ (120,747) $ (61,083) $ (124,090) $ (69,019) $ 229,617 $ (145,322) (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 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) - Loss on marketable securities - - - - - - Equity in earnings (loss) of nonconsolidated affiliates (58,519) (6,884) (11,293) 2,482 77,990 3,776 Other income (expense), 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 loss attributable to the Company $ (52,896) $ (16,360) $ (58,519) $ (3,111) $ 77,990 $ (52,896) Other comprehensive loss, net of tax: Foreign currency translation adjustments - 21 (3,495) (75,521) - (78,995) Unrealized holding gain on marketable securities - - - 605 - 605 Other adjustments to comprehensive loss - - - - - - Equity in subsidiary comprehensive income (72,428) (68,062) (68,933) - 209,423 - Comprehensive 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, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (30,114) $ (14,513) $ (33,457) $ 17,930 $ 21,285 $ (38,869) Reconciling items: Impairment charges - - 21,631 - - 21,631 Depreciation and amortization - - 146,090 134,449 - 280,539 Deferred taxes - 1,282 (2,311) (5,895) - (6,924) Provision for doubtful accounts - - 4,823 3,863 - 8,686 Share-based compensation - - 4,141 1,904 - 6,045 Gain on sale of operating and fixed assets - - (834) (6,544) - (7,378) Amortization of deferred financing charges and note discounts, net - 5,597 923 - - 6,520 Other reconciling items, net 33,457 (2,470) 10,123 (12,673) (45,860) (17,423) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: (Increase) decrease in accounts receivable - - (16,021) (21,293) - (37,314) (Increase) decrease in prepaids and other current assets (1,742) - (1,093) (23,082) - (25,917) Increase (decrease) in accrued expenses 306 6,536 (64,857) (12,787) - (70,802) Increase (decrease) in accounts payable - - (21,346) 4,328 19,960 2,942 Increase (decrease) in deferred income - - 5,624 14,904 - 20,528 Changes in other operating assets and liabilities - - (22,091) 6,073 - (16,018) Net cash provided by (used for) operating activities $ 1,907 $ (3,568) $ 31,345 $ 101,177 $ (4,615) $ 126,246 Cash flows from investing activities: Purchases of property, plant and equipment - - (43,856) (94,762) - (138,618) Proceeds from disposal of assets - - 2,504 5,975 - 8,479 Purchases of other operating assets - - (526) (1,088) - (1,614) Decrease in intercompany notes receivable, net - 4,273 (3,510) (10,592) 9,829 - Change in other, net - - (910) (2,269) 907 (2,272) Net cash provided by (used for) investing activities $ - $ 4,273 $ (46,298) $ (102,736) $ 10,736 $ (134,025) Cash flows from financing activities: Payments on credit facilities - - - (3,304) - (3,304) Payments on long-term debt - - (41) - - (41) Net transfers to iHeartCommunications 34,148 - - - - 34,148 Payments to repurchase of noncontrolling interests - - - (234) - (234) Dividends and other payments to noncontrolling interests - - - (28,088) - (28,088) Dividends paid - - - (24,575) 24,575 - Decrease in intercompany notes payable, net - - - 9,829 (9,829) - Intercompany funding (38,967) (705) 32,539 7,133 - - Change in other, net 2,912 - - 907 (907) 2,912 Net cash provided by (used for) financing activities (1,907) (705) 32,498 (38,332) 13,839 5,393 Effect of exchange rate changes on cash - - - (10,880) - (10,880) Net decrease in cash and cash equivalents - - 17,545 (50,771) 19,960 (13,266) Cash and cash equivalents at beginning of year 905 - - 205,259 (19,960) 186,204 Cash and cash equivalents at end of year $ 905 $ - $ 17,545 $ 154,488 $ - $ 172,938 (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 and fixed 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: (Increase) decrease in accounts receivable - - 11,941 (19,149) - (7,208) (Increase) decrease in prepaids and other current assets (1,923) - 6,058 (11,056) - (6,921) Increase (decrease) in accrued expenses (1,680) 1,885 (15,091) (4,731) - (19,617) Increase (decrease) in accounts payable - 21 8,725 (8,235) (9,712) (9,201) Increase (decrease) in deferred income - - 5,245 14,886 - 20,131 Changes in other operating assets and liabilities - - 338 (17,651) - (17,313) Net cash provided by 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) Proceeds from disposal of assets - - 10,735 1,090 - 11,825 Purchases of other operating assets - - (411) 183 - (228) Proceeds from sale of investment securities - - - 15,820 - 15,820 Decrease in intercompany notes receivable, net - 38,154 - - (38,154) - 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) Payments on long-term debt - - (35) - - (35) Net transfers to iHeartCommunications 3,151 - - - - 3,151 Dividends and other payments to noncontrolling interests - - - (11,549) - (11,549) Dividends paid (175,022) - - - - (175,022) Decrease in intercompany notes payable, net - - - (38,154) 38,154 - Intercompany funding 110,949 (36,152) (58,066) (16,731) - - 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 increase (decrease) in cash and cash equivalents (56,583) - (5,885) (38,612) (9,712) (110,792) Cash and cash equivalents at beginning of year 83,185 - 5,885 225,475 - 314,545 Cash and cash equivalents at end of year $ 26,602 $ - $ - $ 186,863 $ (9,712) $ 203,753 |