Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Feb. 22, 2016 | |
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | Clear Channel Outdoor Holdings, Inc. | |
Entity Central Index Key | 1,334,978 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Well Known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 425.4 | |
trading symbol | CCO | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 46,540,727 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 315,000,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 412,743 | $ 186,204 |
Accounts receivable, less allowance of $25,348 in 2015 and $24,308 in 2014 | 697,583 | 697,811 |
Prepaid expenses | 127,730 | 134,041 |
Assets held for sale | 295,075 | 0 |
Other current assets | 44,080 | 46,054 |
Total Current Assets | 1,577,211 | 1,064,110 |
PROPERTY, PLANT AND EQUIPMENT | ||
Structures, net | 1,391,880 | 1,614,199 |
Other property, plant and equipment, net | 236,106 | 291,452 |
INTANGIBLE ASSETS AND GOODWILL | ||
Indefinite-lived intangibles | 971,327 | 1,066,748 |
Other intangibles, net | 342,864 | 412,064 |
Goodwill | 758,575 | 817,112 |
OTHER ASSETS | ||
Due from iHeartCommunications | 930,799 | 947,806 |
Other assets | 148,437 | 133,081 |
Total Assets | 6,357,199 | 6,346,572 |
CURRENT LIABILITIES | ||
Accounts payable | 100,210 | 75,915 |
Accrued expenses | 507,665 | 543,818 |
Dividends Payable | 217,017 | 0 |
Deferred income | 91,411 | 94,635 |
Other current liabilities | 0 | 0 |
Current portion of long-term debt | 4,310 | 3,461 |
Total Current Liabilities | 920,613 | 717,829 |
Long-term debt | 5,156,924 | 4,930,468 |
Deferred tax liability | 608,910 | 604,416 |
Other long-term liabilities | 240,419 | 234,800 |
SHAREHOLDERS' EQUITY | ||
Noncontrolling interest | 187,775 | 203,334 |
Additional paid-in capital | 3,961,515 | 4,167,233 |
Retained deficit | (4,268,637) | (4,172,565) |
Accumulated other comprehensive loss | (451,833) | (341,353) |
Cost of shares (233,868 in 2015 and 140,702 in 2014) held in treasury | (2,104) | (1,192) |
Total Shareholders' Equity | (569,667) | (140,941) |
Total Liabilities and Shareholders' Equity | 6,357,199 | 6,346,572 |
Class A Common Shares Issued [Member] | ||
SHAREHOLDERS' EQUITY | ||
Common stock | 467 | 452 |
Class B Common Shares Issued [Member] | ||
SHAREHOLDERS' EQUITY | ||
Common stock | $ 3,150 | $ 3,150 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Parenthetical [Abstract] | ||
Allowances for receivables | $ 25,348 | $ 24,308 |
Class of Stock [Line Items] | ||
Treasury stock shares | (233,868) | (140,702) |
Common Class A [Member] | ||
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 | 46,661,114 | 45,231,282 |
Common Class B [Member] | ||
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 Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements Of Comprehensive Income (Loss) | |||||||||||
Revenue | $ 772,065 | $ 696,277 | $ 722,819 | $ 615,043 | $ 802,009 | $ 742,794 | $ 781,205 | $ 635,251 | $ 2,806,204 | $ 2,961,259 | $ 2,946,190 |
Operating expenses: | |||||||||||
Direct operating expenses (excludes depreciation and amortization) | 386,873 | 372,716 | 372,342 | 362,971 | 401,397 | 400,834 | 413,144 | 381,513 | 1,494,902 | 1,596,888 | 1,594,728 |
Selling, general and admin expenses (excludes depreciation and amortization) | 139,293 | 132,559 | 132,522 | 127,130 | 135,686 | 139,613 | 140,271 | 132,949 | 531,504 | 548,519 | 543,572 |
Corporate expenses (excludes depreciation and amortization) | 29,126 | 28,347 | 30,154 | 28,753 | 33,316 | 33,548 | 33,333 | 30,697 | 116,380 | 130,894 | 124,399 |
Depreciation and amortization | 95,423 | 93,040 | 93,405 | 94,094 | 108,359 | 100,416 | 98,726 | 98,742 | 375,962 | 406,243 | 403,170 |
Impairment charges | 0 | 21,631 | 0 | 0 | 3,530 | 0 | 0 | 0 | 21,631 | 3,530 | 13,150 |
Other operating income (expense), net | (5,068) | 5,029 | 659 | (5,444) | (265) | 4,623 | 247 | 2,654 | (4,824) | 7,259 | 22,979 |
Operating income | 116,282 | 53,013 | 95,055 | (3,349) | 119,456 | 73,006 | 95,978 | (5,996) | 261,001 | 282,444 | 290,150 |
Interest expense | 89,609 | 88,088 | 88,556 | 89,416 | 88,096 | 87,695 | 88,212 | 89,262 | 355,669 | 353,265 | 352,783 |
Interest income on Due from iHeartCommunications | 15,507 | 15,630 | 15,049 | 15,253 | 15,174 | 15,105 | 15,227 | 14,673 | 61,439 | 60,179 | 54,210 |
Interest Income Related Party | 0 | 0 | 0 | ||||||||
Intercompany interest expense | 0 | 0 | 0 | ||||||||
Loss on marketable securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (18) | |
Equity in earnings (loss) of nonconsolidated affiliates | 352 | (812) | (351) | 522 | 13 | 4,185 | 327 | (736) | (289) | 3,789 | (2,092) |
Other income (expense), net | (5,085) | (17,742) | 15,276 | 19,938 | (887) | 2,191 | 11,983 | 1,898 | 12,387 | 15,185 | 1,016 |
Income (loss) before income taxes | 37,447 | (37,999) | 36,473 | (57,052) | 45,660 | 6,792 | 35,303 | (79,423) | (21,131) | 8,332 | (9,517) |
Income tax benefit (expense) | (69,886) | 22,797 | (27,187) | 24,099 | 6,285 | (5,372) | 24,820 | (16,946) | (50,177) | 8,787 | (14,809) |
Consolidated net income (loss) | (32,439) | (15,202) | 9,286 | (32,953) | 51,945 | 1,420 | 60,123 | (96,369) | (71,308) | 17,119 | (24,326) |
Less amount attributable to noncontrolling interest | 8,944 | 7,379 | 7,876 | 565 | 8,639 | 8,483 | 9,086 | 501 | 24,764 | 26,709 | 24,134 |
Net income (loss) attributable to the Company | $ (41,383) | $ (22,581) | $ 1,410 | $ (33,518) | $ 43,306 | $ (7,063) | $ 51,037 | $ (96,870) | (96,072) | (9,590) | (48,460) |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | (112,729) | (123,104) | (9,654) | ||||||||
Unrealized gain (loss) on marketable securities | 553 | 327 | 1,187 | ||||||||
Other adjustments to comprehensive income (loss) | (10,266) | (11,438) | 6,732 | ||||||||
Reclassification adjustment for realized loss on marketable securities included in net income (loss) | 808 | 8 | (1,432) | ||||||||
Equity in subsidiary comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss) | (121,634) | (134,207) | (3,167) | ||||||||
Comprehensive income (loss) | (217,706) | (143,797) | (51,627) | ||||||||
Less amount attributable to noncontrolling interest | (11,154) | (6,426) | (2,194) | ||||||||
Comprehensive income (loss) attributable to the Company | $ (206,552) | $ (137,371) | $ (49,433) | ||||||||
Net income (loss) per common share: | |||||||||||
Basic | $ (0.12) | $ (0.06) | $ 0 | $ (0.09) | $ 0.12 | $ (0.02) | $ 0.14 | $ (0.27) | $ (0.27) | $ (0.03) | $ (0.14) |
Weighted average common shares outstanding - Basic | 359,508 | 358,565 | 357,662 | ||||||||
Diluted | $ (0.12) | $ (0.06) | $ 0 | $ (0.09) | $ 0.12 | $ (0.02) | $ 0.14 | $ (0.27) | $ (0.27) | $ (0.03) | $ (0.14) |
Weighted average common shares outstanding - diluted | 359,508 | 358,565 | 357,662 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Non-controlling Interest [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Class A Common Shares Issued [Member] | Class B Common Shares Issued [Member] |
Balances at Dec. 31, 2012 | 42,357,863 | 315,000,000 | |||||||
Shares issued through stock purchase agreement | 1,759,980 | 0 | |||||||
Balances at Dec. 31, 2013 | 44,117,843 | 315,000,000 | |||||||
Balances at Dec. 31, 2012 | $ 446,089 | $ 247,934 | $ 3,574 | $ 4,522,668 | $ (4,114,515) | $ (212,599) | $ (973) | ||
Net income (loss) | (24,326) | 24,134 | 0 | 0 | (48,460) | 0 | 0 | ||
Exercise of stock options and other | 4,191 | 0 | 17 | 4,228 | 0 | 0 | (54) | ||
Share-based payments | 7,725 | 0 | 0 | 7,725 | 0 | 0 | 0 | ||
Dividends and other payments to noncontrolling interests | (68,441) | (68,441) | 0 | 0 | 0 | 0 | 0 | ||
Dividend declared and paid | (200,010) | 0 | 0 | (200,010) | 0 | 0 | 0 | ||
Other | (1,953) | 613 | 0 | (2,566) | 0 | 0 | 0 | ||
Other comprehensive income (loss) | (3,167) | (2,194) | 0 | 0 | 0 | (973) | 0 | ||
Balances at Dec. 31, 2013 | 160,108 | 202,046 | 3,591 | 4,332,045 | (4,162,975) | (213,572) | (1,027) | ||
Shares issued through stock purchase agreement | 1,113,439 | 0 | |||||||
Balances at Dec. 31, 2014 | 45,231,282 | 315,000,000 | |||||||
Net income (loss) | 17,119 | 26,709 | 0 | 0 | (9,590) | 0 | 0 | ||
Exercise of stock options and other | 2,236 | 0 | 11 | 2,390 | 0 | 0 | (165) | ||
Share-based payments | 7,743 | 0 | 0 | 7,743 | 0 | 0 | 0 | ||
Dividends and other payments to noncontrolling interests | (18,995) | (18,995) | |||||||
Dividend declared and paid | (175,022) | 0 | 0 | (175,022) | 0 | 0 | 0 | ||
Other | 77 | 0 | 0 | 77 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | (134,207) | (6,426) | 0 | 0 | 0 | (127,781) | 0 | ||
Balances at Dec. 31, 2014 | (140,941) | 203,334 | 3,602 | 4,167,233 | (4,172,565) | (341,353) | (1,192) | ||
Shares issued through stock purchase agreement | 1,429,832 | 0 | |||||||
Balances at Dec. 31, 2015 | 46,661,114 | 315,000,000 | |||||||
Net income (loss) | (71,308) | 24,764 | 0 | 0 | (96,072) | 0 | 0 | ||
Exercise of stock options and other | 2,886 | 0 | 15 | 3,783 | 0 | 0 | (912) | ||
Share-based payments | 8,359 | 0 | 0 | 8,359 | 0 | 0 | 0 | ||
Dividends and other payments to noncontrolling interests | (30,870) | (30,870) | 0 | 0 | 0 | 0 | 0 | ||
Dividend declared and paid | (217,796) | 0 | 0 | (217,796) | 0 | 0 | 0 | ||
Other | 1,637 | 1,701 | 0 | (64) | 0 | 0 | 0 | ||
Other comprehensive income (loss) | (121,634) | (11,154) | 0 | 0 | 0 | (110,480) | 0 | ||
Balances at Dec. 31, 2015 | $ (569,667) | $ 187,775 | $ 3,617 | $ 3,961,515 | $ (4,268,637) | $ (451,833) | $ (2,104) |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Increase Decrease In Stockholders Equity [RollForward] | |||
Dividends Payable Amount Per Share | $ 0.60626 | $ 0.4865 | $ 0.5578 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Consolidated net income (loss) | $ (71,308) | $ 17,119 | $ (24,326) |
Reconciling items: | |||
Impairment charges | 21,631 | 3,530 | 13,150 |
Depreciation and amortization | 375,962 | 406,243 | 403,170 |
Deferred taxes | 3,539 | (33,569) | (31,216) |
Provision for doubtful accounts | 13,384 | 7,150 | 5,124 |
Share-based compensation | 8,359 | 7,743 | 7,725 |
(Gain) loss on sale of operating assets | (5,468) | (7,801) | (22,979) |
Loss on marketable securities | 0 | 0 | 18 |
Amortization of deferred financing charges and note discounts, net | 8,770 | 8,660 | 8,562 |
Other reconciling items, net | (13,151) | (18,250) | 2,188 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
(Increase) decrease in accounts receivable | (56,580) | (38,618) | 43,429 |
Increase (decrease) in prepaid expenses and other current assets | (1,728) | 5,982 | (6,342) |
Increase (decrease) in accrued expenses | 493 | 19,123 | 19,304 |
Increase (decrease) in accounts payable | 30,642 | (4,460) | (10,407) |
Increase (decrease) in deferred income | 2,549 | (5,370) | 334 |
Changes in other operating assets and liabilities | (18,161) | (19,059) | 6,906 |
Net cash provided by operating activities | 298,933 | 348,423 | 414,640 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (218,332) | (231,169) | (206,187) |
Decrease (increase) in intercompany notes receivable, net | 0 | ||
Dividends From Subsidiaries | 0 | ||
Proceeds from disposal of assets | 11,264 | 12,861 | 42,134 |
Purchases of other operating assets | (23,640) | (573) | (10,483) |
Proceeds from sale of investment securities | 0 | 15,834 | 0 |
Purchases of businesses | (24,701) | 0 | 0 |
Change in other, net | (2,316) | (3,384) | (3,143) |
Net cash used for investing activities | (257,725) | (206,431) | (177,679) |
Cash flows from financing activities: | |||
Draws on credit facilities | 0 | 3,010 | 2,752 |
Payments on credit facilities | (3,849) | (3,682) | (4,815) |
Proceeds from long-term debt | 222,777 | 0 | 0 |
Payments on long-term debt | (56) | (48) | (6,626) |
Net transfers to Clear Channel Communications | 17,007 | (68,804) | (149,957) |
Payments to repurchase noncontrolling interests | (234) | 0 | (61,143) |
Dividends and other payments to noncontrolling interests | (30,870) | (18,995) | (68,442) |
(Decrease) increase in intercompany notes payable, net | 0 | ||
Intercompany funding | 0 | ||
Dividends paid | 0 | (175,022) | (200,010) |
Deferred financing charges | (8,606) | 0 | (344) |
Change in other, net | 2,885 | 2,232 | 4,192 |
Net cash used for financing activities | 199,054 | (261,309) | (484,393) |
Effect of exchange rate changes on cash | (13,723) | (9,024) | (2) |
Net increase (decrease) in cash and cash equivalents | 226,539 | (128,341) | (247,434) |
Cash and cash equivalents at beginning of year | 186,204 | 314,545 | 561,979 |
Cash and cash equivalents at end of year | 412,743 | 186,204 | 314,545 |
Supplemental Cash Flow Disclosures [Abstract] | |||
Cash paid during the year for interest | 356,021 | 347,786 | 346,833 |
Cash paid during the year for income taxes | $ 43,781 | $ 43,275 | $ 46,262 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Clear Channel Outdoor Holdings, Inc. (the “Company”) is an outdoor advertising company which owns or operates advertising display faces domestically and internationally. On Nov ember 11, 2005, the Company became a publicly traded company through an initial public offering (“IPO”), in which 10 %, or 35.0 million shares, of the Company’s Class A common stock was sold. Prior to the IPO, the Company was an indirect wholly-owned subsi diary of iHeartCommunications , Inc. (“ iHeartCommunications ”), a diversified media and entertainment company. As of December 31 , 2015 , iHeartCommunications indirectly holds all of the 315.0 million shares of Class B common stock outstanding and 10,726,9 17 shares of Class A common stock, collectively representing slightly more than 90 % of the shares outstanding and approximately 99 % of the voting power. The holders of Class A common stock and Class B common stock have identical rights, except holders of Class A common stock are entitled to one vote per share while holders of Class B common stock are entitled to 20 votes per share. The Class B shares of common stock are convertible, at the option of the holder at any time or upon any transfer, into shares of Class A common stock on a one-for-one basis, subject to certain limited exceptions. The Company operates in the outdoor advertising industry by selling advertising on billboards, street furniture displays, transit displays and other advertising displa ys. The Company has two reportable business segments: Americas and International. The Americas segment primarily includes operations in the United States , Canada and Latin America ; the International segment primarily includes operations in Europe, Asia a nd Australia. Agreements with iHeartCommunications There are several agreements which govern the Company’s relationship with iHeartCommunications including the Master Agreement, Corporate Services Agreement, Employee Matters Agreement , Tax Matters Agreement and Trademark and License Agreement . iHeartCommunications has the right to terminate these agreements in various circumstances. As of the date of the filing of this report, no notice of termination of any of these agreements has be en received from iHeartCommunications . Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions th at affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the co nsolidated 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 exer cises significant influence over operating and financial policies of the Company are accounted for using the equity method of accounting. All significant intercompany accounts have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the 2015 presentation. Included in International Outdoor Direct operating expenses and Selling, general and administrative expenses are $8.2 million and $3.2 million, respectively, recorded in the fourth qu arter of 2015 to correct for accounting errors included in the results for our Netherlands subsidiary reported in prior years. Such corrections are not considered to be material to current year or prior year financial results. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Accounts Receivable Accounts receivable are recorded at the invoiced amount, net of reserves for sales returns and allowances, and allowance s for doubtful accounts. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of revenue for each business unit, adjusted for relative im provements or deteriorations in the agings and changes in current economic conditions. The Company believes its concentration of credit risk is limited due to the large number and the geographic diversification of its customers. Business Combinations The Company accounts for its business combinations under the acquisition method of accounting. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumpti ons, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Various acquisition agreements may include contingent purchase consideration based on performance requirement s of the investee. The Company accounts for these payments in conformity with the provisions of ASC 805-20-30, which establish the requirements related to recognition of certain assets and liabilities arising from contingencies. Property, Plant and Equip ment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives, which are as fol lows: Buildings and improvements — 10 to 39 years Structures — 3 to 20 years Furniture and other equipment — 2 to 20 years Leasehold improvements — shorter of economic life or lease term assuming renewal periods, if appropriate For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditu res for renewal and betterments are capitalized. The Company tests for possible impairment of property, plant and equipment whenever events and circumstances indicate that depreciable assets might be impaired and the undiscounted cash flows estimated to b e generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Assets and businesses are classifi ed as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. Land Leases and Other Structure Leases Most of the Company’s advertising structures are located on leased land. Americas land leases are typically paid in advance for periods ranging from one to 12 months . International land leases are paid both i n advance and in arrears, for periods ranging from one to 12 months . Most international street furniture display faces are operated through contracts with municipalities for up to 20 years . The leased land and stre et furniture contracts often include a percent of revenue to be paid along with a base rent payment. Prepaid land leases are recorded as an asset and expensed ratably over the related rental term and rent payments in arrears are recorded as an accrued lia bility. Intangible Assets The Company’s indefinite-lived intangible assets include billboard permits in its Americas segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annuall y. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a dramatic change in the manner for which the asset is intended to be used indicate that the carrying amount of the asset may not be recoverable. The Company performs its annual impairment test for its permits using a direct valuation technique as prescribed in ASC 805-20-S99 . The Company engages Corporate Valuation Consu lting LLC ( formerly Mesirow Financial Consulting Practice), a third party valuation firm, to assist the Company in the development of these assumptions and the Company’s determination of the fair value of its permits. Other intangible assets include defin ite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets include primarily transit and street furniture contracts, site leases and other contractual rights, all of which are amortized over the shorter of either th e 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. The Company periodically reviews the appropriateness of the amortization periods related to it s definite-lived intangible assets. These assets are recorded at cost. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determine d to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Goodwill At least annually, the Company performs its impairment test for each reporting unit’s goodwill. Historically, we performed our annual impairme nt test on our goodwill, billboard permits, and other intangible assets as of October 1 of each year. Beginning in the third quarter of 2015, we began performing our annual impairment test on July 1 of each year. In 2015 and 2014 , the Company used a discounted cash flow model to determine if the carrying value of the reporting unit, including goodwill, is less than the fair value of the reporting unit. The Company identified its reporting units in accordance with ASC 350-20-55. The Company’s U.S. outd oor advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test. The Company also determined that within its Americas segment, Canada constitutes a separate reporting unit and each country in its Internatio nal outdoor segment constitutes a separate reporting unit. The Company had no impairment of goodwill for 2015 and 2014. The Company recognized a non-cash impairment charge to goodwill of $10.7 million based on declining future cash flows expected in one country in the International outdoor segment for 2013. Nonconsolidated Affiliates In general, investments in which the Company owns 20 percent to 50 percent of the common stock or otherwise exercises significant influence over the investee are accounted f or under the equity method. The Company does not recognize gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statement o f operations as a component of “Equity in earnings (loss) of nonconsolidated affiliates” for any decline in value that is determined to be other-than-temporary. Other Investments Other investments are composed primarily of equity securities. Securities for which fair value is determinable are classified as available-for-sale or trading and are carried at fair value based on quoted market prices. Securities are carried at historical cost when quoted market prices are unavailable. The net unrealized gain s or losses on the available-for-sale securities, net of tax, are reported in accumulated other comprehensive loss as a component of shareholders’ equity (deficit). The Company periodically assesses the value of available-for-sale and non-marketable secu rities and records impairment charges in the statement of comprehensive loss for any decline in value that is determined to be other-than-temporary. The average cost method is used to compute the realized gains and losses on sales of equity securities. Ba sed on these assessments, no impairments existed at December 31, 2015 , 2014 and 2013 . Financial Instruments Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued liabilities and short-term borrowings approximated their fair values at December 31, 2015 and 2014 . Asset Retirement Obligation ASC 410-20 requires the Company to estimate its obligation upon the termination or non-renewal of a lease to dismantle and remove its advertising s tructures from the leased land and to reclaim the site to its original condition. The Company’s asset retirement obligation is reported in “Other long-term liabilities.” The Company records the present value of obligations associated with the retirement of its advertising structures in the period in which the obligation is incurred. When the liability is recorded, the cost is capitalized as part of the related advertising structures carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. Income Taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are de termined 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 that some portion or the entire asset will not be realized. Generally, all earnings from the Company’s foreign operatio ns are permanently reinvested and not distributed. The Company has not provided U.S. federal income taxes for temporary differences with respect to investments in foreign subsidiaries, which at December 31, 2015, currently result in tax basis amounts grea ter than the financial reporting basis. It is not apparent that these unrecognized deferred tax assets will reverse in the foreseeable future. If any excess cash held by our foreign subsidiaries were needed to fund operations in the United States, we coul d presently repatriate available funds without a requirement to accrue or pay U.S. taxes. This is a result of significant deficits, as calculated for tax law purposes, in our foreign earnings and profits, which gives us flexibility to make future cash distributions as no n-taxable returns of capital. We regularly review our tax liabilities on amounts that may be distributed in future periods and provide for foreign withholding and other current and deferred taxes on any such amounts. The determination of the amount of fe deral income taxes, if any, that might become due in the event that our foreign earnings are distributed is not practicable. The operations of the Company are included in a consolidated U.S. Federal income tax return filed by iHeartMedia. However, for financial reporting purposes, the Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated U.S. federal i ncome tax returns with its subsidiaries. Revenue Recognition The Company’s advertising contracts cover periods of a few weeks up to one year, and are generally billed monthly. Revenue for advertising space rental is recognized ratably over the term of th e contract. Advertising revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for the Company’s operations. Payments received in advance of being earned are recorde d as deferred income. Revenue arrangements typically contain multiple products and services and revenues are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting . Advertising Expense The Company records advertising expense as it is incurred. Advertising expenses were $ 21.1 million, $ 20.1 million and $ 18.6 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Share-Based Compensation Under the fair value recognition provisions of ASC 718-10 , share-based compensation cost is measured at the grant date based on the fair value of the award. For awards that vest based on service conditions, this cost is recognized as expense on a straight-line basis over the vesting period. For awards that will vest based on market or performance conditions, this cost will be recognized when it becomes probable that the performance conditions will be satisfied. Determining the fa ir value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. Foreign Currency Results of operations for foreign subsidiaries and foreign equity investees are trans lated into U.S. dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into U.S. dollars using the exchange rates at the balance sheet date. The related translation adjustme nts are recorded in a separate component of shareholders’ equity (deficit), “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in operations. New Accounting Pronouncements During the first quarter of 2015, the Company adopted the Financial Accounting Standards Board’s (“FASB”) ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . This update provides guidance for the recognition, measurement and disclosure of discontinued operations. The adoption of this guidance did not have a material effe ct on the Company’s consolidated financial statements. During the first quarter of 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis . This new standard eliminates the deferral of FAS 167, which has allowed entities with interest in certain investment funds to follow the previous consolidation guidance in FIN 46(R), and makes other changes to both the variable interest model and the voting model. The standard is effective for annual periods, and for 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. During the second quarter of 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . This update requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that direct debt liability. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. The Company will adopt this standard in the first quarter of 2016. During the third quarter of 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . This update provides a one-year deferral of the effective date for ASU No. 2014-09, Revenue from Contracts with Customers . ASU No. 2014-09 provides guidance for the recognition, measurement and disclosure of revenue resulting from contracts with customers and will supersede vir tually 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, 2017. The Company is currently evaluating the impact of the provis ions of this new standard on its financial position and results of operations. During the third quarter of 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . This update eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, inc luding the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The standard is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the impact of the provisions of this new standard on its financial position and results of operations. During the fourth quarter of 2015, the Company adopted FASB’s ASU No. 2015-17, Income Taxes (To pic 740), Balance Sheet Classification of Deferred Taxes . This update requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The ad option of this guidance did not have a material effect on the Company’s consolidated financial statements. |
Property, Plant And Equipment,
Property, Plant And Equipment, Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract] | |
Property, Plant And Equipment, Intangible Assets And Goodwill [Text Block] | NOTE 2 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWI L L Dispositions In the first quarter of 2016, Americas outdoor sold nine non-strategic outdoor markets including Cleveland and Columbus, Ohio, Des Moines, Iowa, Ft. Smith, Arkansas, Memphis, Tennessee, Portland, Oregon, Reno, Nevada, Seattle, Washington and Wichita, Kansas for approximately $602 million in cash and certain advertising assets in Florida. As of December 31, 2015, eight of these disposals met the criteria to be classifi ed as held-for-sale and as such, the related assets are separately presented on the face of the Consolidated Balance Sheet. Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of December 31, 2015 and 2014, respectively. (In thousands) December 31, December 31, 2015 2014 Land, buildings and improvements $ 167,739 $ 198,280 Structures 2,824,794 2,999,582 Furniture and other equipment 156,046 152,084 Construction in progress 54,701 75,469 3,203,280 3,425,415 Less: accumulated depreciation 1,575,294 1,519,764 Property, plant and equipment, net $ 1,627,986 $ 1,905,651 Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist primarily of billboard permits. The Company’s billboard permits are granted for the right to operate an advertising structure at the specified location as long as the structure is in compliance with the laws and regulations of each jurisdiction. The Company’s permits are located on owned land, leased land or land for which we have acquired permanent easements. In cases where the Company’s permits are located on l eased land, the leases typically have initial terms of between 10 and 20 years and renew indefinitely, with rental payments generally escalating at an inflation-based index. If the Company loses its lease, the Company will typically obtain permission to r elocate the permit or bank it with the municipality for future use. 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 i n the United States and Canada. Accordingly, there are no indefinite-lived intangible assets in the International segment. Annual Impairment Test to Billboard Permits Historically, the Company performed its annual impairment test on indefinite-lived inta ngible assets as of October 1 of each year. Beginning in the third quarter of 2015, the Company began performing its annual impairment test on July 1 of each year. The impairment tests for indefinite-lived intangible assets consist of a comparison bet ween the fair value of the indefinite-lived intangible asset at the market level with its carrying amount. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized equal to that excess. Afte r an impairment loss is recognized, the adjusted carrying amount of the indefinite-lived asset is its new accounting basis. The fair value of the indefinite-lived asset is determined using the direct valuation method as prescribed in ASC 805-20-S99. Unde r the direct valuation method, the fair value of the indefinite-lived assets is calculated at the market level as prescribed by ASC 350-30-35. The Company engaged Corporate Valuation Consulting LLC (formerly a Mesirow Financial Consulting Practice), a thir d-party valuation firm, to assist it in the development of the assumptions and the Company’s determination of the fair value of its indefinite-lived intangible assets. The application of the direct valuation method attempts to isolate the income that is p roperly attributable to the indefinite-lived intangible asset alone (that is, apart from tangible and identified intangible assets and goodwill). It is based upon modeling a hypothetical “greenfield” build-up to a “normalized” enterprise that, by design, lacks inherent goodwill and whose only other assets have essentially been paid for (or added) as part of the build-up process. The Company forecasts revenue, expenses and cash flows over a ten-year period for each of its markets in its application of the direct valuation method. The Company also calculates a “normalized” residual year which represents the perpetual cash flows of each market. The residual year cash flow was capitalized to arrive at the terminal value of the permits in each market. Under the direct valuation method, it is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attri butes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flow model which results in value that is directly att ributable to the indefinite-lived intangible assets. The key assumptions using the direct valuation method are market revenue growth rates, market share, profit margin, duration and profile of the build-up period, estimated start-up capital costs and loss es incurred during the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average billboard permit within a market. During 2015, the Company recognized an imp airment charge of $21.6 million related to billboard permits in one market . 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 ar e 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 a ssets 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 as of December 31, 2015 and 2014, respectively: (In thousands) December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 635,772 $ (457,060) $ 716,722 $ (476,523) Permanent easements 156,349 - 171,272 - Other 9,687 (1,884) 2,912 (2,319) Total $ 801,808 $ (458,944) $ 890,906 $ (478,842) Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2015, 2014 and 2013 was $49.2 million, $66.8 million, and $70.9 million, respectively. As acquisitions and dispositions occur in the future, amortization expense may vary. 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) 2016 $ 38,112 2017 $ 29,963 2018 $ 21,246 2019 $ 16,838 2020 $ 14,813 Annual Impairment Test to Goodwill Historically, the Company performed its annual impairment test on goodwill as of October 1 of each year. Beginning in the third quarter of 2015, the Company began performing its annual impairment test on July 1 of each year. Each of the Company’s advertising markets are components. The U.S. advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test using the guidance in ASC 350-20-55. The Compan y also determined that within its Americas segment, Canada constitutes a separate reporting unit and each country in its International segment constitutes a separate reporting unit. The goodwill impairment test is a two-step process. The first step, used to screen for potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. If applicable, the second step, used to measure the amount of the impairment loss, compares the implied fair value of the report ing unit goodwill with the carrying amount of that goodwill. Each of the Company’s reporting units is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit, discounted to the ir present value using a risk-adjusted discount rate. Terminal values were also estimated and discounted to their present value. Assessing the recoverability of goodwill requires the Company to make estimates and assumptions about sales, operating margin s, growth rates and discount rates based on its budgets, business plans, economic projections, anticipated future cash flows and marketplace data. There are inherent uncertainties related to these factors and management’s judgment in applying these factor s. The Company recognized no goodwill impairment for the years ended December 31, 2015 and 2014 . B ased on declining future cash flows expected in one country in the International segment, the Company recognized a non-cash impairment charge to goodwill of $10.7 million and recognized no goodwill impairment for its Americas segment for the year ended December 31, 2013 . The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments: (In thousands) Americas International Consolidated Balance as of December 31, 2013 $ 585,227 $ 264,907 $ 850,134 Foreign currency (653) (32,369) (33,022) Balance as of December 31, 2014 $ 584,574 $ 232,538 $ 817,112 Acquisitions - 10,998 10,998 Foreign currency (709) (19,644) (20,353) Assets held for sale (49,182) - (49,182) Balance as of December 31, 2015 $ 534,683 $ 223,892 $ 758,575 The balance at December 31, 2013 is net of cumulative impairments of $ 2.6 billion and $ 326.6 million in the Company’s Americas and International segments, respectively. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investments [Text Block] | NOTE 3 – INVESTMENTS The Company’s most significant investments in nonconsolidated affiliates are listed below: Buspak The Company owned a 50 % interest in Buspak , a bus advertising company in Hong Kong. On July 18, 2014, a subsidiary of the Company sold its 50 % interest in Buspak , recognizing a gain on the sale of $ 4.5 million. The following table summarizes the Company's investments in nonconsolidated affiliat es: (In thousands) Buspak All Others Total Balance as of December 31, 2013 $ 10,495 $ 4,896 $ 15,391 Equity in net earnings (loss) 5,139 (1,350) 3,789 Divestitures of investments, net (15,821) (333) (16,154) Cash advances - 2,290 2,290 Foreign currency translation adjustments 187 (110) 77 Balance as of December 31, 2014 $ - $ 5,393 $ 5,393 Equity in net loss - (289) (289) Cash advances - 711 711 Foreign currency translation adjustments - (89) (89) Balance as of December 31, 2015 $ - $ 5,726 $ 5,726 The investments in the table above are not consolidated, but are accounted for under the equity method of accounting, whereby the Company records its investments in these entities in the balance sheet as “Other assets.” The Company's interests in their ope rations are recorded in the statement of comprehensive loss as “Equity in earnings (loss) o f nonconsolidated affiliates . ” |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligation [Text Block] | NOTE 4 – ASSET RETIREMENT OBLIGATION The Company’s asset retirement obligation is reported in “Other long-term liabilities” with the current portion recorded in “Accrued liabilities” and relates to its obligation to dismantle and remove outdoor advertising displays from leased land and to reclaim the site to its original condition upon the termination or non-renewal of a lease or contract . When the liability is recorded, the cost is capitalized as part of the related long-lived assets’ carrying value. Due to the high rate of lease renewals over a long period of time, the calculation assumes that all related assets will be removed at some point over the next 50 years. An estimate of third-party cost information is used with respect to the disma ntling of the structures and the reclamation of the site. The interest rate used to calculate the present value of such costs over the retirement period is based on an estimated risk adjusted cr edit rate for the same period. The following table presents the activity related to the Company’s asset retirement obligation: (In thousands) Years Ended December 31, 2015 2014 Beginning balance $ 48,161 $ 54,832 Adjustment due to changes in estimates 2,024 (6,508) Accretion of liability 546 7,340 Liabilities settled (2,720) (5,669) Foreign Currency (2,886) (1,834) Ending balance $ 45,125 $ 48,161 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long Term Debt [Abstract] | |
Long-Term Debt [Text Block] | NOTE 5 – LONG-TERM DEBT Long-term debt at December 31, 2015 and 2014 consisted of the following: (In thousands) December 31, December 31, 2015 2014 Clear Channel Worldwide Holdings Notes $ 4,925,000 $ 4,925,000 Clear Channel International B.V. Senior Notes 225,000 - Senior revolving credit facility due 2018 - - Other debt 19,003 15,107 Original issue discount (7,769) (6,178) Total debt $ 5,161,234 $ 4,933,929 Less: current portion 4,310 3,461 Total long-term debt $ 5,156,924 $ 4,930,468 The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $ 4.9 billion and $ 5.1 billion at December 31, 2015 and December 31, 2014 , respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as Level 1. Senior Notes As of December 31, 2015 and 2014, the Company had Senior Notes consisting of: (In thousands) December 31, December 31, Maturity Date Interest Rate Interest Payment Terms 2015 2014 CCWH Senior Notes: 6.5% Series A Senior Notes Due 2022 11/15/2022 6.5% Payable to the trustee weekly in arrears and to the noteholders on May 15 and November 15 of each year $ 735,750 735,750 6.5% Series B Senior Notes Due 2022 11/15/2022 6.5% Payable to the trustee weekly in arrears and to the noteholders on May 15 and November 15 of each year 1,989,250 1,989,250 CCWH Senior Subordinated Notes: 7.625% Series A Senior Notes Due 2020 3/15/2020 7.625% Payable to the trustee weekly in arrears and to the noteholders on March 15 and September 15 of each year 275,000 275,000 7.625% Series B Senior Notes Due 2020 3/15/2020 7.625% Payable to the trustee weekly in arrears and to the noteholders on March 15 and September 15 of each year 1,925,000 1,925,000 Total CCWH Notes $ 4,925,000 $ 4,925,000 Clear Channel International B.V. Senior Notes: 8.75% Senior Notes Due 2020 12/15/2020 8.750% Payable semi-annually in arrears on June 15 and December 15 of each year 225,000 - Total Senior Notes $ 5,150,000 4,925,000 Guarantees and Security The CCWH Senior Notes are guaranteed by CCOH, Clear Channel Outdoor, Inc. (“CCOI”) and certain of CCOH’s direct and indirect subsidiaries. The CCWH Senior Subordinated Notes are fully and unconditionally guaranteed, jointly and severally, on a senior subordinated basis by CCOH, CCOI and certain of CCOH’s other domestic subsidiaries and rank junior to each guarantor’s existing and future senior debt, including the CCWH Senior Notes, equally with each guarantor’s existing and futur e senior subordinated debt and ahead of each guarantor’s existing and future debt that expressly provides that it is subordinated to the guarantees of the CCWH Senior Subordinated Notes. The CCWH Senior Notes are senior obligations that rank pari passu in right of payment to all unsubordinated indebtedness of CCWH and the guarantees of the CCWH Senior Notes rank pari passu in right of payment to all unsubordinated indebtedness of the guarantors. The CCWH Senior Subordinated Notes are unsecured senior subor dinated obligations that rank junior to all of CCWH’s existing and future senior debt, including the CCWH Senior Notes, equally with any of CCWH’s existing and future senior subordinated debt and ahead of all of CCWH’s existing and future debt that express ly provides that it is subordinated to the CCWH Subordinated Notes. Redemptions CCWH may redeem the Senior Notes and Senior Subordinated Notes at its option, in whole or part , at redemption price s set forth in the indenture s plus accrued and unpaid inter est to the redemption date and plus an applicable premium. Certain Covenants The indenture s governing the Senior Notes and Senior Subordinated Notes contain covenants that limit CCOH and its restricted subsidiaries ability to, among other things: inc ur or guarantee additional debt or issue certain preferred stock; in the case of the Senior Notes, create liens on its restricted subsidiaries’ assets to secure such debt; create restrictions on the payment of dividends or other amounts; enter into certain tr ansactions with affiliates; merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of its assets; and sell certain assets, including capital stock of its subsidiaries . Clear Channel International B.V. Senior Notes The CCIBV Senior Notes are guaranteed by certain of the International outdoor business’s existing and future subsidiaries. The Company does not guarantee or otherwise assume any liability for the CCIBV Senior Notes. The notes are senior unsecured obligations that rank pari passu in right of payment to all unsubordinated indebtedness of Clear Channel International B.V., and the guarantees of the notes are senior unsecured obligations that rank pari passu in right of payment to all unsubordinated indebtedness of the guarantors of the notes. Redemptions Clear Channel International B.V. may redeem the notes at its option, in whole or part, at the redemption prices set forth in the indenture plus accrued an d unpaid interest to the redemption date. Certain Covenants The indenture governing the CCIBV Senior Notes contains covenants that limit Clear Channel International B.V.’s ability and the ability of its restricted subsidiaries to, among other things: p ay dividends, redeem stock or make other distributions or investments; incur additional debt or issue certain preferred stock; transfer or sell assets; create liens on assets; engage in certain transactions with affiliates; create restrictions on dividends or other payments by the restricted subsidiaries; and merge, consolidate or sell substantially all of Clear Channel International B.V.’s assets. Senior Revolving Credit Facility Due 2018 During the third quarter of 2013, the Company entered into a five-year senior secured revolving credit facility with an aggregate principal amount of $ 75.0 million. The revolving credit facility may be used for working capital needs, to issue letters of credit and for other general corporate purpose s. As of December 31, 2015 , there were no amounts outstanding under the revolving credit facility, and $ 5 9.4 million of letters of credit under the revolving credit facility which reduce availability under the facility. The revolving credit faci lity contains a springing covenant that requires us to maintain a secured leverage ratio (as defined in the revolving credit facility) of not more than 1.5:1 that is tested at the end of a quarter if availability under the facility is less than 75% of the aggregate commitments under the facility. The Company was in compliance with the secured leverage ratio covenant as of December 31, 2015 . Other Debt Other debt includes various borrowings and capital leases utilized for general operating purposes. Included in the $ 19.0 million balance at December 31, 2015 is $ 4.3 million that matures in less than one year. Fut ure Maturities Future maturities of long-t erm debt as of December 31, 2015 are as follows: (in thousands) 2016 $ 4,310 2017 8,248 2018 5,078 2019 344 2020 2,425,370 Thereafter 2,725,653 Total (1) $ 5,169,003 (1) Excludes original issue discount of $7.8 million, which is amortized through interest expense over the life of the underlying debt obligations. GUARANTEES As of December 31, 2015 , the Company had $ 60.0 million in letters of credit outstanding, of which no letters of credit were cash secured . Additionally, as of December 31, 2015 , iHeartCommunications had outstanding commercial standby letters of credit and surety bonds of $ 1.2 million and $ 57 .9 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 December 31, 2015 , the Company had outstanding bank guarantees of $ 51.3 million related to international subsidiaries, of which $ 13.1 million were backed by cash collateral. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies [Text Block] | NOTE 6 – COMMITMENTS AND CONTINGENCIES Commitments and Contingencies The Company accounts for its rentals that include renewal options, annual rent escalation clauses, minimum franchise payments and maintenance related to displays under the guidance in ASC 840. The Company considers its non-cancelable contracts that enable it to display advertising on buses, bus shelters, trains, etc. to be leases in ac cordance with the guidance in ASC 840-10. These contracts may contain minimum annual franchise paymen ts which generally escalate each year. The Company accounts for these minimum franchise payments on a straight-line basis. If the rental increases are not scheduled in the lease, such as an increase based on subsequent changes in the index or rate, those rents are considered contingent rentals and are recorded as expense when accruable. Other contracts may contain a variable rent component based on revenue. The Company accounts for these variable components as contingent rentals and records these paymen ts as expense when accruable. No single contract or lease is material to the Company’s operations. The Company accounts for annual rent escalation clauses included in the lease term on a straight-line basis under the guidance in ASC 840-20-25. The Compa ny considers renewal periods in determining its lease terms if at inception of the lease there is reasonable assurance the lease will be renewed. Expenditures for maintenance are charged to operations as incurred, whereas expenditures for renewal and bett erments are capitalized. The Company leases office space, equipment and the majority of the land occupied by its advertising structures under long-term operating leases. The Company accounts for these leases in accordance with the policies described abov e. The Company’s contracts with municipal bodies or private companies relating to street furniture, billboards, transit and malls generally require the Company to build bus stops, kiosks and other public amenities or advertising structures during the term of the contract. The Company owns these structures and is generally allowed to advertise on them for the remaining term of the contract. Once the Company has built the structure, the cost is capitalized and expensed over the shorter of the economic life of the asset or the remaining life of the contract. In addition, the Company has commitments relating to required purchases of property, plant, and equipment under certain street furniture contracts. Certain of the Company’s contracts contain penalties for not fulfilling its commitments related to its obligations to build bus stops, kiosks and other public amenities or advertising structures. Historically, any such penalties have not materially impacted the Company’s financial position or results of ope rations. Certain acquisition agreements include deferred consideration payments based on performance requirements by the seller, typically involving the completion of a development or obtaining appropriate permits that enable the Company to construct addi tional advertising displays. At December 31, 2015 , the Company believes its maximum aggregate contingency, which is subject to performance requirements by the seller, is approximately $ 30.0 million . As the contingencies have not been met or resolved a s of December 31, 2015 , these amounts are not recorded. As of December 31, 2015, the Company’s future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, capital expenditure commitments and employment contracts consist of the following: (In thousands) Capital Non-Cancelable Non-Cancelable Expenditure Employment Operating Lease Contracts Commitments Contracts 2016 $ 299,811 $ 367,201 $ 41,180 $ 4,926 2017 247,495 276,180 10,691 3,276 2018 224,798 217,963 2,253 888 2019 196,797 181,251 1,064 - 2020 171,871 153,000 1,270 - Thereafter 965,150 359,108 12,545 - Total $ 2,105,922 $ 1,554,703 $ 69,003 $ 9,090 Rent expense charged to operations for the years ended December 31, 2015, 2014 and 2013 was $ 978.6 million, $ 1,025.3 million and $ 1,0 17.0 million, respectively. In various areas in which the Company operates, outdoor advertising is the object of restrictive and, in some cases, prohibitive zoning and other regulatory provisions, either enacted or proposed. The impact to the Company of loss of displays due to governmental action has been somewhat mitigated by Federal and state laws mandating compensation for su ch loss and constitutional restraints. 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 claim s 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 settl ement 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 Compan y is involved in a variety of legal proceedings in the ordinary course of business, a large portion of its litigation arises in the following contexts: commercial disputes; misappropriation of likeness and right of publicity claims; employment and benefits related claims; governmental fines; intellectual property claims; and tax disputes. International Outdoor Investigation On April 21, 2015, inspections were conducted at the premises of Clear Channel in Denmark and Sweden as part of an investigation by D anish competition authorities. Additionally, on the same day, Clear Channel UK received a communication from the UK competition authorities, also in connection with the investigation by Danish competition authorities. Clear Channel and its affiliates are cooperating with the national competition authorities . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | NOTE 7 — RELATED PARTY TRANSACTIONS The Company records net amounts due from or to iHeartCommunications as “Due from/to iHeartCommunications ” on the consolidated balance sheets. The accounts represent the revolving promissory note issued by the Company to iHeartCommunications and the revolving promissory note issued by iHeartCommunications to the Company in the face amount of $ 1.0 billion, or if more or less than such amount, the aggregate unpaid principal amount of all advances. T he accounts accrue interest pursuant to the terms of the promissory notes and are generally payable on demand or when they mature on December 15, 2017. Included in the accounts are the net activities resulting from day-to-day cash management services prov ided by iHeartCommunications . As a part of these services, the Company maintains collection bank accounts swept daily into accounts of iHeartCommunications (after satisfying the funding requirements of the Trustee Accounts under the CCWH Senior Notes and the CCWH Subordinated Notes). In return, iHeartCommunications 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 acco unt is on an unsecured basis and is limited to the balance of the “Due from iHeartCommunications ” account. As of December 31, 2015 and December 31, 2014 , the asset recorded in “Due from iHeartCommunications ” on the consolidated balance sheet was $ 930.8 million and $ 947.8 million, respectively. As of December 31, 2015 , 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 net interest income for the years ended December 31, 2015, 2014 and 2013 was $61.4 million, $60.2 million, and $54.2 million, respectively. The Company provides advertising space on its billboards for radio stations owned by iHeartCommunications . For the years ended December 31, 2015, 2014 and 2013, the Company recorded $2.7 million, $3.4 million, and $2.5 million, respectively, in revenue for these advertisements. Under the Corporate Services Agreement between iHeartCommunications and the Company, iHeartCommunications 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 relate d 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 cos ts incurred or allocated by iHeartCommunications based on headcount, revenue or other factors on a pro rata basis. For the years ended December 31, 2015, 2014 and 2013, the Company recorded $30.1 million, $31.2 million, and $35.4 million, respectively, as a component of corporate expenses for these services. Pursuant to the Tax Matters Agreement between iHeartCommunications and the Company, the operations of the Comp any are included in a consolidated federal income tax return filed by iHeartCommunications . 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 subsidiari es. Tax payments are made to iHeartCommunications 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 p rovision 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 basis and tax basis of asse ts 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 iHeartCommunications ’ employee benefit plans, including employee m edical insurance and a 401(k) retirement benefit plan. For the years ended December 31, 2015, 2014 and 2013, the Company recorded $10.7 million, $10.7 million and $10.5 million, respectively, as a component of selling, general and administrative expenses for these services. Stock Purchases On August 9, 2010, iHeartCommunications announced that its board of directors approved a stock purchase program under which iHeartCommunications or its sub sidiaries may purchase up to an aggregate of $ 100 million of the Company’s Class A common stock and/or the Class A common stock of iHeartMedia , Inc. (“iHeartMedia”) . The stock purchase program d id not have a fixed expiration date and could be modified, sus pended or terminated at any time at iHeartCommunications ’ discretion. As of December 31, 2014, an aggregate $ 34.2 million was available under this program. In January 2015, CC Finco , LLC (“CC Finco ”), an indirect wholly-owned subsidiary of iHeartCommunications , purchased an additional 2,000,000 shares of the Company’s Class A common stock for $ 20.4 million . On April 2, 2015, CC Finco purchased an additional 2,172,946 shares of the Company’s Class A common stock for $ 22.2 million , increasing iHeartCommunications ’ collective holdings to represent slightly more than 90 % of the outstanding shares of the Company’s common stock on a fully-diluted basis, assuming the conversion of all of the Company’s Class B common stock into Class A common stock. As a result of this purchase, the stock purchase program concluded. The purchase of shares in excess of the amount available under the stock purchase program was separately approved by the iHeartCommunications ’ board of directors . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | NOTE 8 — INCOME TAXES The operations of the Company are included in a consolidated U.S. federal income tax return filed by iHeartMedia . However, for financial reporting purposes, the Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated U.S. federal income tax returns with its subsidiaries. Significant components of the provision for income tax benefit (expense) are as follows: (In thousands) Years Ended December 31, 2015 2014 2013 Current - federal $ (270) $ 2,001 $ (1,470) Current - foreign (45,322) (26,281) (45,327) Current - state (1,046) (502) 772 Total current expense (46,638) (24,782) (46,025) Deferred - federal (8,259) 26,744 21,369 Deferred - foreign 5,282 4,307 8,278 Deferred - state (562) 2,518 1,569 Total deferred benefit (expense) (3,539) 33,569 31,216 Income tax benefit (expense) $ (50,177) $ 8,787 $ (14,809) For the year ended December 31, 2015 the Company recorded current tax expense of $46.6 million as compared to $24.8 million for the 2014 year. The change in current tax was due primarily to a reduction in unrecognized tax benefits during 201 4 , which resulted from the expiration of statutes of limitations to assess taxes in the United King dom and several state jurisdictions. This decrease in unrecognized tax benefits resulted in a reduction to current tax expense of $ 21.8 million during 201 4 . For the year ended December 31, 2014 the Company recorded current tax expense of $24.8 million as compared to $46.0 million for the 2013 year. The change in current tax was due primarily to a reduction in unrecognized tax benefits during 2014, which resulted from the expiration of statutes of limitations to assess taxes in the United Kingdom and several state jurisdictions. This decrease in unrecognized tax benefits resulted in a reduction to current tax expense of $21.8 million during 2014. Deferred tax expens e of $3.5 million was recorded for 2015 compared with a deferred tax benefit of $33.6 million for 2014. The change in deferred tax is primarily due to the valuation allowance of $ 32.9 million recorded against the Company’s current period federal and state net operating losses during 2015. Deferred tax benefits increased $ 2.4 million for the year ended December 31, 2014 compared to 2013, primarily due to an increase in f ederal and state losses in 2014 . Significant components of the Company’s deferred tax liabilities and assets as of December 31, 2015 and 2014 are as follows : (In thousands) December 31, December 31, 2015 2014 Deferred tax liabilities: Intangibles and fixed assets $ 927,779 $ 946,960 Equity in earnings 2,374 1,740 Other 16,036 10,891 Total deferred tax liabilities 946,189 959,591 Deferred tax assets: Accrued expenses 17,121 18,185 Net operating loss carryforwards 472,975 478,754 Bad debt reserves 3,256 3,520 Other 29,006 23,271 Total deferred tax assets 522,358 523,730 Less: Valuation allowance 185,079 168,555 Net deferred tax assets 337,279 355,175 Net deferred tax liabilities $ 608,910 $ 604,416 During the fourth quarter of 2015, the Company elected early adoption of ASU No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes . This update requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The deferred tax liabilities associated with intangibles and fixed assets primarily relates to the difference in book and tax basis of acquired billb oard permits and tax deductible goodwill created from the Company’s various stock acquisitions. In accordance with ASC 350-10, Intangibles—Goodwill and Other, the Company does not amortize its book basis in permits. As a result, this deferred tax liabili ty will not reverse over time unless the Company recognizes future impairment charges related to its permits and tax deductible goodwill or sells its permits. As the Company continues to amortize its tax basis in its permits and tax deductible goodwill, t he deferred tax liability will increase over time . The Company’s net foreign deferred tax liabilities were $ 6.4 million and $ 10.7 million for the periods ended December 31, 2015 and 2014 , respectively. At December 31, 2015 , the Company had record ed deferred tax assets for net operating loss carryforwards (tax effected) for federal and state income tax purposes of $ 3 37.5 million, which expire in various amounts through 2035 . The Company expects to realize the benefits of a portion of its deferred t ax assets attributable to federal and state net operating losses based upon expected future taxable income from deferred tax liabilities that reverse in the relevant federal and state jurisdictions and carryforward periods. As of December 31, 2015, the Co mpany has recorded a partial valuation allowance of $32.9 million against these deferred tax assets attributable to federal and state net operating losses. In addition, the Company recorded $ 8.8 million in additional valuation allowance against its foreign deferred tax assets during the year ended December 31, 2015, the effects of which are included in foreign tax expense. At December 31, 2015, the Company had recorded $ 134.7 million (tax-effected) of deferred tax assets for foreign net operating losses, w hich are offset in part by an associated valuation allowance of $ 13 2.1 million . The remaining deferred tax valuation allowance of $ 20.1 million offsets other foreign deferred tax assets that are not expected to be realized. Realization of these foreign d eferred tax assets is dependent upon the Company’s ability to generate future taxable income in appropriate tax jurisdictions to obtain benefits. Due to the Company’s evaluation of all available evidence, including significant negative evidence of cumulat ive losses in these jurisdictions, the Company continues to record valuation allowances on the foreign deferred tax assets that are not expected to be realized. The Company expects to realize its remaining gross deferred tax assets based upon its assessme nt of deferred tax liabilities that will reverse in the same carryforward period and jurisdiction and are of the same character as the net operating loss carryforwards and temporary differences that give rise to the deferred tax assets. Any deferred tax l iabilities associated with billboard permits and tax deductible goodwill intangible assets are not relied upon as a source of future taxable income, as these intangible assets have an indefinite life. At December 31, 2015 and 2014 , net deferred tax assets include a deferred tax asset of $ 16.4 million and $ 16.2 million, respectively, relating to stock-based compensation expense under ASC 718-10 , Compensation—Stock Compensation . Full realization of this deferred tax asset requires stock options to be exercised at a price equaling or exceeding the sum of the grant price plus the fair value of the option at the grant date and restricted stock to vest at a price equaling or exceeding the fair market value at the grant date. Accordingly, there can be no assurance that the stock price of the Company’s Common Stock will rise to levels sufficient to realize the entire deferred tax benefit currently reflected in our balance sheet. See Note 10 for additional discussion of ASC 718-10. The reconciliation of income tax computed at the U.S. federal statutory rates to income tax benefit is: (In thousands) Years Ended December 31, 2015 2014 2013 Amount Percent Amount Percent Amount Percent Income tax benefit (expense) at statutory rates $ 7,396 35% $ (2,916) 35% $ 3,331 35% State income taxes, net of federal tax effect 2,238 10% 2,016 (24%) 2,342 25% Foreign income taxes (23,062) (109%) 11,434 (137%) (19,777) (208%) Nondeductible items (754) (3%) (722) 9% (613) (7%) Changes in valuation allowance and other estimates (33,684) (159%) 2,941 (35%) (2,488) (26%) Other, net (2,311) (11%) (3,966) 47% 2,396 25% Income tax benefit (expense) $ (50,177) (237%) $ 8,787 (105%) $ (14,809) (156%) During 2015, the Company recorded tax expense of approximately $50.2 million. The 2015 income tax expense and (23 7.5 %) effective tax rate were impacted primarily by a $32.9 million valuation allowance recorded against the Company’s current period federal and state net operating losses during 2015. Additionally, the Company recorded additional taxes due to the inability to benefit from losses in certain foreign jurisdictions . Foreign income before income taxes was approximately $ 48.5 million for 2015 , and it should be noted that with limited exceptions, tax rates in our foreign jurisdictions are lower than that of the U.S. federal statutory rate . During 2014, the Company recorded tax benefits of approximately $8.8 million. The 2014 income tax benefit and (105.5%) effective tax rate were impacted primarily by the Company’s benefits and charges from tax amounts associated with its foreign earnings that are taxed at rates different from the federal statutory rate and an inability to benefit from losses in ce rtain foreign jurisdictions. Additionally, the Company recorded $ 20.0 million in net tax benefits associated with a decrease in unrecognized tax benefits resulting from the expiration of statutes of limitations to assess taxes in the United Kingdom and s everal state jurisdictions. Foreign income before income taxes was approximately $ 95.5 million for 2014, and it should be noted that with limited exceptions, tax rates in our foreign jurisdictions are lower than that of the U.S. federal statutory rate. Du ring 2013, the Company recorded tax expense of approximately $14.8 million. The 2013 income tax expense and (155.6)% effective tax rate were impacted primarily by the Company’s benefits and charges from tax amounts associated with its foreign earnings that are taxed at rates different from the federal statutory rate and an inability to benefit from losses in certain foreign jurisdictions. In addition the Company recorded additional foreign deferred tax expense of $ 3.4 million on certain foreign earnings th at are expected to be distributed in future periods from its Asia subsidiaries on which foreign withholding and other taxes have not previously been provided. Foreign income before income taxes was approximately $ 47.5 million for 2013. The Company provides for any related tax liability on undistributed earnings that the Company does not intend to be indefinitely reinvested outside the United States or would otherwise become taxable upon remittance within our foreign structure. Substantially all of the Company’s undistributed international earnings are intended to be indefinitely reinvested in home country operations outside the United States. If any excess cash held by our foreign subsidiaries were needed to fund operations in the U.S., we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes. This is a result of significant deficits, as calculated for tax law purposes, in our foreign earnings and profits, which give us flexibility to make future cash distributions as non-taxable returns of capital. All tax liabilitie s owed by the Company are paid either by the Company or on behalf of the Company by iHeartCommunications through an operating account that represents net amounts due to or from iHeartCommunications. The Company continues to record interest and penalties related to unrecognized tax benefits in current income tax expense. The total amount of interest accrued at December 31, 2015 and 2014 , was $ 3.6 million and $ 3.2 million, respectively. The total amount of unrecognized tax benefits and accrued interest and penalties at December 31, 2015 and 2014 , was $ 43.5 million and $ 42.4 million, respectively, of which $ 23.8 million and $ 25.3 million is included in “Other long-term liabilities.” In addition , $ 19.7 million and $ 17.0 million of unrecognized tax benefi ts are recorded net with the Company’s deferred tax assets for its net operating losses as opposed to being recorded in “Other long-term liabilities” at December 31, 2015 and 2014 , respectively. The total amount of unrecognized tax benefits at Decem ber 31, 2015 and 2014 that, if recognized, would impact the effective income tax rate is $ 18.2 million and $ 24.7 million, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In thousands) Years Ended December 31, Unrecognized Tax Benefits 2015 2014 Balance at beginning of period $ 39,143 $ 52,619 Increases for tax position taken in the current year 6,311 9,771 Increases for tax positions taken in previous years 1,025 1,752 Decreases for tax position taken in previous years (2,009) (5,148) Decreases due to settlements with tax authorities (689) (2,669) Decreases due to lapse of statute of limitations (3,873) (17,182) Balance at end of period $ 39,908 $ 39,143 Pursuant to the Tax Matters Agreement between iHeartCommunications and the Company, the operations of the Company are included in a consolidated U.S. federal income tax return filed by iHeartMedia. In addition, the Company and its subsidiaries file income tax returns in various state and foreign jurisdictions. During 2015 and 2014, the Company reversed $ 3. 9 and $ 21.8 million in unrecognized tax benefits, inclusive of interest, as a result of the ex piration of statutes of limitations to assess taxes in certain state and foreign jurisdictions. All federal income tax matters through 2010 are closed. The IRS is currently auditing the Company’s tax returns for the 2011 and 2012 periods. Substantially a ll material state, local, and foreign income tax matters have been concluded for years through 200 6 . |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity Assumptions [Abstract] | |
Shareholders' Equity [Text Block] | NOTE 9 – SHAREHOLDERS’ EQUITY (DEFICIT) 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 as of January 1, 2015 $ (344,275) $ 203,334 $ (140,941) Net income (loss) (96,072) 24,764 (71,308) Dividends declared (217,796) - (217,796) Dividends and other payments to noncontrolling interests - (30,870) (30,870) Share-based compensation 8,359 - 8,359 Foreign currency translation adjustments (101,575) (11,154) (112,729) Unrealized holding gain on marketable securities 553 - 553 Other adjustments to comprehensive loss (10,266) - (10,266) Reclassifications 808 - 808 Other, net 2,822 1,701 4,523 Balances as of December 31, 2015 $ (757,442) $ 187,775 $ (569,667) Balances as of January 1, 2014 $ (41,938) $ 202,046 $ 160,108 Net income (loss) (9,590) 26,709 17,119 Dividends paid (175,022) - (175,022) Dividends and other payments to noncontrolling interests - (18,995) (18,995) Share-based compensation 7,743 - 7,743 Foreign currency translation adjustments (116,678) (6,426) (123,104) Unrealized holding gain on marketable securities 327 - 327 Other adjustments to comprehensive loss (11,438) - (11,438) Reclassifications 8 - 8 Other, net 2,313 - 2,313 Balances as of December 31, 2014 $ (344,275) $ 203,334 $ (140,941) Share-Based Awards Stock Options The Company has granted options to purchase shares of its Class A common stock to certain employees and directors of the Company and its affiliates under its equity incentive plan at no less than the fair value of the underlying stock on the date of grant. These options are granted for a term not exceeding ten years and are forfeited, except in certain circumstances, in the event the employee or director terminates his or her employment or relationship with the Company or one of its affiliates. These optio ns vest solely on continued service over a period of up to five years. The equity incentive plan contains anti-dilutive provisions that permit an adjustment for any change in capitalization. The Company accounts for its share-based payments using the fair value recognition provisions of ASC 718-10. The fair value of the options is estimated using a Black-Scholes option-pricing model and amortized straight-line to expense over the vesting period. ASC 718-1 0 requires the cash flows from the tax benefits resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) to be classified as financing cash flows. The excess tax benefit that is required to be clas sified as a financing cash inflow after application of ASC 718-10 is not material. The fair value of each option awarded is estimated on the date of grant using a Black-Scholes option-pricing model. Expected volatilities are based on historical volatility of the Company’s stock over the expected life of the options. The expected life of options granted represents the period of time that options granted are expected to be outstanding. The Company uses historical data to estimate option exercise and employee terminations within the valuation model. The Company includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of awards. The risk free interest rate is based on the U.S. Treasury yiel d curve in effect at the time of grant for periods equal to the expected life of the option. The following assumptions were used to calculate the fair value of the Company’s options on the date of grant : Years Ended December 31, 2015 2014 2013 Expected volatility 37% – 56% 54% – 56% 55% – 56% Expected life in years 6.3 6.3 6.3 Risk-free interest rate 1.70% – 2.07% 1.73% – 2.08% 1.05% – 2.19% Dividend yield 0% 0% 0% The following table presents a summary of the Company's stock options outstanding at and stock option activity during the year ended December 31, 2015 : (In thousands, except per share data) Options Price (3) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2015 6,025 $ 9.92 Granted (1) 921 9.96 Exercised (2) (622) 6.11 Forfeited (34) 8.74 Expired (942) 12.45 Outstanding, December 31, 2015 5,348 9.93 5.6 years $ 1,049 Exercisable 3,658 10.33 4.2 years $ 1,049 Expected to vest 1,535 9.02 8.4 years $ - The weighted average grant date fair value of the Company’s options granted during the years ended December 31, 2015, 2014 and 2013 was $ 4.25 , $ 4.69 and $ 4.10 per share, respectively. Cash received from option exercises during the years ended December 31, 2015, 2014 and 2013 was $ 3.8 million , $ 2.4 million and $ 4.2 million, respectively. The total intrinsic value of the options exercised during the years ended December 31, 2015, 2014 and 2013 was $ 2.8 million, $ 1.5 million and $ 5.0 million, respectively. Reflects the weighted average exercise price per share . A summary of the Company’s unvested options at and changes during the year ended December 31, 2015 is presented below: (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2015 1,553 $ 4.92 Granted 921 4.25 Vested (1) (750) 5.56 Forfeited (34) 4.92 Unvested, December 31, 2015 1,690 4.27 The total fair value of the Company’s options vested during the years ended December 31, 2015, 2014 and 2013 was $ 4.2 million , $ 6.1 million and $ 7.1 million, respectively. Restricted Stock Awards The Company has also granted both restricted stock and restricted stock unit awards to its employees and affiliates under its equity incentive plan. The restricted stock awards represent shares of Class A common stock that contain a legend which restricts their transferability for a term of up to five years. The restricted stock units represent the right to receive shares upon vesting, which is generally over a period of up to five years. Both restricted stock awards and restricted stock units are forfeited, except in certain circumstances, in the event the employ ee terminates his or her employment or relationship with the Company prior to the lapse of the restriction. The following table presents a summary of the Company's restricted stock and restricted stock units outstanding at and activity during the year end ed December 31, 2015 (“Price” reflects the weighted average share price at the date of grant): (In thousands, except per share data) Awards Price Outstanding, January 1, 2015 2,458 $ 7.54 Granted 702 10.35 Vested (restriction lapsed) (340) 6.13 Forfeited (58) 8.39 Outstanding, December 31, 2015 2,762 8.43 Share-Based Compensation Cost The share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the vesting period. Share-based compensation payments are recorded in corporate expenses and were $8.4 million, $7.7 million and $7.7 million, during the years ended December 31, 2015, 2014 and 2013 , respectively. The tax benefit related to the share-based compensation expense for the years ended December 31, 2015, 2014 and 2013 was $ 3. 2 million, $ 3.0 million and $ 3.0 million, respectively. As of December 31, 2015 , there was $ 17.8 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on service conditions. This cost is expected to be recognized over a weighted average period of approximately three years. In addition, as o f December 31, 2015 , there was $ 0.6 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on market, performance and service conditions. This cost will be recognized when it becomes pro bable that the performa nce condition will be satisfied. Loss per Share The following table presents the computation of earnings (loss) per share for the years ended December 31, 2015, 2014 and 2013 : (In thousands, except per share data) Years Ended December 31, 2015 2014 2013 NUMERATOR: Net loss attributable to the Company – common shares $ (96,072) $ (9,590) $ (48,460) Less: Participating securities dividends - - 2,566 Net income (loss) attributable to the Company per common share – basic and diluted $ (96,072) $ (9,590) $ (51,026) DENOMINATOR: Weighted average common shares outstanding – basic 359,508 358,565 357,662 Effect of dilutive securities: Weighted average common shares outstanding – diluted 359,508 358,565 357,662 Net income (loss) attributable to the Company per common share: Basic $ (0.27) $ (0.03) $ (0.14) Diluted $ (0.27) $ (0.03) $ (0.14) (1) 8.1 million, 8.5 million and 8.8 million stock options and restricted shares were outstanding at December 31, 2015, 2014 and 2013, respectively, that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
Employee Stock and Savings Plan
Employee Stock and Savings Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Stock and Savings Plans [Abstract] | |
Employee Stock and Savings Plans [Text Block] | NOTE 1 0 – EMPLOYEE STOCK AND SAVINGS PLANS The Company’s U.S. employees are eligible to participate in various 401(k) savings and other plans provided by iHeartCommunications for the purpose of providing retirement benefits for substantially all employees. Under these plans, a Company employee can make pre-tax contributions and the Company will match 50 % of the employee’s first 5 % of pay contributed to the plan. Employees vest in these Company matching contributions based upon their years of ser vice to the Company. Contributions to these plans of $ 2.4 million , $ 2.7 million and $ 2.4 million for the years ended December 31, 2015, 2014 and 2013 , respectively, were recorded as a component of operating expenses. In addition, employees in the Company’s International markets participate in retirement plans administered by the Company which are not part of the 401(k) savings and other plans sponsored by iHeartCommunications . Contributions to these plans of $ 13 .6 million, $ 15.6 million and $ 15.8 million fo r the years ended December 31, 2015, 2014 and 2013 , respectively, were recorded as a component of operating expenses. Certain highly compensated executives of the Company are eligible to participate in a non-qualified deferred compensation plan sponsored by i HeartCommunications , under which such executives were able to make an annual election to defer up to 50 % of their annual salary and up to 80 % of their bonus before taxes. The Company suspended all salary and bonus deferral and company matching contribution s to the deferred compensation plan on January 1, 2010. Matching credits on amounts deferred may be made in the sole discretion of iHeartCommunications and iHeartCommunications retains ownership of all assets until distributed. Participants in the plan ha ve the opportunity to allocate their deferrals and any matching credits among different investment options, the performance of which is used to determine the amounts paid to participants under the plan. There is no liability recorded by the Company under this deferred compensation plan as the liability of this plan is that of iHeartCommunications . |
Other Information
Other Information | 12 Months Ended |
Dec. 31, 2015 | |
Other Information [Abstract] | |
Other Information [Text Block] | NOTE 11 — OTHER INFORMATION The following table discloses the components of “Other income (expense)” for the years ended December 31, 2015, 2014 and 2013 , respectively: (In thousands) Years Ended December 31, 2015 2014 2013 Foreign exchange loss $ 14,790 $ 15,460 $ 1,674 Other (2,403) (275) (658) Total other income (expense) — net $ 12,387 $ 15,185 $ 1,016 For the years ended December 31, 2015 , 2014 , and 2013 the total increase (decrease) in deferred income tax liabilities of other comprehensive income (loss) related to pensions were $ 1.6 . million, ($ 5.6 ) million and $ 0.2 million, respectively . The following table discloses the components of “Other current assets” as of December 31, 2015 and 2014 , respectively: (In thousands) As of December 31, 2015 2014 Deferred loan costs $ 9,514 $ 8,080 Inventory 23,514 21,892 Deposits 1,954 3,124 Other receivables 2,278 2,788 Other 6,820 10,170 Total other current assets $ 44,080 $ 46,054 The following table discloses the components of “Other assets” as of December 31, 2015 and 2014 , respectively: (In thousands) As of December 31, 2015 2014 Prepaid expenses $ 69,807 $ 53,669 Deferred loan costs 40,897 41,862 Deposits 24,672 26,283 Investments 8,432 7,509 Other 4,629 3,758 Total other assets $ 148,437 $ 133,081 The following table discloses the components of “Other long-term liabilities” as of December 31, 2015 and 2014 , respectively: (In thousands) As of December 31, 2015 2014 Unrecognized tax benefits $ 23,802 $ 25,279 Asset retirement obligation 45,125 48,161 Employee related liabilities 47,491 39,963 Deferred rent 98,282 94,946 Other 25,719 26,451 Total other long-term liabilities $ 240,419 $ 234,800 The following table discloses the components of “Accumulated other comprehensive loss,” net of tax, as of December 31, 2015 and 2014 , respectively: (In thousands) As of December 31, 2015 2014 Cumulative currency translation adjustments and other $ (453,995) $ (342,909) Cumulative unrealized gain on securities 2,162 1,556 Total accumulated other comprehensive loss $ (451,833) $ (341,353) |
Segment Data
Segment Data | 12 Months Ended |
Dec. 31, 2015 | |
Segment Data [Abstract] | |
Segment Data [Text Block] | NOTE 12 – 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, Canada and Latin America and the International se gment primarily includes operations in Europe, Asia and Australia. The Americas and International display inventory consists primarily of billboards, street furniture displays and transit displays. Corpo rate 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 years ended December 31, 2015, 2014 and 2013: (In thousands) Americas Outdoor Advertising International Outdoor Advertising Corporate and other reconciling items Consolidated Year Ended December 31, 2015 Revenue $ 1,349,021 $ 1,457,183 $ - $ 2,806,204 Direct operating expenses 597,382 897,520 - 1,494,902 Selling, general and administrative expenses 233,254 298,250 - 531,504 Corporate expenses - - 116,380 116,380 Depreciation and amortization 204,514 166,060 5,388 375,962 Impairment charges - - 21,631 21,631 Other operating loss, net - - (4,824) (4,824) Operating income (loss) $ 313,871 $ 95,353 $ (148,223) $ 261,001 Segment assets $ 3,567,763 $ 1,581,710 $ 1,207,726 $ 6,357,199 Capital expenditures $ 82,165 $ 132,554 $ 3,613 $ 218,332 Share-based compensation expense $ - $ - $ 8,359 $ 8,359 Year Ended December 31, 2014 Revenue $ 1,350,623 $ 1,610,636 $ - $ 2,961,259 Direct operating expenses 605,771 991,117 - 1,596,888 Selling, general and administrative expenses 233,641 314,878 - 548,519 Corporate expenses - - 130,894 130,894 Depreciation and amortization 203,928 198,143 4,172 406,243 Impairment charges - - 3,530 3,530 Other operating income, net - - 7,259 7,259 Operating income (loss) $ 307,283 $ 106,498 $ (131,337) $ 282,444 Segment assets $ 3,664,574 $ 1,680,598 $ 1,001,400 $ 6,346,572 Capital expenditures $ 109,727 $ 117,480 $ 3,962 $ 231,169 Share-based compensation expense $ - $ - $ 7,743 $ 7,743 Year Ended December 31, 2013 Revenue $ 1,385,757 $ 1,560,433 $ - $ 2,946,190 Direct operating expenses 610,750 983,978 - 1,594,728 Selling, general and administrative expenses 243,456 300,116 - 543,572 Corporate expenses - - 124,399 124,399 Depreciation and amortization 206,031 194,493 2,646 403,170 Impairment charges - - 13,150 13,150 Other operating income, net - - 22,979 22,979 Operating income (loss) $ 325,520 $ 81,846 $ (117,216) $ 290,150 Segment assets $ 3,823,347 $ 1,899,648 $ 1,020,094 $ 6,743,089 Capital expenditures $ 96,590 $ 100,949 $ 8,648 $ 206,187 Share-based compensation expense $ - $ - $ 7,725 $ 7,725 Revenue of $ 1.6 billion, $ 1.8 billion and $ 1. 7 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2015, 2014 and 2013 , respectively. Revenue of $ 1.2 billion , derived from the Company’s U.S. operations are included in the data above for each of the years ended December 31, 2015, 2014 and 2013 . Identifiable long-lived assets of $ 6 28.8 million, $ 6 82.7 million and $ 759.3 million derived from the Company’s foreign operations are included in the data a bove for the years ended December 31, 2015, 2014 and 2013 , respectively. Identifiable long-lived assets of $ 1. 0 billion , $ 1.2 billion and $ 1.3 b illion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2015, 2014 and 2013 , respectively |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results of Operations (Unaudited) [Abstract] | |
Quarterly Results of Operations (Unaudited) [Text Block] | NOTE 13 — QUARTERLY RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended March 31, Three Months Ended June 30, Three Months Ended September 30, Three Months Ended December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Revenue $ 615,043 $ 635,251 $ 722,819 $ 781,205 $ 696,277 $ 742,794 $ 772,065 $ 802,009 Operating expenses: Direct operating expenses 362,971 381,513 372,342 413,144 372,716 400,834 386,873 401,397 Selling, general and administrative expenses 127,130 132,949 132,522 140,271 132,559 139,613 139,293 135,686 Corporate expenses 28,753 30,697 30,154 33,333 28,347 33,548 29,126 33,316 Depreciation and amortization 94,094 98,742 93,405 98,726 93,040 100,416 95,423 108,359 Impairment charges - - - - 21,631 - - 3,530 Other operating income (expense), net (5,444) 2,654 659 247 5,029 4,623 (5,068) (265) Operating income (loss) (3,349) (5,996) 95,055 95,978 53,013 73,006 116,282 119,456 Interest expense 89,416 89,262 88,556 88,212 88,088 87,695 89,609 88,096 Interest income on Due from iHeartCommunications 15,253 14,673 15,049 15,227 15,630 15,105 15,507 15,174 Equity in earnings (loss) of nonconsolidated affiliates 522 (736) (351) 327 (812) 4,185 352 13 Other income (expense), net 19,938 1,898 15,276 11,983 (17,742) 2,191 (5,085) (887) Income (loss) before income taxes (57,052) (79,423) 36,473 35,303 (37,999) 6,792 37,447 45,660 Income tax benefit (expense) 24,099 (16,946) (27,187) 24,820 22,797 (5,372) (69,886) 6,285 Consolidated net income (loss) (32,953) (96,369) 9,286 60,123 (15,202) 1,420 (32,439) 51,945 Less amount attributable to noncontrolling interest 565 501 7,876 9,086 7,379 8,483 8,944 8,639 Net income (loss) attributable to the Company $ (33,518) $ (96,870) $ 1,410 $ 51,037 $ (22,581) $ (7,063) $ (41,383) $ 43,306 Net income (loss) per common share: Basic $ (0.09) $ (0.27) $ - $ 0.14 $ (0.06) $ (0.02) $ (0.12) $ 0.12 Diluted $ (0.09) $ (0.27) $ - $ 0.14 $ (0.06) $ (0.02) $ (0.12) $ 0.12 |
Guarantor Subsidiaries
Guarantor Subsidiaries | 12 Months Ended |
Dec. 31, 2015 | |
Guarantor Subsidiaries [Abstract] | |
Guarantor Subsidiaries [Text Block] | NOTE 14 – 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) December 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 218,701 $ - $ 18,455 $ 175,587 $ - $ 412,743 Accounts receivable, net of allowance - - 210,252 487,331 - 697,583 Intercompany receivables - 467,287 1,915,287 8,003 (2,390,577) - Prepaid expenses 1,423 3,433 62,039 60,835 - 127,730 Assets held for sale 295,075 295,075 Other current assets - 6,850 3,053 34,177 - 44,080 Total Current Assets 220,124 477,570 2,504,161 765,933 (2,390,577) 1,577,211 Structures, net - - 868,586 523,294 - 1,391,880 Other property, plant and equipment, net - - 129,339 106,767 - 236,106 Indefinite-lived intangibles - - 962,074 9,253 - 971,327 Other intangibles, net - - 272,307 70,557 - 342,864 Goodwill - - 522,750 235,825 - 758,575 Due from iHeartCommunications 930,799 - - - - 930,799 Intercompany notes receivable 182,026 5,107,392 - - (5,289,418) - Other assets 78,341 336,328 1,218,819 52,508 (1,537,559) 148,437 Total Assets $ 1,411,290 $ 5,921,290 $ 6,478,036 $ 1,764,137 $ (9,217,554) $ 6,357,199 Accounts payable $ - $ - $ 12,124 $ 88,086 $ - $ 100,210 Intercompany payable 1,915,287 - 475,290 - (2,390,577) - Accrued expenses 953 (707) 108,480 398,939 - 507,665 Dividends payable 217,017 - - - - 217,017 Deferred income - - 37,471 53,940 - 91,411 Current portion of long-term debt - - 65 4,245 - 4,310 Total Current Liabilities 2,133,257 (707) 633,430 545,210 (2,390,577) 920,613 Long-term debt - 4,919,440 1,014 236,470 - 5,156,924 Intercompany notes payable - - 5,032,499 256,919 (5,289,418) - Deferred tax liability 772 1,367 599,541 7,230 - 608,910 Other long-term liabilities 1,587 - 133,227 105,605 - 240,419 Total shareholders' equity (deficit) (724,326) 1,001,190 78,325 612,703 (1,537,559) (569,667) Total Liabilities and Shareholders' Equity $ 1,411,290 $ 5,921,290 $ 6,478,036 $ 1,764,137 $ (9,217,554) $ 6,357,199 (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 5,646 33,558 - 46,054 Total Current Assets 2,204 266,360 2,004,787 809,733 (2,018,974) 1,064,110 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 $ 6,465,207 $ 1,889,173 $ (9,392,186) $ 6,346,572 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 85 592,002 11,557 - 604,416 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 $ 6,465,207 $ 1,889,173 $ (9,392,186) $ 6,346,572 (In thousands) Year Ended December 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 1,193,320 $ 1,612,884 $ - $ 2,806,204 Operating expenses: Direct operating expenses - - 507,729 987,173 - 1,494,902 Selling, general and administrative expenses - - 199,769 331,735 - 531,504 Corporate expenses 13,049 - 58,576 44,755 - 116,380 Depreciation and amortization - - 194,891 181,071 - 375,962 Impairment charges - - 21,631 - - 21,631 Other operating income (expense), net (458) - (7,732) 3,366 - (4,824) Operating income (loss) (13,507) - 202,992 71,516 - 261,001 Interest expense 2 352,329 1,630 1,708 - 355,669 Interest income on Due from iHeartCommunications 61,439 - - - - 61,439 Intercompany interest income 16,068 340,457 62,002 - (418,527) - Intercompany interest expense 61,439 - 356,525 563 (418,527) - Equity in earnings (loss) of nonconsolidated affiliates (76,018) 10,383 5,609 (1,935) 61,672 (289) Other income, net 2,915 3,440 20,318 10,289 (24,575) 12,387 Income (loss) before income taxes (70,544) 1,951 (67,234) 77,599 37,097 (21,131) Income tax expense (953) (575) (8,784) (39,865) - (50,177) Consolidated net income (loss) (71,497) 1,376 (76,018) 37,734 37,097 (71,308) Less amount attributable to noncontrolling interest - - - 24,764 - 24,764 Net income (loss) attributable to the Company $ (71,497) $ 1,376 $ (76,018) $ 12,970 $ 37,097 $ (96,072) Other comprehensive (loss), net of tax: Foreign currency translation adjustments - (3,440) (16,605) (92,684) - (112,729) Unrealized holding gain on marketable securities - - - 553 - 553 Other adjustments to comprehensive loss - - - (10,266) - (10,266) Reclassification adjustments - - - 808 - 808 Equity in subsidiary comprehensive income (110,480) (61,867) (93,875) - 266,222 - Comprehensive loss (181,977) (63,931) (186,498) (88,619) 303,319 (217,706) Less amount attributable to noncontrolling interest - - - (11,154) - (11,154) Comprehensive loss attributable to the Company $ (181,977) $ (63,931) $ (186,498) $ (77,465) $ 303,319 $ (206,552) (In thousands) Year Ended December 31, 2014 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 1,162,842 $ 1,798,417 $ - $ 2,961,259 Operating expenses: Direct operating expenses - - 495,651 1,101,237 - 1,596,888 Selling, general and administrative expenses - - 196,653 351,866 - 548,519 Corporate expenses 12,274 - 67,989 50,631 - 130,894 Depreciation and amortization - - 194,396 211,847 - 406,243 Impairment charges - - 3,530 - - 3,530 Other operating income (expense), net (541) - 3,235 4,565 - 7,259 Operating income (loss) (12,815) - 207,858 87,401 - 282,444 Interest (income) expense, net (6) 352,280 1,555 (564) - 353,265 Interest income on Due from iHeartCommunications 60,179 - - - - 60,179 Intercompany interest income 15,624 340,824 61,073 - (417,521) - Intercompany interest expense 60,179 - 356,448 894 (417,521) - Loss on marketable securities - - - - - - Equity in earnings (loss) of nonconsolidated affiliates (15,463) 46,938 42,382 2,038 (72,106) 3,789 Other income (expense), net 4,122 - (2,691) 13,754 - 15,185 Income (loss) before income taxes (8,526) 35,482 (49,381) 102,863 (72,106) 8,332 Income tax benefit (expense) (1,064) (276) 33,918 (23,791) - 8,787 Consolidated net income (loss) (9,590) 35,206 (15,463) 79,072 (72,106) 17,119 Less amount attributable to noncontrolling interest - - - 26,709 - 26,709 Net income (loss) attributable to the Company $ (9,590) $ 35,206 $ (15,463) $ 52,363 $ (72,106) $ (9,590) Other comprehensive loss, net of tax: Foreign currency translation adjustments - 21 (8,471) (114,654) - (123,104) Unrealized holding gain on marketable securities - - - 327 - 327 Other adjustments to comprehensive loss - - - (11,438) - (11,438) Reclassification adjustments - - - 8 - 8 Equity in subsidiary comprehensive income (127,781) (117,825) (119,310) - 364,916 - Comprehensive loss (137,371) (82,598) (143,244) (73,394) 292,810 (143,797) Less amount attributable to noncontrolling interest - - - (6,426) - (6,426) Comprehensive loss attributable to the Company $ (137,371) $ (82,598) $ (143,244) $ (66,968) $ 292,810 $ (137,371) (In thousands) Year Ended December 31, 2013 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 1,197,261 $ 1,748,929 $ - $ 2,946,190 Operating expenses: Direct operating expenses - - 506,200 1,088,528 - 1,594,728 Selling, general and administrative expenses - - 205,240 338,332 - 543,572 Corporate expenses 13,057 3 64,987 46,352 - 124,399 Depreciation and amortization - - 194,793 208,377 - 403,170 Impairment charges - - - 13,150 - 13,150 Other operating income (expense), net (494) - 28,129 (4,656) - 22,979 Operating income (loss) (13,551) (3) 254,170 49,534 - 290,150 Interest (income) expense, net (143) 353,189 993 (1,256) - 352,783 Interest income on due with iHeartCommunications 54,210 - - - - 54,210 Intercompany interest income 15,112 341,612 54,857 - (411,581) - Intercompany interest expense 54,436 - 356,724 421 (411,581) - Loss on marketable securities - - - (18) - (18) Equity in loss of nonconsolidated affiliates (50,279) (12,274) (12,216) (3,588) 76,265 (2,092) Other income (expense), net 1,432 - (9,760) 9,344 - 1,016 Income (loss) before income taxes (47,369) (23,854) (70,666) 56,107 76,265 (9,517) Income tax benefit (expense) (1,091) 4,184 20,387 (38,289) - (14,809) Consolidated net income (loss) (48,460) (19,670) (50,279) 17,818 76,265 (24,326) Less amount attributable to noncontrolling interest - - - 24,134 - 24,134 Net loss attributable to the Company $ (48,460) $ (19,670) $ (50,279) $ (6,316) $ 76,265 $ (48,460) Other comprehensive income (loss), net of tax Foreign currency translation adjustments (31) (20) (7,214) (2,389) - (9,654) Unrealized loss on marketable securities - - - 1,187 - 1,187 Other adjustments to comprehensive income - - - 6,732 - 6,732 Reclassification adjustments (1,432) - - - - (1,432) Equity in subsidiary comprehensive income 490 9,159 7,704 - (17,353) - Comprehensive loss (49,433) (10,531) (49,789) (786) 58,912 (51,627) Less amount attributable to noncontrolling interest - - - (2,194) - (2,194) Comprehensive income (loss) attributable to the Company $ (49,433) $ (10,531) $ (49,789) $ 1,408 $ 58,912 $ (49,433) (In thousands) Year Ended December 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (71,497) $ 1,376 $ (76,018) $ 37,734 $ 37,097 $ (71,308) Reconciling items: Impairment charges - - 21,631 - - 21,631 Depreciation and amortization - - 194,891 181,071 - 375,962 Deferred taxes - 1,282 7,539 (5,282) - 3,539 Provision for doubtful accounts - - 5,398 7,986 - 13,384 Share-based compensation - - 5,712 2,647 - 8,359 Gain on sale of operating and fixed assets - - (1,235) (4,233) - (5,468) Amortization of deferred financing charges and note discounts, net - 7,468 1,230 72 - 8,770 Other reconciling items, net 76,018 (13,823) (4,270) (9,404) (61,672) (13,151) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable - - (12,878) (43,702) - (56,580) (Increase) decrease in prepaids and other current assets (124) (3,433) 4,664 (2,835) - (1,728) Increase (decrease) in accrued expenses 486 (4,182) 5,491 (1,302) - 493 Increase (decrease) in accounts payable - - (15,742) 26,424 19,960 30,642 Increase (decrease) in deferred income - - (6,879) 9,428 - 2,549 Changes in other operating assets and liabilities - - (17,114) (1,047) - (18,161) Net cash provided by (used for) operating activities $ 4,883 $ (11,312) $ 112,420 $ 197,557 $ (4,615) $ 298,933 Cash flows from investing activities: Purchases of property, plant and equipment - - (72,374) (145,958) - (218,332) Proceeds from disposal of assets - - 4,626 6,638 - 11,264 Purchases of other operating assets - - (23,042) (598) - (23,640) Purchases of businesses - - - (24,701) - (24,701) Decrease in intercompany notes receivable, net - 70,125 - - (70,125) - Dividends from subsidiaries - 157,570 - - (157,570) - Change in other, net - (8,606) (909) (2,314) 9,513 (2,316) Net cash provided by (used for) investing activities $ - $ 219,089 $ (91,699) $ (166,933) $ (218,182) $ (257,725) Cash flows from financing activities: Payments on credit facilities - - - (3,849) - (3,849) Proceeds from long-term debt - - - 222,777 - 222,777 Payments on long-term debt - - (56) - - (56) Net transfers to iHeartCommunications 17,007 - - - - 17,007 Payments to repurchase of noncontrolling interests - - - (234) - (234) Dividends and other payments to noncontrolling interests - - - (30,870) - (30,870) Dividends paid - - - (182,145) 182,145 - Decrease in intercompany notes payable, net - - (4,625) (65,500) 70,125 - Intercompany funding 193,021 (207,777) 2,415 12,341 - - Deferred financing charges - - - (8,606) - (8,606) Change in other, net 2,885 - - 9,513 (9,513) 2,885 Net cash provided by (used for) financing activities 212,913 (207,777) (2,266) (46,573) 242,757 199,054 Effect of exchange rate changes on cash - - - (13,723) - (13,723) Net inc (dec) in cash and cash equivalents 217,796 - 18,455 (29,672) 19,960 226,539 Cash and cash equivalents at beginning of year 905 - - 205,259 (19,960) 186,204 Cash and cash equivalents at end of year $ 218,701 $ - $ 18,455 $ 175,587 $ - $ 412,743 (In thousands) Year Ended December 31, 2014 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (9,590) $ 35,206 $ (15,463) $ 79,072 $ (72,106) $ 17,119 Reconciling items: Impairment charges - - 3,530 - - 3,530 Depreciation and amortization - - 194,396 211,847 - 406,243 Deferred taxes 597 - (29,835) (4,331) - (33,569) Provision for doubtful accounts - - 3,247 3,903 - 7,150 Share-based compensation - - 5,006 2,737 - 7,743 Gain on sale of operating and fixed assets - - (3,236) (4,565) - (7,801) Amortization of deferred financing charges and note discounts, net - 7,428 1,232 - - 8,660 Other reconciling items, net 15,463 (46,938) (41,398) (17,483) 72,106 (18,250) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: (Increase) decrease in accounts receivable - - 404 (39,022) - (38,618) (Increase) decrease in prepaids and other current assets 94 - 6,368 (480) - 5,982 Increase (decrease) in accrued expenses (258) 2,133 (2,666) 19,914 - 19,123 Increase (decrease) in accounts payable - - 16,126 (626) (19,960) (4,460) Increase (decrease) in deferred income - - 1,735 (7,105) - (5,370) Changes in other operating assets and liabilities - - 1,143 (20,202) - (19,059) Net cash provided by (used for) operating activities $ 6,306 $ (2,171) $ 140,589 $ 223,659 $ (19,960) $ 348,423 Cash flows from investing activities: Purchases of property, plant and equipment - - (96,695) (134,474) - (231,169) Proceeds from disposal of assets - - 6,216 6,645 - 12,861 Purchases of other operating assets - - (252) (321) - (573) Proceeds from sale of investment securities - - - 15,834 - 15,834 Decrease in intercompany notes receivable, net - 84,264 - - (84,264) - Dividends from subsidiaries - - 3,182 - (3,182) - Change in other, net - - (11) (3,373) - (3,384) Net cash provided by (used for) investing activities $ - $ 84,264 $ (87,560) $ (115,689) $ (87,446) $ (206,431) Cash flows from financing activities: Draws on credit facilities - - - 3,010 - 3,010 Payments on credit facilities - - - (3,682) - (3,682) Payments on long-term debt - - (48) - - (48) Net transfers to iHeartCommunications (68,804) - - - - (68,804) Dividends and other payments to noncontrolling interests - - - (18,995) - (18,995) Dividends paid (175,022) - - (3,182) 3,182 (175,022) Decrease in intercompany notes payable, net - - - (84,264) 84,264 - Intercompany funding 153,004 (82,093) (58,862) (12,049) - - Change in other, net 2,236 - (4) - - 2,232 Net cash used for financing activities (88,586) (82,093) (58,914) (119,162) 87,446 (261,309) Effect of exchange rate changes on cash - - - (9,024) - (9,024) Net decrease in cash and cash equivalents (82,280) - (5,885) (20,216) (19,960) (128,341) Cash and cash equivalents at beginning of year 83,185 - 5,885 225,475 - 314,545 Cash and cash equivalents at end of year $ 905 $ - $ - $ 205,259 $ (19,960) $ 186,204 (In thousands) Year Ended December 31, 2013 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (48,460) $ (19,670) $ (50,279) $ 17,818 $ 76,265 $ (24,326) Reconciling items: Impairment charges - - - 13,150 - 13,150 Depreciation and amortization - - 194,793 208,377 - 403,170 Deferred taxes (51) - (22,225) (8,940) - (31,216) Provision for doubtful accounts - - 3,211 1,913 - 5,124 Share-based compensation - - 4,881 2,844 - 7,725 (Gain) loss on sale of operating and fixed assets 494 - (28,129) 4,656 - (22,979) Loss on marketable securities - - - 18 - 18 Amortization of deferred financing charges and note discounts, net - 7,391 1,171 - - 8,562 Other reconciling items, net 48,847 12,274 15,241 2,091 (76,265) 2,188 Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: (Increase) decrease in accounts receivable - - 47,475 (4,046) - 43,429 (Increase) decrease in prepaid expenses and other current assets 227 - (981) (5,588) - (6,342) Increase (decrease) in accrued expenses 330 75,109 (67,019) 10,884 - 19,304 Decrease in accounts payable - (20) (2,131) (13,049) 4,793 (10,407) Increase (decrease) in deferred income - - (7,582) 7,916 - 334 Changes in other operating assets and liabilities - - 6,675 231 - 6,906 Net cash provided by operating activities 1,387 75,084 95,101 238,275 4,793 414,640 Cash flows from investing activities: Purchases of property, plant and equipment - - (96,873) (109,314) - (206,187) Proceeds from disposal of assets - - 33,925 8,209 - 42,134 Purchases of other operating assets - - (9,480) (1,003) - (10,483) Purchases of businesses Increase in intercompany notes receivable, net - 127,305 - - (127,305) - Dividends from subsidiaries 1,153 - - - (1,153) - Change in other, net - - (16) (3,127) - (3,143) Net cash provided by (used for) investing activities 1,153 127,305 (72,444) (105,235) (128,458) (177,679) Cash flows from financing activities: Draws on credit facilities - - - 2,752 - 2,752 Payments on credit facilities - - - (4,815) - (4,815) Payments on long-term debt - - (41) (6,585) - (6,626) Net transfers to iHeartCommunications (149,957) - - - - (149,957) Deferred financing charges - - (344) - - (344) Payments to repurchase noncontrolling interests - - - (61,143) - (61,143) Dividends and other payments to noncontrolling interests - - - (68,442) - (68,442) Dividends paid (200,010) - - (1,153) 1,153 (200,010) Decrease in intercompany notes payable, net - - - (127,305) 127,305 - Intercompany funding 219,009 (202,389) (16,387) (233) - - Change in other, net 4,192 - - - - 4,192 Net cash used for financing activities (126,766) (202,389) (16,772) (266,924) 128,458 (484,393) Effect of exchange rate changes on cash - - - (2) - (2) Net increase (decrease) in cash and cash equivalents (124,226) - 5,885 (133,886) 4,793 (247,434) Cash and cash equivalents at beginning of year 207,411 - - 359,361 (4,793) 561,979 Cash and cash equivalents at end of year $ 83,185 $ - $ 5,885 $ 225,475 $ - $ 314,545 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule Of Valuation And Qualifying Accounts Disclosure [Text Block] | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Allowance for Doubtful Accounts (In thousands) Charges Balance at to Costs, Write-off Balance Beginning Expenses of Accounts at End of Description of period and other Receivable Other (1) Period Year ended December 31, 2013 $ 36,669 $ 5,124 $ 9,390 $ 724 $ 33,127 Year ended December 31, 2014 $ 33,127 $ 7,150 $ 13,469 $ (2,500) $ 24,308 Year ended December 31, 2015 $ 24,308 $ 13,384 $ 10,585 $ (1,759) $ 25,348 Primarily foreign currency adjustments and acquisition and/or divestiture activity . SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Deferred Tax Asset Valuation Allowance (In thousands) Charges Balance at to Costs, Balance Beginning Expenses at end of Description of Period and other (1) Reversal (2) Adjustments (3) Period Year ended December 31, 2013 $ 179,807 $ 5,647 $ (5) $ (5,165) $ 180,284 Year ended December 31, 2014 $ 180,284 $ 16,819 $ (230) $ (28,318) $ 168,555 Year ended December 31, 2015 $ 168,555 $ 41,704 $ (457) $ (24,723) $ 185,079 During 2013 , 2014 and 2015 , the Company recorded valuation allowances on deferred tax assets attributable to net operating losses in certain foreign jurisdictions due to the uncertainty of the ability to utilize those losses in future periods . D uring 2015, the Company recorded $8.8 million in valuation allowance on foreign net operating losses and in addition, recorded a valuation allowance of $ 32.9 million on a portion of its deferred tax assets attributable to federal and state net operating loss carryforwards due to the uncertainty of the ability to utilize these losses in future periods. During 2013 , 2014 and 2015 , the Company realized the tax benefits associated with certain foreign deferred tax assets, primarily related to foreign loss carryforwards, on which a valuation allowance was previously recorded. The associated valuation allowance was reversed in the period in which, based on the weight of available evidence, it is more-likely-than-not that the deferred tax asset will be realized. During 2013 , 2014 and 2015 , the Company adjusted certain valua tion allowances as a result of changes in tax rates in certain jurisdictions and as a result of the expiration of carryforward periods for net operating loss carryforwards. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Nature of Business [Policy Text Block] | Nature of Business Clear Channel Outdoor Holdings, Inc. (the “Company”) is an outdoor advertising company which owns or operates advertising display faces domestically and internationally. On Nov ember 11, 2005, the Company became a publicly traded company through an initial public offering (“IPO”), in which 10 %, or 35.0 million shares, of the Company’s Class A common stock was sold. Prior to the IPO, the Company was an indirect wholly-owned subsi diary of iHeartCommunications , Inc. (“ iHeartCommunications ”), a diversified media and entertainment company. As of December 31 , 2015 , iHeartCommunications indirectly holds all of the 315.0 million shares of Class B common stock outstanding and 10,726,9 17 shares of Class A common stock, collectively representing slightly more than 90 % of the shares outstanding and approximately 99 % of the voting power. The holders of Class A common stock and Class B common stock have identical rights, except holders of Class A common stock are entitled to one vote per share while holders of Class B common stock are entitled to 20 votes per share. The Class B shares of common stock are convertible, at the option of the holder at any time or upon any transfer, into shares of Class A common stock on a one-for-one basis, subject to certain limited exceptions. The Company operates in the outdoor advertising industry by selling advertising on billboards, street furniture displays, transit displays and other advertising displa ys. The Company has two reportable business segments: Americas and International. The Americas segment primarily includes operations in the United States , Canada and Latin America ; the International segment primarily includes operations in Europe, Asia a nd Australia. |
Clear Channel Communications' Merger [Policy Text Block] | Agreements with iHeartCommunications There are several agreements which govern the Company’s relationship with iHeartCommunications including the Master Agreement, Corporate Services Agreement, Employee Matters Agreement , Tax Matters Agreement and Trademark and License Agreement . iHeartCommunications has the right to terminate these agreements in various circumstances. As of the date of the filing of this report, no notice of termination of any of these agreements has be en received from iHeartCommunications . |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions th at affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the co nsolidated 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 exer cises significant influence over operating and financial policies of the Company are accounted for using the equity method of accounting. All significant intercompany accounts have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the 2015 presentation. Included in International Outdoor Direct operating expenses and Selling, general and administrative expenses are $8.2 million and $3.2 million, respectively, recorded in the fourth qu arter of 2015 to correct for accounting errors included in the results for our Netherlands subsidiary reported in prior years. Such corrections are not considered to be material to current year or prior year financial results. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. |
Accounts Receivable and Allowance for Doubtful Accounts [Policy Text Block] | Accounts Receivable Accounts receivable are recorded at the invoiced amount, net of reserves for sales returns and allowances, and allowance s for doubtful accounts. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of revenue for each business unit, adjusted for relative im provements or deteriorations in the agings and changes in current economic conditions. The Company believes its concentration of credit risk is limited due to the large number and the geographic diversification of its customers. |
Business Combinations [Policy Text Block] | Business Combinations The Company accounts for its business combinations under the acquisition method of accounting. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumpti ons, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Various acquisition agreements may include contingent purchase consideration based on performance requirement s of the investee. The Company accounts for these payments in conformity with the provisions of ASC 805-20-30, which establish the requirements related to recognition of certain assets and liabilities arising from contingencies. |
Property, Plant and Equipment [Policy Text Block] | Property, Plant and Equip ment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives, which are as fol lows: Buildings and improvements — 10 to 39 years Structures — 3 to 20 years Furniture and other equipment — 2 to 20 years Leasehold improvements — shorter of economic life or lease term assuming renewal periods, if appropriate For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditu res for renewal and betterments are capitalized. The Company tests for possible impairment of property, plant and equipment whenever events and circumstances indicate that depreciable assets might be impaired and the undiscounted cash flows estimated to b e generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Assets and businesses are classifi ed as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. |
Land Leases and Other Structure Licenses [Policy Text Block] | Land Leases and Other Structure Leases Most of the Company’s advertising structures are located on leased land. Americas land leases are typically paid in advance for periods ranging from one to 12 months . International land leases are paid both i n advance and in arrears, for periods ranging from one to 12 months . Most international street furniture display faces are operated through contracts with municipalities for up to 20 years . The leased land and stre et furniture contracts often include a percent of revenue to be paid along with a base rent payment. Prepaid land leases are recorded as an asset and expensed ratably over the related rental term and rent payments in arrears are recorded as an accrued lia bility. |
Intangible Assets and Goodwill [Policy Text Block] | Intangible Assets The Company’s indefinite-lived intangible assets include billboard permits in its Americas segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annuall y. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a dramatic change in the manner for which the asset is intended to be used indicate that the carrying amount of the asset may not be recoverable. The Company performs its annual impairment test for its permits using a direct valuation technique as prescribed in ASC 805-20-S99 . The Company engages Corporate Valuation Consu lting LLC ( formerly Mesirow Financial Consulting Practice), a third party valuation firm, to assist the Company in the development of these assumptions and the Company’s determination of the fair value of its permits. Other intangible assets include defin ite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets include primarily transit and street furniture contracts, site leases and other contractual rights, all of which are amortized over the shorter of either th e 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. The Company periodically reviews the appropriateness of the amortization periods related to it s definite-lived intangible assets. These assets are recorded at cost. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determine d to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Goodwill At least annually, the Company performs its impairment test for each reporting unit’s goodwill. Historically, we performed our annual impairme nt test on our goodwill, billboard permits, and other intangible assets as of October 1 of each year. Beginning in the third quarter of 2015, we began performing our annual impairment test on July 1 of each year. In 2015 and 2014 , the Company used a discounted cash flow model to determine if the carrying value of the reporting unit, including goodwill, is less than the fair value of the reporting unit. The Company identified its reporting units in accordance with ASC 350-20-55. The Company’s U.S. outd oor advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test. The Company also determined that within its Americas segment, Canada constitutes a separate reporting unit and each country in its Internatio nal outdoor segment constitutes a separate reporting unit. The Company had no impairment of goodwill for 2015 and 2014. The Company recognized a non-cash impairment charge to goodwill of $10.7 million based on declining future cash flows expected in one country in the International outdoor segment for 2013. |
Nonconsolidated Affiliates [Policy Text Block] | Nonconsolidated Affiliates In general, investments in which the Company owns 20 percent to 50 percent of the common stock or otherwise exercises significant influence over the investee are accounted f or under the equity method. The Company does not recognize gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statement o f operations as a component of “Equity in earnings (loss) of nonconsolidated affiliates” for any decline in value that is determined to be other-than-temporary. |
Other Investments [Policy Text Block] | Other Investments Other investments are composed primarily of equity securities. Securities for which fair value is determinable are classified as available-for-sale or trading and are carried at fair value based on quoted market prices. Securities are carried at historical cost when quoted market prices are unavailable. The net unrealized gain s or losses on the available-for-sale securities, net of tax, are reported in accumulated other comprehensive loss as a component of shareholders’ equity (deficit). The Company periodically assesses the value of available-for-sale and non-marketable secu rities and records impairment charges in the statement of comprehensive loss for any decline in value that is determined to be other-than-temporary. The average cost method is used to compute the realized gains and losses on sales of equity securities. Ba sed on these assessments, no impairments existed at December 31, 2015 , 2014 and 2013 . |
Financial Instruments [Policy Text Block] | Financial Instruments Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued liabilities and short-term borrowings approximated their fair values at December 31, 2015 and 2014 . |
Asset Retirement Obligations [Policy Text Block] | Asset Retirement Obligation ASC 410-20 requires the Company to estimate its obligation upon the termination or non-renewal of a lease to dismantle and remove its advertising s tructures from the leased land and to reclaim the site to its original condition. The Company’s asset retirement obligation is reported in “Other long-term liabilities.” The Company records the present value of obligations associated with the retirement of its advertising structures in the period in which the obligation is incurred. When the liability is recorded, the cost is capitalized as part of the related advertising structures carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. |
Income Taxes [Policy Text Block] | Income Taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are de termined 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 that some portion or the entire asset will not be realized. Generally, all earnings from the Company’s foreign operatio ns are permanently reinvested and not distributed. The Company has not provided U.S. federal income taxes for temporary differences with respect to investments in foreign subsidiaries, which at December 31, 2015, currently result in tax basis amounts grea ter than the financial reporting basis. It is not apparent that these unrecognized deferred tax assets will reverse in the foreseeable future. If any excess cash held by our foreign subsidiaries were needed to fund operations in the United States, we coul d presently repatriate available funds without a requirement to accrue or pay U.S. taxes. This is a result of significant deficits, as calculated for tax law purposes, in our foreign earnings and profits, which gives us flexibility to make future cash distributions as no n-taxable returns of capital. We regularly review our tax liabilities on amounts that may be distributed in future periods and provide for foreign withholding and other current and deferred taxes on any such amounts. The determination of the amount of fe deral income taxes, if any, that might become due in the event that our foreign earnings are distributed is not practicable. The operations of the Company are included in a consolidated U.S. Federal income tax return filed by iHeartMedia. However, for financial reporting purposes, the Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated U.S. federal i ncome tax returns with its subsidiaries. |
Revenue Recognition [Policy Text Block] | Revenue Recognition The Company’s advertising contracts cover periods of a few weeks up to one year, and are generally billed monthly. Revenue for advertising space rental is recognized ratably over the term of th e contract. Advertising revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for the Company’s operations. Payments received in advance of being earned are recorde d as deferred income. Revenue arrangements typically contain multiple products and services and revenues are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting |
Advertising Expense [Policy Text Block] | Advertising Expense The Company records advertising expense as it is incurred. Advertising expenses were $ 21.1 million, $ 20.1 million and $ 18.6 million for the years ended December 31, 2015, 2014 and 2013 , respectively. |
Share-Based Compensation [Policy Text Block] | Share-Based Compensation Under the fair value recognition provisions of ASC 718-10 , share-based compensation cost is measured at the grant date based on the fair value of the award. For awards that vest based on service conditions, this cost is recognized as expense on a straight-line basis over the vesting period. For awards that will vest based on market or performance conditions, this cost will be recognized when it becomes probable that the performance conditions will be satisfied. Determining the fa ir value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. |
Foreign Currency [Policy Text Block] | Foreign Currency Results of operations for foreign subsidiaries and foreign equity investees are trans lated into U.S. dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into U.S. dollars using the exchange rates at the balance sheet date. The related translation adjustme nts are recorded in a separate component of shareholders’ equity (deficit), “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in operations. |
New Accounting Pronouncements [Policy Text Block] | New Accounting Pronouncements During the first quarter of 2015, the Company adopted the Financial Accounting Standards Board’s (“FASB”) ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . This update provides guidance for the recognition, measurement and disclosure of discontinued operations. The adoption of this guidance did not have a material effe ct on the Company’s consolidated financial statements. During the first quarter of 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis . This new standard eliminates the deferral of FAS 167, which has allowed entities with interest in certain investment funds to follow the previous consolidation guidance in FIN 46(R), and makes other changes to both the variable interest model and the voting model. The standard is effective for annual periods, and for 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. During the second quarter of 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . This update requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that direct debt liability. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. The Company will adopt this standard in the first quarter of 2016. During the third quarter of 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . This update provides a one-year deferral of the effective date for ASU No. 2014-09, Revenue from Contracts with Customers . ASU No. 2014-09 provides guidance for the recognition, measurement and disclosure of revenue resulting from contracts with customers and will supersede vir tually 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, 2017. The Company is currently evaluating the impact of the provis ions of this new standard on its financial position and results of operations. During the third quarter of 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . This update eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, inc luding the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The standard is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the impact of the provisions of this new standard on its financial position and results of operations. During the fourth quarter of 2015, the Company adopted FASB’s ASU No. 2015-17, Income Taxes (To pic 740), Balance Sheet Classification of Deferred Taxes . This update requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The ad option of this guidance did not have a material effect on the Company’s consolidated financial statements. |
Property, Plant And Equipment24
Property, Plant And Equipment, Intangible Assets And Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract] | |
Schedule of Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of December 31, 2015 and 2014, respectively. (In thousands) December 31, December 31, 2015 2014 Land, buildings and improvements $ 167,739 $ 198,280 Structures 2,824,794 2,999,582 Furniture and other equipment 156,046 152,084 Construction in progress 54,701 75,469 3,203,280 3,425,415 Less: accumulated depreciation 1,575,294 1,519,764 Property, plant and equipment, net $ 1,627,986 $ 1,905,651 |
Schedule of Other Intangible Assets [Table Text Block] | The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of December 31, 2015 and 2014, respectively: (In thousands) December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 635,772 $ (457,060) $ 716,722 $ (476,523) Permanent easements 156,349 - 171,272 - Other 9,687 (1,884) 2,912 (2,319) Total $ 801,808 $ (458,944) $ 890,906 $ (478,842) |
Schedule of Future Amortization Expenses [Table Text Block] | As acquisitions and dispositions occur in the future, amortization expense may vary. 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) 2016 $ 38,112 2017 $ 29,963 2018 $ 21,246 2019 $ 16,838 2020 $ 14,813 |
Schedule of Changes in Carrying Amount of Goodwill [Table Text Block] | The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments: (In thousands) Americas International Consolidated Balance as of December 31, 2013 $ 585,227 $ 264,907 $ 850,134 Foreign currency (653) (32,369) (33,022) Balance as of December 31, 2014 $ 584,574 $ 232,538 $ 817,112 Acquisitions - 10,998 10,998 Foreign currency (709) (19,644) (20,353) Assets held for sale (49,182) - (49,182) Balance as of December 31, 2015 $ 534,683 $ 223,892 $ 758,575 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Schedule of Investments in Nonconsolidated Affiliates [Table Text Block] | (In thousands) Buspak All Others Total Balance as of December 31, 2013 $ 10,495 $ 4,896 $ 15,391 Equity in net earnings (loss) 5,139 (1,350) 3,789 Divestitures of investments, net (15,821) (333) (16,154) Cash advances - 2,290 2,290 Foreign currency translation adjustments 187 (110) 77 Balance as of December 31, 2014 $ - $ 5,393 $ 5,393 Equity in net loss - (289) (289) Cash advances - 711 711 Foreign currency translation adjustments - (89) (89) Balance as of December 31, 2015 $ - $ 5,726 $ 5,726 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation [Abstract] | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | (In thousands) Years Ended December 31, 2015 2014 Beginning balance $ 48,161 $ 54,832 Adjustment due to changes in estimates 2,024 (6,508) Accretion of liability 546 7,340 Liabilities settled (2,720) (5,669) Foreign Currency (2,886) (1,834) Ending balance $ 45,125 $ 48,161 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt [Abstract] | |
Schedule of Long-Term Debt [Table Text Block] | NOTE 5 – LONG-TERM DEBT Long-term debt at December 31, 2015 and 2014 consisted of the following: (In thousands) December 31, December 31, 2015 2014 Clear Channel Worldwide Holdings Notes $ 4,925,000 $ 4,925,000 Clear Channel International B.V. Senior Notes 225,000 - Senior revolving credit facility due 2018 - - Other debt 19,003 15,107 Original issue discount (7,769) (6,178) Total debt $ 5,161,234 $ 4,933,929 Less: current portion 4,310 3,461 Total long-term debt $ 5,156,924 $ 4,930,468 |
Schedule Of Long-Term Debt Senior Notes [Table Text Block] | Senior Notes As of December 31, 2015 and 2014, the Company had Senior Notes consisting of: (In thousands) December 31, December 31, Maturity Date Interest Rate Interest Payment Terms 2015 2014 CCWH Senior Notes: 6.5% Series A Senior Notes Due 2022 11/15/2022 6.5% Payable to the trustee weekly in arrears and to the noteholders on May 15 and November 15 of each year $ 735,750 735,750 6.5% Series B Senior Notes Due 2022 11/15/2022 6.5% Payable to the trustee weekly in arrears and to the noteholders on May 15 and November 15 of each year 1,989,250 1,989,250 CCWH Senior Subordinated Notes: 7.625% Series A Senior Notes Due 2020 3/15/2020 7.625% Payable to the trustee weekly in arrears and to the noteholders on March 15 and September 15 of each year 275,000 275,000 7.625% Series B Senior Notes Due 2020 3/15/2020 7.625% Payable to the trustee weekly in arrears and to the noteholders on March 15 and September 15 of each year 1,925,000 1,925,000 Total CCWH Notes $ 4,925,000 $ 4,925,000 Clear Channel International B.V. Senior Notes: 8.75% Senior Notes Due 2020 12/15/2020 8.750% Payable semi-annually in arrears on June 15 and December 15 of each year 225,000 - Total Senior Notes $ 5,150,000 4,925,000 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | (in thousands) 2016 $ 4,310 2017 8,248 2018 5,078 2019 344 2020 2,425,370 Thereafter 2,725,653 Total (1) $ 5,169,003 (1) Excludes original issue discount of $7.8 million, which is amortized through interest expense over the life of the underlying debt obligations. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Schedule of Future Minimum Commitments [Table Text Block] | As of December 31, 2015, the Company’s future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, capital expenditure commitments and employment contracts consist of the following: (In thousands) Capital Non-Cancelable Non-Cancelable Expenditure Employment Operating Lease Contracts Commitments Contracts 2016 $ 299,811 $ 367,201 $ 41,180 $ 4,926 2017 247,495 276,180 10,691 3,276 2018 224,798 217,963 2,253 888 2019 196,797 181,251 1,064 - 2020 171,871 153,000 1,270 - Thereafter 965,150 359,108 12,545 - Total $ 2,105,922 $ 1,554,703 $ 69,003 $ 9,090 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) Years Ended December 31, 2015 2014 2013 Current - federal $ (270) $ 2,001 $ (1,470) Current - foreign (45,322) (26,281) (45,327) Current - state (1,046) (502) 772 Total current expense (46,638) (24,782) (46,025) Deferred - federal (8,259) 26,744 21,369 Deferred - foreign 5,282 4,307 8,278 Deferred - state (562) 2,518 1,569 Total deferred benefit (expense) (3,539) 33,569 31,216 Income tax benefit (expense) $ (50,177) $ 8,787 $ (14,809) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) December 31, December 31, 2015 2014 Deferred tax liabilities: Intangibles and fixed assets $ 927,779 $ 946,960 Equity in earnings 2,374 1,740 Other 16,036 10,891 Total deferred tax liabilities 946,189 959,591 Deferred tax assets: Accrued expenses 17,121 18,185 Net operating loss carryforwards 472,975 478,754 Bad debt reserves 3,256 3,520 Other 29,006 23,271 Total deferred tax assets 522,358 523,730 Less: Valuation allowance 185,079 168,555 Net deferred tax assets 337,279 355,175 Net deferred tax liabilities $ 608,910 $ 604,416 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (In thousands) Years Ended December 31, 2015 2014 2013 Amount Percent Amount Percent Amount Percent Income tax benefit (expense) at statutory rates $ 7,396 35% $ (2,916) 35% $ 3,331 35% State income taxes, net of federal tax effect 2,238 10% 2,016 (24%) 2,342 25% Foreign income taxes (23,062) (109%) 11,434 (137%) (19,777) (208%) Nondeductible items (754) (3%) (722) 9% (613) (7%) Changes in valuation allowance and other estimates (33,684) (159%) 2,941 (35%) (2,488) (26%) Other, net (2,311) (11%) (3,966) 47% 2,396 25% Income tax benefit (expense) $ (50,177) (237%) $ 8,787 (105%) $ (14,809) (156%) |
Schedule of Unrecognized Tax Benefits [Table Text Block] | (In thousands) Years Ended December 31, Unrecognized Tax Benefits 2015 2014 Balance at beginning of period $ 39,143 $ 52,619 Increases for tax position taken in the current year 6,311 9,771 Increases for tax positions taken in previous years 1,025 1,752 Decreases for tax position taken in previous years (2,009) (5,148) Decreases due to settlements with tax authorities (689) (2,669) Decreases due to lapse of statute of limitations (3,873) (17,182) Balance at end of period $ 39,908 $ 39,143 |
Equity And Comprehensive Income
Equity And Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Share-Based Payments [Abstract] | |
Schedule of Changes in Shareholders' Deficit and Other Comprehensive Loss [Table Text Block] | NOTE 9 – SHAREHOLDERS’ EQUITY (DEFICIT) 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 as of January 1, 2015 $ (344,275) $ 203,334 $ (140,941) Net income (loss) (96,072) 24,764 (71,308) Dividends declared (217,796) - (217,796) Dividends and other payments to noncontrolling interests - (30,870) (30,870) Share-based compensation 8,359 - 8,359 Foreign currency translation adjustments (101,575) (11,154) (112,729) Unrealized holding gain on marketable securities 553 - 553 Other adjustments to comprehensive loss (10,266) - (10,266) Reclassifications 808 - 808 Other, net 2,822 1,701 4,523 Balances as of December 31, 2015 $ (757,442) $ 187,775 $ (569,667) Balances as of January 1, 2014 $ (41,938) $ 202,046 $ 160,108 Net income (loss) (9,590) 26,709 17,119 Dividends paid (175,022) - (175,022) Dividends and other payments to noncontrolling interests - (18,995) (18,995) Share-based compensation 7,743 - 7,743 Foreign currency translation adjustments (116,678) (6,426) (123,104) Unrealized holding gain on marketable securities 327 - 327 Other adjustments to comprehensive loss (11,438) - (11,438) Reclassifications 8 - 8 Other, net 2,313 - 2,313 Balances as of December 31, 2014 $ (344,275) $ 203,334 $ (140,941) |
Schedule of Stock Options Valuation Assumptions [Table Text Block] | Years Ended December 31, 2015 2014 2013 Expected volatility 37% – 56% 54% – 56% 55% – 56% Expected life in years 6.3 6.3 6.3 Risk-free interest rate 1.70% – 2.07% 1.73% – 2.08% 1.05% – 2.19% Dividend yield 0% 0% 0% |
Schedule of Stock Options Vested and Expected to Vest Outstanding [Table Text Block] | (In thousands, except per share data) Options Price (3) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2015 6,025 $ 9.92 Granted (1) 921 9.96 Exercised (2) (622) 6.11 Forfeited (34) 8.74 Expired (942) 12.45 Outstanding, December 31, 2015 5,348 9.93 5.6 years $ 1,049 Exercisable 3,658 10.33 4.2 years $ 1,049 Expected to vest 1,535 9.02 8.4 years $ - |
Schedule of Unvested Stock Options Activity [Table Text Block] | (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2015 1,553 $ 4.92 Granted 921 4.25 Vested (1) (750) 5.56 Forfeited (34) 4.92 Unvested, December 31, 2015 1,690 4.27 |
Schedule of Restricted Stock and Restricted Stock Units Activity [Table Text Block] | (In thousands, except per share data) Awards Price Outstanding, January 1, 2015 2,458 $ 7.54 Granted 702 10.35 Vested (restriction lapsed) (340) 6.13 Forfeited (58) 8.39 Outstanding, December 31, 2015 2,762 8.43 |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | (In thousands, except per share data) Years Ended December 31, 2015 2014 2013 NUMERATOR: Net loss attributable to the Company – common shares $ (96,072) $ (9,590) $ (48,460) Less: Participating securities dividends - - 2,566 Net income (loss) attributable to the Company per common share – basic and diluted $ (96,072) $ (9,590) $ (51,026) DENOMINATOR: Weighted average common shares outstanding – basic 359,508 358,565 357,662 Effect of dilutive securities: Weighted average common shares outstanding – diluted 359,508 358,565 357,662 Net income (loss) attributable to the Company per common share: Basic $ (0.27) $ (0.03) $ (0.14) Diluted $ (0.27) $ (0.03) $ (0.14) (1) 8.1 million, 8.5 million and 8.8 million stock options and restricted shares were outstanding at December 31, 2015, 2014 and 2013, respectively, that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
Other Information (Tables)
Other Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Information Disclosure [Abstract] | |
Schedule of Other Income (Expense) [Table Text Block] | (In thousands) Years Ended December 31, 2015 2014 2013 Foreign exchange loss $ 14,790 $ 15,460 $ 1,674 Other (2,403) (275) (658) Total other income (expense) — net $ 12,387 $ 15,185 $ 1,016 |
Schedule of Other Current Assets [Table Text Block] | (In thousands) As of December 31, 2015 2014 Deferred loan costs $ 9,514 $ 8,080 Inventory 23,514 21,892 Deposits 1,954 3,124 Other receivables 2,278 2,788 Other 6,820 10,170 Total other current assets $ 44,080 $ 46,054 |
Schedule of Other Assets [Table Text Block] | (In thousands) As of December 31, 2015 2014 Prepaid expenses $ 69,807 $ 53,669 Deferred loan costs 40,897 41,862 Deposits 24,672 26,283 Investments 8,432 7,509 Other 4,629 3,758 Total other assets $ 148,437 $ 133,081 |
Schedule of Other Long-Term Liabilities [Table Text Block] | (In thousands) As of December 31, 2015 2014 Unrecognized tax benefits $ 23,802 $ 25,279 Asset retirement obligation 45,125 48,161 Employee related liabilities 47,491 39,963 Deferred rent 98,282 94,946 Other 25,719 26,451 Total other long-term liabilities $ 240,419 $ 234,800 |
Schedule of Accumulated Other Comprehensive Loss [Table Text Block] | (In thousands) As of December 31, 2015 2014 Cumulative currency translation adjustments and other $ (453,995) $ (342,909) Cumulative unrealized gain on securities 2,162 1,556 Total accumulated other comprehensive loss $ (451,833) $ (341,353) |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Data [Abstract] | |
Schedule of Operating Segment Results [Table Text Block] | The following table presents the Company’s reportable segment results for the years ended December 31, 2015, 2014 and 2013: (In thousands) Americas Outdoor Advertising International Outdoor Advertising Corporate and other reconciling items Consolidated Year Ended December 31, 2015 Revenue $ 1,349,021 $ 1,457,183 $ - $ 2,806,204 Direct operating expenses 597,382 897,520 - 1,494,902 Selling, general and administrative expenses 233,254 298,250 - 531,504 Corporate expenses - - 116,380 116,380 Depreciation and amortization 204,514 166,060 5,388 375,962 Impairment charges - - 21,631 21,631 Other operating loss, net - - (4,824) (4,824) Operating income (loss) $ 313,871 $ 95,353 $ (148,223) $ 261,001 Segment assets $ 3,567,763 $ 1,581,710 $ 1,207,726 $ 6,357,199 Capital expenditures $ 82,165 $ 132,554 $ 3,613 $ 218,332 Share-based compensation expense $ - $ - $ 8,359 $ 8,359 Year Ended December 31, 2014 Revenue $ 1,350,623 $ 1,610,636 $ - $ 2,961,259 Direct operating expenses 605,771 991,117 - 1,596,888 Selling, general and administrative expenses 233,641 314,878 - 548,519 Corporate expenses - - 130,894 130,894 Depreciation and amortization 203,928 198,143 4,172 406,243 Impairment charges - - 3,530 3,530 Other operating income, net - - 7,259 7,259 Operating income (loss) $ 307,283 $ 106,498 $ (131,337) $ 282,444 Segment assets $ 3,664,574 $ 1,680,598 $ 1,001,400 $ 6,346,572 Capital expenditures $ 109,727 $ 117,480 $ 3,962 $ 231,169 Share-based compensation expense $ - $ - $ 7,743 $ 7,743 Year Ended December 31, 2013 Revenue $ 1,385,757 $ 1,560,433 $ - $ 2,946,190 Direct operating expenses 610,750 983,978 - 1,594,728 Selling, general and administrative expenses 243,456 300,116 - 543,572 Corporate expenses - - 124,399 124,399 Depreciation and amortization 206,031 194,493 2,646 403,170 Impairment charges - - 13,150 13,150 Other operating income, net - - 22,979 22,979 Operating income (loss) $ 325,520 $ 81,846 $ (117,216) $ 290,150 Segment assets $ 3,823,347 $ 1,899,648 $ 1,020,094 $ 6,743,089 Capital expenditures $ 96,590 $ 100,949 $ 8,648 $ 206,187 Share-based compensation expense $ - $ - $ 7,725 $ 7,725 |
Quarterly Results Of Operatio33
Quarterly Results Of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results of Operations (Unaudited) [Abstract] | |
Schedule of Quarterly Results of Operations (Unaudited) [Table Text Block] | Three Months Ended March 31, Three Months Ended June 30, Three Months Ended September 30, Three Months Ended December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Revenue $ 615,043 $ 635,251 $ 722,819 $ 781,205 $ 696,277 $ 742,794 $ 772,065 $ 802,009 Operating expenses: Direct operating expenses 362,971 381,513 372,342 413,144 372,716 400,834 386,873 401,397 Selling, general and administrative expenses 127,130 132,949 132,522 140,271 132,559 139,613 139,293 135,686 Corporate expenses 28,753 30,697 30,154 33,333 28,347 33,548 29,126 33,316 Depreciation and amortization 94,094 98,742 93,405 98,726 93,040 100,416 95,423 108,359 Impairment charges - - - - 21,631 - - 3,530 Other operating income (expense), net (5,444) 2,654 659 247 5,029 4,623 (5,068) (265) Operating income (loss) (3,349) (5,996) 95,055 95,978 53,013 73,006 116,282 119,456 Interest expense 89,416 89,262 88,556 88,212 88,088 87,695 89,609 88,096 Interest income on Due from iHeartCommunications 15,253 14,673 15,049 15,227 15,630 15,105 15,507 15,174 Equity in earnings (loss) of nonconsolidated affiliates 522 (736) (351) 327 (812) 4,185 352 13 Other income (expense), net 19,938 1,898 15,276 11,983 (17,742) 2,191 (5,085) (887) Income (loss) before income taxes (57,052) (79,423) 36,473 35,303 (37,999) 6,792 37,447 45,660 Income tax benefit (expense) 24,099 (16,946) (27,187) 24,820 22,797 (5,372) (69,886) 6,285 Consolidated net income (loss) (32,953) (96,369) 9,286 60,123 (15,202) 1,420 (32,439) 51,945 Less amount attributable to noncontrolling interest 565 501 7,876 9,086 7,379 8,483 8,944 8,639 Net income (loss) attributable to the Company $ (33,518) $ (96,870) $ 1,410 $ 51,037 $ (22,581) $ (7,063) $ (41,383) $ 43,306 Net income (loss) per common share: Basic $ (0.09) $ (0.27) $ - $ 0.14 $ (0.06) $ (0.02) $ (0.12) $ 0.12 Diluted $ (0.09) $ (0.27) $ - $ 0.14 $ (0.06) $ (0.02) $ (0.12) $ 0.12 |
Guarantor Subsidiaries (Tables)
Guarantor Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantor Subsidiaries [Abstract] | |
Schedule Of Guarantor Obligations, Balance Sheet | NOTE 14 – 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) December 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 218,701 $ - $ 18,455 $ 175,587 $ - $ 412,743 Accounts receivable, net of allowance - - 210,252 487,331 - 697,583 Intercompany receivables - 467,287 1,915,287 8,003 (2,390,577) - Prepaid expenses 1,423 3,433 62,039 60,835 - 127,730 Assets held for sale 295,075 295,075 Other current assets - 6,850 3,053 34,177 - 44,080 Total Current Assets 220,124 477,570 2,504,161 765,933 (2,390,577) 1,577,211 Structures, net - - 868,586 523,294 - 1,391,880 Other property, plant and equipment, net - - 129,339 106,767 - 236,106 Indefinite-lived intangibles - - 962,074 9,253 - 971,327 Other intangibles, net - - 272,307 70,557 - 342,864 Goodwill - - 522,750 235,825 - 758,575 Due from iHeartCommunications 930,799 - - - - 930,799 Intercompany notes receivable 182,026 5,107,392 - - (5,289,418) - Other assets 78,341 336,328 1,218,819 52,508 (1,537,559) 148,437 Total Assets $ 1,411,290 $ 5,921,290 $ 6,478,036 $ 1,764,137 $ (9,217,554) $ 6,357,199 Accounts payable $ - $ - $ 12,124 $ 88,086 $ - $ 100,210 Intercompany payable 1,915,287 - 475,290 - (2,390,577) - Accrued expenses 953 (707) 108,480 398,939 - 507,665 Dividends payable 217,017 - - - - 217,017 Deferred income - - 37,471 53,940 - 91,411 Current portion of long-term debt - - 65 4,245 - 4,310 Total Current Liabilities 2,133,257 (707) 633,430 545,210 (2,390,577) 920,613 Long-term debt - 4,919,440 1,014 236,470 - 5,156,924 Intercompany notes payable - - 5,032,499 256,919 (5,289,418) - Deferred tax liability 772 1,367 599,541 7,230 - 608,910 Other long-term liabilities 1,587 - 133,227 105,605 - 240,419 Total shareholders' equity (deficit) (724,326) 1,001,190 78,325 612,703 (1,537,559) (569,667) Total Liabilities and Shareholders' Equity $ 1,411,290 $ 5,921,290 $ 6,478,036 $ 1,764,137 $ (9,217,554) $ 6,357,199 (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 5,646 33,558 - 46,054 Total Current Assets 2,204 266,360 2,004,787 809,733 (2,018,974) 1,064,110 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 $ 6,465,207 $ 1,889,173 $ (9,392,186) $ 6,346,572 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 85 592,002 11,557 - 604,416 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 $ 6,465,207 $ 1,889,173 $ (9,392,186) $ 6,346,572 |
Schedule Of Guarantor Obligations, Income Statement | (In thousands) Year Ended December 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 1,193,320 $ 1,612,884 $ - $ 2,806,204 Operating expenses: Direct operating expenses - - 507,729 987,173 - 1,494,902 Selling, general and administrative expenses - - 199,769 331,735 - 531,504 Corporate expenses 13,049 - 58,576 44,755 - 116,380 Depreciation and amortization - - 194,891 181,071 - 375,962 Impairment charges - - 21,631 - - 21,631 Other operating income (expense), net (458) - (7,732) 3,366 - (4,824) Operating income (loss) (13,507) - 202,992 71,516 - 261,001 Interest expense 2 352,329 1,630 1,708 - 355,669 Interest income on Due from iHeartCommunications 61,439 - - - - 61,439 Intercompany interest income 16,068 340,457 62,002 - (418,527) - Intercompany interest expense 61,439 - 356,525 563 (418,527) - Equity in earnings (loss) of nonconsolidated affiliates (76,018) 10,383 5,609 (1,935) 61,672 (289) Other income, net 2,915 3,440 20,318 10,289 (24,575) 12,387 Income (loss) before income taxes (70,544) 1,951 (67,234) 77,599 37,097 (21,131) Income tax expense (953) (575) (8,784) (39,865) - (50,177) Consolidated net income (loss) (71,497) 1,376 (76,018) 37,734 37,097 (71,308) Less amount attributable to noncontrolling interest - - - 24,764 - 24,764 Net income (loss) attributable to the Company $ (71,497) $ 1,376 $ (76,018) $ 12,970 $ 37,097 $ (96,072) Other comprehensive (loss), net of tax: Foreign currency translation adjustments - (3,440) (16,605) (92,684) - (112,729) Unrealized holding gain on marketable securities - - - 553 - 553 Other adjustments to comprehensive loss - - - (10,266) - (10,266) Reclassification adjustments - - - 808 - 808 Equity in subsidiary comprehensive income (110,480) (61,867) (93,875) - 266,222 - Comprehensive loss (181,977) (63,931) (186,498) (88,619) 303,319 (217,706) Less amount attributable to noncontrolling interest - - - (11,154) - (11,154) Comprehensive loss attributable to the Company $ (181,977) $ (63,931) $ (186,498) $ (77,465) $ 303,319 $ (206,552) (In thousands) Year Ended December 31, 2014 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 1,162,842 $ 1,798,417 $ - $ 2,961,259 Operating expenses: Direct operating expenses - - 495,651 1,101,237 - 1,596,888 Selling, general and administrative expenses - - 196,653 351,866 - 548,519 Corporate expenses 12,274 - 67,989 50,631 - 130,894 Depreciation and amortization - - 194,396 211,847 - 406,243 Impairment charges - - 3,530 - - 3,530 Other operating income (expense), net (541) - 3,235 4,565 - 7,259 Operating income (loss) (12,815) - 207,858 87,401 - 282,444 Interest (income) expense, net (6) 352,280 1,555 (564) - 353,265 Interest income on Due from iHeartCommunications 60,179 - - - - 60,179 Intercompany interest income 15,624 340,824 61,073 - (417,521) - Intercompany interest expense 60,179 - 356,448 894 (417,521) - Loss on marketable securities - - - - - - Equity in earnings (loss) of nonconsolidated affiliates (15,463) 46,938 42,382 2,038 (72,106) 3,789 Other income (expense), net 4,122 - (2,691) 13,754 - 15,185 Income (loss) before income taxes (8,526) 35,482 (49,381) 102,863 (72,106) 8,332 Income tax benefit (expense) (1,064) (276) 33,918 (23,791) - 8,787 Consolidated net income (loss) (9,590) 35,206 (15,463) 79,072 (72,106) 17,119 Less amount attributable to noncontrolling interest - - - 26,709 - 26,709 Net income (loss) attributable to the Company $ (9,590) $ 35,206 $ (15,463) $ 52,363 $ (72,106) $ (9,590) Other comprehensive loss, net of tax: Foreign currency translation adjustments - 21 (8,471) (114,654) - (123,104) Unrealized holding gain on marketable securities - - - 327 - 327 Other adjustments to comprehensive loss - - - (11,438) - (11,438) Reclassification adjustments - - - 8 - 8 Equity in subsidiary comprehensive income (127,781) (117,825) (119,310) - 364,916 - Comprehensive loss (137,371) (82,598) (143,244) (73,394) 292,810 (143,797) Less amount attributable to noncontrolling interest - - - (6,426) - (6,426) Comprehensive loss attributable to the Company $ (137,371) $ (82,598) $ (143,244) $ (66,968) $ 292,810 $ (137,371) (In thousands) Year Ended December 31, 2013 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 1,197,261 $ 1,748,929 $ - $ 2,946,190 Operating expenses: Direct operating expenses - - 506,200 1,088,528 - 1,594,728 Selling, general and administrative expenses - - 205,240 338,332 - 543,572 Corporate expenses 13,057 3 64,987 46,352 - 124,399 Depreciation and amortization - - 194,793 208,377 - 403,170 Impairment charges - - - 13,150 - 13,150 Other operating income (expense), net (494) - 28,129 (4,656) - 22,979 Operating income (loss) (13,551) (3) 254,170 49,534 - 290,150 Interest (income) expense, net (143) 353,189 993 (1,256) - 352,783 Interest income on due with iHeartCommunications 54,210 - - - - 54,210 Intercompany interest income 15,112 341,612 54,857 - (411,581) - Intercompany interest expense 54,436 - 356,724 421 (411,581) - Loss on marketable securities - - - (18) - (18) Equity in loss of nonconsolidated affiliates (50,279) (12,274) (12,216) (3,588) 76,265 (2,092) Other income (expense), net 1,432 - (9,760) 9,344 - 1,016 Income (loss) before income taxes (47,369) (23,854) (70,666) 56,107 76,265 (9,517) Income tax benefit (expense) (1,091) 4,184 20,387 (38,289) - (14,809) Consolidated net income (loss) (48,460) (19,670) (50,279) 17,818 76,265 (24,326) Less amount attributable to noncontrolling interest - - - 24,134 - 24,134 Net loss attributable to the Company $ (48,460) $ (19,670) $ (50,279) $ (6,316) $ 76,265 $ (48,460) Other comprehensive income (loss), net of tax Foreign currency translation adjustments (31) (20) (7,214) (2,389) - (9,654) Unrealized loss on marketable securities - - - 1,187 - 1,187 Other adjustments to comprehensive income - - - 6,732 - 6,732 Reclassification adjustments (1,432) - - - - (1,432) Equity in subsidiary comprehensive income 490 9,159 7,704 - (17,353) - Comprehensive loss (49,433) (10,531) (49,789) (786) 58,912 (51,627) Less amount attributable to noncontrolling interest - - - (2,194) - (2,194) Comprehensive income (loss) attributable to the Company $ (49,433) $ (10,531) $ (49,789) $ 1,408 $ 58,912 $ (49,433) |
Schedule Of Guarantor Obligations, Cash Flow | (In thousands) Year Ended December 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (71,497) $ 1,376 $ (76,018) $ 37,734 $ 37,097 $ (71,308) Reconciling items: Impairment charges - - 21,631 - - 21,631 Depreciation and amortization - - 194,891 181,071 - 375,962 Deferred taxes - 1,282 7,539 (5,282) - 3,539 Provision for doubtful accounts - - 5,398 7,986 - 13,384 Share-based compensation - - 5,712 2,647 - 8,359 Gain on sale of operating and fixed assets - - (1,235) (4,233) - (5,468) Amortization of deferred financing charges and note discounts, net - 7,468 1,230 72 - 8,770 Other reconciling items, net 76,018 (13,823) (4,270) (9,404) (61,672) (13,151) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable - - (12,878) (43,702) - (56,580) (Increase) decrease in prepaids and other current assets (124) (3,433) 4,664 (2,835) - (1,728) Increase (decrease) in accrued expenses 486 (4,182) 5,491 (1,302) - 493 Increase (decrease) in accounts payable - - (15,742) 26,424 19,960 30,642 Increase (decrease) in deferred income - - (6,879) 9,428 - 2,549 Changes in other operating assets and liabilities - - (17,114) (1,047) - (18,161) Net cash provided by (used for) operating activities $ 4,883 $ (11,312) $ 112,420 $ 197,557 $ (4,615) $ 298,933 Cash flows from investing activities: Purchases of property, plant and equipment - - (72,374) (145,958) - (218,332) Proceeds from disposal of assets - - 4,626 6,638 - 11,264 Purchases of other operating assets - - (23,042) (598) - (23,640) Purchases of businesses - - - (24,701) - (24,701) Decrease in intercompany notes receivable, net - 70,125 - - (70,125) - Dividends from subsidiaries - 157,570 - - (157,570) - Change in other, net - (8,606) (909) (2,314) 9,513 (2,316) Net cash provided by (used for) investing activities $ - $ 219,089 $ (91,699) $ (166,933) $ (218,182) $ (257,725) Cash flows from financing activities: Payments on credit facilities - - - (3,849) - (3,849) Proceeds from long-term debt - - - 222,777 - 222,777 Payments on long-term debt - - (56) - - (56) Net transfers to iHeartCommunications 17,007 - - - - 17,007 Payments to repurchase of noncontrolling interests - - - (234) - (234) Dividends and other payments to noncontrolling interests - - - (30,870) - (30,870) Dividends paid - - - (182,145) 182,145 - Decrease in intercompany notes payable, net - - (4,625) (65,500) 70,125 - Intercompany funding 193,021 (207,777) 2,415 12,341 - - Deferred financing charges - - - (8,606) - (8,606) Change in other, net 2,885 - - 9,513 (9,513) 2,885 Net cash provided by (used for) financing activities 212,913 (207,777) (2,266) (46,573) 242,757 199,054 Effect of exchange rate changes on cash - - - (13,723) - (13,723) Net inc (dec) in cash and cash equivalents 217,796 - 18,455 (29,672) 19,960 226,539 Cash and cash equivalents at beginning of year 905 - - 205,259 (19,960) 186,204 Cash and cash equivalents at end of year $ 218,701 $ - $ 18,455 $ 175,587 $ - $ 412,743 (In thousands) Year Ended December 31, 2014 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (9,590) $ 35,206 $ (15,463) $ 79,072 $ (72,106) $ 17,119 Reconciling items: Impairment charges - - 3,530 - - 3,530 Depreciation and amortization - - 194,396 211,847 - 406,243 Deferred taxes 597 - (29,835) (4,331) - (33,569) Provision for doubtful accounts - - 3,247 3,903 - 7,150 Share-based compensation - - 5,006 2,737 - 7,743 Gain on sale of operating and fixed assets - - (3,236) (4,565) - (7,801) Amortization of deferred financing charges and note discounts, net - 7,428 1,232 - - 8,660 Other reconciling items, net 15,463 (46,938) (41,398) (17,483) 72,106 (18,250) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: (Increase) decrease in accounts receivable - - 404 (39,022) - (38,618) (Increase) decrease in prepaids and other current assets 94 - 6,368 (480) - 5,982 Increase (decrease) in accrued expenses (258) 2,133 (2,666) 19,914 - 19,123 Increase (decrease) in accounts payable - - 16,126 (626) (19,960) (4,460) Increase (decrease) in deferred income - - 1,735 (7,105) - (5,370) Changes in other operating assets and liabilities - - 1,143 (20,202) - (19,059) Net cash provided by (used for) operating activities $ 6,306 $ (2,171) $ 140,589 $ 223,659 $ (19,960) $ 348,423 Cash flows from investing activities: Purchases of property, plant and equipment - - (96,695) (134,474) - (231,169) Proceeds from disposal of assets - - 6,216 6,645 - 12,861 Purchases of other operating assets - - (252) (321) - (573) Proceeds from sale of investment securities - - - 15,834 - 15,834 Decrease in intercompany notes receivable, net - 84,264 - - (84,264) - Dividends from subsidiaries - - 3,182 - (3,182) - Change in other, net - - (11) (3,373) - (3,384) Net cash provided by (used for) investing activities $ - $ 84,264 $ (87,560) $ (115,689) $ (87,446) $ (206,431) Cash flows from financing activities: Draws on credit facilities - - - 3,010 - 3,010 Payments on credit facilities - - - (3,682) - (3,682) Payments on long-term debt - - (48) - - (48) Net transfers to iHeartCommunications (68,804) - - - - (68,804) Dividends and other payments to noncontrolling interests - - - (18,995) - (18,995) Dividends paid (175,022) - - (3,182) 3,182 (175,022) Decrease in intercompany notes payable, net - - - (84,264) 84,264 - Intercompany funding 153,004 (82,093) (58,862) (12,049) - - Change in other, net 2,236 - (4) - - 2,232 Net cash used for financing activities (88,586) (82,093) (58,914) (119,162) 87,446 (261,309) Effect of exchange rate changes on cash - - - (9,024) - (9,024) Net decrease in cash and cash equivalents (82,280) - (5,885) (20,216) (19,960) (128,341) Cash and cash equivalents at beginning of year 83,185 - 5,885 225,475 - 314,545 Cash and cash equivalents at end of year $ 905 $ - $ - $ 205,259 $ (19,960) $ 186,204 (In thousands) Year Ended December 31, 2013 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (48,460) $ (19,670) $ (50,279) $ 17,818 $ 76,265 $ (24,326) Reconciling items: Impairment charges - - - 13,150 - 13,150 Depreciation and amortization - - 194,793 208,377 - 403,170 Deferred taxes (51) - (22,225) (8,940) - (31,216) Provision for doubtful accounts - - 3,211 1,913 - 5,124 Share-based compensation - - 4,881 2,844 - 7,725 (Gain) loss on sale of operating and fixed assets 494 - (28,129) 4,656 - (22,979) Loss on marketable securities - - - 18 - 18 Amortization of deferred financing charges and note discounts, net - 7,391 1,171 - - 8,562 Other reconciling items, net 48,847 12,274 15,241 2,091 (76,265) 2,188 Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: (Increase) decrease in accounts receivable - - 47,475 (4,046) - 43,429 (Increase) decrease in prepaid expenses and other current assets 227 - (981) (5,588) - (6,342) Increase (decrease) in accrued expenses 330 75,109 (67,019) 10,884 - 19,304 Decrease in accounts payable - (20) (2,131) (13,049) 4,793 (10,407) Increase (decrease) in deferred income - - (7,582) 7,916 - 334 Changes in other operating assets and liabilities - - 6,675 231 - 6,906 Net cash provided by operating activities 1,387 75,084 95,101 238,275 4,793 414,640 Cash flows from investing activities: Purchases of property, plant and equipment - - (96,873) (109,314) - (206,187) Proceeds from disposal of assets - - 33,925 8,209 - 42,134 Purchases of other operating assets - - (9,480) (1,003) - (10,483) Purchases of businesses Increase in intercompany notes receivable, net - 127,305 - - (127,305) - Dividends from subsidiaries 1,153 - - - (1,153) - Change in other, net - - (16) (3,127) - (3,143) Net cash provided by (used for) investing activities 1,153 127,305 (72,444) (105,235) (128,458) (177,679) Cash flows from financing activities: Draws on credit facilities - - - 2,752 - 2,752 Payments on credit facilities - - - (4,815) - (4,815) Payments on long-term debt - - (41) (6,585) - (6,626) Net transfers to iHeartCommunications (149,957) - - - - (149,957) Deferred financing charges - - (344) - - (344) Payments to repurchase noncontrolling interests - - - (61,143) - (61,143) Dividends and other payments to noncontrolling interests - - - (68,442) - (68,442) Dividends paid (200,010) - - (1,153) 1,153 (200,010) Decrease in intercompany notes payable, net - - - (127,305) 127,305 - Intercompany funding 219,009 (202,389) (16,387) (233) - - Change in other, net 4,192 - - - - 4,192 Net cash used for financing activities (126,766) (202,389) (16,772) (266,924) 128,458 (484,393) Effect of exchange rate changes on cash - - - (2) - (2) Net increase (decrease) in cash and cash equivalents (124,226) - 5,885 (133,886) 4,793 (247,434) Cash and cash equivalents at beginning of year 207,411 - - 359,361 (4,793) 561,979 Cash and cash equivalents at end of year $ 83,185 $ - $ 5,885 $ 225,475 $ - $ 314,545 |
Schedule II - Valuation and Q35
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Valuation And Qualifying Accounts Tables [Abstract] | |
Schedule Of Valuation And Qualifying Accounts Disclosure [Table Text Block] | (In thousands) Charges Balance at to Costs, Write-off Balance Beginning Expenses of Accounts at End of Description of period and other Receivable Other (1) Period Year ended December 31, 2013 $ 36,669 $ 5,124 $ 9,390 $ 724 $ 33,127 Year ended December 31, 2014 $ 33,127 $ 7,150 $ 13,469 $ (2,500) $ 24,308 Year ended December 31, 2015 $ 24,308 $ 13,384 $ 10,585 $ (1,759) $ 25,348 Primarily foreign currency adjustments and acquisition and/or divestiture activity (In thousands) Charges Balance at to Costs, Balance Beginning Expenses at end of Description of Period and other (1) Reversal (2) Adjustments (3) Period Year ended December 31, 2013 $ 179,807 $ 5,647 $ (5) $ (5,165) $ 180,284 Year ended December 31, 2014 $ 180,284 $ 16,819 $ (230) $ (28,318) $ 168,555 Year ended December 31, 2015 $ 168,555 $ 41,704 $ (457) $ (24,723) $ 185,079 During 2013 , 2014 and 2015 , the Company recorded valuation allowances on deferred tax assets attributable to net operating losses in certain foreign jurisdictions due to the uncertainty of the ability to utilize those losses in future periods . D uring 2015, the Company recorded $8.8 million in valuation allowance on foreign net operating losses and in addition, recorded a valuation allowance of $ 32.9 million on a portion of its deferred tax assets attributable to federal and state net operating loss carryforwards due to the uncertainty of the ability to utilize these losses in future periods. During 2013 , 2014 and 2015 , the Company realized the tax benefits associated with certain foreign deferred tax assets, primarily related to foreign loss carryforwards, on which a valuation allowance was previously recorded. The associated valuation allowance was reversed in the period in which, based on the weight of available evidence, it is more-likely-than-not that the deferred tax asset will be realized. During 2013 , 2014 and 2015 , the Company adjusted certain valua tion allowances as a result of changes in tax rates in certain jurisdictions and as a result of the expiration of carryforward periods for net operating loss carryforwards. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill impairment charge | $ 0 | $ 0 | $ 10.7 |
Investment impairments | 0 | 0 | 0 |
Advertising expenses | $ 21.1 | $ 20.1 | $ 18.6 |
Nature of Business [Abstract] | |||
Percentage of Ownership after IPO Transaction | 90.00% | ||
Percentage of Voting Rights | 99.00% | ||
Common Stock, Voting Rights | The holders of Class A common stock and Class B common stock have identical rights, except holders of Class A common stock are entitled to one vote per share while holders of Class B common stock are entitled to 20 votes per share. | ||
Common Stock, Conversion Basis | The holders of Class A common stock and Class B common stock have identical rights, except holders of Class A common stock are entitled to one vote per share while holders of Class B common stock are entitled to 20 votes per share. | ||
Common stock conversion ratio | 1 | ||
Accounting Standards Update - recognition, measurement and disclosure of discontinued operations | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 | ||
Accounting Standards Update - Balance Sheet Classification of Deferred Taxes | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 | ||
Common Class A [Member] | |||
Nature of Business [Abstract] | |||
Common stock outstanding | 10,726,917 | ||
Common stock vote per share | 1 | ||
Common Class B [Member] | |||
Nature of Business [Abstract] | |||
Common stock outstanding | 315,000,000 | ||
Common stock vote per share | 20 | ||
IPO [Member] | |||
Nature of Business [Abstract] | |||
Percentage of stock sold in IPO | 10.00% | ||
Number of shares issued in IPO transaction | 35,000,000 | ||
Operating Expense [Member] | |||
Prior period amounts reclassified to conform to the 2015 presentation | $ 8.2 | ||
Selling, General and Administrative Expenses [Member] | |||
Prior period amounts reclassified to conform to the 2015 presentation | $ 3.2 |
Property, Plant And Equipment37
Property, Plant And Equipment, Intangible Assets And Goodwill (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impairment charge of indefinitive-lived intangible assets | $ 0 | |||
Intangible assets held for sale | $ 41,800,000 | |||
Amortization expense | 49,200,000 | 66,800,000 | $ 70,900,000 | |
Goodwill impairment charge | $ 0 | 0 | (10,700,000) | |
Proceeds from disposition of assets | $ 602,000,000 | |||
Maximum [Member] | ||||
Leases initial terms | 20 years | |||
Minimum [Member] | ||||
Leases initial terms | 10 years | |||
Americas [Member] | ||||
Cumulative goodwill impairment | 2,600,000,000 | |||
International [Member] | ||||
Cumulative goodwill impairment | 326,600,000 | |||
Billboard permits [Member] | ||||
Impairment charge of indefinitive-lived intangible assets | $ 21,600,000 | $ 2,500,000 | $ 35,900,000 |
Property, Plant And Equipment38
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 3,203,280 | $ 3,425,415 |
Less: accumulated depreciation | 1,575,294 | 1,519,764 |
Property, plant and equipment, net | 1,627,986 | 1,905,651 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 167,739 | 198,280 |
Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 2,824,794 | 2,999,582 |
Furniture and other equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 156,046 | 152,084 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 54,701 | $ 75,469 |
Property, Plant And Equipment39
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Definite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 801,808 | $ 890,906 |
Accumulated Amortization | (458,944) | (478,842) |
Transit, street furniture and other contractual rights [Member] | ||
Other Intangible Assets [Line Items] | ||
Gross Carrying Amount | 635,772 | 716,722 |
Accumulated Amortization | (457,060) | (476,523) |
Permanent easements [Member] | ||
Other Intangible Assets [Line Items] | ||
Gross Carrying Amount | 156,349 | 171,272 |
Accumulated Amortization | 0 | 0 |
Other [Member] | ||
Other Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,687 | 2,912 |
Accumulated Amortization | $ (1,884) | $ (2,319) |
Property, Plant And Equipment40
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Future Amortization Expenses) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract] | |
2,016 | $ 38,112 |
2,017 | 29,963 |
2,018 | 21,246 |
2,019 | 16,838 |
2,020 | $ 14,813 |
Property, Plant And Equipment41
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Goodwill) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 817,112,000 | $ 850,134,000 | |
Foreign currency | (20,353,000) | (33,022,000) | |
Impairment | 0 | 0 | $ 10,700,000 |
Acquisitions | 10,998,000 | ||
Assets held for sale | (49,182,000) | ||
Goodwill, Ending Balance | 758,575,000 | 817,112,000 | 850,134,000 |
Americas [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 584,574,000 | 585,227,000 | |
Foreign currency | (709,000) | (653,000) | |
Acquisitions | 0 | ||
Assets held for sale | (49,182,000) | ||
Goodwill, Ending Balance | 534,683,000 | 584,574,000 | 585,227,000 |
International [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 232,538,000 | 264,907,000 | |
Foreign currency | (19,644,000) | (32,369,000) | |
Acquisitions | 10,998,000 | ||
Assets held for sale | 0 | ||
Goodwill, Ending Balance | $ 223,892,000 | $ 232,538,000 | $ 264,907,000 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | Feb. 18, 2014USD ($) |
Percentage of ownership disposed | 50.00% |
Buspak [Member] | |
Percentage of Ownership | 50.00% |
Equity Method Investment Realized Gain Loss On Disposal | $ 4.5 |
Investments (Schedule of Invest
Investments (Schedule of Investments in Nonconsolidated Affiliates) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment, beginning balance | $ 5,393 | $ 15,391 | $ 5,393 | $ 15,391 | |||||||
Equity in net earnings (loss) | $ 352 | $ (812) | $ (351) | 522 | $ 13 | $ 4,185 | $ 327 | (736) | (289) | 3,789 | $ (2,092) |
Additions (dispositions) of investments, net | 0 | (16,154) | |||||||||
Other, net | 711 | 2,290 | |||||||||
Foreign currency translation adjustments and other | (89) | 77 | |||||||||
Investment, ending balance | 5,726 | 5,393 | 5,726 | 5,393 | 15,391 | ||||||
Buspak [Member] | |||||||||||
Investment, beginning balance | 0 | 10,495 | 0 | 10,495 | |||||||
Equity in net earnings (loss) | 0 | 5,139 | |||||||||
Additions (dispositions) of investments, net | 0 | (15,821) | |||||||||
Other, net | 0 | 0 | |||||||||
Foreign currency translation adjustments and other | 0 | 187 | |||||||||
Investment, ending balance | 0 | 0 | 0 | 0 | 10,495 | ||||||
All Others [Member] | |||||||||||
Investment, beginning balance | $ 5,393 | $ 4,896 | 5,393 | 4,896 | |||||||
Equity in net earnings (loss) | (289) | (1,350) | |||||||||
Additions (dispositions) of investments, net | 0 | (333) | |||||||||
Other, net | 711 | 2,290 | |||||||||
Foreign currency translation adjustments and other | (89) | (110) | |||||||||
Investment, ending balance | $ 5,726 | $ 5,393 | $ 5,726 | $ 5,393 | $ 4,896 |
Asset Retirement Obligation (Na
Asset Retirement Obligation (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation [Abstract] | |
Asset retirement obligations description | Due to the high rate of lease renewals over a long period of time, the calculation assumes that all related assets will be removed at some point over the next 50 years. |
Asset Retirement Obligation (Sc
Asset Retirement Obligation (Schedule of Asset Retirement Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance | $ 48,161 | $ 54,832 |
Adjustment due to change in estimate of related costs | 2,024 | (6,508) |
Accretion of liability | 546 | 7,340 |
Liabilities settled | (2,720) | (5,669) |
AssetRetirementObligationForeignCurrencyTranslation | (2,886) | (1,834) |
Ending balance | $ 45,125 | $ 48,161 |
Long-term Debt (Narrative) (Det
Long-term Debt (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2013 | |
Long-term debt | $ 5,161,234,000 | $ 4,933,929,000 | |
Current portion of long-term debt | 4,310,000 | 3,461,000 | |
Letters of Credit Outstanding, Amount | 60,000,000 | ||
Other Debt [Member] | |||
Long-term debt | 19,003,000 | 15,107,000 | |
Current portion of long-term debt | 4,300,000 | ||
Purchase accounting adjustments and original issue discount [Member] | |||
Long-term debt | $ (7,769,000) | (6,178,000) | |
Senior revolving credit facility due 2018 [Member] | |||
Revolving credit facility | $ 75,000,000 | ||
Debt Instrument Restrictive Covenants | The revolving credit facility contains a springing covenant that requires us to maintain a secured leverage ratio (as defined in the revolving credit facility) of not more than 1.5:1 that is tested at the end of a quarter if availability under the facility is less than 75% of the aggregate commitments under the facility. | ||
Letters of Credit Outstanding, Amount | $ 59,400,000 | ||
Line Of Credit Facility Amount Outstanding | 0 | ||
Level 1 [Member] | |||
Market Value of company debt | $ 4,900,000,000 | $ 5,100,000,000 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2013 |
Debt Instrument [Line Items] | |||
Total long-term debt | $ 5,161,234 | $ 4,933,929 | |
Current portion of long-term debt | 4,310 | 3,461 | |
Long Term Debt, Noncurrent | 5,156,924 | 4,930,468 | |
Clear Channel Worldwide Holdings Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 4,925,000 | 4,925,000 | |
Clear Channel International B.V. Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 225,000 | 0 | |
Other Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 19,003 | 15,107 | |
Current portion of long-term debt | 4,300 | ||
Purchase accounting adjustments and original issue discount [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (7,769) | $ (6,178) | |
Senior revolving credit facility due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 |
Long-Term Debt (Schedule of CCW
Long-Term Debt (Schedule of CCWH Senior Notes) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total senior notes | $ 5,161,234 | $ 4,933,929 |
Subisidary Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total senior notes | 5,150,000 | 4,925,000 |
Subisidary Senior Notes [Member] | 6.5% Series A Senior Notes Due 11/15/2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior notes | $ 735,750 | 735,750 |
Stated interest rate | 6.50% | |
Subisidary Senior Notes [Member] | 6.5% Series B Senior Notes Due 11/15/2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior notes | $ 1,989,250 | 1,989,250 |
Stated interest rate | 6.50% | |
Subisidary Senior Notes [Member] | 7.625% Series A Senior Subordinated Notes Due 3/15/2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior notes | $ 275,000 | 275,000 |
Stated interest rate | 7.625% | |
Subisidary Senior Notes [Member] | 7.625% Series B Senior Subordinated Notes Due 3/15/2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior notes | $ 1,925,000 | $ 1,925,000 |
Stated interest rate | 7.625% |
Long-Term Debt (Schedule of Deb
Long-Term Debt (Schedule of Debt Maturities) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Maturities [Abstract] | |
2,016 | $ 4,310 |
2,017 | 8,248 |
2,018 | 5,078 |
2,019 | 344 |
2,020 | 2,425,370 |
Thereafter | 2,725,653 |
Total | $ 5,169,003 |
Long-Term Debt (Guarantees (Nar
Long-Term Debt (Guarantees (Narrative)) (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Guarantees [Abstract] | |
Letters of credit outstanding | $ 60 |
Commercial standby letters of credit | 1.2 |
Surety bonds, outstanding | 57.9 |
Bank guarantees outstanding | 51.3 |
Secured bank guarantees | $ 13.1 |
Commitments and Contingencies51
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | |||
Maximum aggregate contingency subject to performance requirements of the seller | $ 30 | ||
Rent expense | $ 978.6 | $ 1,025.3 | $ 1,017 |
Commitments and Contingencies52
Commitments and Contingencies (Schedule Of Minimum Rental Commitments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Non-Cancelable Operating Leases [Abstract] | |
2,016 | $ 299,811 |
2,017 | 247,495 |
2,018 | 224,798 |
2,019 | 196,797 |
2,020 | 171,871 |
Thereafter | 965,150 |
Total | 2,105,922 |
Non-Cancelable Contracts [Abstract] | |
2,016 | 367,201 |
2,017 | 276,180 |
2,018 | 217,963 |
2,019 | 181,251 |
2,020 | 153,000 |
Thereafter | 359,108 |
Total | 1,554,703 |
Capital Expenditure Commitments [Abstract] | |
2,016 | 41,180 |
2,017 | 10,691 |
2,018 | 2,253 |
2,019 | 1,064 |
2,020 | 1,270 |
Thereafter | 12,545 |
Total | 69,003 |
Employment Contracts Future Minimum Payments Due [Abstract] | |
2,016 | 4,926 |
2,017 | 3,276 |
2,018 | 888 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | $ 9,090 |
Related Party Transations (Narr
Related Party Transations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 02, 2015 | Jan. 07, 2015 | Aug. 09, 2010 | |
Related Party Transactions [Abstract] | ||||||||||||||
Due from iHeartCommunications | $ 930,799 | $ 947,806 | $ 930,799 | $ 947,806 | ||||||||||
Fixed interest rate on Due from iHeartCommunications | 6.50% | |||||||||||||
Interest income on Due from iHeartCommunications | 15,507 | $ 15,630 | $ 15,049 | $ 15,253 | 15,174 | $ 15,105 | $ 15,227 | $ 14,673 | $ 61,439 | 60,179 | $ 54,210 | |||
Total authorized stock repurchase amount | $ 100,000 | |||||||||||||
iHeartCommunications | ||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||
Face value of promisory note with related party | $ 1,000,000 | 1,000,000 | ||||||||||||
Interest income on Due from iHeartCommunications | 61,400 | 60,200 | 54,200 | |||||||||||
Advertising revenue | 2,700 | 3,400 | 2,500 | |||||||||||
Allocation of corporate expenses | 30,100 | 31,200 | 35,400 | |||||||||||
Period cost for employee benefit plans | $ 10,700 | 10,700 | $ 10,500 | |||||||||||
Available stock repurchase amount | $ 34,200 | $ 34,200 | ||||||||||||
Open market purchase amount | $ 22,200 | $ 20,400 | ||||||||||||
Shares Purchased By Parent | 2,172,946 | 2,000,000 | ||||||||||||
Percentage of shares outstanding | 90.00% | 90.00% | 90.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Tax Assets Operating Loss Carryforwards Components [Abstract] | |||||||||||
Net operating loss carryforwards (tax effected) subject to expiration | $ 337,500 | $ 337,500 | |||||||||
Foreign net operating loss carryforwards (tax effected) | 134,700 | 134,700 | |||||||||
Deferred Tax Assets Net Current Classification [Abstract] | |||||||||||
Deferred tax assets relating to stock-based compensation expense | 16,400 | $ 16,200 | 16,400 | $ 16,200 | |||||||
Deferred tax liabilities foreign | 6,400 | 10,700 | $ 6,400 | 10,700 | |||||||
Increase Decrease In Deferred Tax Benefit | 2,400 | $ 2,400 | |||||||||
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments [Abstract] | |||||||||||
Effective tax rate | (237.00%) | (105.00%) | (156.00%) | ||||||||
Income tax benefit | 69,886 | $ (22,797) | $ 27,187 | $ (24,099) | (6,285) | $ 5,372 | $ (24,820) | $ 16,946 | $ 50,177 | $ (8,787) | $ 14,809 |
Reversal of net tax liabilities including interest resulting from expired statute of limitations | 20,000 | 20,000 | |||||||||
Foreign income before taxes | 48,500 | 95,500 | 48,500 | 95,500 | 47,500 | ||||||
Additional deferred foreign tax expense | 3,400 | ||||||||||
Current tax expense (benefit) | 46,638 | 24,782 | 46,025 | ||||||||
Deferred tax expense (benefit) | 3,539 | (33,569) | $ (31,216) | ||||||||
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued [Abstract] | |||||||||||
Interest and penalties accrued related to unrecognized tax benefits | 3,600 | 3,200 | 3,600 | 3,200 | |||||||
Total unrecognized tax benefits and accrued interest and penalties | 43,500 | 42,400 | 43,500 | 42,400 | |||||||
Portion of unrecognized tax benefits, interest and penalties included in "Other long-term liabilities" | 23,800 | 25,300 | 23,800 | 25,300 | |||||||
Noncurrent portion of unrecognized tax benefits netted against deferred tax assets | 19,700 | 17,000 | 19,700 | 17,000 | |||||||
Unrecognized tax benefits that would impact effective tax rate | 18,200 | 24,700 | 18,200 | 24,700 | |||||||
Reversal of tax liabilities including interest resulting from expired statute of limitations | 3,900 | 21,800 | 3,900 | 21,800 | |||||||
Valuation Allowance [Abstract] | |||||||||||
Deferred Tax Assets Valuation Allowance | 185,079 | $ 168,555 | 185,079 | $ 168,555 | |||||||
Valuation allowance foreign | 132,100 | 132,100 | |||||||||
Valuation allowance foreign other | $ 20,100 | 20,100 | |||||||||
Change in deferred tax is primarily due to the valuation allowance | 32,900 | ||||||||||
Foreign deferred tax assets [Member] | |||||||||||
Valuation Allowance [Abstract] | |||||||||||
Change in deferred tax is primarily due to the valuation allowance | $ 8,800 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense Benefit [Abstract] | |||||||||||
Current - Federal | $ (270) | $ 2,001 | $ (1,470) | ||||||||
Current - foreign | (45,322) | (26,281) | (45,327) | ||||||||
Current - state | (1,046) | (502) | 772 | ||||||||
Total current expense (benefit) | (46,638) | (24,782) | (46,025) | ||||||||
Deferred - Federal | (8,259) | 26,744 | 21,369 | ||||||||
Deferred - foreign | 5,282 | 4,307 | 8,278 | ||||||||
Deferred - state | (562) | 2,518 | 1,569 | ||||||||
Total deferred tax expense (benefit) | (3,539) | 33,569 | 31,216 | ||||||||
Income tax benefit (expense) | $ (69,886) | $ 22,797 | $ (27,187) | $ 24,099 | $ 6,285 | $ (5,372) | $ 24,820 | $ (16,946) | $ (50,177) | $ 8,787 | $ (14,809) |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Liabilities [Abstract] | ||
Intangibles and fixed assets | $ 927,779 | $ 946,960 |
Equity in Earnings | 2,374 | 1,740 |
Other investments | 16,036 | 10,891 |
Total deferred tax liabilities | 946,189 | 959,591 |
Deferred Tax Assets [Abstract] | ||
Accrued expenses | 17,121 | 18,185 |
Net operating loss carryforwards | 472,975 | 478,754 |
Bad debt reserves | 3,256 | 3,520 |
Other | 29,006 | 23,271 |
Total deferred tax assets | 522,358 | 523,730 |
Less: Valuation allowance | 185,079 | 168,555 |
Net deferred tax assets | 337,279 | 355,175 |
Long-term net deferred tax liabilities | $ 608,910 | $ 604,416 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Benefit Reconciled To Federal Tax Rates) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Income Tax Rates Percentages [Abstract] | |||||||||||
Income tax benefit at statutory rates | 35.00% | 35.00% | 35.00% | ||||||||
State income taxes, net of federal tax effect | 10.00% | (24.00%) | 25.00% | ||||||||
Foreign income taxes | (109.00%) | (137.00%) | (208.00%) | ||||||||
Nondeductible items | (3.00%) | 9.00% | (7.00%) | ||||||||
Tax contingencies | (159.00%) | (35.00%) | (26.00%) | ||||||||
Other, net | (11.00%) | 47.00% | 25.00% | ||||||||
Income tax benefit (expense) | (237.00%) | (105.00%) | (156.00%) | ||||||||
Reconciliation of Income Tax Rates [Abstract] | |||||||||||
Income tax benefit (expense) at statutory rates | $ 7,396 | $ (2,916) | $ 3,331 | ||||||||
State income taxes, net of federal tax effect | 2,238 | 2,016 | 2,342 | ||||||||
Foreign income taxes | (23,062) | 11,434 | (19,777) | ||||||||
Nondeductible items | (754) | (722) | (613) | ||||||||
Tax contingencies | (33,684) | 2,941 | (2,488) | ||||||||
Other, net | (2,311) | (3,966) | 2,396 | ||||||||
Income Tax Benefit (Expense) | $ (69,886) | $ 22,797 | $ (27,187) | $ 24,099 | $ 6,285 | $ (5,372) | $ 24,820 | $ (16,946) | $ (50,177) | $ 8,787 | $ (14,809) |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of period | $ 39,143 | $ 52,619 |
Increases due to tax positions taken in the current year | 6,311 | 9,771 |
Increases due to tax positions taken in previous years | 1,025 | 1,752 |
Decreases due to tax positions taken in previous years | (2,009) | (5,148) |
Decreases due to settlements with tax authorities | (689) | (2,669) |
Decreases due to lapse of statute of limitations | (3,873) | (17,182) |
Balance at end of period | $ 39,908 | $ 39,143 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |||
Tax benefit related to the share-based compensation expense | $ 3,200 | $ 3,000 | $ 3,000 |
Unrecognized compensation cost, net of estimated forfeitures, related to unvested share-based compensation arrangements that will vest based on service conditions | 17,800 | ||
Unrecognized compensation cost, net of estimated forfeitures, related to unvested share-based compensation arrangements that will vest based on market, performance and service conditions | 600 | ||
Share-based compensation | 8,359 | 7,743 | 7,725 |
Total instrinsic value of the options exercised | $ 2,800 | $ 1,500 | $ 5,000 |
CCOH [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |||
Weighted average grant date fair value of options granted | $ 4.25 | $ 4.69 | $ 4.1 |
Cash received for options exercised | $ 3,800 | $ 2,400 | $ 4,200 |
Fair value of options vested | 4,200 | $ 6,100 | $ 7,100 |
Total instrinsic value of the options exercised | $ 1,049 | ||
Restricted Stock [Member] | |||
Share Based Arrangements To Obtain Goods And Services [Abstract] | |||
Maximum vesting period | 5 years | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |||
Unrecognized compensation cost amortization period | 3 years |
Shareholders' Deficit And Compr
Shareholders' Deficit And Comprehensive Loss (Schedule Of Changes In Equity) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balances at January 1, | $ (140,941) | $ 160,108 | $ (140,941) | $ 160,108 | |||||||
Net income (loss) | $ (32,439) | $ (15,202) | $ 9,286 | (32,953) | $ 51,945 | $ 1,420 | $ 60,123 | (96,369) | (71,308) | 17,119 | $ (24,326) |
Dividend declared and paid | (217,796) | (175,022) | (200,010) | ||||||||
Dividends and other payments to noncontrolling interests | (30,870) | (18,995) | (68,441) | ||||||||
Share-based compensation | 8,359 | 7,743 | 7,725 | ||||||||
Foreign currency translation adjustments | (112,729) | (123,104) | |||||||||
Unrealized gain (loss) on marketable securities | 553 | 327 | 1,187 | ||||||||
Other adjustments to comprehensive income (loss) | (10,266) | (11,438) | 6,732 | ||||||||
Other, net | 4,523 | 2,313 | |||||||||
Reclassification adjustment for realized loss on marketable securities included in net income (loss) and other | 808 | 8 | (1,432) | ||||||||
Balances at December 31, | (569,667) | (140,941) | (569,667) | (140,941) | 160,108 | ||||||
The Company [Member] | |||||||||||
Balances at January 1, | (344,275) | (41,938) | (344,275) | (41,938) | |||||||
Net income (loss) | (96,072) | (9,590) | |||||||||
Dividend declared and paid | (217,796) | (175,022) | |||||||||
Dividends and other payments to noncontrolling interests | 0 | 0 | |||||||||
Share-based compensation | 8,359 | 7,743 | |||||||||
Foreign currency translation adjustments | (101,575) | (116,678) | |||||||||
Unrealized gain (loss) on marketable securities | 553 | 327 | |||||||||
Other adjustments to comprehensive income (loss) | (10,266) | 0 | |||||||||
Other, net | 2,822 | 2,313 | |||||||||
Reclassification adjustment for realized loss on marketable securities included in net income (loss) and other | 808 | 8 | |||||||||
Balances at December 31, | (757,442) | (344,275) | (757,442) | (344,275) | (41,938) | ||||||
Noncontrolling Interest [Member] | |||||||||||
Balances at January 1, | $ 203,334 | $ 202,046 | 203,334 | 202,046 | |||||||
Net income (loss) | 24,764 | 26,709 | |||||||||
Dividend declared and paid | 0 | 0 | |||||||||
Dividends and other payments to noncontrolling interests | (30,870) | (18,995) | |||||||||
Share-based compensation | 0 | 0 | |||||||||
Foreign currency translation adjustments | (11,154) | (6,426) | |||||||||
Unrealized gain (loss) on marketable securities | 0 | 0 | |||||||||
Other adjustments to comprehensive income (loss) | 0 | (11,438) | |||||||||
Other, net | 1,701 | 0 | |||||||||
Reclassification adjustment for realized loss on marketable securities included in net income (loss) and other | 0 | 0 | |||||||||
Balances at December 31, | $ 187,775 | $ 203,334 | $ 187,775 | $ 203,334 | $ 202,046 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Assumptions Used In Options Valuation) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shareholders' Equity [Abstract] | |||
Expected life in years | 6 years 4 months | 6 years 4 months | 6 years 4 months |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Shareholders' Equity [Abstract] | |||
Expected volatility, minimum | 37.00% | 54.00% | 55.00% |
Risk-free interest rate, minimum | 1.70% | 1.73% | 1.05% |
Maximum [Member] | |||
Shareholders' Equity [Abstract] | |||
Expected volatility, maximum | 56.00% | 56.00% | 56.00% |
Risk-free interest rate, maximum | 2.07% | 2.08% | 2.19% |
Shareholders' Equity (Schedul62
Shareholders' Equity (Schedule Of Stock Options Outstanding) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Exercisable | $ 2,800 | $ 1,500 | $ 5,000 |
CCOH [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Outstanding, beginning | 6,025 | ||
Granted | 921 | ||
Exercised | 622 | ||
Forfeited | 34 | ||
Expired | 942 | ||
Outstanding, ending | 5,348 | ||
Exercisable | 3,658 | ||
Expected to Vest | 1,535 | ||
Outstanding, beginning | $ 9.92 | ||
Granted | 9.96 | ||
Exercised | 6.11 | ||
Forfeited | 8.74 | ||
Expired | 12.45 | ||
Outstanding, ending | 9.93 | ||
Exercisable | 10.33 | ||
Expected to Vest | $ 9.02 | ||
Outstanding at end of year | 5 years 7 months | ||
Exercisable | 4 years 2 months | ||
Expected to vest | 8 years 5 months | ||
Outstanding at end of year | $ 1,049 | ||
Exercisable | 1,049 | ||
Expected to Vest | $ 0 | ||
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Outstanding, beginning | 2,458 | ||
Outstanding, ending | 2,762 |
Shareholders' Equity (Schedul63
Shareholders' Equity (Schedule Of Unvested Options) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested, beginning | shares | 1,553 |
Granted | shares | 921 |
Vested | shares | (750) |
Forfeited | shares | (34) |
Unvested, ending | shares | 1,690 |
Unvested, beginning | $ / shares | $ 4.92 |
Granted | $ / shares | 4.25 |
Vested | $ / shares | 5.56 |
Forfeited | $ / shares | 4.92 |
Unvested, ending | $ / shares | $ 4.27 |
Restricted Stock [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Granted | shares | 702 |
Vested | shares | (340) |
Forfeited | shares | (58) |
Granted | $ / shares | $ 10.35 |
Vested | $ / shares | 6.13 |
Forfeited | $ / shares | $ 8.39 |
Shareholders' Equity (Schedul64
Shareholders' Equity (Schedule Of Restricted Stock Awards) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Granted | shares | 921 |
Vested | shares | (750) |
Forfeited | shares | (34) |
Granted | $ / shares | $ 4.25 |
Vested (restriction lapesd) | $ / shares | 5.56 |
Forfeited | $ / shares | $ 4.92 |
Restricted Stock [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Outstanding, beginning | shares | 2,458 |
Granted | shares | 702 |
Vested | shares | (340) |
Forfeited | shares | (58) |
Outstanding, ending | shares | 2,762 |
Outstanding, beginning | $ / shares | $ 7.54 |
Granted | $ / shares | 10.35 |
Vested (restriction lapesd) | $ / shares | 6.13 |
Forfeited | $ / shares | 8.39 |
Outstanding, ending | $ / shares | $ 8.43 |
Shareholders' Equity (Schedul65
Shareholders' Equity (Schedule Of Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: [Abstract] | |||||||||||
Net income (loss) attributable to the Company - common share | $ (41,383) | $ (22,581) | $ 1,410 | $ (33,518) | $ 43,306 | $ (7,063) | $ 51,037 | $ (96,870) | $ (96,072) | $ (9,590) | $ (48,460) |
Less: Participating securities dividends | 0 | 0 | 2,566 | ||||||||
Net income (loss) attributable to the Company per common share - basic and diluted | $ (96,072) | $ (9,590) | $ (51,026) | ||||||||
Denominator: [Abstract] | |||||||||||
Weighted average common shares outstanding - Basic | 359,508 | 358,565 | 357,662 | ||||||||
Effect of dilutive securities: [Abstract] | |||||||||||
Stock options and restricted stock awards | 0 | 0 | 0 | ||||||||
Weighted average common shares outstanding - diluted | 359,508 | 358,565 | 357,662 | ||||||||
Net income (loss) attributable to the Company per common share: | |||||||||||
Basic | $ (0.12) | $ (0.06) | $ 0 | $ (0.09) | $ 0.12 | $ (0.02) | $ 0.14 | $ (0.27) | $ (0.27) | $ (0.03) | $ (0.14) |
Diluted | $ (0.12) | $ (0.06) | $ 0 | $ (0.09) | $ 0.12 | $ (0.02) | $ 0.14 | $ (0.27) | $ (0.27) | $ (0.03) | $ (0.14) |
Stock options and restricted shares outstanding | 8,100 | 8,500 | 8,100 | 8,500 | 8,800 |
Employee Stock And Savings Pl66
Employee Stock And Savings Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | |||
Company match | 50.00% | ||
Maximum company match | 5.00% | ||
Americas [Member] | |||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | |||
Contribution | $ 2.4 | $ 2.7 | $ 2.4 |
International [Member] | |||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | |||
Contribution | $ 13.6 | $ 15.6 | $ 15.8 |
Deferred annual salary [Member] | |||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | |||
Company match | 50.00% | ||
Deferred bonus [Member] | |||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | |||
Company match | 80.00% |
Other Information (Narrative) (
Other Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Comprehensive Income Loss | |||
Deferred tax on other comprehensive income (loss) related to pensions | $ (1.9) | $ 5.6 | $ (0.2) |
Other Information (Schedule Of
Other Information (Schedule Of Other Income (Expense)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Information [Abstract] | |||||||||||
Foreign exchange gain (loss) | $ 14,790 | $ 15,460 | $ 1,674 | ||||||||
Other | (2,403) | (275) | (658) | ||||||||
Total other income (expense), net | $ (5,085) | $ (17,742) | $ 15,276 | $ 19,938 | $ (887) | $ 2,191 | $ 11,983 | $ 1,898 | $ 12,387 | $ 15,185 | $ 1,016 |
Other Information (Schedule O69
Other Information (Schedule Of Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Information [Abstract] | ||
Deferred loan costs | $ 9,514 | $ 8,080 |
Inventory | 23,514 | 21,892 |
Deferred tax assets | 0 | 0 |
Deposits | 1,954 | 3,124 |
Other receivables | 2,278 | 2,788 |
Other | 6,820 | 10,170 |
Total other current assets | $ 44,080 | $ 46,054 |
Other Information (Schedule O70
Other Information (Schedule Of Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Information [Abstract] | ||
Prepaid expenses | $ 69,807 | $ 53,669 |
Deferred loan costs | 40,897 | 41,862 |
Deposits | 24,672 | 26,283 |
Investments | 8,432 | 7,509 |
Other | 4,629 | 3,758 |
Total other assets | $ 148,437 | $ 133,081 |
Other Information (Schedule O71
Other Information (Schedule OF Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Information [Abstract] | ||
Total other current liabilities | $ 0 | $ 0 |
Other Information (Schedule O72
Other Information (Schedule Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Information [Abstract] | ||
Unrecognized tax benefits | $ 23,802 | $ 25,279 |
Asset retirement obligation | 45,125 | 48,161 |
Employee related liabilities | 47,491 | 39,963 |
Deferred rent | 98,282 | 94,946 |
Other | 25,719 | 26,451 |
Total other long-term liabilities | $ 240,419 | $ 234,800 |
Other Information (Schedule O73
Other Information (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Information [Abstract] | ||
Cumulative currency translation adjustments and other | $ (453,995) | $ (342,909) |
Cumulative unrealized gain on investments | 2,162 | 1,556 |
Total accumulated other comprehensive loss | $ (451,833) | $ (341,353) |
Segment Data (Narrative) (Detai
Segment Data (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign operations [Member] | |||
Geographic Areas Revenues From External Customers [Abstract] | |||
Revenue from all geographic areas | $ 1,600 | $ 1,800 | $ 1,700 |
Geographic Areas Long Lived Assets [Abstract] | |||
Identifiable long-lived assets derived from all geographic areas | 628.8 | 682.7 | 759.3 |
U.S. operations [Member] | |||
Geographic Areas Revenues From External Customers [Abstract] | |||
Revenue from all geographic areas | 1,200 | 1,200 | 1,200 |
Geographic Areas Long Lived Assets [Abstract] | |||
Identifiable long-lived assets derived from all geographic areas | $ 1,000 | $ 1,200 | $ 1,300 |
Segment Data (Schedule Of Opera
Segment Data (Schedule Of Operating Segment Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 772,065 | $ 696,277 | $ 722,819 | $ 615,043 | $ 802,009 | $ 742,794 | $ 781,205 | $ 635,251 | $ 2,806,204 | $ 2,961,259 | $ 2,946,190 |
Direct operating expenses | 386,873 | 372,716 | 372,342 | 362,971 | 401,397 | 400,834 | 413,144 | 381,513 | 1,494,902 | 1,596,888 | 1,594,728 |
Selling, general and administrative expenses | 139,293 | 132,559 | 132,522 | 127,130 | 135,686 | 139,613 | 140,271 | 132,949 | 531,504 | 548,519 | 543,572 |
Corporate expenses | 29,126 | 28,347 | 30,154 | 28,753 | 33,316 | 33,548 | 33,333 | 30,697 | 116,380 | 130,894 | 124,399 |
Depreciation and amortization | 95,423 | 93,040 | 93,405 | 94,094 | 108,359 | 100,416 | 98,726 | 98,742 | 375,962 | 406,243 | 403,170 |
Impairment charges | 0 | 21,631 | 0 | 0 | 3,530 | 0 | 0 | 0 | 21,631 | 3,530 | 13,150 |
Other operating income (expense), net | (5,068) | 5,029 | 659 | (5,444) | (265) | 4,623 | 247 | 2,654 | (4,824) | 7,259 | 22,979 |
Operating income (loss) | 116,282 | $ 53,013 | $ 95,055 | $ (3,349) | 119,456 | $ 73,006 | $ 95,978 | $ (5,996) | 261,001 | 282,444 | 290,150 |
Segment assets | 6,357,199 | 6,346,572 | 6,357,199 | 6,346,572 | 6,743,089 | ||||||
Capital expenditures | 218,332 | 231,169 | 206,187 | ||||||||
Share-based compensation expense | 8,359 | 7,743 | 7,725 | ||||||||
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,349,021 | 1,350,623 | 1,385,757 | ||||||||
Direct operating expenses | 597,382 | 605,771 | 610,750 | ||||||||
Selling, general and administrative expenses | 233,254 | 233,641 | 243,456 | ||||||||
Depreciation and amortization | 204,514 | 203,928 | 206,031 | ||||||||
Operating income (loss) | 313,871 | 307,283 | 325,520 | ||||||||
Segment assets | 3,567,763 | 3,664,574 | 3,567,763 | 3,664,574 | 3,823,347 | ||||||
Capital expenditures | 82,165 | 109,727 | 96,590 | ||||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,457,183 | 1,610,636 | 1,560,433 | ||||||||
Direct operating expenses | 897,520 | 991,117 | 983,978 | ||||||||
Selling, general and administrative expenses | 298,250 | 314,878 | 300,116 | ||||||||
Depreciation and amortization | 166,060 | 198,143 | 194,493 | ||||||||
Operating income (loss) | 95,353 | 106,498 | 81,846 | ||||||||
Segment assets | 1,581,710 | 1,680,598 | 1,581,710 | 1,680,598 | 1,899,648 | ||||||
Capital expenditures | 132,554 | 117,480 | 100,949 | ||||||||
All Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Corporate expenses | 116,380 | 130,894 | 124,399 | ||||||||
Depreciation and amortization | 5,388 | 4,172 | 2,646 | ||||||||
Impairment charges | 21,631 | 3,530 | 13,150 | ||||||||
Other operating income (expense), net | (4,824) | 7,259 | 22,979 | ||||||||
Operating income (loss) | (148,223) | (131,337) | (117,216) | ||||||||
Segment assets | $ 1,207,726 | $ 1,001,400 | 1,207,726 | 1,001,400 | 1,020,094 | ||||||
Capital expenditures | 3,613 | 3,962 | 8,648 | ||||||||
Share-based compensation expense | $ 8,359 | $ 7,743 | $ 7,725 |
Quarterly Results Of Operatio76
Quarterly Results Of Operations (Schedule Of Quarterly Results Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Results of Operations (Unaudited) [Abstract] | |||||||||||
Revenue | $ 772,065 | $ 696,277 | $ 722,819 | $ 615,043 | $ 802,009 | $ 742,794 | $ 781,205 | $ 635,251 | $ 2,806,204 | $ 2,961,259 | $ 2,946,190 |
Operating Expenses [Abstract] | |||||||||||
Direct operating expenses | 386,873 | 372,716 | 372,342 | 362,971 | 401,397 | 400,834 | 413,144 | 381,513 | 1,494,902 | 1,596,888 | 1,594,728 |
Selling, general and administrative expenses | 139,293 | 132,559 | 132,522 | 127,130 | 135,686 | 139,613 | 140,271 | 132,949 | 531,504 | 548,519 | 543,572 |
Corporate expenses | 29,126 | 28,347 | 30,154 | 28,753 | 33,316 | 33,548 | 33,333 | 30,697 | 116,380 | 130,894 | 124,399 |
Depreciation and amortization | 95,423 | 93,040 | 93,405 | 94,094 | 108,359 | 100,416 | 98,726 | 98,742 | 375,962 | 406,243 | 403,170 |
Impairment charges | 0 | 21,631 | 0 | 0 | 3,530 | 0 | 0 | 0 | 21,631 | 3,530 | 13,150 |
Other operating income (expense), net | (5,068) | 5,029 | 659 | (5,444) | (265) | 4,623 | 247 | 2,654 | (4,824) | 7,259 | 22,979 |
Operating income (loss) | 116,282 | 53,013 | 95,055 | (3,349) | 119,456 | 73,006 | 95,978 | (5,996) | 261,001 | 282,444 | 290,150 |
Interest expense | 89,609 | 88,088 | 88,556 | 89,416 | 88,096 | 87,695 | 88,212 | 89,262 | 355,669 | 353,265 | 352,783 |
Interest income on Due from iHeartCommunications | 15,507 | 15,630 | 15,049 | 15,253 | 15,174 | 15,105 | 15,227 | 14,673 | 61,439 | 60,179 | 54,210 |
Loss on marketable securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (18) | |
Equity in earnings (loss) of nonconsolidated affiliates | 352 | (812) | (351) | 522 | 13 | 4,185 | 327 | (736) | (289) | 3,789 | (2,092) |
Other income (expense), net | (5,085) | (17,742) | 15,276 | 19,938 | (887) | 2,191 | 11,983 | 1,898 | 12,387 | 15,185 | 1,016 |
Income (loss) before income taxes | 37,447 | (37,999) | 36,473 | (57,052) | 45,660 | 6,792 | 35,303 | (79,423) | (21,131) | 8,332 | (9,517) |
Income tax benefit (expense) | (69,886) | 22,797 | (27,187) | 24,099 | 6,285 | (5,372) | 24,820 | (16,946) | (50,177) | 8,787 | (14,809) |
Consolidated net income (loss) | (32,439) | (15,202) | 9,286 | (32,953) | 51,945 | 1,420 | 60,123 | (96,369) | (71,308) | 17,119 | (24,326) |
Less amount attributable to noncontrolling interest | 8,944 | 7,379 | 7,876 | 565 | 8,639 | 8,483 | 9,086 | 501 | 24,764 | 26,709 | 24,134 |
Net income (loss) attributable to the Company - common share | $ (41,383) | $ (22,581) | $ 1,410 | $ (33,518) | $ 43,306 | $ (7,063) | $ 51,037 | $ (96,870) | $ (96,072) | $ (9,590) | $ (48,460) |
Net income (loss) per common share: [Abstract] | |||||||||||
Basic | $ (0.12) | $ (0.06) | $ 0 | $ (0.09) | $ 0.12 | $ (0.02) | $ 0.14 | $ (0.27) | $ (0.27) | $ (0.03) | $ (0.14) |
Diluted | $ (0.12) | $ (0.06) | $ 0 | $ (0.09) | $ 0.12 | $ (0.02) | $ 0.14 | $ (0.27) | $ (0.27) | $ (0.03) | $ (0.14) |
Guarantor Subsidiaries (Schedul
Guarantor Subsidiaries (Schedule Of Guarantor Obligations, Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and cash equivalents | $ 412,743 | $ 186,204 | $ 314,545 | $ 561,979 |
Accounts receivable, net of allowance | 697,583 | 697,811 | ||
Prepaid expenses | 127,730 | 134,041 | ||
Assets held for sale | 295,075 | 0 | ||
Other current assets | 44,080 | 46,054 | ||
Total Current Assets | 1,577,211 | 1,064,110 | ||
Structures, net | 1,391,880 | 1,614,199 | ||
Other property, plant and equipment, net | 236,106 | 291,452 | ||
Indefinite-lived intangibles | 971,327 | 1,066,748 | ||
Other intangibles, net | 342,864 | 412,064 | ||
Goodwill | 758,575 | 817,112 | 850,134 | |
Due from iHeartCommunications | 930,799 | 947,806 | ||
Other assets | 148,437 | 133,081 | ||
Total Assets | 6,357,199 | 6,346,572 | 6,743,089 | |
Accounts payable | 100,210 | 75,915 | ||
Accrued expenses | 507,665 | 543,818 | ||
Dividends Payable | 217,017 | 0 | ||
Deferred income | 91,411 | 94,635 | ||
Other current liabilities | 0 | 0 | ||
Current portion of long-term debt | 4,310 | 3,461 | ||
Total Current Liabilities | 920,613 | 717,829 | ||
Long-term debt | 5,156,924 | 4,930,468 | ||
Deferred tax liability | 608,910 | 604,416 | ||
Other long-term liabilities | 240,419 | 234,800 | ||
Total shareholders' equity | (569,667) | (140,941) | 160,108 | $ 446,089 |
Total Liabilities and Shareholders' Equity | 6,357,199 | 6,346,572 | ||
Parent Company [Member] | ||||
Cash and cash equivalents | 218,701 | 905 | 83,185 | |
Accounts receivable, net of allowance | 0 | |||
Intercompany receivables | 0 | |||
Prepaid expenses | 1,423 | 1,299 | ||
Other current assets | 0 | 0 | ||
Total Current Assets | 220,124 | 2,204 | ||
Structures, net | 0 | |||
Other property, plant and equipment, net | 0 | |||
Indefinite-lived intangibles | 0 | |||
Other intangibles, net | 0 | |||
Goodwill | 0 | |||
Due from iHeartCommunications | 930,799 | 947,806 | ||
Intercompany notes receivable | 182,026 | 182,026 | ||
Other assets | 78,341 | 264,839 | ||
Total Assets | 1,411,290 | 1,396,875 | ||
Accounts payable | 0 | |||
Intercompany payable | 1,915,287 | 1,731,448 | ||
Accrued expenses | 953 | 467 | ||
Dividends Payable | 217,017 | |||
Deferred income | 0 | |||
Current portion of long-term debt | 0 | |||
Total Current Liabilities | 2,133,257 | 1,731,915 | ||
Long-term debt | 0 | |||
Intercompany notes payable | 0 | |||
Deferred tax liability | 772 | 772 | ||
Other long-term liabilities | 1,587 | 0 | ||
Total shareholders' equity | (724,326) | (335,812) | ||
Total Liabilities and Shareholders' Equity | 1,411,290 | 1,396,875 | ||
Subsidiary Issuer [Member] | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Accounts receivable, net of allowance | 0 | |||
Intercompany receivables | 467,287 | 259,510 | ||
Prepaid expenses | 3,433 | 0 | ||
Other current assets | 6,850 | 6,850 | ||
Total Current Assets | 477,570 | 266,360 | ||
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 | 5,107,392 | 4,927,517 | ||
Other assets | 336,328 | 793,626 | ||
Total Assets | 5,921,290 | 5,987,503 | ||
Accounts payable | 0 | |||
Intercompany payable | 0 | |||
Accrued expenses | (707) | 3,475 | ||
Dividends Payable | 0 | |||
Deferred income | 0 | |||
Current portion of long-term debt | 0 | |||
Total Current Liabilities | (707) | 3,475 | ||
Long-term debt | 4,919,440 | 4,918,822 | ||
Intercompany notes payable | 0 | |||
Deferred tax liability | 1,367 | 85 | ||
Other long-term liabilities | 0 | |||
Total shareholders' equity | 1,001,190 | 1,065,121 | ||
Total Liabilities and Shareholders' Equity | 5,921,290 | 5,987,503 | ||
Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 18,455 | 0 | 5,885 | |
Accounts receivable, net of allowance | 210,252 | 202,771 | ||
Intercompany receivables | 1,915,287 | 1,731,448 | ||
Prepaid expenses | 62,039 | 64,922 | ||
Assets held for sale | 295,075 | |||
Other current assets | 3,053 | 5,646 | ||
Total Current Assets | 2,504,161 | 2,004,787 | ||
Structures, net | 868,586 | 1,049,684 | ||
Other property, plant and equipment, net | 129,339 | 172,809 | ||
Indefinite-lived intangibles | 962,074 | 1,055,728 | ||
Other intangibles, net | 272,307 | 322,550 | ||
Goodwill | 522,750 | 571,932 | ||
Due from iHeartCommunications | 0 | |||
Intercompany notes receivable | 0 | |||
Other assets | 1,218,819 | 1,287,717 | ||
Total Assets | 6,478,036 | 6,465,207 | ||
Accounts payable | 12,124 | 27,866 | ||
Intercompany payable | 475,290 | 267,566 | ||
Accrued expenses | 108,480 | 103,243 | ||
Dividends Payable | 0 | |||
Deferred income | 37,471 | 44,363 | ||
Current portion of long-term debt | 65 | 55 | ||
Total Current Liabilities | 633,430 | 443,093 | ||
Long-term debt | 1,014 | 1,077 | ||
Intercompany notes payable | 5,032,499 | 5,035,279 | ||
Deferred tax liability | 599,541 | 592,002 | ||
Other long-term liabilities | 133,227 | 128,855 | ||
Total shareholders' equity | 78,325 | 264,901 | ||
Total Liabilities and Shareholders' Equity | 6,478,036 | 6,465,207 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 175,587 | 205,259 | 225,475 | |
Accounts receivable, net of allowance | 487,331 | 495,040 | ||
Intercompany receivables | 8,003 | 8,056 | ||
Prepaid expenses | 60,835 | 67,820 | ||
Other current assets | 34,177 | 33,558 | ||
Total Current Assets | 765,933 | 809,733 | ||
Structures, net | 523,294 | 564,515 | ||
Other property, plant and equipment, net | 106,767 | 118,643 | ||
Indefinite-lived intangibles | 9,253 | 11,020 | ||
Other intangibles, net | 70,557 | 89,514 | ||
Goodwill | 235,825 | 245,180 | ||
Due from iHeartCommunications | 0 | |||
Intercompany notes receivable | 0 | 0 | ||
Other assets | 52,508 | 50,568 | ||
Total Assets | 1,764,137 | 1,889,173 | ||
Accounts payable | 88,086 | 68,009 | ||
Intercompany payable | 0 | 0 | ||
Accrued expenses | 398,939 | 436,633 | ||
Dividends Payable | 0 | |||
Deferred income | 53,940 | 50,272 | ||
Current portion of long-term debt | 4,245 | 3,406 | ||
Total Current Liabilities | 545,210 | 558,320 | ||
Long-term debt | 236,470 | 10,569 | ||
Intercompany notes payable | 256,919 | 74,264 | ||
Deferred tax liability | 7,230 | 11,557 | ||
Other long-term liabilities | 105,605 | 105,945 | ||
Total shareholders' equity | 612,703 | 1,128,518 | ||
Total Liabilities and Shareholders' Equity | 1,764,137 | 1,889,173 | ||
Eliminations [Member] | ||||
Cash and cash equivalents | 0 | (19,960) | $ 0 | |
Accounts receivable, net of allowance | 0 | |||
Intercompany receivables | (2,390,577) | (1,999,014) | ||
Prepaid expenses | 0 | |||
Other current assets | 0 | |||
Total Current Assets | (2,390,577) | (2,018,974) | ||
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 | (5,289,418) | (5,109,543) | ||
Other assets | (1,537,559) | (2,263,669) | ||
Total Assets | (9,217,554) | (9,392,186) | ||
Accounts payable | 0 | (19,960) | ||
Intercompany payable | (2,390,577) | (1,999,014) | ||
Accrued expenses | 0 | |||
Dividends Payable | 0 | |||
Deferred income | 0 | |||
Current portion of long-term debt | 0 | |||
Total Current Liabilities | (2,390,577) | (2,018,974) | ||
Long-term debt | 0 | |||
Intercompany notes payable | (5,289,418) | (5,109,543) | ||
Deferred tax liability | 0 | |||
Other long-term liabilities | 0 | |||
Total shareholders' equity | (1,537,559) | (2,263,669) | ||
Total Liabilities and Shareholders' Equity | $ (9,217,554) | $ (9,392,186) |
Guarantor Subsidiaries (Sched78
Guarantor Subsidiaries (Schedule Of Guarantor Obligations, Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | $ 772,065 | $ 696,277 | $ 722,819 | $ 615,043 | $ 802,009 | $ 742,794 | $ 781,205 | $ 635,251 | $ 2,806,204 | $ 2,961,259 | $ 2,946,190 |
Operating Expenses [Abstract] | |||||||||||
Direct operating expenses | 386,873 | 372,716 | 372,342 | 362,971 | 401,397 | 400,834 | 413,144 | 381,513 | 1,494,902 | 1,596,888 | 1,594,728 |
Selling, general and administrative expenses | 139,293 | 132,559 | 132,522 | 127,130 | 135,686 | 139,613 | 140,271 | 132,949 | 531,504 | 548,519 | 543,572 |
Corporate expenses | 29,126 | 28,347 | 30,154 | 28,753 | 33,316 | 33,548 | 33,333 | 30,697 | 116,380 | 130,894 | 124,399 |
Depreciation and amortization | 95,423 | 93,040 | 93,405 | 94,094 | 108,359 | 100,416 | 98,726 | 98,742 | 375,962 | 406,243 | 403,170 |
Impairment charges | 0 | 21,631 | 0 | 0 | 3,530 | 0 | 0 | 0 | 21,631 | 3,530 | 13,150 |
Other operating income (expense), net | (5,068) | 5,029 | 659 | (5,444) | (265) | 4,623 | 247 | 2,654 | (4,824) | 7,259 | 22,979 |
Operating income (loss) | 116,282 | 53,013 | 95,055 | (3,349) | 119,456 | 73,006 | 95,978 | (5,996) | 261,001 | 282,444 | 290,150 |
Interest (income) expense, net | 89,609 | 88,088 | 88,556 | 89,416 | 88,096 | 87,695 | 88,212 | 89,262 | 355,669 | 353,265 | 352,783 |
Interest income on Due from iHeartCommunications | 15,507 | 15,630 | 15,049 | 15,253 | 15,174 | 15,105 | 15,227 | 14,673 | 61,439 | 60,179 | 54,210 |
Intercompany interest income | 0 | 0 | 0 | ||||||||
Intercompany interest expense | 0 | 0 | 0 | ||||||||
Loss on marketable securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (18) | |
Equity in earnings (loss) of nonconsolidated affiliates | 352 | (812) | (351) | 522 | 13 | 4,185 | 327 | (736) | (289) | 3,789 | (2,092) |
Other income (expense), net | (5,085) | (17,742) | 15,276 | 19,938 | (887) | 2,191 | 11,983 | 1,898 | 12,387 | 15,185 | 1,016 |
Income (loss) before income taxes | 37,447 | (37,999) | 36,473 | (57,052) | 45,660 | 6,792 | 35,303 | (79,423) | (21,131) | 8,332 | (9,517) |
Income tax benefit (expense) | (69,886) | 22,797 | (27,187) | 24,099 | 6,285 | (5,372) | 24,820 | (16,946) | (50,177) | 8,787 | (14,809) |
Consolidated net income (loss) | (32,439) | (15,202) | 9,286 | (32,953) | 51,945 | 1,420 | 60,123 | (96,369) | (71,308) | 17,119 | (24,326) |
Less amount attributable to noncontrolling interest | 8,944 | 7,379 | 7,876 | 565 | 8,639 | 8,483 | 9,086 | 501 | 24,764 | 26,709 | 24,134 |
Net income (loss) attributable to the Company | $ (41,383) | $ (22,581) | $ 1,410 | $ (33,518) | $ 43,306 | $ (7,063) | $ 51,037 | $ (96,870) | (96,072) | (9,590) | (48,460) |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | (112,729) | (123,104) | (9,654) | ||||||||
Unrealized gain (loss) on marketable securities | 553 | 327 | 1,187 | ||||||||
Other adjustments to comprehensive income (loss) | (10,266) | (11,438) | 6,732 | ||||||||
Reclassification adjustment for realized loss on marketable securities included in net income (loss) | 808 | 8 | (1,432) | ||||||||
Equity in subsidiary comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | (217,706) | (143,797) | (51,627) | ||||||||
Less amount attributable to noncontrolling interest | (11,154) | (6,426) | (2,194) | ||||||||
Comprehensive income (loss) attributable to the Company | (206,552) | (137,371) | (49,433) | ||||||||
Parent Company [Member] | |||||||||||
Revenue | 0 | 0 | |||||||||
Operating Expenses [Abstract] | |||||||||||
Direct operating expenses | 0 | 0 | |||||||||
Selling, general and administrative expenses | 0 | 0 | |||||||||
Corporate expenses | 13,049 | 12,274 | 13,057 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income (expense), net | (458) | (541) | (494) | ||||||||
Operating income (loss) | (13,507) | (12,815) | (13,551) | ||||||||
Interest (income) expense, net | 2 | (6) | (143) | ||||||||
Interest income on Due from iHeartCommunications | 61,439 | 60,179 | 54,210 | ||||||||
Intercompany interest income | 16,068 | 15,624 | 15,112 | ||||||||
Intercompany interest expense | 61,439 | 60,179 | 54,436 | ||||||||
Loss on marketable securities | 0 | 0 | |||||||||
Equity in earnings (loss) of nonconsolidated affiliates | (76,018) | (15,463) | (50,279) | ||||||||
Other income (expense), net | 2,915 | 4,122 | 1,432 | ||||||||
Income (loss) before income taxes | (70,544) | (8,526) | (47,369) | ||||||||
Income tax benefit (expense) | (953) | (1,064) | (1,091) | ||||||||
Consolidated net income (loss) | (71,497) | (9,590) | (48,460) | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to the Company | (71,497) | (9,590) | (48,460) | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 0 | 0 | (31) | ||||||||
Unrealized gain (loss) on marketable securities | 0 | 0 | |||||||||
Other adjustments to comprehensive income (loss) | 0 | 0 | |||||||||
Reclassification adjustment for realized loss on marketable securities included in net income (loss) | 0 | 0 | (1,432) | ||||||||
Equity in subsidiary comprehensive income (loss) | (110,480) | (127,781) | 490 | ||||||||
Comprehensive income (loss) | (181,977) | (137,371) | (49,433) | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to the Company | (181,977) | (137,371) | (49,433) | ||||||||
Subsidiary Issuer [Member] | |||||||||||
Revenue | 0 | 0 | |||||||||
Operating Expenses [Abstract] | |||||||||||
Direct operating expenses | 0 | 0 | |||||||||
Selling, general and administrative expenses | 0 | 0 | |||||||||
Corporate expenses | 0 | 0 | 3 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income (expense), net | 0 | 0 | |||||||||
Operating income (loss) | 0 | 0 | (3) | ||||||||
Interest (income) expense, net | 352,329 | 352,280 | 353,189 | ||||||||
Interest income on Due from iHeartCommunications | 0 | 0 | |||||||||
Intercompany interest income | 340,457 | 340,824 | 341,612 | ||||||||
Intercompany interest expense | 0 | 0 | |||||||||
Loss on marketable securities | 0 | 0 | |||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 10,383 | 46,938 | (12,274) | ||||||||
Other income (expense), net | 3,440 | 0 | 0 | ||||||||
Income (loss) before income taxes | 1,951 | 35,482 | (23,854) | ||||||||
Income tax benefit (expense) | (575) | (276) | 4,184 | ||||||||
Consolidated net income (loss) | 1,376 | 35,206 | (19,670) | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to the Company | 1,376 | 35,206 | (19,670) | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | (3,440) | 21 | (20) | ||||||||
Unrealized gain (loss) on marketable securities | 0 | 0 | |||||||||
Other adjustments to comprehensive income (loss) | 0 | 0 | |||||||||
Reclassification adjustment for realized loss on marketable securities included in net income (loss) | 0 | 0 | |||||||||
Equity in subsidiary comprehensive income (loss) | (61,867) | (117,825) | 9,159 | ||||||||
Comprehensive income (loss) | (63,931) | (82,598) | (10,531) | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to the Company | (63,931) | (82,598) | (10,531) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Revenue | 1,193,320 | 1,162,842 | 1,197,261 | ||||||||
Operating Expenses [Abstract] | |||||||||||
Direct operating expenses | 507,729 | 495,651 | 506,200 | ||||||||
Selling, general and administrative expenses | 199,769 | 196,653 | 205,240 | ||||||||
Corporate expenses | 58,576 | 67,989 | 64,987 | ||||||||
Depreciation and amortization | 194,891 | 194,396 | 194,793 | ||||||||
Impairment charges | 21,631 | 3,530 | 0 | ||||||||
Other operating income (expense), net | (7,732) | 3,235 | 28,129 | ||||||||
Operating income (loss) | 202,992 | 207,858 | 254,170 | ||||||||
Interest (income) expense, net | 1,630 | 1,555 | 993 | ||||||||
Interest income on Due from iHeartCommunications | 0 | 0 | |||||||||
Intercompany interest income | 62,002 | 61,073 | 54,857 | ||||||||
Intercompany interest expense | 356,525 | 356,448 | 356,724 | ||||||||
Loss on marketable securities | 0 | 0 | |||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 5,609 | 42,382 | (12,216) | ||||||||
Other income (expense), net | 20,318 | (2,691) | (9,760) | ||||||||
Income (loss) before income taxes | (67,234) | (49,381) | (70,666) | ||||||||
Income tax benefit (expense) | (8,784) | 33,918 | 20,387 | ||||||||
Consolidated net income (loss) | (76,018) | (15,463) | (50,279) | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to the Company | (76,018) | (15,463) | (50,279) | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | (16,605) | (8,471) | (7,214) | ||||||||
Unrealized gain (loss) on marketable securities | 0 | 0 | |||||||||
Other adjustments to comprehensive income (loss) | 0 | 0 | |||||||||
Reclassification adjustment for realized loss on marketable securities included in net income (loss) | 0 | 0 | |||||||||
Equity in subsidiary comprehensive income (loss) | (93,875) | (119,310) | 7,704 | ||||||||
Comprehensive income (loss) | (186,498) | (143,244) | (49,789) | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to the Company | (186,498) | (143,244) | (49,789) | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Revenue | 1,612,884 | 1,798,417 | 1,748,929 | ||||||||
Operating Expenses [Abstract] | |||||||||||
Direct operating expenses | 987,173 | 1,101,237 | 1,088,528 | ||||||||
Selling, general and administrative expenses | 331,735 | 351,866 | 338,332 | ||||||||
Corporate expenses | 44,755 | 50,631 | 46,352 | ||||||||
Depreciation and amortization | 181,071 | 211,847 | 208,377 | ||||||||
Impairment charges | 0 | 0 | 13,150 | ||||||||
Other operating income (expense), net | 3,366 | 4,565 | (4,656) | ||||||||
Operating income (loss) | 71,516 | 87,401 | 49,534 | ||||||||
Interest (income) expense, net | 1,708 | (564) | (1,256) | ||||||||
Interest income on Due from iHeartCommunications | 0 | 0 | |||||||||
Intercompany interest income | 0 | 0 | |||||||||
Intercompany interest expense | 563 | 894 | 421 | ||||||||
Loss on marketable securities | 0 | 0 | (18) | ||||||||
Equity in earnings (loss) of nonconsolidated affiliates | (1,935) | 2,038 | (3,588) | ||||||||
Other income (expense), net | 10,289 | 13,754 | 9,344 | ||||||||
Income (loss) before income taxes | 77,599 | 102,863 | 56,107 | ||||||||
Income tax benefit (expense) | (39,865) | (23,791) | (38,289) | ||||||||
Consolidated net income (loss) | 37,734 | 79,072 | 17,818 | ||||||||
Less amount attributable to noncontrolling interest | 24,764 | 26,709 | 24,134 | ||||||||
Net income (loss) attributable to the Company | 12,970 | 52,363 | (6,316) | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | (92,684) | (114,654) | (2,389) | ||||||||
Unrealized gain (loss) on marketable securities | 553 | 327 | 1,187 | ||||||||
Other adjustments to comprehensive income (loss) | (10,266) | (11,438) | 6,732 | ||||||||
Reclassification adjustment for realized loss on marketable securities included in net income (loss) | 808 | 8 | 0 | ||||||||
Equity in subsidiary comprehensive income (loss) | 0 | 0 | |||||||||
Comprehensive income (loss) | (88,619) | (73,394) | (786) | ||||||||
Less amount attributable to noncontrolling interest | (11,154) | (6,426) | (2,194) | ||||||||
Comprehensive income (loss) attributable to the Company | (77,465) | (66,968) | 1,408 | ||||||||
Eliminations [Member] | |||||||||||
Revenue | 0 | 0 | |||||||||
Operating Expenses [Abstract] | |||||||||||
Direct operating expenses | 0 | 0 | |||||||||
Selling, general and administrative expenses | 0 | 0 | |||||||||
Corporate expenses | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income (expense), net | 0 | 0 | |||||||||
Operating income (loss) | 0 | 0 | |||||||||
Interest (income) expense, net | 0 | 0 | |||||||||
Interest income on Due from iHeartCommunications | 0 | 0 | |||||||||
Intercompany interest income | (418,527) | (417,521) | (411,581) | ||||||||
Intercompany interest expense | (418,527) | (417,521) | (411,581) | ||||||||
Loss on marketable securities | 0 | 0 | |||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 61,672 | (72,106) | 76,265 | ||||||||
Other income (expense), net | (24,575) | 0 | 0 | ||||||||
Income (loss) before income taxes | 37,097 | (72,106) | 76,265 | ||||||||
Income tax benefit (expense) | 0 | 0 | |||||||||
Consolidated net income (loss) | 37,097 | (72,106) | 76,265 | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to the Company | 37,097 | (72,106) | 76,265 | ||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 0 | 0 | |||||||||
Unrealized gain (loss) on marketable securities | 0 | 0 | |||||||||
Other adjustments to comprehensive income (loss) | 0 | 0 | |||||||||
Reclassification adjustment for realized loss on marketable securities included in net income (loss) | 0 | 0 | |||||||||
Equity in subsidiary comprehensive income (loss) | 266,222 | 364,916 | (17,353) | ||||||||
Comprehensive income (loss) | 303,319 | 292,810 | 58,912 | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to the Company | $ 303,319 | $ 292,810 | $ 58,912 |
Guarantor Subsidiaries (Sched79
Guarantor Subsidiaries (Schedule Of Guarantor Obligations, Cash Flow) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | $ (32,439) | $ (15,202) | $ 9,286 | $ (32,953) | $ 51,945 | $ 1,420 | $ 60,123 | $ (96,369) | $ (71,308) | $ 17,119 | $ (24,326) |
Reconciling items: | |||||||||||
Impairment charges | 0 | 21,631 | 0 | 0 | 3,530 | 0 | 0 | 0 | 21,631 | 3,530 | 13,150 |
Depreciation and amortization | 95,423 | 93,040 | 93,405 | 94,094 | 108,359 | 100,416 | 98,726 | 98,742 | 375,962 | 406,243 | 403,170 |
Deferred taxes | 3,539 | (33,569) | (31,216) | ||||||||
Provision for doubtful accounts | 13,384 | 7,150 | 5,124 | ||||||||
Share-based compensation | 8,359 | 7,743 | 7,725 | ||||||||
(Gain) loss on sale of operating assets | (5,468) | (7,801) | (22,979) | ||||||||
Loss on marketable securities | 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 18 | |
Amortization of deferred financing charges and note discounts, net | 8,770 | 8,660 | 8,562 | ||||||||
Other reconciling items, net | (13,151) | (18,250) | 2,188 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
(Increase) decrease in accounts receivable | (56,580) | (38,618) | 43,429 | ||||||||
Increase (decrease) in prepaid expenses and other current assets | (1,728) | 5,982 | (6,342) | ||||||||
Increase (decrease) in accrued expenses | 493 | 19,123 | 19,304 | ||||||||
Increase (decrease) in accounts payable | 30,642 | (4,460) | (10,407) | ||||||||
Increase in deferred income | 2,549 | (5,370) | 334 | ||||||||
Changes in other operating assets and liabilities | (18,161) | (19,059) | 6,906 | ||||||||
Net cash provided by (used for) operating activities | 298,933 | 348,423 | 414,640 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | (218,332) | (231,169) | (206,187) | ||||||||
Proceeds from disposal of assets | 11,264 | 12,861 | 42,134 | ||||||||
Purchases of other operating assets | (23,640) | (573) | (10,483) | ||||||||
Decrease (increase) in intercompany notes receivable, net | 0 | ||||||||||
Dividends From Subsidiaries | 0 | ||||||||||
Proceeds from sale of investment securities | 0 | 15,834 | 0 | ||||||||
Purchases of businesses | (24,701) | 0 | 0 | ||||||||
Change in other, net | (2,316) | (3,384) | (3,143) | ||||||||
Net cash provided by (used for) investing activities | (257,725) | (206,431) | (177,679) | ||||||||
Cash flows from financing activities: | |||||||||||
Draws on credit facilities | 0 | 3,010 | 2,752 | ||||||||
Payments on credit facilities | (3,849) | (3,682) | (4,815) | ||||||||
Payments on long-term debt | (56) | (48) | (6,626) | ||||||||
Net transfers to Clear Channel Communications | 17,007 | (68,804) | (149,957) | ||||||||
Deferred financing charges | (8,606) | 0 | (344) | ||||||||
Payments to repurchase noncontrolling interests | (234) | 0 | (61,143) | ||||||||
Dividends and other payments to noncontrolling interests | (30,870) | (18,995) | (68,442) | ||||||||
Dividends paid | 0 | (175,022) | (200,010) | ||||||||
Proceeds from long-term debt | 222,777 | 0 | 0 | ||||||||
(Decrease) increase in intercompany notes payable, net | 0 | ||||||||||
Intercompany funding | 0 | ||||||||||
Change in other, net | 2,885 | 2,232 | 4,192 | ||||||||
Net cash provided by (used for) financing activities | 199,054 | (261,309) | (484,393) | ||||||||
Effect of exchange rate changes on cash | (13,723) | (9,024) | (2) | ||||||||
Net increase (decrease) increase in cash and cash equivalents | 226,539 | (128,341) | (247,434) | ||||||||
Cash and cash equivalents at beginning of year | 186,204 | 314,545 | 186,204 | 314,545 | 561,979 | ||||||
Cash and cash equivalents at end of year | 412,743 | 186,204 | 412,743 | 186,204 | 314,545 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | (71,497) | (9,590) | (48,460) | ||||||||
Reconciling items: | |||||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Deferred taxes | 0 | 597 | (51) | ||||||||
Provision for doubtful accounts | 0 | 0 | 0 | ||||||||
Share-based compensation | 0 | 0 | 0 | ||||||||
(Gain) loss on sale of operating assets | 0 | 0 | 494 | ||||||||
Loss on marketable securities | 0 | 0 | |||||||||
Amortization of deferred financing charges and note discounts, net | 0 | 0 | 0 | ||||||||
Other reconciling items, net | 76,018 | 15,463 | 48,847 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
(Increase) decrease in accounts receivable | 0 | 0 | 0 | ||||||||
Increase (decrease) in prepaid expenses and other current assets | (124) | 94 | 227 | ||||||||
Increase (decrease) in accrued expenses | 486 | (258) | 330 | ||||||||
Increase (decrease) in accounts payable | 0 | 0 | 0 | ||||||||
Increase in deferred income | 0 | 0 | 0 | ||||||||
Changes in other operating assets and liabilities | 0 | 0 | 0 | ||||||||
Net cash provided by (used for) operating activities | 4,883 | 6,306 | 1,387 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | 0 | 0 | 0 | ||||||||
Proceeds from disposal of assets | 0 | 0 | 0 | ||||||||
Purchases of other operating assets | 0 | 0 | 0 | ||||||||
Decrease (increase) in intercompany notes receivable, net | 0 | 0 | 0 | ||||||||
Dividends From Subsidiaries | 0 | 0 | 1,153 | ||||||||
Proceeds from sale of investment securities | 0 | 0 | |||||||||
Purchases of businesses | 0 | 0 | |||||||||
Change in other, net | 0 | 0 | 0 | ||||||||
Net cash provided by (used for) investing activities | 0 | 0 | 1,153 | ||||||||
Cash flows from financing activities: | |||||||||||
Draws on credit facilities | 0 | 0 | 0 | ||||||||
Payments on credit facilities | 0 | 0 | 0 | ||||||||
Payments on long-term debt | 0 | 0 | 0 | ||||||||
Net transfers to Clear Channel Communications | 17,007 | (68,804) | (149,957) | ||||||||
Deferred financing charges | 0 | 0 | 0 | ||||||||
Payments to repurchase noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends and other payments to noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends paid | 0 | (175,022) | (200,010) | ||||||||
Proceeds from long-term debt | 0 | 0 | 0 | ||||||||
(Decrease) increase in intercompany notes payable, net | 0 | 0 | 0 | ||||||||
Intercompany funding | 193,021 | 153,004 | 219,009 | ||||||||
Change in other, net | 2,885 | 2,236 | 4,192 | ||||||||
Net cash provided by (used for) financing activities | 212,913 | (88,586) | (126,766) | ||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||||||
Net increase (decrease) increase in cash and cash equivalents | 217,796 | (82,280) | (124,226) | ||||||||
Cash and cash equivalents at beginning of year | 905 | 83,185 | 905 | 83,185 | |||||||
Cash and cash equivalents at end of year | 218,701 | 905 | 218,701 | 905 | 83,185 | ||||||
Subsidiary Issuer [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | 1,376 | 35,206 | (19,670) | ||||||||
Reconciling items: | |||||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Deferred taxes | 1,282 | 0 | 0 | ||||||||
Provision for doubtful accounts | 0 | 0 | 0 | ||||||||
Share-based compensation | 0 | 0 | 0 | ||||||||
(Gain) loss on sale of operating assets | 0 | 0 | 0 | ||||||||
Loss on marketable securities | 0 | 0 | |||||||||
Amortization of deferred financing charges and note discounts, net | 7,468 | 7,428 | 7,391 | ||||||||
Other reconciling items, net | (13,823) | (46,938) | 12,274 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
(Increase) decrease in accounts receivable | 0 | 0 | 0 | ||||||||
Increase (decrease) in prepaid expenses and other current assets | (3,433) | 0 | 0 | ||||||||
Increase (decrease) in accrued expenses | (4,182) | 2,133 | 75,109 | ||||||||
Increase (decrease) in accounts payable | 0 | 0 | (20) | ||||||||
Increase in deferred income | 0 | 0 | 0 | ||||||||
Changes in other operating assets and liabilities | 0 | 0 | 0 | ||||||||
Net cash provided by (used for) operating activities | (11,312) | (2,171) | 75,084 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | 0 | 0 | 0 | ||||||||
Proceeds from disposal of assets | 0 | 0 | 0 | ||||||||
Purchases of other operating assets | 0 | 0 | 0 | ||||||||
Decrease (increase) in intercompany notes receivable, net | 70,125 | 84,264 | 127,305 | ||||||||
Dividends From Subsidiaries | 157,570 | 0 | 0 | ||||||||
Proceeds from sale of investment securities | 0 | 0 | |||||||||
Purchases of businesses | 0 | 0 | |||||||||
Change in other, net | (8,606) | 0 | 0 | ||||||||
Net cash provided by (used for) investing activities | 219,089 | 84,264 | 127,305 | ||||||||
Cash flows from financing activities: | |||||||||||
Draws on credit facilities | 0 | 0 | 0 | ||||||||
Payments on credit facilities | 0 | 0 | 0 | ||||||||
Payments on long-term debt | 0 | 0 | 0 | ||||||||
Net transfers to Clear Channel Communications | 0 | 0 | 0 | ||||||||
Deferred financing charges | 0 | 0 | 0 | ||||||||
Payments to repurchase noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends and other payments to noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends paid | 0 | 0 | 0 | ||||||||
Proceeds from long-term debt | 0 | 0 | 0 | ||||||||
(Decrease) increase in intercompany notes payable, net | 0 | 0 | 0 | ||||||||
Intercompany funding | (207,777) | (82,093) | (202,389) | ||||||||
Change in other, net | 0 | 0 | 0 | ||||||||
Net cash provided by (used for) financing activities | (207,777) | (82,093) | (202,389) | ||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||||||
Net increase (decrease) increase in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at beginning of year | 0 | 0 | 0 | 0 | |||||||
Cash and cash equivalents at end of year | 0 | 0 | 0 | 0 | 0 | ||||||
Guarantor Subsidiaries [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | (76,018) | (15,463) | (50,279) | ||||||||
Reconciling items: | |||||||||||
Impairment charges | 21,631 | 3,530 | 0 | ||||||||
Depreciation and amortization | 194,891 | 194,396 | 194,793 | ||||||||
Deferred taxes | 7,539 | (29,835) | (22,225) | ||||||||
Provision for doubtful accounts | 5,398 | 3,247 | 3,211 | ||||||||
Share-based compensation | 5,712 | 5,006 | 4,881 | ||||||||
(Gain) loss on sale of operating assets | (1,235) | (3,236) | (28,129) | ||||||||
Loss on marketable securities | 0 | 0 | |||||||||
Amortization of deferred financing charges and note discounts, net | 1,230 | 1,232 | 1,171 | ||||||||
Other reconciling items, net | (4,270) | (41,398) | 15,241 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
(Increase) decrease in accounts receivable | (12,878) | 404 | 47,475 | ||||||||
Increase (decrease) in prepaid expenses and other current assets | 4,664 | 6,368 | (981) | ||||||||
Increase (decrease) in accrued expenses | 5,491 | (2,666) | (67,019) | ||||||||
Increase (decrease) in accounts payable | (15,742) | 16,126 | (2,131) | ||||||||
Increase in deferred income | (6,879) | 1,735 | (7,582) | ||||||||
Changes in other operating assets and liabilities | (17,114) | 1,143 | 6,675 | ||||||||
Net cash provided by (used for) operating activities | 112,420 | 140,589 | 95,101 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | (72,374) | (96,695) | (96,873) | ||||||||
Proceeds from disposal of assets | 4,626 | 6,216 | 33,925 | ||||||||
Purchases of other operating assets | (23,042) | (252) | (9,480) | ||||||||
Decrease (increase) in intercompany notes receivable, net | 0 | 0 | 0 | ||||||||
Dividends From Subsidiaries | 0 | 3,182 | 0 | ||||||||
Proceeds from sale of investment securities | 0 | 0 | |||||||||
Purchases of businesses | 0 | 0 | |||||||||
Change in other, net | (909) | (11) | (16) | ||||||||
Net cash provided by (used for) investing activities | (91,699) | (87,560) | (72,444) | ||||||||
Cash flows from financing activities: | |||||||||||
Draws on credit facilities | 0 | 0 | 0 | ||||||||
Payments on credit facilities | 0 | 0 | 0 | ||||||||
Payments on long-term debt | (56) | (48) | (41) | ||||||||
Net transfers to Clear Channel Communications | 0 | 0 | 0 | ||||||||
Deferred financing charges | 0 | 0 | (344) | ||||||||
Payments to repurchase noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends and other payments to noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends paid | 0 | 0 | 0 | ||||||||
Proceeds from long-term debt | 0 | 0 | 0 | ||||||||
(Decrease) increase in intercompany notes payable, net | (4,625) | 0 | 0 | ||||||||
Intercompany funding | 2,415 | (58,862) | (16,387) | ||||||||
Change in other, net | 0 | (4) | 0 | ||||||||
Net cash provided by (used for) financing activities | (2,266) | (58,914) | (16,772) | ||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||||||
Net increase (decrease) increase in cash and cash equivalents | 18,455 | (5,885) | 5,885 | ||||||||
Cash and cash equivalents at beginning of year | 0 | 5,885 | 0 | 5,885 | |||||||
Cash and cash equivalents at end of year | 18,455 | 0 | 18,455 | 0 | 5,885 | ||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | 37,734 | 79,072 | 17,818 | ||||||||
Reconciling items: | |||||||||||
Impairment charges | 0 | 0 | 13,150 | ||||||||
Depreciation and amortization | 181,071 | 211,847 | 208,377 | ||||||||
Deferred taxes | (5,282) | (4,331) | (8,940) | ||||||||
Provision for doubtful accounts | 7,986 | 3,903 | 1,913 | ||||||||
Share-based compensation | 2,647 | 2,737 | 2,844 | ||||||||
(Gain) loss on sale of operating assets | (4,233) | (4,565) | 4,656 | ||||||||
Loss on marketable securities | 0 | 0 | 18 | ||||||||
Amortization of deferred financing charges and note discounts, net | 72 | 0 | 0 | ||||||||
Other reconciling items, net | (9,404) | (17,483) | 2,091 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
(Increase) decrease in accounts receivable | (43,702) | (39,022) | (4,046) | ||||||||
Increase (decrease) in prepaid expenses and other current assets | (2,835) | (480) | (5,588) | ||||||||
Increase (decrease) in accrued expenses | (1,302) | 19,914 | 10,884 | ||||||||
Increase (decrease) in accounts payable | 26,424 | (626) | (13,049) | ||||||||
Increase in deferred income | 9,428 | (7,105) | 7,916 | ||||||||
Changes in other operating assets and liabilities | (1,047) | (20,202) | 231 | ||||||||
Net cash provided by (used for) operating activities | 197,557 | 223,659 | 238,275 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | (145,958) | (134,474) | (109,314) | ||||||||
Proceeds from disposal of assets | 6,638 | 6,645 | 8,209 | ||||||||
Purchases of other operating assets | (598) | (321) | (1,003) | ||||||||
Decrease (increase) in intercompany notes receivable, net | 0 | 0 | 0 | ||||||||
Dividends From Subsidiaries | 0 | 0 | 0 | ||||||||
Proceeds from sale of investment securities | 0 | 15,834 | |||||||||
Purchases of businesses | (24,701) | 0 | |||||||||
Change in other, net | (2,314) | (3,373) | (3,127) | ||||||||
Net cash provided by (used for) investing activities | (166,933) | (115,689) | (105,235) | ||||||||
Cash flows from financing activities: | |||||||||||
Draws on credit facilities | 0 | 3,010 | 2,752 | ||||||||
Payments on credit facilities | (3,849) | (3,682) | (4,815) | ||||||||
Payments on long-term debt | 0 | 0 | (6,585) | ||||||||
Net transfers to Clear Channel Communications | 0 | 0 | 0 | ||||||||
Deferred financing charges | (8,606) | 0 | 0 | ||||||||
Payments to repurchase noncontrolling interests | (234) | 0 | (61,143) | ||||||||
Dividends and other payments to noncontrolling interests | (30,870) | (18,995) | (68,442) | ||||||||
Dividends paid | (182,145) | (3,182) | (1,153) | ||||||||
Proceeds from long-term debt | 222,777 | 0 | 0 | ||||||||
(Decrease) increase in intercompany notes payable, net | (65,500) | (84,264) | (127,305) | ||||||||
Intercompany funding | 12,341 | (12,049) | (233) | ||||||||
Change in other, net | 9,513 | 0 | 0 | ||||||||
Net cash provided by (used for) financing activities | (46,573) | (119,162) | (266,924) | ||||||||
Effect of exchange rate changes on cash | (13,723) | (9,024) | (2) | ||||||||
Net increase (decrease) increase in cash and cash equivalents | (29,672) | (20,216) | (133,886) | ||||||||
Cash and cash equivalents at beginning of year | 205,259 | 225,475 | 205,259 | 225,475 | |||||||
Cash and cash equivalents at end of year | 175,587 | 205,259 | 175,587 | 205,259 | 225,475 | ||||||
Eliminations [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | 37,097 | (72,106) | 76,265 | ||||||||
Reconciling items: | |||||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Deferred taxes | 0 | 0 | 0 | ||||||||
Provision for doubtful accounts | 0 | 0 | 0 | ||||||||
Share-based compensation | 0 | 0 | 0 | ||||||||
(Gain) loss on sale of operating assets | 0 | 0 | 0 | ||||||||
Loss on marketable securities | 0 | 0 | |||||||||
Amortization of deferred financing charges and note discounts, net | 0 | 0 | 0 | ||||||||
Other reconciling items, net | (61,672) | 72,106 | (76,265) | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
(Increase) decrease in accounts receivable | 0 | 0 | 0 | ||||||||
Increase (decrease) in prepaid expenses and other current assets | 0 | 0 | 0 | ||||||||
Increase (decrease) in accrued expenses | 0 | 0 | 0 | ||||||||
Increase (decrease) in accounts payable | 19,960 | (19,960) | 4,793 | ||||||||
Increase in deferred income | 0 | 0 | 0 | ||||||||
Changes in other operating assets and liabilities | 0 | 0 | 0 | ||||||||
Net cash provided by (used for) operating activities | (4,615) | (19,960) | 4,793 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | 0 | 0 | 0 | ||||||||
Proceeds from disposal of assets | 0 | 0 | 0 | ||||||||
Purchases of other operating assets | 0 | 0 | 0 | ||||||||
Decrease (increase) in intercompany notes receivable, net | (70,125) | (84,264) | (127,305) | ||||||||
Dividends From Subsidiaries | (157,570) | (3,182) | (1,153) | ||||||||
Proceeds from sale of investment securities | 0 | 0 | |||||||||
Purchases of businesses | 0 | 0 | |||||||||
Change in other, net | 9,513 | 0 | 0 | ||||||||
Net cash provided by (used for) investing activities | (218,182) | (87,446) | (128,458) | ||||||||
Cash flows from financing activities: | |||||||||||
Draws on credit facilities | 0 | 0 | 0 | ||||||||
Payments on credit facilities | 0 | 0 | 0 | ||||||||
Payments on long-term debt | 0 | 0 | 0 | ||||||||
Net transfers to Clear Channel Communications | 0 | 0 | 0 | ||||||||
Deferred financing charges | 0 | 0 | 0 | ||||||||
Payments to repurchase noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends and other payments to noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends paid | 182,145 | 3,182 | 1,153 | ||||||||
Proceeds from long-term debt | 0 | 0 | 0 | ||||||||
(Decrease) increase in intercompany notes payable, net | 70,125 | 84,264 | 127,305 | ||||||||
Intercompany funding | 0 | 0 | 0 | ||||||||
Change in other, net | (9,513) | 0 | 0 | ||||||||
Net cash provided by (used for) financing activities | 242,757 | 87,446 | 128,458 | ||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||||||
Net increase (decrease) increase in cash and cash equivalents | 19,960 | (19,960) | 4,793 | ||||||||
Cash and cash equivalents at beginning of year | $ (19,960) | $ 0 | (19,960) | 0 | |||||||
Cash and cash equivalents at end of year | $ 0 | $ (19,960) | $ 0 | $ (19,960) | $ 0 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Change in deferred tax is primarily due to the valuation allowance | $ 32.9 |
Foreign deferred tax assets [Member] | |
Operating Loss Carryforwards [Line Items] | |
Change in deferred tax is primarily due to the valuation allowance | 8.8 |
Federal and state tax authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Valuation Allowance | $ 32.9 |
Valuation and Qualifying Acco81
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance For Doubtful Accounts [Member] | |||
Movement In Valuation Allowances And Reserves [Roll Forward] | |||
Valuation allowance and qualifying accounts, beginning balance | $ 24,308 | $ 33,127 | $ 36,669 |
Charges to costs, expenses and other | 13,384 | 7,150 | 5,124 |
Write-off of accounts receivable | 10,585 | 13,469 | 9,390 |
Adjustments and other | (1,759) | (2,500) | 724 |
Valuation allowance and qualifying accounts, ending balance | 25,348 | 24,308 | 33,127 |
Valuation Allowance Of Deferred Tax Assets [Member] | |||
Movement In Valuation Allowances And Reserves [Roll Forward] | |||
Valuation allowance and qualifying accounts, beginning balance | 168,555 | 180,284 | 179,807 |
Charges to costs, expenses and other | 41,704 | 16,819 | 5,647 |
Reversal | (457) | (230) | (5) |
Adjustments and other | (24,723) | (28,318) | (5,165) |
Valuation allowance and qualifying accounts, ending balance | $ 185,079 | $ 168,555 | $ 180,284 |