Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | |
Common class A | ||
Entity Common Stock, Shares Outstanding | 47,177,430 | |
Common class B | ||
Entity Common Stock, Shares Outstanding | 315,000,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 439,527 | $ 412,743 |
Accounts receivable, net of allowance of $24,403 in 2016 and $25,348 in 2015 | 646,822 | 697,583 |
Prepaid expenses | 134,553 | 127,730 |
Assets held for sale | 55,053 | 295,075 |
Other current assets | 62,406 | 34,566 |
Total Current Assets | 1,338,361 | 1,567,697 |
PROPERTY, PLANT AND EQUIPMENT | ||
Structures, net | 1,289,708 | 1,391,880 |
Other property, plant and equipment, net | 233,437 | 236,106 |
INTANGIBLE ASSETS AND GOODWILL | ||
Indefinite-lived intangibles | 961,347 | 971,327 |
Other intangibles, net | 321,591 | 342,864 |
Goodwill | 744,021 | 758,575 |
OTHER ASSETS | ||
Due from iHeartCommunications | 689,631 | 930,799 |
Other assets | 120,037 | 107,540 |
Total Assets | 5,698,133 | 6,306,788 |
CURRENT LIABILITIES | ||
Accounts payable | 85,232 | 100,210 |
Accrued expenses | 438,576 | 507,665 |
Dividends payable | 0 | 217,017 |
Deferred income | 127,356 | 91,411 |
Current portion of long-term debt | 4,592 | 4,310 |
Total Current Liabilities | 655,756 | 920,613 |
Long-term debt | 5,110,640 | 5,106,513 |
Deferred tax liability | 651,883 | 608,910 |
Other long-term liabilities | 246,295 | 240,419 |
Commitments and Contingent liabilities (Note 4) | ||
SHAREHOLDERS’ DEFICIT | ||
Noncontrolling interest | 189,561 | 187,775 |
Preferred stock, $.01 par value, 150,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 3,426,602 | 3,961,515 |
Accumulated deficit | (4,197,636) | (4,268,637) |
Accumulated other comprehensive loss | (385,170) | (451,833) |
Cost of shares (531,290 in 2016 and 233,868 in 2015) held in treasury | (3,426) | (2,104) |
Total Shareholders’ Deficit | (966,441) | (569,667) |
Total Liabilities and Shareholders' Equity (Deficit) | 5,698,133 | 6,306,788 |
Common class A | ||
SHAREHOLDERS’ DEFICIT | ||
Common stock issued | 478 | 467 |
Common class B | ||
SHAREHOLDERS’ DEFICIT | ||
Common stock issued | $ 3,150 | $ 3,150 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowances for receivables | $ 24,403 | $ 25,348 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 150,000,000 | 150,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Preferred stock outstanding (in shares) | 0 | 0 |
Treasury stock (in shares) | 531,290 | 233,868 |
Common class A | ||
Class of Stock [Line Items] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock issued (in shares) | 47,774,617 | 46,661,114 |
Common class B | ||
Class of Stock [Line Items] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock issued (in shares) | 315,000,000 | 315,000,000 |
Common stock outstanding (in shares) | 315,000,000 | 315,000,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 712,146 | $ 722,819 | $ 1,302,867 | $ 1,337,862 |
Operating expenses: | ||||
Direct operating expenses (excludes depreciation and amortization) | 366,061 | 372,342 | 709,755 | 735,313 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 135,567 | 132,522 | 262,368 | 259,652 |
Corporate expenses (excludes depreciation and amortization) | 29,652 | 30,154 | 57,891 | 58,907 |
Depreciation and amortization | 86,974 | 93,405 | 172,369 | 187,499 |
Other operating income (expense), net | (59,384) | 659 | 225,390 | (4,785) |
Operating income (loss) | 34,508 | 95,055 | 325,874 | 91,706 |
Interest expense | 94,650 | 88,556 | 188,523 | 177,972 |
Interest income on Due from iHeartCommunications | 11,291 | 15,049 | 24,004 | 30,302 |
Equity in earnings (loss) of nonconsolidated affiliates | (232) | (351) | (647) | 171 |
Other income (expense), net | (33,871) | 15,276 | (39,674) | 35,214 |
Income (loss) before income taxes | (82,954) | 36,473 | 121,034 | (20,579) |
Income tax benefit (expense) | 21,712 | (27,187) | (41,200) | (3,088) |
Consolidated net income (loss) | (61,242) | 9,286 | 79,834 | (23,667) |
Less amount attributable to noncontrolling interest | 7,857 | 7,876 | 8,833 | 8,441 |
Net income (loss) attributable to the Company | (69,099) | 1,410 | 71,001 | (32,108) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 9,106 | 2,900 | 36,370 | (78,587) |
Unrealized holding gain (loss) on marketable securities | (309) | (133) | (345) | 689 |
Reclassification adjustment for realized cumulative translation adjustments on sale of businesses included in Other operating income (expense), net | 32,824 | 0 | 32,824 | 0 |
Other adjustments to comprehensive loss | (3,745) | 0 | (3,745) | (1,154) |
Other comprehensive income (loss) | 37,876 | 2,767 | 65,104 | (79,052) |
Comprehensive income (loss) | (31,223) | 4,177 | 136,105 | (111,160) |
Less amount attributable to noncontrolling interest | (3,978) | (5,060) | (1,559) | (2,761) |
Comprehensive income (loss) attributable to the Company | $ (27,245) | $ 9,237 | $ 137,664 | $ (108,399) |
Net income (loss) attributable to the Company per common share: | ||||
Basic (in dollars per share) | $ (0.19) | $ 0 | $ 0.20 | $ (0.09) |
Weighted average common shares outstanding – Basic | 360,233 | 359,538 | 360,074 | 359,317 |
Diluted (in dollars per share) | $ (0.19) | $ 0 | $ 0.20 | $ (0.09) |
Weighted average common shares outstanding – Diluted | 360,233 | 361,603 | 361,154 | 359,317 |
Dividends declared per share (in dollars per share) | $ 0 | $ 0 | $ 1.49 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Consolidated net income (loss) | $ 79,834 | $ (23,667) |
Reconciling items: | ||
Depreciation and amortization | 172,369 | 187,499 |
Deferred taxes | 42,456 | 6,311 |
Provision for doubtful accounts | 6,662 | 5,144 |
Amortization of deferred financing charges and note discounts, net | 5,257 | 4,344 |
Share-based compensation | 5,443 | 3,729 |
Gain on sale of operating and other assets, net | (226,895) | (2,602) |
Equity in (earnings) loss of nonconsolidated affiliates | 647 | (171) |
Other reconciling items, net | 39,000 | (35,606) |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||
(Increase) decrease in accounts receivable | 32,137 | (40,921) |
Increase in prepaid expenses and other current assets | (28,998) | (31,030) |
Decrease in accrued expenses | (71,651) | (58,848) |
Decrease in accounts payable | (13,807) | (2,539) |
Increase (decrease) in accrued interest | 2,908 | (638) |
Increase in deferred income | 36,058 | 40,740 |
Changes in other operating assets and liabilities | 7,345 | 2,714 |
Net cash provided by (used for) operating activities | 88,765 | 54,459 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (97,055) | (90,033) |
Proceeds from disposal of assets | 583,652 | 2,129 |
Purchases of other operating assets | (1,670) | (853) |
Change in other, net | (30,247) | (1,036) |
Net cash provided by (used for) investing activities | 454,680 | (89,793) |
Cash flows from financing activities: | ||
Payments on credit facilities | (1,157) | (2,638) |
Payments on long-term debt | (1,116) | (27) |
Net transfers from iHeartCommunications | 241,169 | 10,875 |
Dividends and other payments to noncontrolling interests | (1,247) | (28,099) |
Dividends paid | (754,235) | 0 |
Change in other, net | (287) | 2,825 |
Net cash provided by (used for) financing activities | (516,873) | (17,064) |
Effect of exchange rate changes on cash | 212 | (3,923) |
Net increase (decrease) in cash and cash equivalents | 26,784 | (56,321) |
Cash and cash equivalents at beginning of period | 412,743 | 186,204 |
Cash and cash equivalents at end of period | 439,527 | 129,883 |
SUPPLEMENTAL DISCLOSURES: | ||
Cash paid for interest | 179,020 | 174,631 |
Cash paid for income taxes | $ 24,198 | $ 19,217 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Preparation of Interim Financial Statements All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries. Our reportable segments are Americas outdoor advertising (“Americas”) and International outdoor advertising (“International”). The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2015 Annual Report on Form 10-K. The consolidated financial statements include the accounts of the Company and its subsidiaries and give effect to allocations of expenses from the Company’s indirect parent entity, iHeartCommunications, Inc. (“iHeartCommunications”). These allocations were made on a specifically identifiable basis or using relative percentages of headcount or other methods management considered to be a reasonable reflection of the utilization of services provided. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation process. Certain prior-period amounts have been reclassified to conform to the 2016 presentation. New Accounting Pronouncements During the second quarter of 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. This update provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, the Company will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this update are effective for annual periods ending after December 15, 2016, and for interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of the provisions of this new standard on its 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 adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. 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 simplifies the presentation of debt issuance costs as a deduction from the carrying value of the outstanding debt balance rather than showing the debt issuance costs as an asset. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. The retrospective adoption of this guidance resulted in the reclassification of debt issuance costs of $50.4 million as of December 31, 2015 , which are now reflected as “Long-term debt fees” in Note 3. 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 virtually all of the current revenue recognition guidance under U.S. GAAP. The standard is effective for the first interim period within annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. 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, including 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 adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. During the first quarter of 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The new leasing standard presents significant changes to the balance sheets of lessees. Lessor accounting is updated to align with certain changes in the lessee model and the new revenue recognition standard which was issued in the third quarter of 2015. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2018. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the second quarter of 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) . This update changes the accounting for certain aspects of share-based payments to employees. Income tax effects of share-based payment awards will be recognized in the income statement with the vesting or settlement of the awards and the record keeping for additional paid-in capital pools will no longer be necessary. Additionally, companies can make a policy election to either estimate forfeitures or recognize them as they occur. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2016. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the second quarter of 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losse s (Topic 326) . The new standard changes the impairment model for most financial assets and certain other instruments. Entities will be required to use a model that will result in the earlier recognition of allowances for losses for trade and other receivables, held-to-maturity debt securities, loans and other instruments. For available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. For an SEC filer, the standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2019. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 6 Months Ended |
Jun. 30, 2016 | |
Property Plant And Equipment Intangible Assets And Goodwill [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL Dispositions During 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 net proceeds, which included cash and certain advertising assets in Florida, totaling $594.0 million . The Company recognized a net gain of $280.0 million related to the sale, which is included within Other operating income (expense), net. During the first quarter of 2016, Americas outdoor also entered into an agreement to sell its Indianapolis, Indiana market in exchange for certain assets in Atlanta, Georgia, plus approximately $41.2 million in cash. The transaction is subject to regulatory approvals and is expected to close in 2016. This transaction has met the criteria to be classified as held-for-sale and as such, the related assets are separately presented on the face of the Consolidated Balance Sheet. During the second quarter of 2016, International outdoor sold its business in Turkey. As a result, the Company recognized a net loss of $56.6 million , which includes $32.2 million in cumulative translation adjustments that were recognized upon the sale of the Company's subsidiaries in Turkey. Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2016 and December 31, 2015 , respectively: (In thousands) June 30, December 31, Land, buildings and improvements $ 162,252 $ 167,739 Structures 2,743,168 2,824,794 Furniture and other equipment 154,996 156,046 Construction in progress 65,363 54,701 3,125,779 3,203,280 Less: accumulated depreciation 1,602,634 1,575,294 Property, plant and equipment, net $ 1,523,145 $ 1,627,986 Intangible Assets The Company’s indefinite-lived intangible assets consist primarily of billboard permits in its Americas segment. Due to significant differences in both business practices and regulations, billboards in the International segment are subject to long-term, finite contracts unlike the Company’s permits in the United States and Canada. Accordingly, there are no indefinite-lived intangible assets in the International segment. Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets primarily include transit and street furniture contracts, site-leases and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of June 30, 2016 and December 31, 2015 , respectively: (In thousands) June 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 589,682 $ (428,504 ) $ 635,772 $ (457,060 ) Permanent easements 157,436 — 156,349 — Other 4,585 (1,608 ) 9,687 (1,884 ) Total $ 751,703 $ (430,112 ) $ 801,808 $ (458,944 ) Total amortization expense related to definite-lived intangible assets for the three months ended June 30, 2016 and 2015 was $10.1 million and $12.5 million , respectively. Total amortization expense related to definite-lived intangible assets for the six months ended June 30, 2016 and 2015 was $19.9 million and $27.2 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) 2017 $ 29,032 2018 $ 20,390 2019 $ 16,240 2020 $ 13,938 2021 $ 13,394 Goodwill The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments: (In thousands) Americas International Consolidated 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 Dispositions (6,934 ) — (6,934 ) Foreign currency (1,393 ) 3,999 2,606 Assets held for sale (10,226 ) — (10,226 ) Balance as of June 30, 2016 $ 516,130 $ 227,891 $ 744,021 |
LONG-TERM DEBT
LONG-TERM DEBT | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding as of June 30, 2016 and December 31, 2015 consisted of the following: (In thousands) June 30, December 31, Clear Channel Worldwide Holdings Senior Notes: 6.5% Series A Senior Notes Due 2022 $ 735,750 $ 735,750 6.5% Series B Senior Notes Due 2022 1,989,250 1,989,250 Clear Channel Worldwide Holdings Senior Subordinated Notes: 7.625% Series A Senior Subordinated Notes Due 2020 275,000 275,000 7.625% Series B Senior Subordinated Notes Due 2020 1,925,000 1,925,000 Senior Revolving Credit Facility Due 2018 (1) — — Clear Channel International B.V. Senior Notes Due 2020 225,000 225,000 Other debt 18,354 19,003 Original issue discount (7,263 ) (7,769 ) Long-term debt fees (45,859 ) (50,411 ) Total debt $ 5,115,232 $ 5,110,823 Less: current portion 4,592 4,310 Total long-term debt $ 5,110,640 $ 5,106,513 (1) The Senior revolving credit facility provides for borrowings up to $75.0 million (the revolving credit commitment). As of June 30, 2016 , we had $52.5 million of letters of credit outstanding, and $22.5 million of availability, under the senior revolving credit facility. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.0 billion and $4.9 billion at June 30, 2016 and December 31, 2015 , 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. Surety Bonds, Letters of Credit and Guarantees As of June 30, 2016 , the Company had $53.7 million and $55.8 million in letters of credit and bank guarantees outstanding, respectively. Bank guarantees of $26.7 million were backed by cash collateral. Additionally, as of June 30, 2016 , iHeartCommunications had outstanding commercial standby letters of credit and surety bonds of $1.2 million and $54.6 million , respectively, held on behalf of the Company. These surety bonds, letters of credit and bank guarantees relate to various operational matters, including insurance, bid and performance bonds, as well as other items. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations. Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes; 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 Danish 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. Stockholder Litigation On May 9, 2016, a stockholder of the Company filed a derivative lawsuit in the Court of Chancery of the State of Delaware, captioned GAMC O Asset Management Inc. v. iHeartMedia Inc. et al., C.A. No. 12312-VCS. The complaint names as defendants iHeartCommunications, Inc. (“iHeartCommunications”), the Company’s indirect parent company, iHeartMedia, Inc. (“iHeartMedia”), the parent company of iHeartCommunications, Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. (together, the “Sponsor Defendants”), iHeartMedia’s private equity sponsors and majority owners, and the members of the Company’s board of directors. The Company also is named as a nominal defendant. The complaint alleges that the Company has been harmed by the intercompany agreements with iHeartCommunications, the Company’s lack of autonomy over its own cash and the actions of the defendants in serving the interests of iHeartMedia, iHeartCommunications and the Sponsor Defendants to the detriment of the Company and its minority stockholders. Specifically, the complaint alleges that the defendants have breached their fiduciary duties by causing the Company to: (i) continue to loan cash to iHeartCommunications under the intercompany note at below-market rates; (ii) abandon its growth and acquisition strategies in favor of transactions that would provide cash to iHeartMedia and iHeartCommunications; (iii) issue new debt in the CCIBV note offering (the “CCIBV Note Offering”) to provide cash to iHeartMedia and iHeartCommunications through a dividend; and (iv) effect the sales of certain outdoor markets in the U.S. (the “Outdoor Asset Sales”) to provide cash to iHeartMedia and iHeartCommunications through a dividend. The complaint also alleges that iHeartMedia, iHeartCommunications and the Sponsor Defendants aided and abetted the directors’ breaches of their fiduciary duties. The complaint further alleges that iHeartMedia, iHeartCommunications and the Sponsor Defendants were unjustly enriched as a result of these transactions and that these transactions constituted a waste of corporate assets for which the defendants are liable to the Company. The plaintiff is seeking, among other things, a ruling that the defendants breached their fiduciary duties to the Company and that iHeartMedia, iHeartCommunications and the Sponsor Defendants aided and abetted the board of directors’ breaches of fiduciary duty, rescission of payments to iHeartCommunications and its affiliates pursuant to dividends declared in connection with the CCIBV Note Offering and Outdoor Asset Sales, and an order requiring iHeartMedia, iHeartCommunications and the Sponsor Defendants to disgorge all profits they have received as a result of the alleged fiduciary misconduct. On May 26, 2016, the plaintiff filed a motion seeking expedited discovery and an expedited trial on certain counts of its complaint. On June 27, 2016, the court denied the motion for an expedited trial and discovery, and on July 12, 2016, the parties stipulated to a schedule that would allow for a decision on the defendants’ forthcoming motion to dismiss by mid-September and a trial, if necessary, beginning February 27, 2017. On July 20, 2016, the defendants filed a motion to dismiss. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 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. The 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 provided 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 account is on an unsecured basis and is limited to the balance of the “Due from iHeartCommunications” account. As of June 30, 2016 and December 31, 2015 , the asset recorded in “Due from iHeartCommunications” on the consolidated balance sheet was $689.6 million and $930.8 million , respectively. As of June 30, 2016 , 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 three months ended June 30, 2016 and 2015 was $11.3 million and $15.0 million , respectively. The net interest income for the six months ended June 30, 2016 and 2015 was $24.0 million and $30.3 million , respectively. On February 4, 2016, the Company demanded the repayment of $300.0 million outstanding under the Due from iHeartCommunications note and used the repayment to partially fund a special cash dividend of $540.0 million , which was paid on February 4, 2016. The Company provides advertising space on its billboards for radio stations owned by iHeartCommunications. For the three months ended June 30, 2016 and 2015 , the Company recorded $0.6 million and $1.1 million , respectively, in revenue for these advertisements. For the six months ended June 30, 2016 and 2015 , the Company recorded $0.9 million and $2.2 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 related services; (v) information systems, network and related services; (vi) investment services; (vii) procurement and sourcing support services; and (viii) other general corporate services. These services are charged to the Company based on actual direct costs incurred or allocated by iHeartCommunications based on headcount, revenue or other factors on a pro rata basis. For the three months ended June 30, 2016 and 2015 , the Company recorded $9.2 million and $8.0 million , respectively, as a component of corporate expenses for these services. For the six months ended June 30, 2016 and 2015 , the Company recorded $18.5 million and $15.9 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 Company 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 subsidiaries. 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 provision using the liability method in accordance with the provisions of ASC 740-10, as if the Company was a separate taxpayer. Deferred tax assets and liabilities are determined based on differences between financial reporting basis and tax basis of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not some portion or all of the asset will not be realized. Pursuant to the Employee Matters Agreement, the Company’s employees participate in iHeartCommunications’ employee benefit plans, including employee medical insurance and a 401(k) retirement benefit plan. For the three months ended June 30, 2016 and 2015 , the Company recorded $2.4 million and $2.7 million , respectively, as a component of selling, general and administrative expenses for these services. For the six months ended June 30, 2016 and 2015 , the Company recorded $4.7 million and $5.3 million , respectively, as a component of selling, general and administrative expenses for these services. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Benefit (Expense) The Company’s income tax benefit (expense) for the three and six months ended June 30, 2016 and 2015 , respectively, consisted of the following components: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Current tax benefit (expense) $ 11,519 $ (25,613 ) $ 1,256 $ 3,223 Deferred tax benefit (expense) 10,193 (1,574 ) (42,456 ) (6,311 ) Income tax benefit (expense) $ 21,712 $ (27,187 ) $ (41,200 ) $ (3,088 ) The effective tax rates for the three and six months ended June 30, 2016 were 26.2% and 34.0% , respectively. The effective rate for the six months ended June 30, 2016 was primarily impacted by the reversal of the valuation allowance recorded in 2015 against net operating losses in U.S. federal and state jurisdictions due to taxable gains from the dispositions of nine outdoor markets during the period. The effective rate for the three months ended June 30, 2016 was primarily impacted by the Company's inability to benefit from losses in certain foreign jurisdictions due to uncertainty regarding the ability to utilize those losses in future periods. The effective tax rates for the three and six months ended June 30, 2015 were 74.5% and (15.0)% , respectively. The effective rates were primarily impacted by the valuation allowances recorded against certain deferred tax assets that consisted of net operating losses in U.S. federal, state and certain foreign jurisdictions. The Company recorded a valuation allowance against these deferred tax assets as the reversing deferred tax liabilities and other sources of taxable income that may be available to realize the deferred tax assets were exceeded by deferred tax assets recognized on the additional net operating losses incurred in the period. |
SHAREHOLDERS' EQUITY (DEFICIT)
SHAREHOLDERS' EQUITY (DEFICIT) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY (DEFICIT) | 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 (deficit) 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, 2016 $ (757,442 ) $ 187,775 $ (569,667 ) Net income 71,001 8,833 79,834 Dividends declared (540,034 ) — (540,034 ) Dividends and other payments to noncontrolling interests — (6,712 ) (6,712 ) Share-based compensation 5,443 — 5,443 Foreign currency translation adjustments 38,592 (2,222 ) 36,370 Unrealized holding loss on marketable securities (345 ) — (345 ) Reclassification adjustment for realized cumulative translation adjustments on sale of businesses included in Other operating income (expense), net 32,161 663 32,824 Other adjustments to comprehensive loss (3,745 ) — (3,745 ) Other, net (1,633 ) 1,224 (409 ) Balances as of June 30, 2016 $ (1,156,002 ) $ 189,561 $ (966,441 ) Balances as of January 1, 2015 $ (344,275 ) $ 203,334 $ (140,941 ) Net income (loss) (32,108 ) 8,441 (23,667 ) Dividends and other payments to noncontrolling interests — (28,099 ) (28,099 ) Share-based compensation 3,729 — 3,729 Foreign currency translation adjustments (75,826 ) (2,761 ) (78,587 ) Unrealized holding gain on marketable securities 689 — 689 Other adjustments to comprehensive loss (1,154 ) — (1,154 ) Other, net 2,827 1,858 4,685 Balances as of June 30, 2015 $ (446,118 ) $ 182,773 $ (263,345 ) |
OTHER INFORMATION
OTHER INFORMATION | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
OTHER INFORMATION | OTHER INFORMATION Other Comprehensive Income (Loss) The total (decrease) increase in deferred income tax liabilities of other adjustments to comprehensive loss for the three months ended June 30, 2016 and 2015 were $0.8 million and $0.0 million , respectively. The total (decrease) increase in deferred income tax liabilities of other adjustments to comprehensive loss for the six months ended June 30, 2016 and 2015 were $0.8 million and ($0.6) million , respectively. |
SEGMENT DATA
SEGMENT DATA | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | 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 segment primarily includes operations in Europe, Asia and Australia. The Americas and International display inventory consists primarily of billboards, street furniture displays and transit displays. Corporate includes infrastructure and support including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded in corporate expenses. (In thousands) Americas International Corporate and other reconciling items Consolidated Three Months Ended June 30, 2016 Revenue $ 325,533 $ 386,613 $ — $ 712,146 Direct operating expenses 140,038 226,023 — 366,061 Selling, general and administrative expenses 57,831 77,736 — 135,567 Corporate expenses — — 29,652 29,652 Depreciation and amortization 47,525 38,177 1,272 86,974 Other operating expense, net — — (59,384 ) (59,384 ) Operating income (loss) $ 80,139 $ 44,677 $ (90,308 ) $ 34,508 Capital expenditures $ 17,402 $ 31,771 $ 680 $ 49,853 Share-based compensation expense $ — $ — $ 3,058 $ 3,058 Three Months Ended June 30, 2015 Revenue $ 341,286 $ 381,533 $ — $ 722,819 Direct operating expenses 149,712 222,630 — 372,342 Selling, general and administrative expenses 57,346 75,176 — 132,522 Corporate expenses — — 30,154 30,154 Depreciation and amortization 51,113 40,956 1,336 93,405 Other operating income, net — — 659 659 Operating income (loss) $ 83,115 $ 42,771 $ (30,831 ) $ 95,055 Capital expenditures $ 15,664 $ 31,752 $ 802 $ 48,218 Share-based compensation expense $ — $ — $ 1,804 $ 1,804 (In thousands) Americas International Corporate and other reconciling items Consolidated Six Months Ended June 30, 2016 Revenue $ 608,061 $ 694,806 $ — $ 1,302,867 Direct operating expenses 278,050 431,705 — 709,755 Selling, general and administrative expenses 113,160 149,208 — 262,368 Corporate expenses — — 57,891 57,891 Depreciation and amortization 93,641 76,057 2,671 172,369 Other operating income, net — — 225,390 225,390 Operating income $ 123,210 $ 37,836 $ 164,828 $ 325,874 Capital expenditures $ 28,694 $ 66,684 $ 1,677 $ 97,055 Share-based compensation expense $ — $ — $ 5,443 $ 5,443 Six Months Ended June 30, 2015 Revenue $ 637,149 $ 700,713 $ — $ 1,337,862 Direct operating expenses 295,946 439,367 — 735,313 Selling, general and administrative expenses 112,983 146,669 — 259,652 Corporate expenses — — 58,907 58,907 Depreciation and amortization 101,453 83,397 2,649 187,499 Other operating expense, net — — (4,785 ) (4,785 ) Operating income (loss) $ 126,767 $ 31,280 $ (66,341 ) $ 91,706 Capital expenditures $ 32,359 $ 56,857 $ 817 $ 90,033 Share-based compensation expense $ — $ — $ 3,729 $ 3,729 |
GUARANTOR SUBSIDIARIES
GUARANTOR SUBSIDIARIES | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
GUARANTOR SUBSIDIARIES | 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) June 30, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 275,192 $ — $ 17,961 $ 146,374 $ — $ 439,527 Accounts receivable, net of allowance — — 203,037 443,785 — 646,822 Intercompany receivables — 464,890 2,478,105 3,421 (2,946,416 ) — Prepaid expenses 1,337 — 59,684 73,532 — 134,553 Assets held for sale — — 55,053 — — 55,053 Other current assets (441 ) 953 30,112 31,782 — 62,406 Total Current Assets 276,088 465,843 2,843,952 698,894 (2,946,416 ) 1,338,361 Structures, net — — 788,277 501,431 — 1,289,708 Other property, plant and equipment, net — — 119,025 114,412 — 233,437 Indefinite-lived intangibles — — 951,438 9,909 — 961,347 Other intangibles, net — — 265,076 56,515 — 321,591 Goodwill — — 505,590 238,431 — 744,021 Due from iHeartCommunications 689,631 — — — — 689,631 Intercompany notes receivable 182,026 5,111,392 — — (5,293,418 ) — Other assets 212,986 253,583 1,126,348 64,630 (1,537,510 ) 120,037 Total Assets $ 1,360,731 $ 5,830,818 $ 6,599,706 $ 1,684,222 $ (9,777,344 ) $ 5,698,133 Accounts payable $ — $ — $ 6,514 $ 78,718 $ — $ 85,232 Intercompany payable 2,478,105 — 468,311 — (2,946,416 ) — Accrued expenses 1,527 3,199 87,911 345,939 — 438,576 Deferred income — — 50,354 77,002 — 127,356 Current portion of long-term debt — — 84 4,508 — 4,592 Total Current Liabilities 2,479,632 3,199 613,174 506,167 (2,946,416 ) 655,756 Long-term debt — 4,881,942 1,757 226,941 — 5,110,640 Intercompany notes payable — — 5,027,604 265,814 (5,293,418 ) — Deferred tax liability 772 1,367 643,426 6,318 — 651,883 Other long-term liabilities 1,989 — 131,741 112,565 — 246,295 Total shareholders' equity (deficit) (1,121,662 ) 944,310 182,004 566,417 (1,537,510 ) (966,441 ) Total Liabilities and Shareholders' Equity (Deficit) $ 1,360,731 $ 5,830,818 $ 6,599,706 $ 1,684,222 $ (9,777,344 ) $ 5,698,133 (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 — 461,549 1,921,025 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 — — 1,823 32,743 — 34,566 Total Current Assets 220,124 464,982 2,508,669 764,499 (2,390,577 ) 1,567,697 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 78,341 307,054 1,214,311 45,393 (1,537,559 ) 107,540 Total Assets $ 1,411,290 $ 5,879,428 $ 6,478,036 $ 1,755,588 $ (9,217,554 ) $ 6,306,788 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 — 4,877,578 1,014 227,921 — 5,106,513 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 (Deficit) $ 1,411,290 $ 5,879,428 $ 6,478,036 $ 1,755,588 $ (9,217,554 ) $ 6,306,788 (In thousands) Three Months Ended June 30, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 293,235 $ 418,911 $ — $ 712,146 Operating expenses: Direct operating expenses — — 122,125 243,936 — 366,061 Selling, general and administrative expenses — — 50,674 84,893 — 135,567 Corporate expenses 3,083 — 16,629 9,940 — 29,652 Depreciation and amortization — — 44,688 42,286 — 86,974 Other operating expense, net (88 ) — (2,048 ) (57,248 ) — (59,384 ) Operating income (loss) (3,171 ) — 57,071 (19,392 ) — 34,508 Interest (income) expense, net (320 ) 88,041 760 6,169 — 94,650 Interest income on Due from iHeartCommunications 11,291 — — — — 11,291 Intercompany interest income 4,035 85,428 11,821 — (101,284 ) — Intercompany interest expense 11,291 — 89,463 530 (101,284 ) — Equity in loss of nonconsolidated affiliates (70,919 ) (83,968 ) (84,717 ) (556 ) 239,928 (232 ) Other income (expense), net 1,076 — 313 (35,260 ) — (33,871 ) Loss before income taxes (68,659 ) (86,581 ) (105,735 ) (61,907 ) 239,928 (82,954 ) Income tax benefit (expense) (440 ) 952 34,768 (13,568 ) — 21,712 Consolidated net loss (69,099 ) (85,629 ) (70,967 ) (75,475 ) 239,928 (61,242 ) Less amount attributable to noncontrolling interest — — (48 ) 7,905 — 7,857 Net loss attributable to the Company $ (69,099 ) $ (85,629 ) $ (70,919 ) $ (83,380 ) $ 239,928 $ (69,099 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — 2,617 6,489 — 9,106 Unrealized holding loss on marketable securities — — — (309 ) — (309 ) Reclassification adjustments — — 663 32,161 — 32,824 Other adjustments to comprehensive income — — 1 (3,746 ) — (3,745 ) Equity in subsidiary comprehensive income 41,854 39,180 39,251 — (120,285 ) — Comprehensive loss (27,245 ) (46,449 ) (28,387 ) (48,785 ) 119,643 (31,223 ) Less amount attributable to noncontrolling interest — — 678 (4,656 ) — (3,978 ) Comprehensive loss attributable to the Company $ (27,245 ) $ (46,449 ) $ (29,065 ) $ (44,129 ) $ 119,643 $ (27,245 ) (In thousands) Three Months Ended June 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 301,915 $ 420,904 $ — $ 722,819 Operating expenses: Direct operating expenses — — 126,404 245,938 — 372,342 Selling, general and administrative expenses — — 48,969 83,553 — 132,522 Corporate expenses 3,239 — 15,826 11,089 — 30,154 Depreciation and amortization — — 49,256 44,149 — 93,405 Other operating income (expense), net (118 ) — (269 ) 1,046 — 659 Operating income (loss) (3,357 ) — 61,191 37,221 — 95,055 Interest expense, net 6 88,081 410 59 — 88,556 Interest income on Due from iHeartCommunications 15,049 — — — — 15,049 Intercompany interest income 4,024 85,113 15,227 — (104,364 ) — Intercompany interest expense 15,049 — 89,137 178 (104,364 ) — Equity in earnings (loss) of nonconsolidated affiliates 24,634 20,877 12,851 (755 ) (57,958 ) (351 ) Other income, net 936 3,440 20,635 14,840 (24,575 ) 15,276 Income before income taxes 26,231 21,349 20,357 51,069 (82,533 ) 36,473 Income tax benefit (expense) (246 ) (9,577 ) 4,277 (21,641 ) — (27,187 ) Consolidated net income 25,985 11,772 24,634 29,428 (82,533 ) 9,286 Less amount attributable to noncontrolling interest — — — 7,876 — 7,876 Net income attributable to the Company $ 25,985 $ 11,772 $ 24,634 $ 21,552 $ (82,533 ) $ 1,410 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — (3,440 ) 134 6,206 — 2,900 Unrealized holding loss on marketable securities — — — (133 ) — (133 ) Equity in subsidiary comprehensive income 7,827 10,981 7,693 — (26,501 ) — Comprehensive income 33,812 19,313 32,461 27,625 (109,034 ) 4,177 Less amount attributable to noncontrolling interest — — — (5,060 ) — (5,060 ) Comprehensive income attributable to the Company $ 33,812 $ 19,313 $ 32,461 $ 32,685 $ (109,034 ) $ 9,237 (In thousands) Six Months Ended June 30, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 546,314 $ 756,553 $ — $ 1,302,867 Operating expenses: Direct operating expenses — — 242,585 467,170 — 709,755 Selling, general and administrative expenses — — 99,401 162,967 — 262,368 Corporate expenses 6,422 — 31,062 20,407 — 57,891 Depreciation and amortization — — 89,238 83,131 — 172,369 Other operating income (expense), net (204 ) — 287,849 (62,255 ) — 225,390 Operating income (loss) (6,626 ) — 371,877 (39,377 ) — 325,874 Interest (income) expense, net (650 ) 176,119 1,196 11,858 — 188,523 Interest income on Due from iHeartCommunications 24,004 — — — — 24,004 Intercompany interest income 8,068 170,879 25,024 — (203,971 ) — Intercompany interest expense 24,004 — 178,947 1,020 (203,971 ) — Equity in earnings (loss) of nonconsolidated affiliates 67,982 (117,155 ) (123,226 ) (1,333 ) 173,085 (647 ) Other income (expense), net 1,705 — (1,009 ) (40,370 ) — (39,674 ) Income (loss) before income taxes 71,779 (122,395 ) 92,523 (93,958 ) 173,085 121,034 Income tax benefit (expense) (778 ) 1,910 (24,541 ) (17,791 ) — (41,200 ) Consolidated net income (loss) 71,001 (120,485 ) 67,982 (111,749 ) 173,085 79,834 Less amount attributable to noncontrolling interest — — — 8,833 — 8,833 Net income (loss) attributable to the Company $ 71,001 $ (120,485 ) $ 67,982 $ (120,582 ) $ 173,085 $ 71,001 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — (3,047 ) 39,417 — 36,370 Unrealized holding loss on marketable securities — — — (345 ) — (345 ) Reclassification adjustments — — 663 32,161 — 32,824 Other adjustments to comprehensive income — — 1 (3,746 ) — (3,745 ) Equity in subsidiary comprehensive income 66,663 63,605 69,724 — (199,992 ) — Comprehensive income (loss) 137,664 (56,880 ) 135,323 (53,095 ) (26,907 ) 136,105 Less amount attributable to noncontrolling interest — — 678 (2,237 ) — (1,559 ) Comprehensive income (loss) attributable to the Company $ 137,664 $ (56,880 ) $ 134,645 $ (50,858 ) $ (26,907 ) $ 137,664 (In thousands) Six Months Ended June 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 558,626 $ 779,236 $ — $ 1,337,862 Operating expenses: Direct operating expenses — — 250,014 485,299 — 735,313 Selling, general and administrative expenses — — 95,958 163,694 — 259,652 Corporate expenses 6,492 — 29,507 22,908 — 58,907 Depreciation and amortization — — 97,688 89,811 — 187,499 Other operating income (expense), net (220 ) — (6,955 ) 2,390 — (4,785 ) Operating income (loss) (6,712 ) — 78,504 19,914 — 91,706 Interest expense, net 12 176,161 975 824 — 177,972 Interest income on Due from iHeartCommunications 30,302 — — — — 30,302 Intercompany interest income 8,025 170,209 30,553 — (208,787 ) — Intercompany interest expense 30,302 — 178,234 251 (208,787 ) — Equity in earnings (loss) of nonconsolidated affiliates (10,032 ) 15,729 8,894 (788 ) (13,632 ) 171 Other income, net 1,683 3,440 21,249 33,417 (24,575 ) 35,214 Income (loss) before income taxes (7,048 ) 13,217 (40,009 ) 51,468 (38,207 ) (20,579 ) Income tax benefit (expense) (485 ) (8,583 ) 29,977 (23,997 ) — (3,088 ) Consolidated net income (loss) (7,533 ) 4,634 (10,032 ) 27,471 (38,207 ) (23,667 ) Less amount attributable to noncontrolling interest — — — 8,441 — 8,441 Net income (loss) attributable to the Company $ (7,533 ) $ 4,634 $ (10,032 ) $ 19,030 $ (38,207 ) $ (32,108 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — (3,440 ) (7,026 ) (68,121 ) — (78,587 ) Unrealized holding gain on marketable securities — — — 689 — 689 Other adjustments to comprehensive loss — — — (1,154 ) — (1,154 ) Equity in subsidiary comprehensive loss (76,291 ) (39,361 ) (69,265 ) — 184,917 — Comprehensive loss (83,824 ) (38,167 ) (86,323 ) (49,556 ) 146,710 (111,160 ) Less amount attributable to noncontrolling interest — — — (2,761 ) — (2,761 ) Comprehensive loss attributable to the Company $ (83,824 ) $ (38,167 ) $ (86,323 ) $ (46,795 ) $ 146,710 $ (108,399 ) (In thousands) Six Months Ended June 30, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ 71,001 $ (120,485 ) $ 67,982 $ (111,749 ) $ 173,085 $ 79,834 Reconciling items: Depreciation and amortization — — 89,238 83,131 — 172,369 Deferred taxes — — 43,884 (1,428 ) — 42,456 Provision for doubtful accounts — — 3,412 3,250 — 6,662 Amortization of deferred financing charges and note discounts, net — 4,364 — 893 — 5,257 Share-based compensation — — 2,604 2,839 — 5,443 (Gain) loss on sale of operating and fixed assets, net — — (287,849 ) 60,954 — (226,895 ) Equity in (earnings) loss of nonconsolidated affiliates (67,982 ) 117,155 123,226 1,333 (173,085 ) 647 Other reconciling items, net — — (183 ) 39,183 — 39,000 Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Decrease in accounts receivable — — 6,248 25,889 — 32,137 (Increase) decrease in prepaids and other current assets 86 — (11,150 ) (17,934 ) — (28,998 ) Decrease in accrued expenses (512 ) (246 ) (25,448 ) (45,445 ) — (71,651 ) Decrease in accounts payable — — (5,619 ) (8,188 ) — (13,807 ) Increase (decrease) in accrued interest — 6,632 (3,774 ) 50 — 2,908 Increase in deferred income — — 12,661 23,397 — 36,058 Changes in other operating assets and liabilities — — 7,226 119 — 7,345 Net cash provided by operating activities $ 2,593 $ 7,420 $ 22,458 $ 56,294 $ — $ 88,765 Cash flows from investing activities: Purchases of property, plant and equipment — — (26,689 ) (70,366 ) — (97,055 ) Proceeds from disposal of assets — — 347,763 235,889 — 583,652 Purchases of other operating assets — — (1,436 ) (234 ) — (1,670 ) Increase in intercompany notes receivable, net — (4,000 ) — — 4,000 — Dividends from subsidiaries — — 234,962 — (234,962 ) — Change in other, net — (79 ) (1 ) (30,246 ) 79 (30,247 ) Net cash provided by (used for) investing activities $ — $ (4,079 ) $ 554,599 $ 135,043 $ (230,883 ) $ 454,680 Cash flows from financing activities: Payments on credit facilities — — — (1,157 ) — (1,157 ) Payments on long-term debt — — (38 ) (1,078 ) — (1,116 ) Net transfers to iHeartCommunications 241,169 — — — — 241,169 Dividends and other payments to noncontrolling interests — — — (1,247 ) — (1,247 ) Dividends paid (754,643 ) — — (234,554 ) 234,962 (754,235 ) Increase (decrease) in intercompany notes payable, net — — (3,588 ) 7,588 (4,000 ) — Intercompany funding 568,260 (3,341 ) (574,725 ) 9,806 — — Change in other, net (888 ) — 800 (120 ) (79 ) (287 ) Net cash provided by (used for) financing activities 53,898 (3,341 ) (577,551 ) (220,762 ) 230,883 (516,873 ) Effect of exchange rate changes on cash — — — 212 — 212 Net increase (decrease) in cash and cash equivalents 56,491 — (494 ) (29,213 ) — 26,784 Cash and cash equivalents at beginning of year 218,701 — 18,455 175,587 — 412,743 Cash and cash equivalents at end of year $ 275,192 $ — $ 17,961 $ 146,374 $ — $ 439,527 (In thousands) Six Months Ended June 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (7,533 ) $ 4,634 $ (10,032 ) $ 27,471 $ (38,207 ) $ (23,667 ) Reconciling items: Depreciation and amortization — — 97,688 89,811 — 187,499 Deferred taxes — 1,282 10,390 (5,361 ) — 6,311 Provision for doubtful accounts — — 1,845 3,299 — 5,144 Amortization of deferred financing charges and note discounts, net — 304 4,040 — — 4,344 Share-based compensation — — 2,568 1,161 — 3,729 Gain on sale of operating and fixed assets, net — — (212 ) (2,390 ) — (2,602 ) Equity in (earnings) loss of nonconsolidated affiliates 10,032 (15,729 ) (8,894 ) 788 13,632 (171 ) Other reconciling items, net — (3,440 ) 3 (32,169 ) — (35,606 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable — — (12,604 ) (28,317 ) — (40,921 ) (Increase) decrease in prepaids and other current assets (41 ) 3,425 (17,487 ) (16,927 ) (31,030 ) Increase (decrease) in accrued expenses 17 7,025 (45,704 ) (20,186 ) — (58,848 ) Decrease in accounts payable — — (10,346 ) (2,658 ) 10,465 (2,539 ) Increase (decrease in accrued interest — — 286 (924 ) — (638 ) Increase in deferred income — — 16,513 24,227 — 40,740 Changes in other operating assets and liabilities — — (2,997 ) 5,711 — 2,714 Net cash provided by (used for) operating activities $ 2,475 $ (2,499 ) $ 25,057 $ 43,536 $ (14,110 ) $ 54,459 Cash flows from investing activities: Purchases of property, plant and equipment — — (25,968 ) (64,065 ) — (90,033 ) Proceeds from disposal of assets — — 993 1,136 — 2,129 Purchases of other operating assets — — (401 ) (452 ) — (853 ) Increase in intercompany notes receivable, net — (7,327 ) (2,502 ) — 9,829 — Change in other, net — — (911 ) (1,032 ) 907 (1,036 ) Net cash used for investing activities $ — $ (7,327 ) $ (28,789 ) $ (64,413 ) $ 10,736 $ (89,793 ) Cash flows from financing activities: Payments on credit facilities — — — (2,638 ) — (2,638 ) Payments on long-term debt — — (27 ) — — (27 ) Net transfers to iHeartCommunications 10,875 — — — — 10,875 Dividends and other payments to noncontrolling interests — — — (28,099 ) — (28,099 ) Dividends paid — — — (24,575 ) 24,575 — Increase in intercompany notes payable, net — — — 9,829 (9,829 ) — Intercompany funding (16,176 ) 9,826 3,760 2,590 — — Change in other, net 2,826 — (1 ) 907 (907 ) 2,825 Net cash provided by (used for) financing activities (2,475 ) 9,826 3,732 (41,986 ) 13,839 (17,064 ) Effect of exchange rate changes on cash — — — (3,923 ) — (3,923 ) Net decrease in cash and cash equivalents — — — (66,786 ) 10,465 (56,321 ) Cash and cash equivalents at beginning of year 905 — — 205,259 (19,960 ) 186,204 Cash and cash equivalents at end of year $ 905 $ — $ — $ 138,473 $ (9,495 ) $ 129,883 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements During the second quarter of 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. This update provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, the Company will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this update are effective for annual periods ending after December 15, 2016, and for interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of the provisions of this new standard on its 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 adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. 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 simplifies the presentation of debt issuance costs as a deduction from the carrying value of the outstanding debt balance rather than showing the debt issuance costs as an asset. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. The retrospective adoption of this guidance resulted in the reclassification of debt issuance costs of $50.4 million as of December 31, 2015 , which are now reflected as “Long-term debt fees” in Note 3. 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 virtually all of the current revenue recognition guidance under U.S. GAAP. The standard is effective for the first interim period within annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. 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, including 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 adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. During the first quarter of 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The new leasing standard presents significant changes to the balance sheets of lessees. Lessor accounting is updated to align with certain changes in the lessee model and the new revenue recognition standard which was issued in the third quarter of 2015. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2018. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the second quarter of 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) . This update changes the accounting for certain aspects of share-based payments to employees. Income tax effects of share-based payment awards will be recognized in the income statement with the vesting or settlement of the awards and the record keeping for additional paid-in capital pools will no longer be necessary. Additionally, companies can make a policy election to either estimate forfeitures or recognize them as they occur. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2016. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the second quarter of 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losse s (Topic 326) . The new standard changes the impairment model for most financial assets and certain other instruments. Entities will be required to use a model that will result in the earlier recognition of allowances for losses for trade and other receivables, held-to-maturity debt securities, loans and other instruments. For available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. For an SEC filer, the standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2019. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. |
PROPERTY, PLANT AND EQUIPMENT17
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property Plant And Equipment Intangible Assets And Goodwill [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2016 and December 31, 2015 , respectively: (In thousands) June 30, December 31, Land, buildings and improvements $ 162,252 $ 167,739 Structures 2,743,168 2,824,794 Furniture and other equipment 154,996 156,046 Construction in progress 65,363 54,701 3,125,779 3,203,280 Less: accumulated depreciation 1,602,634 1,575,294 Property, plant and equipment, net $ 1,523,145 $ 1,627,986 |
Schedule of Other Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of June 30, 2016 and December 31, 2015 , respectively: (In thousands) June 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 589,682 $ (428,504 ) $ 635,772 $ (457,060 ) Permanent easements 157,436 — 156,349 — Other 4,585 (1,608 ) 9,687 (1,884 ) Total $ 751,703 $ (430,112 ) $ 801,808 $ (458,944 ) |
Schedule of Future Amortization Expenses | 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) 2017 $ 29,032 2018 $ 20,390 2019 $ 16,240 2020 $ 13,938 2021 $ 13,394 |
Schedule of Changes in Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments: (In thousands) Americas International Consolidated 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 Dispositions (6,934 ) — (6,934 ) Foreign currency (1,393 ) 3,999 2,606 Assets held for sale (10,226 ) — (10,226 ) Balance as of June 30, 2016 $ 516,130 $ 227,891 $ 744,021 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding as of June 30, 2016 and December 31, 2015 consisted of the following: (In thousands) June 30, December 31, Clear Channel Worldwide Holdings Senior Notes: 6.5% Series A Senior Notes Due 2022 $ 735,750 $ 735,750 6.5% Series B Senior Notes Due 2022 1,989,250 1,989,250 Clear Channel Worldwide Holdings Senior Subordinated Notes: 7.625% Series A Senior Subordinated Notes Due 2020 275,000 275,000 7.625% Series B Senior Subordinated Notes Due 2020 1,925,000 1,925,000 Senior Revolving Credit Facility Due 2018 (1) — — Clear Channel International B.V. Senior Notes Due 2020 225,000 225,000 Other debt 18,354 19,003 Original issue discount (7,263 ) (7,769 ) Long-term debt fees (45,859 ) (50,411 ) Total debt $ 5,115,232 $ 5,110,823 Less: current portion 4,592 4,310 Total long-term debt $ 5,110,640 $ 5,106,513 (1) The Senior revolving credit facility provides for borrowings up to $75.0 million (the revolving credit commitment). As of June 30, 2016 , we had $52.5 million of letters of credit outstanding, and $22.5 million of availability, under the senior revolving credit facility. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Benefit (Expense) | The Company’s income tax benefit (expense) for the three and six months ended June 30, 2016 and 2015 , respectively, consisted of the following components: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Current tax benefit (expense) $ 11,519 $ (25,613 ) $ 1,256 $ 3,223 Deferred tax benefit (expense) 10,193 (1,574 ) (42,456 ) (6,311 ) Income tax benefit (expense) $ 21,712 $ (27,187 ) $ (41,200 ) $ (3,088 ) |
SHAREHOLDERS' EQUITY (DEFICIT)
SHAREHOLDERS' EQUITY (DEFICIT) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in Shareholders' Equity (Deficit) | The following table shows the changes in shareholders’ equity (deficit) 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, 2016 $ (757,442 ) $ 187,775 $ (569,667 ) Net income 71,001 8,833 79,834 Dividends declared (540,034 ) — (540,034 ) Dividends and other payments to noncontrolling interests — (6,712 ) (6,712 ) Share-based compensation 5,443 — 5,443 Foreign currency translation adjustments 38,592 (2,222 ) 36,370 Unrealized holding loss on marketable securities (345 ) — (345 ) Reclassification adjustment for realized cumulative translation adjustments on sale of businesses included in Other operating income (expense), net 32,161 663 32,824 Other adjustments to comprehensive loss (3,745 ) — (3,745 ) Other, net (1,633 ) 1,224 (409 ) Balances as of June 30, 2016 $ (1,156,002 ) $ 189,561 $ (966,441 ) Balances as of January 1, 2015 $ (344,275 ) $ 203,334 $ (140,941 ) Net income (loss) (32,108 ) 8,441 (23,667 ) Dividends and other payments to noncontrolling interests — (28,099 ) (28,099 ) Share-based compensation 3,729 — 3,729 Foreign currency translation adjustments (75,826 ) (2,761 ) (78,587 ) Unrealized holding gain on marketable securities 689 — 689 Other adjustments to comprehensive loss (1,154 ) — (1,154 ) Other, net 2,827 1,858 4,685 Balances as of June 30, 2015 $ (446,118 ) $ 182,773 $ (263,345 ) |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Data | (In thousands) Americas International Corporate and other reconciling items Consolidated Three Months Ended June 30, 2016 Revenue $ 325,533 $ 386,613 $ — $ 712,146 Direct operating expenses 140,038 226,023 — 366,061 Selling, general and administrative expenses 57,831 77,736 — 135,567 Corporate expenses — — 29,652 29,652 Depreciation and amortization 47,525 38,177 1,272 86,974 Other operating expense, net — — (59,384 ) (59,384 ) Operating income (loss) $ 80,139 $ 44,677 $ (90,308 ) $ 34,508 Capital expenditures $ 17,402 $ 31,771 $ 680 $ 49,853 Share-based compensation expense $ — $ — $ 3,058 $ 3,058 Three Months Ended June 30, 2015 Revenue $ 341,286 $ 381,533 $ — $ 722,819 Direct operating expenses 149,712 222,630 — 372,342 Selling, general and administrative expenses 57,346 75,176 — 132,522 Corporate expenses — — 30,154 30,154 Depreciation and amortization 51,113 40,956 1,336 93,405 Other operating income, net — — 659 659 Operating income (loss) $ 83,115 $ 42,771 $ (30,831 ) $ 95,055 Capital expenditures $ 15,664 $ 31,752 $ 802 $ 48,218 Share-based compensation expense $ — $ — $ 1,804 $ 1,804 (In thousands) Americas International Corporate and other reconciling items Consolidated Six Months Ended June 30, 2016 Revenue $ 608,061 $ 694,806 $ — $ 1,302,867 Direct operating expenses 278,050 431,705 — 709,755 Selling, general and administrative expenses 113,160 149,208 — 262,368 Corporate expenses — — 57,891 57,891 Depreciation and amortization 93,641 76,057 2,671 172,369 Other operating income, net — — 225,390 225,390 Operating income $ 123,210 $ 37,836 $ 164,828 $ 325,874 Capital expenditures $ 28,694 $ 66,684 $ 1,677 $ 97,055 Share-based compensation expense $ — $ — $ 5,443 $ 5,443 Six Months Ended June 30, 2015 Revenue $ 637,149 $ 700,713 $ — $ 1,337,862 Direct operating expenses 295,946 439,367 — 735,313 Selling, general and administrative expenses 112,983 146,669 — 259,652 Corporate expenses — — 58,907 58,907 Depreciation and amortization 101,453 83,397 2,649 187,499 Other operating expense, net — — (4,785 ) (4,785 ) Operating income (loss) $ 126,767 $ 31,280 $ (66,341 ) $ 91,706 Capital expenditures $ 32,359 $ 56,857 $ 817 $ 90,033 Share-based compensation expense $ — $ — $ 3,729 $ 3,729 |
GUARANTOR SUBSIDIARIES (Tables)
GUARANTOR SUBSIDIARIES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule Of Guarantor Obligations, Balance Sheet | 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) June 30, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 275,192 $ — $ 17,961 $ 146,374 $ — $ 439,527 Accounts receivable, net of allowance — — 203,037 443,785 — 646,822 Intercompany receivables — 464,890 2,478,105 3,421 (2,946,416 ) — Prepaid expenses 1,337 — 59,684 73,532 — 134,553 Assets held for sale — — 55,053 — — 55,053 Other current assets (441 ) 953 30,112 31,782 — 62,406 Total Current Assets 276,088 465,843 2,843,952 698,894 (2,946,416 ) 1,338,361 Structures, net — — 788,277 501,431 — 1,289,708 Other property, plant and equipment, net — — 119,025 114,412 — 233,437 Indefinite-lived intangibles — — 951,438 9,909 — 961,347 Other intangibles, net — — 265,076 56,515 — 321,591 Goodwill — — 505,590 238,431 — 744,021 Due from iHeartCommunications 689,631 — — — — 689,631 Intercompany notes receivable 182,026 5,111,392 — — (5,293,418 ) — Other assets 212,986 253,583 1,126,348 64,630 (1,537,510 ) 120,037 Total Assets $ 1,360,731 $ 5,830,818 $ 6,599,706 $ 1,684,222 $ (9,777,344 ) $ 5,698,133 Accounts payable $ — $ — $ 6,514 $ 78,718 $ — $ 85,232 Intercompany payable 2,478,105 — 468,311 — (2,946,416 ) — Accrued expenses 1,527 3,199 87,911 345,939 — 438,576 Deferred income — — 50,354 77,002 — 127,356 Current portion of long-term debt — — 84 4,508 — 4,592 Total Current Liabilities 2,479,632 3,199 613,174 506,167 (2,946,416 ) 655,756 Long-term debt — 4,881,942 1,757 226,941 — 5,110,640 Intercompany notes payable — — 5,027,604 265,814 (5,293,418 ) — Deferred tax liability 772 1,367 643,426 6,318 — 651,883 Other long-term liabilities 1,989 — 131,741 112,565 — 246,295 Total shareholders' equity (deficit) (1,121,662 ) 944,310 182,004 566,417 (1,537,510 ) (966,441 ) Total Liabilities and Shareholders' Equity (Deficit) $ 1,360,731 $ 5,830,818 $ 6,599,706 $ 1,684,222 $ (9,777,344 ) $ 5,698,133 (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 — 461,549 1,921,025 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 — — 1,823 32,743 — 34,566 Total Current Assets 220,124 464,982 2,508,669 764,499 (2,390,577 ) 1,567,697 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 78,341 307,054 1,214,311 45,393 (1,537,559 ) 107,540 Total Assets $ 1,411,290 $ 5,879,428 $ 6,478,036 $ 1,755,588 $ (9,217,554 ) $ 6,306,788 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 — 4,877,578 1,014 227,921 — 5,106,513 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 (Deficit) $ 1,411,290 $ 5,879,428 $ 6,478,036 $ 1,755,588 $ (9,217,554 ) $ 6,306,788 |
Schedule Of Guarantor Obligations, Income Statement | (In thousands) Three Months Ended June 30, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 293,235 $ 418,911 $ — $ 712,146 Operating expenses: Direct operating expenses — — 122,125 243,936 — 366,061 Selling, general and administrative expenses — — 50,674 84,893 — 135,567 Corporate expenses 3,083 — 16,629 9,940 — 29,652 Depreciation and amortization — — 44,688 42,286 — 86,974 Other operating expense, net (88 ) — (2,048 ) (57,248 ) — (59,384 ) Operating income (loss) (3,171 ) — 57,071 (19,392 ) — 34,508 Interest (income) expense, net (320 ) 88,041 760 6,169 — 94,650 Interest income on Due from iHeartCommunications 11,291 — — — — 11,291 Intercompany interest income 4,035 85,428 11,821 — (101,284 ) — Intercompany interest expense 11,291 — 89,463 530 (101,284 ) — Equity in loss of nonconsolidated affiliates (70,919 ) (83,968 ) (84,717 ) (556 ) 239,928 (232 ) Other income (expense), net 1,076 — 313 (35,260 ) — (33,871 ) Loss before income taxes (68,659 ) (86,581 ) (105,735 ) (61,907 ) 239,928 (82,954 ) Income tax benefit (expense) (440 ) 952 34,768 (13,568 ) — 21,712 Consolidated net loss (69,099 ) (85,629 ) (70,967 ) (75,475 ) 239,928 (61,242 ) Less amount attributable to noncontrolling interest — — (48 ) 7,905 — 7,857 Net loss attributable to the Company $ (69,099 ) $ (85,629 ) $ (70,919 ) $ (83,380 ) $ 239,928 $ (69,099 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — 2,617 6,489 — 9,106 Unrealized holding loss on marketable securities — — — (309 ) — (309 ) Reclassification adjustments — — 663 32,161 — 32,824 Other adjustments to comprehensive income — — 1 (3,746 ) — (3,745 ) Equity in subsidiary comprehensive income 41,854 39,180 39,251 — (120,285 ) — Comprehensive loss (27,245 ) (46,449 ) (28,387 ) (48,785 ) 119,643 (31,223 ) Less amount attributable to noncontrolling interest — — 678 (4,656 ) — (3,978 ) Comprehensive loss attributable to the Company $ (27,245 ) $ (46,449 ) $ (29,065 ) $ (44,129 ) $ 119,643 $ (27,245 ) (In thousands) Three Months Ended June 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 301,915 $ 420,904 $ — $ 722,819 Operating expenses: Direct operating expenses — — 126,404 245,938 — 372,342 Selling, general and administrative expenses — — 48,969 83,553 — 132,522 Corporate expenses 3,239 — 15,826 11,089 — 30,154 Depreciation and amortization — — 49,256 44,149 — 93,405 Other operating income (expense), net (118 ) — (269 ) 1,046 — 659 Operating income (loss) (3,357 ) — 61,191 37,221 — 95,055 Interest expense, net 6 88,081 410 59 — 88,556 Interest income on Due from iHeartCommunications 15,049 — — — — 15,049 Intercompany interest income 4,024 85,113 15,227 — (104,364 ) — Intercompany interest expense 15,049 — 89,137 178 (104,364 ) — Equity in earnings (loss) of nonconsolidated affiliates 24,634 20,877 12,851 (755 ) (57,958 ) (351 ) Other income, net 936 3,440 20,635 14,840 (24,575 ) 15,276 Income before income taxes 26,231 21,349 20,357 51,069 (82,533 ) 36,473 Income tax benefit (expense) (246 ) (9,577 ) 4,277 (21,641 ) — (27,187 ) Consolidated net income 25,985 11,772 24,634 29,428 (82,533 ) 9,286 Less amount attributable to noncontrolling interest — — — 7,876 — 7,876 Net income attributable to the Company $ 25,985 $ 11,772 $ 24,634 $ 21,552 $ (82,533 ) $ 1,410 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — (3,440 ) 134 6,206 — 2,900 Unrealized holding loss on marketable securities — — — (133 ) — (133 ) Equity in subsidiary comprehensive income 7,827 10,981 7,693 — (26,501 ) — Comprehensive income 33,812 19,313 32,461 27,625 (109,034 ) 4,177 Less amount attributable to noncontrolling interest — — — (5,060 ) — (5,060 ) Comprehensive income attributable to the Company $ 33,812 $ 19,313 $ 32,461 $ 32,685 $ (109,034 ) $ 9,237 (In thousands) Six Months Ended June 30, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 546,314 $ 756,553 $ — $ 1,302,867 Operating expenses: Direct operating expenses — — 242,585 467,170 — 709,755 Selling, general and administrative expenses — — 99,401 162,967 — 262,368 Corporate expenses 6,422 — 31,062 20,407 — 57,891 Depreciation and amortization — — 89,238 83,131 — 172,369 Other operating income (expense), net (204 ) — 287,849 (62,255 ) — 225,390 Operating income (loss) (6,626 ) — 371,877 (39,377 ) — 325,874 Interest (income) expense, net (650 ) 176,119 1,196 11,858 — 188,523 Interest income on Due from iHeartCommunications 24,004 — — — — 24,004 Intercompany interest income 8,068 170,879 25,024 — (203,971 ) — Intercompany interest expense 24,004 — 178,947 1,020 (203,971 ) — Equity in earnings (loss) of nonconsolidated affiliates 67,982 (117,155 ) (123,226 ) (1,333 ) 173,085 (647 ) Other income (expense), net 1,705 — (1,009 ) (40,370 ) — (39,674 ) Income (loss) before income taxes 71,779 (122,395 ) 92,523 (93,958 ) 173,085 121,034 Income tax benefit (expense) (778 ) 1,910 (24,541 ) (17,791 ) — (41,200 ) Consolidated net income (loss) 71,001 (120,485 ) 67,982 (111,749 ) 173,085 79,834 Less amount attributable to noncontrolling interest — — — 8,833 — 8,833 Net income (loss) attributable to the Company $ 71,001 $ (120,485 ) $ 67,982 $ (120,582 ) $ 173,085 $ 71,001 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — (3,047 ) 39,417 — 36,370 Unrealized holding loss on marketable securities — — — (345 ) — (345 ) Reclassification adjustments — — 663 32,161 — 32,824 Other adjustments to comprehensive income — — 1 (3,746 ) — (3,745 ) Equity in subsidiary comprehensive income 66,663 63,605 69,724 — (199,992 ) — Comprehensive income (loss) 137,664 (56,880 ) 135,323 (53,095 ) (26,907 ) 136,105 Less amount attributable to noncontrolling interest — — 678 (2,237 ) — (1,559 ) Comprehensive income (loss) attributable to the Company $ 137,664 $ (56,880 ) $ 134,645 $ (50,858 ) $ (26,907 ) $ 137,664 (In thousands) Six Months Ended June 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 558,626 $ 779,236 $ — $ 1,337,862 Operating expenses: Direct operating expenses — — 250,014 485,299 — 735,313 Selling, general and administrative expenses — — 95,958 163,694 — 259,652 Corporate expenses 6,492 — 29,507 22,908 — 58,907 Depreciation and amortization — — 97,688 89,811 — 187,499 Other operating income (expense), net (220 ) — (6,955 ) 2,390 — (4,785 ) Operating income (loss) (6,712 ) — 78,504 19,914 — 91,706 Interest expense, net 12 176,161 975 824 — 177,972 Interest income on Due from iHeartCommunications 30,302 — — — — 30,302 Intercompany interest income 8,025 170,209 30,553 — (208,787 ) — Intercompany interest expense 30,302 — 178,234 251 (208,787 ) — Equity in earnings (loss) of nonconsolidated affiliates (10,032 ) 15,729 8,894 (788 ) (13,632 ) 171 Other income, net 1,683 3,440 21,249 33,417 (24,575 ) 35,214 Income (loss) before income taxes (7,048 ) 13,217 (40,009 ) 51,468 (38,207 ) (20,579 ) Income tax benefit (expense) (485 ) (8,583 ) 29,977 (23,997 ) — (3,088 ) Consolidated net income (loss) (7,533 ) 4,634 (10,032 ) 27,471 (38,207 ) (23,667 ) Less amount attributable to noncontrolling interest — — — 8,441 — 8,441 Net income (loss) attributable to the Company $ (7,533 ) $ 4,634 $ (10,032 ) $ 19,030 $ (38,207 ) $ (32,108 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — (3,440 ) (7,026 ) (68,121 ) — (78,587 ) Unrealized holding gain on marketable securities — — — 689 — 689 Other adjustments to comprehensive loss — — — (1,154 ) — (1,154 ) Equity in subsidiary comprehensive loss (76,291 ) (39,361 ) (69,265 ) — 184,917 — Comprehensive loss (83,824 ) (38,167 ) (86,323 ) (49,556 ) 146,710 (111,160 ) Less amount attributable to noncontrolling interest — — — (2,761 ) — (2,761 ) Comprehensive loss attributable to the Company $ (83,824 ) $ (38,167 ) $ (86,323 ) $ (46,795 ) $ 146,710 $ (108,399 ) |
Schedule Of Guarantor Obligations, Cash Flow | (In thousands) Six Months Ended June 30, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ 71,001 $ (120,485 ) $ 67,982 $ (111,749 ) $ 173,085 $ 79,834 Reconciling items: Depreciation and amortization — — 89,238 83,131 — 172,369 Deferred taxes — — 43,884 (1,428 ) — 42,456 Provision for doubtful accounts — — 3,412 3,250 — 6,662 Amortization of deferred financing charges and note discounts, net — 4,364 — 893 — 5,257 Share-based compensation — — 2,604 2,839 — 5,443 (Gain) loss on sale of operating and fixed assets, net — — (287,849 ) 60,954 — (226,895 ) Equity in (earnings) loss of nonconsolidated affiliates (67,982 ) 117,155 123,226 1,333 (173,085 ) 647 Other reconciling items, net — — (183 ) 39,183 — 39,000 Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Decrease in accounts receivable — — 6,248 25,889 — 32,137 (Increase) decrease in prepaids and other current assets 86 — (11,150 ) (17,934 ) — (28,998 ) Decrease in accrued expenses (512 ) (246 ) (25,448 ) (45,445 ) — (71,651 ) Decrease in accounts payable — — (5,619 ) (8,188 ) — (13,807 ) Increase (decrease) in accrued interest — 6,632 (3,774 ) 50 — 2,908 Increase in deferred income — — 12,661 23,397 — 36,058 Changes in other operating assets and liabilities — — 7,226 119 — 7,345 Net cash provided by operating activities $ 2,593 $ 7,420 $ 22,458 $ 56,294 $ — $ 88,765 Cash flows from investing activities: Purchases of property, plant and equipment — — (26,689 ) (70,366 ) — (97,055 ) Proceeds from disposal of assets — — 347,763 235,889 — 583,652 Purchases of other operating assets — — (1,436 ) (234 ) — (1,670 ) Increase in intercompany notes receivable, net — (4,000 ) — — 4,000 — Dividends from subsidiaries — — 234,962 — (234,962 ) — Change in other, net — (79 ) (1 ) (30,246 ) 79 (30,247 ) Net cash provided by (used for) investing activities $ — $ (4,079 ) $ 554,599 $ 135,043 $ (230,883 ) $ 454,680 Cash flows from financing activities: Payments on credit facilities — — — (1,157 ) — (1,157 ) Payments on long-term debt — — (38 ) (1,078 ) — (1,116 ) Net transfers to iHeartCommunications 241,169 — — — — 241,169 Dividends and other payments to noncontrolling interests — — — (1,247 ) — (1,247 ) Dividends paid (754,643 ) — — (234,554 ) 234,962 (754,235 ) Increase (decrease) in intercompany notes payable, net — — (3,588 ) 7,588 (4,000 ) — Intercompany funding 568,260 (3,341 ) (574,725 ) 9,806 — — Change in other, net (888 ) — 800 (120 ) (79 ) (287 ) Net cash provided by (used for) financing activities 53,898 (3,341 ) (577,551 ) (220,762 ) 230,883 (516,873 ) Effect of exchange rate changes on cash — — — 212 — 212 Net increase (decrease) in cash and cash equivalents 56,491 — (494 ) (29,213 ) — 26,784 Cash and cash equivalents at beginning of year 218,701 — 18,455 175,587 — 412,743 Cash and cash equivalents at end of year $ 275,192 $ — $ 17,961 $ 146,374 $ — $ 439,527 (In thousands) Six Months Ended June 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (7,533 ) $ 4,634 $ (10,032 ) $ 27,471 $ (38,207 ) $ (23,667 ) Reconciling items: Depreciation and amortization — — 97,688 89,811 — 187,499 Deferred taxes — 1,282 10,390 (5,361 ) — 6,311 Provision for doubtful accounts — — 1,845 3,299 — 5,144 Amortization of deferred financing charges and note discounts, net — 304 4,040 — — 4,344 Share-based compensation — — 2,568 1,161 — 3,729 Gain on sale of operating and fixed assets, net — — (212 ) (2,390 ) — (2,602 ) Equity in (earnings) loss of nonconsolidated affiliates 10,032 (15,729 ) (8,894 ) 788 13,632 (171 ) Other reconciling items, net — (3,440 ) 3 (32,169 ) — (35,606 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable — — (12,604 ) (28,317 ) — (40,921 ) (Increase) decrease in prepaids and other current assets (41 ) 3,425 (17,487 ) (16,927 ) (31,030 ) Increase (decrease) in accrued expenses 17 7,025 (45,704 ) (20,186 ) — (58,848 ) Decrease in accounts payable — — (10,346 ) (2,658 ) 10,465 (2,539 ) Increase (decrease in accrued interest — — 286 (924 ) — (638 ) Increase in deferred income — — 16,513 24,227 — 40,740 Changes in other operating assets and liabilities — — (2,997 ) 5,711 — 2,714 Net cash provided by (used for) operating activities $ 2,475 $ (2,499 ) $ 25,057 $ 43,536 $ (14,110 ) $ 54,459 Cash flows from investing activities: Purchases of property, plant and equipment — — (25,968 ) (64,065 ) — (90,033 ) Proceeds from disposal of assets — — 993 1,136 — 2,129 Purchases of other operating assets — — (401 ) (452 ) — (853 ) Increase in intercompany notes receivable, net — (7,327 ) (2,502 ) — 9,829 — Change in other, net — — (911 ) (1,032 ) 907 (1,036 ) Net cash used for investing activities $ — $ (7,327 ) $ (28,789 ) $ (64,413 ) $ 10,736 $ (89,793 ) Cash flows from financing activities: Payments on credit facilities — — — (2,638 ) — (2,638 ) Payments on long-term debt — — (27 ) — — (27 ) Net transfers to iHeartCommunications 10,875 — — — — 10,875 Dividends and other payments to noncontrolling interests — — — (28,099 ) — (28,099 ) Dividends paid — — — (24,575 ) 24,575 — Increase in intercompany notes payable, net — — — 9,829 (9,829 ) — Intercompany funding (16,176 ) 9,826 3,760 2,590 — — Change in other, net 2,826 — (1 ) 907 (907 ) 2,825 Net cash provided by (used for) financing activities (2,475 ) 9,826 3,732 (41,986 ) 13,839 (17,064 ) Effect of exchange rate changes on cash — — — (3,923 ) — (3,923 ) Net decrease in cash and cash equivalents — — — (66,786 ) 10,465 (56,321 ) Cash and cash equivalents at beginning of year 905 — — 205,259 (19,960 ) 186,204 Cash and cash equivalents at end of year $ 905 $ — $ — $ 138,473 $ (9,495 ) $ 129,883 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification of debt issuance costs | $ 45,859 | $ 50,411 |
Accounting Standards Update 2015-03 | Long-term debt | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification of debt issuance costs | 50,400 | |
Accounting Standards Update 2015-03 | Other noncurrent assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification of debt issuance costs | $ (50,400) |
PROPERTY, PLANT AND EQUIPMENT24
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($)market | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Amortization expense | $ 10.1 | $ 12.5 | $ 19.9 | $ 27.2 | |
Disposed of by Sale | Non-strategic outdoor markets | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of markets sold | market | 9 | ||||
Disposal proceeds | $ 594 | ||||
Net gain (loss) on disposal | 280 | ||||
Disposed of by Sale | International Outdoor, Turkey | |||||
Property, Plant and Equipment [Line Items] | |||||
Net gain (loss) on disposal | (56.6) | ||||
Cumulative translation adjustments recognized upon sale | $ 32.2 | ||||
Held-for-sale | Outdoor market Indianapolis | |||||
Property, Plant and Equipment [Line Items] | |||||
Disposal proceeds | $ 41.2 |
PROPERTY, PLANT AND EQUIPMENT25
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,125,779 | $ 3,203,280 |
Less: accumulated depreciation | 1,602,634 | 1,575,294 |
Property, plant and equipment, net | 1,523,145 | 1,627,986 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 162,252 | 167,739 |
Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,743,168 | 2,824,794 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 154,996 | 156,046 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 65,363 | $ 54,701 |
PROPERTY, PLANT AND EQUIPMENT26
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 751,703 | $ 801,808 |
Accumulated Amortization | (430,112) | (458,944) |
Transit, street furniture and other outdoor contractual rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 589,682 | 635,772 |
Accumulated Amortization | (428,504) | (457,060) |
Permanent easements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 157,436 | 156,349 |
Accumulated Amortization | 0 | 0 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,585 | 9,687 |
Accumulated Amortization | $ (1,608) | $ (1,884) |
PROPERTY, PLANT AND EQUIPMENT27
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Future Amortization Expenses (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Property Plant And Equipment Intangible Assets And Goodwill [Abstract] | |
2,017 | $ 29,032 |
2,018 | 20,390 |
2,019 | 16,240 |
2,020 | 13,938 |
2,021 | $ 13,394 |
PROPERTY, PLANT AND EQUIPMENT28
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 758,575 | $ 817,112 |
Acquisitions | 10,998 | |
Dispositions | (6,934) | |
Foreign currency | 2,606 | (20,353) |
Assets held for sale | (10,226) | (49,182) |
Ending balance | 744,021 | 758,575 |
Americas | ||
Goodwill [Roll Forward] | ||
Beginning balance | 534,683 | 584,574 |
Acquisitions | 0 | |
Dispositions | (6,934) | |
Foreign currency | (1,393) | (709) |
Assets held for sale | (10,226) | (49,182) |
Ending balance | 516,130 | 534,683 |
International | ||
Goodwill [Roll Forward] | ||
Beginning balance | 223,892 | 232,538 |
Acquisitions | 10,998 | |
Dispositions | 0 | |
Foreign currency | 3,999 | (19,644) |
Assets held for sale | 0 | 0 |
Ending balance | $ 227,891 | $ 223,892 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Original issue discount | $ (7,263,000) | $ (7,769,000) |
Long-term debt fees | (45,859,000) | (50,411,000) |
Total debt | 5,115,232,000 | 5,110,823,000 |
Less: current portion | 4,592,000 | 4,310,000 |
Total long-term debt | 5,110,640,000 | 5,106,513,000 |
Senior Revolving Credit Facility Due 2018 | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 0 |
Maximum borrowing capacity | 75,000,000 | |
Letters of credit outstanding | 52,500,000 | |
Amount available under credit facility | 22,500,000 | |
Clear Channel International B.V. Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | 225,000,000 | 225,000,000 |
Other debt | ||
Debt Instrument [Line Items] | ||
Total debt | 18,354,000 | 19,003,000 |
Clear Channel Worldwide Holdings Senior Notes | 6.5% Series A Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 735,750,000 | 735,750,000 |
Stated interest rate | 6.50% | |
Clear Channel Worldwide Holdings Senior Notes | 6.5% Series B Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,989,250,000 | 1,989,250,000 |
Stated interest rate | 6.50% | |
Clear Channel Worldwide Holdings Senior Subordinated Notes | 7.625% Series A Senior Subordinated Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 275,000,000 | 275,000,000 |
Stated interest rate | 7.625% | |
Clear Channel Worldwide Holdings Senior Subordinated Notes | 7.625% Series B Senior Subordinated Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,925,000,000 | $ 1,925,000,000 |
Stated interest rate | 7.625% |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Details) - USD ($) $ in Billions | Jun. 30, 2016 | Dec. 31, 2015 |
Level 1 | ||
Debt Instrument [Line Items] | ||
Aggregate market value of the Company's debt | $ 5 | $ 4.9 |
LONG-TERM DEBT - Surety Bonds,
LONG-TERM DEBT - Surety Bonds, Letters of Credit and Guarantees (Detail) $ in Millions | Jun. 30, 2016USD ($) |
Letters of credit | |
Guarantor Obligations [Line Items] | |
Guarantees obligations | $ 53.7 |
Bank guarantees | |
Guarantor Obligations [Line Items] | |
Guarantees obligations | 55.8 |
Bank guarantees collateralized | |
Guarantor Obligations [Line Items] | |
Guarantees obligations | 26.7 |
Commercial standby letters of credit | iHeartCommunications | |
Guarantor Obligations [Line Items] | |
Guarantees obligations | 1.2 |
Surety bonds | iHeartCommunications | |
Guarantor Obligations [Line Items] | |
Guarantees obligations | $ 54.6 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Feb. 04, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||||||
Fixed interest rate due from iHeartCommunications | 6.50% | |||||
Due from iHeartCommunications | $ 689,631,000 | $ 689,631,000 | $ 930,799,000 | |||
Interest income on Due from iHeartCommunications | 11,291,000 | $ 15,049,000 | 24,004,000 | $ 30,302,000 | ||
iHeartCommunications | ||||||
Related Party Transaction [Line Items] | ||||||
Face value of promissory note with related party | 1,000,000,000 | 1,000,000,000 | ||||
Due from iHeartCommunications | $ 300,000,000 | |||||
Interest income on Due from iHeartCommunications | 11,300,000 | 15,000,000 | 24,000,000 | 30,300,000 | ||
Special cash dividend | $ 540,000,000 | |||||
Advertising revenue | 600,000 | 1,100,000 | 900,000 | 2,200,000 | ||
Allocation of corporate expenses | 9,200,000 | 8,000,000 | 18,500,000 | 15,900,000 | ||
iHeartCommunications | Selling, General and Administrative Expenses | ||||||
Related Party Transaction [Line Items] | ||||||
Period cost for employee benefit plans | $ 2,400,000 | $ 2,700,000 | $ 4,700,000 | $ 5,300,000 |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Current tax benefit (expense) | $ 11,519 | $ (25,613) | $ 1,256 | $ 3,223 |
Deferred tax benefit (expense) | 10,193 | (1,574) | (42,456) | (6,311) |
Income tax benefit (expense) | $ 21,712 | $ (27,187) | $ (41,200) | $ (3,088) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - market | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 26.20% | 74.50% | 34.00% | (15.00%) | |
Non-strategic outdoor markets | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of markets sold | 9 |
SHAREHOLDERS' EQUITY (DEFICIT35
SHAREHOLDERS' EQUITY (DEFICIT) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balances | $ (569,667) | $ (140,941) | ||
Net income (loss) | $ (61,242) | $ 9,286 | 79,834 | (23,667) |
Dividends declared | (540,034) | |||
Dividends and other payments to noncontrolling interests | (6,712) | (28,099) | ||
Share-based compensation | 3,058 | 1,804 | 5,443 | 3,729 |
Foreign currency translation adjustments | 36,370 | (78,587) | ||
Unrealized holding gain (loss) on marketable securities | (309) | (133) | (345) | 689 |
Reclassification adjustment for realized cumulative translation adjustments on sale of businesses included in Other operating income (expense), net | 32,824 | 0 | 32,824 | 0 |
Other adjustments to comprehensive loss | (3,745) | 0 | (3,745) | (1,154) |
Other, net | (409) | 4,685 | ||
Ending Balances | (966,441) | (263,345) | (966,441) | (263,345) |
The Company | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balances | (757,442) | (344,275) | ||
Net income (loss) | 71,001 | (32,108) | ||
Dividends declared | (540,034) | |||
Dividends and other payments to noncontrolling interests | 0 | 0 | ||
Share-based compensation | 5,443 | 3,729 | ||
Foreign currency translation adjustments | 38,592 | (75,826) | ||
Unrealized holding gain (loss) on marketable securities | (345) | 689 | ||
Reclassification adjustment for realized cumulative translation adjustments on sale of businesses included in Other operating income (expense), net | 32,161 | |||
Other adjustments to comprehensive loss | (3,745) | (1,154) | ||
Other, net | (1,633) | 2,827 | ||
Ending Balances | (1,156,002) | (446,118) | (1,156,002) | (446,118) |
Noncontrolling Interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balances | 187,775 | 203,334 | ||
Net income (loss) | 8,833 | 8,441 | ||
Dividends and other payments to noncontrolling interests | (6,712) | (28,099) | ||
Share-based compensation | 0 | 0 | ||
Foreign currency translation adjustments | (2,222) | (2,761) | ||
Unrealized holding gain (loss) on marketable securities | 0 | 0 | ||
Reclassification adjustment for realized cumulative translation adjustments on sale of businesses included in Other operating income (expense), net | 663 | |||
Other adjustments to comprehensive loss | 0 | 0 | ||
Other, net | 1,224 | 1,858 | ||
Ending Balances | $ 189,561 | $ 182,773 | $ 189,561 | $ 182,773 |
OTHER INFORMATION (Details)
OTHER INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Equity [Abstract] | ||||
(Decrease) increase in deferred income tax liabilities of other adjustments to comprehensive loss | $ 0.8 | $ 0 | $ 0.8 | $ (0.6) |
SEGMENT DATA (Details)
SEGMENT DATA (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 712,146 | $ 722,819 | $ 1,302,867 | $ 1,337,862 |
Direct operating expenses | 366,061 | 372,342 | 709,755 | 735,313 |
Selling, general and administrative expenses | 135,567 | 132,522 | 262,368 | 259,652 |
Corporate expenses | 29,652 | 30,154 | 57,891 | 58,907 |
Depreciation and amortization | 86,974 | 93,405 | 172,369 | 187,499 |
Other operating income (expense), net | (59,384) | 659 | 225,390 | (4,785) |
Operating income (loss) | 34,508 | 95,055 | 325,874 | 91,706 |
Capital expenditures | 49,853 | 48,218 | 97,055 | 90,033 |
Share-based compensation expense | 3,058 | 1,804 | 5,443 | 3,729 |
Operating segments | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 325,533 | 341,286 | 608,061 | 637,149 |
Direct operating expenses | 140,038 | 149,712 | 278,050 | 295,946 |
Selling, general and administrative expenses | 57,831 | 57,346 | 113,160 | 112,983 |
Corporate expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 47,525 | 51,113 | 93,641 | 101,453 |
Other operating income (expense), net | 0 | 0 | 0 | 0 |
Operating income (loss) | 80,139 | 83,115 | 123,210 | 126,767 |
Capital expenditures | 17,402 | 15,664 | 28,694 | 32,359 |
Share-based compensation expense | 0 | 0 | 0 | 0 |
Operating segments | International | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 386,613 | 381,533 | 694,806 | 700,713 |
Direct operating expenses | 226,023 | 222,630 | 431,705 | 439,367 |
Selling, general and administrative expenses | 77,736 | 75,176 | 149,208 | 146,669 |
Corporate expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 38,177 | 40,956 | 76,057 | 83,397 |
Other operating income (expense), net | 0 | 0 | 0 | 0 |
Operating income (loss) | 44,677 | 42,771 | 37,836 | 31,280 |
Capital expenditures | 31,771 | 31,752 | 66,684 | 56,857 |
Share-based compensation expense | 0 | 0 | 0 | 0 |
Corporate and other reconciling items | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Corporate expenses | 29,652 | 30,154 | 57,891 | 58,907 |
Depreciation and amortization | 1,272 | 1,336 | 2,671 | 2,649 |
Other operating income (expense), net | (59,384) | 659 | 225,390 | (4,785) |
Operating income (loss) | (90,308) | (30,831) | 164,828 | (66,341) |
Capital expenditures | 680 | 802 | 1,677 | 817 |
Share-based compensation expense | $ 3,058 | $ 1,804 | $ 5,443 | $ 3,729 |
GUARANTOR SUBSIDIARIES - Schedu
GUARANTOR SUBSIDIARIES - Schedule Of Guarantor Obligations, Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 439,527 | $ 412,743 | $ 129,883 | $ 186,204 |
Accounts receivable, net of allowance | 646,822 | 697,583 | ||
Intercompany receivables | 0 | 0 | ||
Prepaid expenses | 134,553 | 127,730 | ||
Assets held for sale | 55,053 | 295,075 | ||
Other current assets | 62,406 | 34,566 | ||
Total Current Assets | 1,338,361 | 1,567,697 | ||
Structures, net | 1,289,708 | 1,391,880 | ||
Other property, plant and equipment, net | 233,437 | 236,106 | ||
Indefinite-lived intangibles | 961,347 | 971,327 | ||
Other intangibles, net | 321,591 | 342,864 | ||
Goodwill | 744,021 | 758,575 | 817,112 | |
Due from iHeartCommunications | 689,631 | 930,799 | ||
Intercompany notes receivable | 0 | 0 | ||
Other assets | 120,037 | 107,540 | ||
Total Assets | 5,698,133 | 6,306,788 | ||
Accounts payable | 85,232 | 100,210 | ||
Intercompany payable | 0 | 0 | ||
Accrued expenses | 438,576 | 507,665 | ||
Dividends payable | 0 | 217,017 | ||
Deferred income | 127,356 | 91,411 | ||
Current portion of long-term debt | 4,592 | 4,310 | ||
Total Current Liabilities | 655,756 | 920,613 | ||
Long-term debt | 5,110,640 | 5,106,513 | ||
Intercompany notes payable | 0 | 0 | ||
Deferred tax liability | 651,883 | 608,910 | ||
Other long-term liabilities | 246,295 | 240,419 | ||
Total shareholders' equity (deficit) | (966,441) | (569,667) | (263,345) | (140,941) |
Total Liabilities and Shareholders' Equity (Deficit) | 5,698,133 | 6,306,788 | ||
Eliminations | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | (9,495) | (19,960) |
Accounts receivable, net of allowance | 0 | 0 | ||
Intercompany receivables | (2,946,416) | (2,390,577) | ||
Prepaid expenses | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total Current Assets | (2,946,416) | (2,390,577) | ||
Structures, net | 0 | 0 | ||
Other property, plant and equipment, net | 0 | 0 | ||
Indefinite-lived intangibles | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Due from iHeartCommunications | 0 | 0 | ||
Intercompany notes receivable | (5,293,418) | (5,289,418) | ||
Other assets | (1,537,510) | (1,537,559) | ||
Total Assets | (9,777,344) | (9,217,554) | ||
Accounts payable | 0 | 0 | ||
Intercompany payable | (2,946,416) | (2,390,577) | ||
Accrued expenses | 0 | 0 | ||
Dividends payable | 0 | |||
Deferred income | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Total Current Liabilities | (2,946,416) | (2,390,577) | ||
Long-term debt | 0 | 0 | ||
Intercompany notes payable | (5,293,418) | (5,289,418) | ||
Deferred tax liability | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total shareholders' equity (deficit) | (1,537,510) | (1,537,559) | ||
Total Liabilities and Shareholders' Equity (Deficit) | (9,777,344) | (9,217,554) | ||
Parent Company | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 275,192 | 218,701 | 905 | 905 |
Accounts receivable, net of allowance | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Prepaid expenses | 1,337 | 1,423 | ||
Assets held for sale | 0 | 0 | ||
Other current assets | (441) | 0 | ||
Total Current Assets | 276,088 | 220,124 | ||
Structures, net | 0 | 0 | ||
Other property, plant and equipment, net | 0 | 0 | ||
Indefinite-lived intangibles | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Due from iHeartCommunications | 689,631 | 930,799 | ||
Intercompany notes receivable | 182,026 | 182,026 | ||
Other assets | 212,986 | 78,341 | ||
Total Assets | 1,360,731 | 1,411,290 | ||
Accounts payable | 0 | 0 | ||
Intercompany payable | 2,478,105 | 1,915,287 | ||
Accrued expenses | 1,527 | 953 | ||
Dividends payable | 217,017 | |||
Deferred income | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Total Current Liabilities | 2,479,632 | 2,133,257 | ||
Long-term debt | 0 | 0 | ||
Intercompany notes payable | 0 | 0 | ||
Deferred tax liability | 772 | 772 | ||
Other long-term liabilities | 1,989 | 1,587 | ||
Total shareholders' equity (deficit) | (1,121,662) | (724,326) | ||
Total Liabilities and Shareholders' Equity (Deficit) | 1,360,731 | 1,411,290 | ||
Subsidiary Issuer | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net of allowance | 0 | 0 | ||
Intercompany receivables | 464,890 | 461,549 | ||
Prepaid expenses | 0 | 3,433 | ||
Assets held for sale | 0 | 0 | ||
Other current assets | 953 | 0 | ||
Total Current Assets | 465,843 | 464,982 | ||
Structures, net | 0 | 0 | ||
Other property, plant and equipment, net | 0 | 0 | ||
Indefinite-lived intangibles | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Due from iHeartCommunications | 0 | 0 | ||
Intercompany notes receivable | 5,111,392 | 5,107,392 | ||
Other assets | 253,583 | 307,054 | ||
Total Assets | 5,830,818 | 5,879,428 | ||
Accounts payable | 0 | 0 | ||
Intercompany payable | 0 | 0 | ||
Accrued expenses | 3,199 | (707) | ||
Dividends payable | 0 | |||
Deferred income | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Total Current Liabilities | 3,199 | (707) | ||
Long-term debt | 4,881,942 | 4,877,578 | ||
Intercompany notes payable | 0 | 0 | ||
Deferred tax liability | 1,367 | 1,367 | ||
Other long-term liabilities | 0 | 0 | ||
Total shareholders' equity (deficit) | 944,310 | 1,001,190 | ||
Total Liabilities and Shareholders' Equity (Deficit) | 5,830,818 | 5,879,428 | ||
Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 17,961 | 18,455 | 0 | 0 |
Accounts receivable, net of allowance | 203,037 | 210,252 | ||
Intercompany receivables | 2,478,105 | 1,921,025 | ||
Prepaid expenses | 59,684 | 62,039 | ||
Assets held for sale | 55,053 | 295,075 | ||
Other current assets | 30,112 | 1,823 | ||
Total Current Assets | 2,843,952 | 2,508,669 | ||
Structures, net | 788,277 | 868,586 | ||
Other property, plant and equipment, net | 119,025 | 129,339 | ||
Indefinite-lived intangibles | 951,438 | 962,074 | ||
Other intangibles, net | 265,076 | 272,307 | ||
Goodwill | 505,590 | 522,750 | ||
Due from iHeartCommunications | 0 | 0 | ||
Intercompany notes receivable | 0 | 0 | ||
Other assets | 1,126,348 | 1,214,311 | ||
Total Assets | 6,599,706 | 6,478,036 | ||
Accounts payable | 6,514 | 12,124 | ||
Intercompany payable | 468,311 | 475,290 | ||
Accrued expenses | 87,911 | 108,480 | ||
Dividends payable | 0 | |||
Deferred income | 50,354 | 37,471 | ||
Current portion of long-term debt | 84 | 65 | ||
Total Current Liabilities | 613,174 | 633,430 | ||
Long-term debt | 1,757 | 1,014 | ||
Intercompany notes payable | 5,027,604 | 5,032,499 | ||
Deferred tax liability | 643,426 | 599,541 | ||
Other long-term liabilities | 131,741 | 133,227 | ||
Total shareholders' equity (deficit) | 182,004 | 78,325 | ||
Total Liabilities and Shareholders' Equity (Deficit) | 6,599,706 | 6,478,036 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 146,374 | 175,587 | $ 138,473 | $ 205,259 |
Accounts receivable, net of allowance | 443,785 | 487,331 | ||
Intercompany receivables | 3,421 | 8,003 | ||
Prepaid expenses | 73,532 | 60,835 | ||
Assets held for sale | 0 | 0 | ||
Other current assets | 31,782 | 32,743 | ||
Total Current Assets | 698,894 | 764,499 | ||
Structures, net | 501,431 | 523,294 | ||
Other property, plant and equipment, net | 114,412 | 106,767 | ||
Indefinite-lived intangibles | 9,909 | 9,253 | ||
Other intangibles, net | 56,515 | 70,557 | ||
Goodwill | 238,431 | 235,825 | ||
Due from iHeartCommunications | 0 | 0 | ||
Intercompany notes receivable | 0 | 0 | ||
Other assets | 64,630 | 45,393 | ||
Total Assets | 1,684,222 | 1,755,588 | ||
Accounts payable | 78,718 | 88,086 | ||
Intercompany payable | 0 | 0 | ||
Accrued expenses | 345,939 | 398,939 | ||
Dividends payable | 0 | |||
Deferred income | 77,002 | 53,940 | ||
Current portion of long-term debt | 4,508 | 4,245 | ||
Total Current Liabilities | 506,167 | 545,210 | ||
Long-term debt | 226,941 | 227,921 | ||
Intercompany notes payable | 265,814 | 256,919 | ||
Deferred tax liability | 6,318 | 7,230 | ||
Other long-term liabilities | 112,565 | 105,605 | ||
Total shareholders' equity (deficit) | 566,417 | 612,703 | ||
Total Liabilities and Shareholders' Equity (Deficit) | $ 1,684,222 | $ 1,755,588 |
GUARANTOR SUBSIDIARIES - Sche39
GUARANTOR SUBSIDIARIES - Schedule Of Guarantor Obligations, Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | $ 712,146 | $ 722,819 | $ 1,302,867 | $ 1,337,862 |
Operating expenses: | ||||
Direct operating expenses | 366,061 | 372,342 | 709,755 | 735,313 |
Selling, general and administrative expenses | 135,567 | 132,522 | 262,368 | 259,652 |
Corporate expenses | 29,652 | 30,154 | 57,891 | 58,907 |
Depreciation and amortization | 86,974 | 93,405 | 172,369 | 187,499 |
Other operating income (expense), net | (59,384) | 659 | 225,390 | (4,785) |
Operating income (loss) | 34,508 | 95,055 | 325,874 | 91,706 |
Interest (income) expense, net | 94,650 | 88,556 | 188,523 | 177,972 |
Interest income on Due from iHeartCommunications | 11,291 | 15,049 | 24,004 | 30,302 |
Intercompany interest income | 0 | 0 | 0 | 0 |
Intercompany interest expense | 0 | 0 | 0 | 0 |
Equity in earnings (loss) of nonconsolidated affiliates | (232) | (351) | (647) | 171 |
Other income (expense), net | (33,871) | 15,276 | (39,674) | 35,214 |
Income (loss) before income taxes | (82,954) | 36,473 | 121,034 | (20,579) |
Income tax benefit (expense) | 21,712 | (27,187) | (41,200) | (3,088) |
Consolidated net income (loss) | (61,242) | 9,286 | 79,834 | (23,667) |
Less amount attributable to noncontrolling interest | 7,857 | 7,876 | 8,833 | 8,441 |
Net income (loss) attributable to the Company | (69,099) | 1,410 | 71,001 | (32,108) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 9,106 | 2,900 | 36,370 | (78,587) |
Unrealized holding gain (loss) on marketable securities | (309) | (133) | (345) | 689 |
Reclassification adjustments | 32,824 | 0 | 32,824 | 0 |
Other adjustments to comprehensive income | (3,745) | 0 | (3,745) | (1,154) |
Equity in subsidiary comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (31,223) | 4,177 | 136,105 | (111,160) |
Less amount attributable to noncontrolling interest | (3,978) | (5,060) | (1,559) | (2,761) |
Comprehensive income (loss) attributable to the Company | (27,245) | 9,237 | 137,664 | (108,399) |
Eliminations | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Corporate expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other operating income (expense), net | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Interest (income) expense, net | 0 | 0 | 0 | 0 |
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | 0 |
Intercompany interest income | (101,284) | (104,364) | (203,971) | (208,787) |
Intercompany interest expense | (101,284) | (104,364) | (203,971) | (208,787) |
Equity in earnings (loss) of nonconsolidated affiliates | 239,928 | (57,958) | 173,085 | (13,632) |
Other income (expense), net | 0 | (24,575) | 0 | (24,575) |
Income (loss) before income taxes | 239,928 | (82,533) | 173,085 | (38,207) |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Consolidated net income (loss) | 239,928 | (82,533) | 173,085 | (38,207) |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the Company | 239,928 | (82,533) | 173,085 | (38,207) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Unrealized holding gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Reclassification adjustments | 0 | 0 | ||
Other adjustments to comprehensive income | 0 | 0 | 0 | |
Equity in subsidiary comprehensive income | (120,285) | (26,501) | (199,992) | 184,917 |
Comprehensive income (loss) | 119,643 | (109,034) | (26,907) | 146,710 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the Company | 119,643 | (109,034) | (26,907) | 146,710 |
Parent Company | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Corporate expenses | 3,083 | 3,239 | 6,422 | 6,492 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other operating income (expense), net | (88) | (118) | (204) | (220) |
Operating income (loss) | (3,171) | (3,357) | (6,626) | (6,712) |
Interest (income) expense, net | (320) | 6 | (650) | 12 |
Interest income on Due from iHeartCommunications | 11,291 | 15,049 | 24,004 | 30,302 |
Intercompany interest income | 4,035 | 4,024 | 8,068 | 8,025 |
Intercompany interest expense | 11,291 | 15,049 | 24,004 | 30,302 |
Equity in earnings (loss) of nonconsolidated affiliates | (70,919) | 24,634 | 67,982 | (10,032) |
Other income (expense), net | 1,076 | 936 | 1,705 | 1,683 |
Income (loss) before income taxes | (68,659) | 26,231 | 71,779 | (7,048) |
Income tax benefit (expense) | (440) | (246) | (778) | (485) |
Consolidated net income (loss) | (69,099) | 25,985 | 71,001 | (7,533) |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the Company | (69,099) | 25,985 | 71,001 | (7,533) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Unrealized holding gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Reclassification adjustments | 0 | 0 | ||
Other adjustments to comprehensive income | 0 | 0 | 0 | |
Equity in subsidiary comprehensive income | 41,854 | 7,827 | 66,663 | (76,291) |
Comprehensive income (loss) | (27,245) | 33,812 | 137,664 | (83,824) |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the Company | (27,245) | 33,812 | 137,664 | (83,824) |
Subsidiary Issuer | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Corporate expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other operating income (expense), net | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Interest (income) expense, net | 88,041 | 88,081 | 176,119 | 176,161 |
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | 0 |
Intercompany interest income | 85,428 | 85,113 | 170,879 | 170,209 |
Intercompany interest expense | 0 | 0 | 0 | 0 |
Equity in earnings (loss) of nonconsolidated affiliates | (83,968) | 20,877 | (117,155) | 15,729 |
Other income (expense), net | 0 | 3,440 | 0 | 3,440 |
Income (loss) before income taxes | (86,581) | 21,349 | (122,395) | 13,217 |
Income tax benefit (expense) | 952 | (9,577) | 1,910 | (8,583) |
Consolidated net income (loss) | (85,629) | 11,772 | (120,485) | 4,634 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the Company | (85,629) | 11,772 | (120,485) | 4,634 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 0 | (3,440) | 0 | (3,440) |
Unrealized holding gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Reclassification adjustments | 0 | 0 | ||
Other adjustments to comprehensive income | 0 | 0 | 0 | |
Equity in subsidiary comprehensive income | 39,180 | 10,981 | 63,605 | (39,361) |
Comprehensive income (loss) | (46,449) | 19,313 | (56,880) | (38,167) |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the Company | (46,449) | 19,313 | (56,880) | (38,167) |
Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 293,235 | 301,915 | 546,314 | 558,626 |
Operating expenses: | ||||
Direct operating expenses | 122,125 | 126,404 | 242,585 | 250,014 |
Selling, general and administrative expenses | 50,674 | 48,969 | 99,401 | 95,958 |
Corporate expenses | 16,629 | 15,826 | 31,062 | 29,507 |
Depreciation and amortization | 44,688 | 49,256 | 89,238 | 97,688 |
Other operating income (expense), net | (2,048) | (269) | 287,849 | (6,955) |
Operating income (loss) | 57,071 | 61,191 | 371,877 | 78,504 |
Interest (income) expense, net | 760 | 410 | 1,196 | 975 |
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | 0 |
Intercompany interest income | 11,821 | 15,227 | 25,024 | 30,553 |
Intercompany interest expense | 89,463 | 89,137 | 178,947 | 178,234 |
Equity in earnings (loss) of nonconsolidated affiliates | (84,717) | 12,851 | (123,226) | 8,894 |
Other income (expense), net | 313 | 20,635 | (1,009) | 21,249 |
Income (loss) before income taxes | (105,735) | 20,357 | 92,523 | (40,009) |
Income tax benefit (expense) | 34,768 | 4,277 | (24,541) | 29,977 |
Consolidated net income (loss) | (70,967) | 24,634 | 67,982 | (10,032) |
Less amount attributable to noncontrolling interest | (48) | 0 | 0 | 0 |
Net income (loss) attributable to the Company | (70,919) | 24,634 | 67,982 | (10,032) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 2,617 | 134 | (3,047) | (7,026) |
Unrealized holding gain (loss) on marketable securities | 0 | 0 | 0 | 0 |
Reclassification adjustments | 663 | 663 | ||
Other adjustments to comprehensive income | 1 | 1 | 0 | |
Equity in subsidiary comprehensive income | 39,251 | 7,693 | 69,724 | (69,265) |
Comprehensive income (loss) | (28,387) | 32,461 | 135,323 | (86,323) |
Less amount attributable to noncontrolling interest | 678 | 0 | 678 | 0 |
Comprehensive income (loss) attributable to the Company | (29,065) | 32,461 | 134,645 | (86,323) |
Non-Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 418,911 | 420,904 | 756,553 | 779,236 |
Operating expenses: | ||||
Direct operating expenses | 243,936 | 245,938 | 467,170 | 485,299 |
Selling, general and administrative expenses | 84,893 | 83,553 | 162,967 | 163,694 |
Corporate expenses | 9,940 | 11,089 | 20,407 | 22,908 |
Depreciation and amortization | 42,286 | 44,149 | 83,131 | 89,811 |
Other operating income (expense), net | (57,248) | 1,046 | (62,255) | 2,390 |
Operating income (loss) | (19,392) | 37,221 | (39,377) | 19,914 |
Interest (income) expense, net | 6,169 | 59 | 11,858 | 824 |
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | 0 |
Intercompany interest income | 0 | 0 | 0 | 0 |
Intercompany interest expense | 530 | 178 | 1,020 | 251 |
Equity in earnings (loss) of nonconsolidated affiliates | (556) | (755) | (1,333) | (788) |
Other income (expense), net | (35,260) | 14,840 | (40,370) | 33,417 |
Income (loss) before income taxes | (61,907) | 51,069 | (93,958) | 51,468 |
Income tax benefit (expense) | (13,568) | (21,641) | (17,791) | (23,997) |
Consolidated net income (loss) | (75,475) | 29,428 | (111,749) | 27,471 |
Less amount attributable to noncontrolling interest | 7,905 | 7,876 | 8,833 | 8,441 |
Net income (loss) attributable to the Company | (83,380) | 21,552 | (120,582) | 19,030 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 6,489 | 6,206 | 39,417 | (68,121) |
Unrealized holding gain (loss) on marketable securities | (309) | (133) | (345) | 689 |
Reclassification adjustments | 32,161 | 32,161 | ||
Other adjustments to comprehensive income | (3,746) | (3,746) | (1,154) | |
Equity in subsidiary comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (48,785) | 27,625 | (53,095) | (49,556) |
Less amount attributable to noncontrolling interest | (4,656) | (5,060) | (2,237) | (2,761) |
Comprehensive income (loss) attributable to the Company | $ (44,129) | $ 32,685 | $ (50,858) | $ (46,795) |
GUARANTOR SUBSIDIARIES - Sche40
GUARANTOR SUBSIDIARIES - Schedule Of Guarantor Obligations, Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||||
Consolidated net income (loss) | $ (61,242) | $ 9,286 | $ 79,834 | $ (23,667) |
Reconciling items: | ||||
Depreciation and amortization | 86,974 | 93,405 | 172,369 | 187,499 |
Deferred taxes | (10,193) | 1,574 | 42,456 | 6,311 |
Provision for doubtful accounts | 6,662 | 5,144 | ||
Amortization of deferred financing charges and note discounts, net | 5,257 | 4,344 | ||
Share-based compensation | 3,058 | 1,804 | 5,443 | 3,729 |
(Gain) loss on sale of operating and fixed assets, net | (226,895) | (2,602) | ||
Equity in (earnings) loss of nonconsolidated affiliates | 232 | 351 | 647 | (171) |
Other reconciling items, net | 39,000 | (35,606) | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
(Increase) decrease in accounts receivable | 32,137 | (40,921) | ||
(Increase) decrease in prepaids and other current assets | (28,998) | (31,030) | ||
Increase (decrease) in accrued expenses | (71,651) | (58,848) | ||
Decrease in accounts payable | (13,807) | (2,539) | ||
Increase (decrease) in accrued interest | 2,908 | (638) | ||
Increase in deferred income | 36,058 | 40,740 | ||
Changes in other operating assets and liabilities | 7,345 | 2,714 | ||
Net cash provided by (used for) operating activities | 88,765 | 54,459 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (49,853) | (48,218) | (97,055) | (90,033) |
Proceeds from disposal of assets | 583,652 | 2,129 | ||
Purchases of other operating assets | (1,670) | (853) | ||
Increase in intercompany notes receivable, net | 0 | 0 | ||
Dividends from subsidiaries | 0 | |||
Change in other, net | (30,247) | (1,036) | ||
Net cash provided by (used for) investing activities | 454,680 | (89,793) | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | (1,157) | (2,638) | ||
Payments on long-term debt | (1,116) | (27) | ||
Net transfers from iHeartCommunications | 241,169 | 10,875 | ||
Dividends and other payments to noncontrolling interests | (1,247) | (28,099) | ||
Dividends paid | (754,235) | 0 | ||
Increase (decrease) in intercompany notes payable, net | 0 | 0 | ||
Intercompany funding | 0 | 0 | ||
Change in other, net | (287) | 2,825 | ||
Net cash provided by (used for) financing activities | (516,873) | (17,064) | ||
Effect of exchange rate changes on cash | 212 | (3,923) | ||
Net increase (decrease) in cash and cash equivalents | 26,784 | (56,321) | ||
Cash and cash equivalents at beginning of period | 412,743 | 186,204 | ||
Cash and cash equivalents at end of period | 439,527 | 129,883 | 439,527 | 129,883 |
Eliminations | ||||
Cash flows from operating activities: | ||||
Consolidated net income (loss) | 239,928 | (82,533) | 173,085 | (38,207) |
Reconciling items: | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 |
Deferred taxes | 0 | 0 | ||
Provision for doubtful accounts | 0 | 0 | ||
Amortization of deferred financing charges and note discounts, net | 0 | 0 | ||
Share-based compensation | 0 | 0 | ||
(Gain) loss on sale of operating and fixed assets, net | 0 | 0 | ||
Equity in (earnings) loss of nonconsolidated affiliates | (239,928) | 57,958 | (173,085) | 13,632 |
Other reconciling items, net | 0 | 0 | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
(Increase) decrease in accounts receivable | 0 | 0 | ||
(Increase) decrease in prepaids and other current assets | 0 | |||
Increase (decrease) in accrued expenses | 0 | 0 | ||
Decrease in accounts payable | 0 | 10,465 | ||
Increase (decrease) in accrued interest | 0 | 0 | ||
Increase in deferred income | 0 | 0 | ||
Changes in other operating assets and liabilities | 0 | 0 | ||
Net cash provided by (used for) operating activities | 0 | (14,110) | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | 0 | 0 | ||
Proceeds from disposal of assets | 0 | 0 | ||
Purchases of other operating assets | 0 | 0 | ||
Increase in intercompany notes receivable, net | 4,000 | 9,829 | ||
Dividends from subsidiaries | (234,962) | |||
Change in other, net | 79 | 907 | ||
Net cash provided by (used for) investing activities | (230,883) | 10,736 | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | 0 | 0 | ||
Payments on long-term debt | 0 | 0 | ||
Net transfers from iHeartCommunications | 0 | 0 | ||
Dividends and other payments to noncontrolling interests | 0 | 0 | ||
Dividends paid | 234,962 | 24,575 | ||
Increase (decrease) in intercompany notes payable, net | (4,000) | (9,829) | ||
Intercompany funding | 0 | 0 | ||
Change in other, net | (79) | (907) | ||
Net cash provided by (used for) financing activities | 230,883 | 13,839 | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 0 | 10,465 | ||
Cash and cash equivalents at beginning of period | 0 | (19,960) | ||
Cash and cash equivalents at end of period | 0 | (9,495) | 0 | (9,495) |
Parent Company | ||||
Cash flows from operating activities: | ||||
Consolidated net income (loss) | (69,099) | 25,985 | 71,001 | (7,533) |
Reconciling items: | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 |
Deferred taxes | 0 | 0 | ||
Provision for doubtful accounts | 0 | 0 | ||
Amortization of deferred financing charges and note discounts, net | 0 | 0 | ||
Share-based compensation | 0 | 0 | ||
(Gain) loss on sale of operating and fixed assets, net | 0 | 0 | ||
Equity in (earnings) loss of nonconsolidated affiliates | 70,919 | (24,634) | (67,982) | 10,032 |
Other reconciling items, net | 0 | 0 | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
(Increase) decrease in accounts receivable | 0 | 0 | ||
(Increase) decrease in prepaids and other current assets | 86 | (41) | ||
Increase (decrease) in accrued expenses | (512) | 17 | ||
Decrease in accounts payable | 0 | 0 | ||
Increase (decrease) in accrued interest | 0 | 0 | ||
Increase in deferred income | 0 | 0 | ||
Changes in other operating assets and liabilities | 0 | 0 | ||
Net cash provided by (used for) operating activities | 2,593 | 2,475 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | 0 | 0 | ||
Proceeds from disposal of assets | 0 | 0 | ||
Purchases of other operating assets | 0 | 0 | ||
Increase in intercompany notes receivable, net | 0 | 0 | ||
Dividends from subsidiaries | 0 | |||
Change in other, net | 0 | 0 | ||
Net cash provided by (used for) investing activities | 0 | 0 | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | 0 | 0 | ||
Payments on long-term debt | 0 | 0 | ||
Net transfers from iHeartCommunications | 241,169 | 10,875 | ||
Dividends and other payments to noncontrolling interests | 0 | 0 | ||
Dividends paid | (754,643) | 0 | ||
Increase (decrease) in intercompany notes payable, net | 0 | 0 | ||
Intercompany funding | 568,260 | (16,176) | ||
Change in other, net | (888) | 2,826 | ||
Net cash provided by (used for) financing activities | 53,898 | (2,475) | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 56,491 | 0 | ||
Cash and cash equivalents at beginning of period | 218,701 | 905 | ||
Cash and cash equivalents at end of period | 275,192 | 905 | 275,192 | 905 |
Subsidiary Issuer | ||||
Cash flows from operating activities: | ||||
Consolidated net income (loss) | (85,629) | 11,772 | (120,485) | 4,634 |
Reconciling items: | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 |
Deferred taxes | 0 | 1,282 | ||
Provision for doubtful accounts | 0 | 0 | ||
Amortization of deferred financing charges and note discounts, net | 4,364 | 304 | ||
Share-based compensation | 0 | 0 | ||
(Gain) loss on sale of operating and fixed assets, net | 0 | 0 | ||
Equity in (earnings) loss of nonconsolidated affiliates | 83,968 | (20,877) | 117,155 | (15,729) |
Other reconciling items, net | 0 | (3,440) | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
(Increase) decrease in accounts receivable | 0 | 0 | ||
(Increase) decrease in prepaids and other current assets | 0 | 3,425 | ||
Increase (decrease) in accrued expenses | (246) | 7,025 | ||
Decrease in accounts payable | 0 | 0 | ||
Increase (decrease) in accrued interest | 6,632 | 0 | ||
Increase in deferred income | 0 | 0 | ||
Changes in other operating assets and liabilities | 0 | 0 | ||
Net cash provided by (used for) operating activities | 7,420 | (2,499) | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | 0 | 0 | ||
Proceeds from disposal of assets | 0 | 0 | ||
Purchases of other operating assets | 0 | 0 | ||
Increase in intercompany notes receivable, net | (4,000) | (7,327) | ||
Dividends from subsidiaries | 0 | |||
Change in other, net | (79) | 0 | ||
Net cash provided by (used for) investing activities | (4,079) | (7,327) | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | 0 | 0 | ||
Payments on long-term debt | 0 | 0 | ||
Net transfers from iHeartCommunications | 0 | 0 | ||
Dividends and other payments to noncontrolling interests | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Increase (decrease) in intercompany notes payable, net | 0 | 0 | ||
Intercompany funding | (3,341) | 9,826 | ||
Change in other, net | 0 | 0 | ||
Net cash provided by (used for) financing activities | (3,341) | 9,826 | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries | ||||
Cash flows from operating activities: | ||||
Consolidated net income (loss) | (70,967) | 24,634 | 67,982 | (10,032) |
Reconciling items: | ||||
Depreciation and amortization | 44,688 | 49,256 | 89,238 | 97,688 |
Deferred taxes | 43,884 | 10,390 | ||
Provision for doubtful accounts | 3,412 | 1,845 | ||
Amortization of deferred financing charges and note discounts, net | 0 | 4,040 | ||
Share-based compensation | 2,604 | 2,568 | ||
(Gain) loss on sale of operating and fixed assets, net | (287,849) | (212) | ||
Equity in (earnings) loss of nonconsolidated affiliates | 84,717 | (12,851) | 123,226 | (8,894) |
Other reconciling items, net | (183) | 3 | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
(Increase) decrease in accounts receivable | 6,248 | (12,604) | ||
(Increase) decrease in prepaids and other current assets | (11,150) | (17,487) | ||
Increase (decrease) in accrued expenses | (25,448) | (45,704) | ||
Decrease in accounts payable | (5,619) | (10,346) | ||
Increase (decrease) in accrued interest | (3,774) | 286 | ||
Increase in deferred income | 12,661 | 16,513 | ||
Changes in other operating assets and liabilities | 7,226 | (2,997) | ||
Net cash provided by (used for) operating activities | 22,458 | 25,057 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (26,689) | (25,968) | ||
Proceeds from disposal of assets | 347,763 | 993 | ||
Purchases of other operating assets | (1,436) | (401) | ||
Increase in intercompany notes receivable, net | 0 | (2,502) | ||
Dividends from subsidiaries | 234,962 | |||
Change in other, net | (1) | (911) | ||
Net cash provided by (used for) investing activities | 554,599 | (28,789) | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | 0 | 0 | ||
Payments on long-term debt | (38) | (27) | ||
Net transfers from iHeartCommunications | 0 | 0 | ||
Dividends and other payments to noncontrolling interests | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Increase (decrease) in intercompany notes payable, net | (3,588) | 0 | ||
Intercompany funding | (574,725) | 3,760 | ||
Change in other, net | 800 | (1) | ||
Net cash provided by (used for) financing activities | (577,551) | 3,732 | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | (494) | 0 | ||
Cash and cash equivalents at beginning of period | 18,455 | 0 | ||
Cash and cash equivalents at end of period | 17,961 | 0 | 17,961 | 0 |
Non-Guarantor Subsidiaries | ||||
Cash flows from operating activities: | ||||
Consolidated net income (loss) | (75,475) | 29,428 | (111,749) | 27,471 |
Reconciling items: | ||||
Depreciation and amortization | 42,286 | 44,149 | 83,131 | 89,811 |
Deferred taxes | (1,428) | (5,361) | ||
Provision for doubtful accounts | 3,250 | 3,299 | ||
Amortization of deferred financing charges and note discounts, net | 893 | 0 | ||
Share-based compensation | 2,839 | 1,161 | ||
(Gain) loss on sale of operating and fixed assets, net | 60,954 | (2,390) | ||
Equity in (earnings) loss of nonconsolidated affiliates | 556 | 755 | 1,333 | 788 |
Other reconciling items, net | 39,183 | (32,169) | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
(Increase) decrease in accounts receivable | 25,889 | (28,317) | ||
(Increase) decrease in prepaids and other current assets | (17,934) | (16,927) | ||
Increase (decrease) in accrued expenses | (45,445) | (20,186) | ||
Decrease in accounts payable | (8,188) | (2,658) | ||
Increase (decrease) in accrued interest | 50 | (924) | ||
Increase in deferred income | 23,397 | 24,227 | ||
Changes in other operating assets and liabilities | 119 | 5,711 | ||
Net cash provided by (used for) operating activities | 56,294 | 43,536 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (70,366) | (64,065) | ||
Proceeds from disposal of assets | 235,889 | 1,136 | ||
Purchases of other operating assets | (234) | (452) | ||
Increase in intercompany notes receivable, net | 0 | 0 | ||
Dividends from subsidiaries | 0 | |||
Change in other, net | (30,246) | (1,032) | ||
Net cash provided by (used for) investing activities | 135,043 | (64,413) | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | (1,157) | (2,638) | ||
Payments on long-term debt | (1,078) | 0 | ||
Net transfers from iHeartCommunications | 0 | 0 | ||
Dividends and other payments to noncontrolling interests | (1,247) | (28,099) | ||
Dividends paid | (234,554) | (24,575) | ||
Increase (decrease) in intercompany notes payable, net | 7,588 | 9,829 | ||
Intercompany funding | 9,806 | 2,590 | ||
Change in other, net | (120) | 907 | ||
Net cash provided by (used for) financing activities | (220,762) | (41,986) | ||
Effect of exchange rate changes on cash | 212 | (3,923) | ||
Net increase (decrease) in cash and cash equivalents | (29,213) | (66,786) | ||
Cash and cash equivalents at beginning of period | 175,587 | 205,259 | ||
Cash and cash equivalents at end of period | $ 146,374 | $ 138,473 | $ 146,374 | $ 138,473 |