Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Apr. 24, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Clear Channel Outdoor Holdings, Inc. | ||
Entity Central Index Key | 1,334,978 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Public Float | $ 223.2 | ||
Trading Symbol | CCO | ||
Common Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 49,053,983 | ||
Common Class B | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 315,000,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 144,119 | $ 541,995 |
Accounts receivable, net of allowance of $22,487 in 2017 and $22,398 in 2016 | 659,463 | 593,070 |
Prepaid expenses | 111,876 | 111,569 |
Assets held for sale | 0 | 55,602 |
Other current assets | 58,714 | 39,199 |
Total Current Assets | 974,172 | 1,341,435 |
PROPERTY, PLANT AND EQUIPMENT | ||
Structures, net | 1,180,882 | 1,196,676 |
Other property, plant and equipment, net | 214,147 | 216,157 |
INTANGIBLE ASSETS AND GOODWILL | ||
Indefinite-lived intangibles | 977,152 | 960,966 |
Other intangibles, net | 273,862 | 299,617 |
Goodwill | 714,043 | 696,263 |
OTHER ASSETS | ||
Due from iHeartCommunications, net of allowance of $855,648 in 2017 and $0 in 2016 | 211,990 | 885,701 |
Other assets | 124,534 | 122,013 |
Total Assets | 4,670,782 | 5,718,828 |
CURRENT LIABILITIES | ||
Accounts payable | 87,960 | 86,870 |
Accrued expenses | 509,801 | 480,872 |
Deferred income | 59,178 | 67,005 |
Current portion of long-term debt | 573 | 6,971 |
Total Current Liabilities | 657,512 | 641,718 |
Long-term debt | 5,266,153 | 5,110,020 |
Deferred tax liability | 318,107 | 638,705 |
Other long-term liabilities | 270,415 | 259,311 |
Commitments and contingent liabilities | ||
STOCKHOLDERS’ DEFICIT | ||
Noncontrolling interest | 157,040 | 149,886 |
Preferred stock, $.01 par value, 150,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 3,108,148 | 3,432,121 |
Accumulated deficit | (4,765,514) | (4,125,798) |
Accumulated other comprehensive loss | (338,936) | (386,658) |
Cost of shares (946,415 in 2017 and 633,851 in 2016) held in treasury | (5,793) | (4,106) |
Total stockholders' equity (deficit) | (1,841,405) | (930,926) |
Total Liabilities and Stockholders' Equity (Deficit) | 4,670,782 | 5,718,828 |
Common Class A | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock | 500 | 479 |
Common Class B | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock | $ 3,150 | $ 3,150 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||
Allowances for accounts receivable | $ 22,487 | $ 22,398 |
Allowance for related parties receivable | $ 855,648 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 150,000,000 | 150,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock (in shares) | 946,415 | 633,851 |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 49,955,300 | 47,947,123 |
Common stock, shares outstanding | 10,726,917 | |
Common Class B | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 315,000,000 | 315,000,000 |
Common stock, shares outstanding | 315,000,000 | 315,000,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||||||||||
Revenue | $ 729,131 | $ 645,089 | $ 672,319 | $ 544,726 | $ 722,563 | $ 669,221 | $ 708,086 | $ 589,014 | $ 2,591,265 | $ 2,688,884 | $ 2,806,204 |
Operating expenses: | |||||||||||
Direct operating expenses (excludes depreciation and amortization) | 368,561 | 356,100 | 350,173 | 327,931 | 355,820 | 362,250 | 362,001 | 341,987 | 1,402,765 | 1,422,058 | 1,494,902 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 138,568 | 128,397 | 125,898 | 115,774 | 126,670 | 126,164 | 135,567 | 126,801 | 508,637 | 515,202 | 531,504 |
Corporate expenses (excludes depreciation and amortization) | 38,465 | 35,333 | 35,340 | 34,540 | 31,436 | 28,103 | 29,673 | 28,224 | 143,678 | 117,436 | 116,523 |
Depreciation and amortization | 89,111 | 81,096 | 78,290 | 77,494 | 85,975 | 85,780 | 86,974 | 85,395 | 325,991 | 344,124 | 375,962 |
Impairment charges | 2,568 | 1,591 | 0 | 0 | 0 | 7,274 | 0 | 0 | 4,159 | 7,274 | 21,631 |
Other operating income (expense), net | (2,266) | (11,783) | 7,829 | 32,611 | 128,203 | 1,095 | (59,384) | 284,774 | 26,391 | 354,688 | (4,824) |
Operating income | 89,592 | 30,789 | 90,447 | 21,598 | 250,865 | 60,745 | 34,487 | 291,381 | 232,426 | 637,478 | 260,858 |
Interest expense | 98,419 | 95,467 | 94,630 | 92,633 | 93,056 | 93,313 | 94,650 | 93,873 | 381,149 | 374,892 | 355,669 |
Interest income on Due from iHeartCommunications | 21,594 | 17,087 | 15,383 | 14,807 | 13,876 | 12,429 | 11,291 | 12,713 | 68,871 | 50,309 | 61,439 |
Loss on Due from iHeartCommunications | (855,648) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (855,648) | 0 | 0 |
(Gain) loss on investments | 253 | 532 | 135 | 125 | 250 | (781) | 0 | 0 | 1,045 | (531) | 0 |
Equity in loss of nonconsolidated affiliates | (161) | (628) | 271 | (472) | (315) | (727) | (232) | (415) | (990) | (1,689) | (289) |
Other income (expense), net | 7,204 | 9,696 | 8,908 | 3,992 | (23,703) | (7,305) | (33,871) | (5,803) | 29,800 | (70,682) | 12,387 |
Income (loss) before income taxes | (836,091) | (39,055) | 20,244 | (52,833) | 147,417 | (27,390) | (82,975) | 204,003 | (907,735) | 241,055 | (21,274) |
Income tax benefit (expense) | 293,118 | (16,347) | (18,390) | 21,837 | (39,077) | 3,619 | 21,719 | (62,917) | 280,218 | (76,656) | (49,943) |
Consolidated net income (loss) | (542,973) | (55,402) | 1,854 | (30,996) | 108,340 | (23,771) | (61,256) | 141,086 | (627,517) | 164,399 | (71,217) |
Less amount attributable to noncontrolling interest | 1,326 | 6,237 | 6,631 | (1,995) | 6,840 | 7,329 | 7,857 | 976 | 12,199 | 23,002 | 24,764 |
Net income (loss) attributable to the Company | $ (544,299) | $ (61,639) | $ (4,777) | $ (29,001) | $ 101,500 | $ (31,100) | $ (69,113) | $ 140,110 | (639,716) | 141,397 | (95,981) |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | 45,151 | 22,408 | (112,729) | ||||||||
Unrealized holding gain (loss) on marketable securities | (414) | (576) | 553 | ||||||||
Other adjustments to comprehensive income (loss) | 6,720 | (11,814) | (10,266) | ||||||||
Reclassification adjustments | 5,441 | 46,730 | 808 | ||||||||
Other comprehensive income (loss) | 56,898 | 56,748 | (121,634) | ||||||||
Comprehensive income (loss) | (582,818) | 198,145 | (217,615) | ||||||||
Less amount attributable to noncontrolling interest | 9,176 | (8,427) | (11,154) | ||||||||
Comprehensive income (loss) attributable to the Company | $ (591,994) | $ 206,572 | $ (206,461) | ||||||||
Net income (loss) attributable to the Company per common share: | |||||||||||
Basic (in dollars per share) | $ (1.51) | $ (0.17) | $ (0.01) | $ (0.08) | $ 0.28 | $ (0.09) | $ (0.19) | $ 0.39 | $ (1.77) | $ 0.39 | $ (0.27) |
Weighted average common shares outstanding - Basic (in shares) | 361,141 | 360,294 | 359,508 | ||||||||
Diluted (in dollars per share) | $ (1.51) | $ (0.17) | $ (0.01) | $ (0.08) | $ 0.28 | $ (0.09) | $ (0.19) | $ 0.39 | $ (1.77) | $ 0.39 | $ (0.27) |
Weighted average common shares outstanding - Diluted (in shares) | 361,141 | 361,612 | 359,508 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands | Total | Non-controlling Interest | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | Class A Common Shares Issued | Class B Common Shares Issued |
Beginning balance (in shares) at Dec. 31, 2014 | 45,231,282 | 315,000,000 | |||||||
Beginning balance at Dec. 31, 2014 | $ (139,332) | $ 203,334 | $ 3,602 | $ 4,167,491 | $ (4,171,214) | $ (341,353) | $ (1,192) | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income (loss) | (71,217) | 24,764 | (95,981) | ||||||
Exercise of stock options and other (in shares) | 1,429,832 | ||||||||
Exercise of stock options and other | 2,886 | 15 | 3,783 | (912) | |||||
Share-based payments | 8,502 | 8,502 | |||||||
Dividends and other payments to noncontrolling interests | (30,870) | (30,870) | |||||||
Dividend declared and paid | (217,796) | (217,796) | |||||||
Other | 1,637 | 1,701 | (64) | ||||||
Other comprehensive income (loss) | (121,634) | (11,154) | (110,480) | ||||||
Ending balance (in shares) at Dec. 31, 2015 | 46,661,114 | 315,000,000 | |||||||
Ending balance at Dec. 31, 2015 | (567,824) | 187,775 | 3,617 | 3,961,916 | (4,267,195) | (451,833) | (2,104) | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income (loss) | 164,399 | 23,002 | 141,397 | ||||||
Exercise of stock options and other (in shares) | 1,286,009 | ||||||||
Exercise of stock options and other | (1,366) | 12 | 624 | (2,002) | |||||
Share-based payments | 10,291 | 10,291 | |||||||
Disposal of noncontrolling interest | (36,846) | (36,846) | |||||||
Dividends and other payments to noncontrolling interests | (16,917) | (16,917) | |||||||
Dividend declared and paid | (540,034) | (540,034) | |||||||
Other | 623 | 1,299 | (676) | ||||||
Other comprehensive income (loss) | 56,748 | (8,427) | 65,175 | ||||||
Ending balance (in shares) at Dec. 31, 2016 | 47,947,123 | 315,000,000 | |||||||
Ending balance at Dec. 31, 2016 | (930,926) | 149,886 | 3,629 | 3,432,121 | (4,125,798) | (386,658) | (4,106) | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income (loss) | $ (627,517) | 12,199 | (639,716) | ||||||
Exercise of stock options and other (in shares) | 71,000 | 2,008,177 | |||||||
Exercise of stock options and other | $ (1,468) | 21 | 198 | (1,687) | |||||
Share-based payments | 9,590 | 931 | 8,659 | ||||||
Disposal of noncontrolling interest | (2,439) | (2,439) | |||||||
Dividends and other payments to noncontrolling interests | (12,010) | (12,010) | |||||||
Dividend declared and paid | (332,498) | (332,498) | |||||||
Other | (1,035) | (703) | (332) | ||||||
Other comprehensive income (loss) | 56,898 | 9,176 | 47,722 | ||||||
Ending balance (in shares) at Dec. 31, 2017 | 49,955,300 | 315,000,000 | |||||||
Ending balance at Dec. 31, 2017 | $ (1,841,405) | $ 157,040 | $ 3,650 | $ 3,108,148 | $ (4,765,514) | $ (338,936) | $ (5,793) |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared and paid (in dollars per share) | $ 0.9171 | $ 1.4937 | $ 0.6026 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Consolidated net income (loss) | $ (627,517) | $ 164,399 | $ (71,217) |
Reconciling items: | |||
Impairment charges | 4,159 | 7,274 | 21,631 |
Depreciation and amortization | 325,991 | 344,124 | 375,962 |
Deferred taxes | (311,112) | 31,314 | 3,305 |
Provision for doubtful accounts | 6,740 | 10,659 | 13,384 |
Amortization of deferred financing charges and note discounts, net | 10,527 | 10,572 | 8,770 |
Share-based compensation | 9,590 | 10,291 | 8,502 |
Gain on disposal of operating and other assets | (29,347) | (363,485) | (5,468) |
Loss on Due from iHeartCommunications | 855,648 | 0 | 0 |
(Gain) loss on investments | 1,045 | (531) | 0 |
Equity in loss of nonconsolidated affiliates | 990 | 1,689 | 289 |
Foreign exchange transaction (gain) loss | (29,563) | 69,599 | (14,790) |
Other reconciling items, net | (4,710) | (135) | 1,350 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
(Increase) decrease in accounts receivable | (39,790) | 30,308 | (56,580) |
(Increase) decrease in prepaid expenses and other current assets | 9,552 | (15,578) | (1,728) |
Increase (decrease) in accrued expenses | (7,316) | 25,518 | 4,565 |
Increase (decrease) in accounts payable | (4,126) | (3,797) | 30,642 |
Increase (decrease) in accrued interest | 431 | 194 | (4,072) |
Increase (decrease) in deferred income | (13,273) | (18,119) | 2,549 |
Changes in other operating assets and liabilities | (10,331) | 5,997 | (18,161) |
Net cash provided by operating activities | 147,588 | 310,293 | 298,933 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (224,238) | (229,772) | (218,332) |
Proceeds from disposal of assets | 72,049 | 808,194 | 11,264 |
Purchases of other operating assets | (837) | (2,244) | (23,640) |
Change in other, net | (22,875) | (24,679) | (27,017) |
Net cash provided by (used for) investing activities | (175,901) | 551,499 | (257,725) |
Cash flows from financing activities: | |||
Payments on credit facilities | (909) | (2,100) | (3,849) |
Proceeds from long-term debt | 156,000 | 6,856 | 222,777 |
Payments on long-term debt | (748) | (2,334) | (56) |
Net transfers from (to) iHeartCommunications | (181,939) | 45,099 | 17,007 |
Dividends and other payments to noncontrolling interests | (12,010) | (16,917) | (30,870) |
Dividends paid | (332,824) | (755,538) | 0 |
Change in other, net | (7,083) | (1,565) | (5,955) |
Net cash provided by (used for) financing activities | (379,513) | (726,499) | 199,054 |
Effect of exchange rate changes on cash | 9,950 | (6,041) | (13,723) |
Net increase (decrease) in cash and cash equivalents | (397,876) | 129,252 | 226,539 |
Cash and cash equivalents at beginning of year | 541,995 | 412,743 | 186,204 |
Cash and cash equivalents at end of year | 144,119 | 541,995 | 412,743 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash paid during the year for interest | 374,309 | 368,051 | 356,021 |
Cash paid during the year for income taxes | $ 33,747 | $ 40,185 | $ 43,781 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Clear Channel Outdoor Holdings, Inc. (the “Company”) is an outdoor advertising company which owns or operates advertising display faces domestically and internationally. On November 11, 2005, the Company became a publicly traded company through an initial public offering (“IPO”), in which 10% , or 35.0 million shares, of the Company’s Class A common stock was sold. Prior to the IPO, the Company was an indirect wholly-owned subsidiary of iHeartCommunications, Inc. (“iHeartCommunications”), a diversified media and entertainment company. As of December 31, 2017 , iHeartCommunications indirectly holds all of the 315.0 million shares of Class B common stock outstanding and 10,726,917 shares of Class A common stock, collectively representing 89.5% of the shares outstanding and approximately 99% of the voting power. The holders of Class A common stock and Class B common stock have identical rights, except holders of Class A common stock are entitled to one vote per share while holders of Class B common stock are entitled to 20 votes per share. The Class B shares of common stock are convertible, at the option of the holder at any time or upon any transfer, into shares of Class A common stock on a one -for-one basis, subject to certain limited exceptions. The Company operates in the outdoor advertising industry by selling advertising on billboards, street furniture displays, transit displays and other advertising displays. The Company has two reportable business segments: Americas and International. The Americas segment primarily includes operations in the United States and Latin America; the International segment primarily includes operations in Europe and Asia. During the first quarter of 2018, the Company reevaluated its segment reporting and determined that its Latin America operations should be managed by its International outdoor leadership team. As such, beginning January 1, 2018, our Latin American operations will be included in our International outdoor segment. Agreements with iHeartCommunications There are several agreements which govern the Company’s relationship with iHeartCommunications including the Master Agreement, Corporate Services Agreement, Employee Matters Agreement, Tax Matters Agreement and Trademark and License Agreement. iHeartCommunications has the right to terminate these agreements in various circumstances. As of the date of the filing of this report, no notice of termination of any of these agreements has been received from iHeartCommunications. On March 14, 2018 , iHeartMedia, iHeartCommunications and certain of iHeartMedia's direct and indirect domestic subsidiaries, not including the Company or any of its subsidiaries (collectively, the "Debtors"), filed voluntary petitions for relief (the "iHeart Chapter 11 Cases") under Chapter 11 of the United States Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Bankruptcy Court"). The Company and its direct and indirect subsidiaries did not file Chapter 11 cases. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20 percent to 50 percent of the voting common stock or otherwise exercises significant influence over operating and financial policies of the Company are accounted for using the equity method of accounting. All significant intercompany accounts have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the 2017 presentation. Included in Selling, general and administrative expenses and Interest expense is $9.6 million and $1.4 million , respectively, recorded in the fourth quarter of 2017 to correct for accounting errors related to the misappropriation of cash identified at our China subsidiary. Such corrections are not considered to be material to current year or prior year financial results. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Accounts Receivable Accounts receivable are recorded at the invoiced amount, net of reserves for sales returns and allowances, and allowances for doubtful accounts. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of revenue for each business unit, adjusted for relative improvements or deteriorations in the agings and changes in current economic conditions. The Company believes its concentration of credit risk is limited due to the large number and the geographic diversification of its customers. Business Combinations The Company accounts for its business combinations under the acquisition method of accounting. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Various acquisition agreements may include contingent purchase consideration based on performance requirements of the investee. The Company accounts for these payments in conformity with the provisions of ASC 805-20-30, which establish the requirements related to recognition of certain assets and liabilities arising from contingencies. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives, which are as follows: Buildings and improvements — 10 to 39 years Structures — 3 to 20 years Furniture and other equipment — 2 to 20 years Leasehold improvements — shorter of economic life or lease term assuming renewal periods, if appropriate For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. The Company tests for possible impairment of property, plant and equipment whenever events and circumstances indicate that depreciable assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. Land Leases and Other Structure Leases Most of the Company’s advertising structures are located on leased land. Americas land leases are typically paid in advance for periods ranging from one to 12 months. International land leases are paid both in advance and in arrears, for periods ranging up to 12 months. Most international street furniture display faces are operated through contracts with municipalities for up to 15 years. The leased land and street furniture contracts often include a percent of revenue to be paid along with a base rent payment. Prepaid land leases are recorded as an asset and expensed ratably over the related rental term and rent payments in arrears are recorded as an accrued liability. Intangible Assets The Company’s indefinite-lived intangible assets include billboard permits in its Americas segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annually. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a dramatic change in the manner for which the asset is intended to be used indicate that the carrying amount of the asset may not be recoverable. The Company performs its annual impairment test for its permits using a direct valuation technique as prescribed in ASC 805-20-S99. The Company engages a third party valuation firm, to assist the Company in the development of these assumptions and the Company’s determination of the fair value of its permits. Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets include primarily transit and street furniture contracts, site leases and other contractual rights, all of which are amortized over the shorter of either 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. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Goodwill The Company performs its annual impairment test on July 1 of each year. The Company uses a discounted cash flow model to determine if the carrying value of the reporting unit, including goodwill, is less than the fair value of the reporting unit. The Company identified its reporting units in accordance with ASC 350-20-55. The Company’s U.S. outdoor advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test. The Company also determined that within its Americas segment and its International outdoor segment each country constitutes a separate reporting unit. The Company had impairment of goodwill of $1.6 million and $7.3 million for 2017 and 2016 , respectively. The Company had no impairment of goodwill for 2015 . Nonconsolidated Affiliates In general, investments in which the Company owns 20 percent to 50 percent of the common stock or otherwise exercises significant influence over the investee are accounted for under the equity method. The Company does not recognize gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statement of operations as a component of “Equity in loss of nonconsolidated affiliates” for any decline in value that is determined to be other-than-temporary. Other Investments Other investments are composed primarily of equity securities. Securities for which fair value is determinable are classified as available-for-sale or trading and are carried at fair value based on quoted market prices. Securities are carried at historical cost when quoted market prices are unavailable. The net unrealized gains or losses on the available-for-sale securities, net of tax, are reported in accumulated other comprehensive loss as a component of stockholders’ deficit. The Company periodically assesses the value of available-for-sale and non-marketable securities and records impairment charges in the statement of comprehensive income (loss) for any decline in value that is determined to be other-than-temporary. The average cost method is used to compute the realized gains and losses on sales of equity securities. Based on these assessments, the Company recognized an impairment of $1.0 million during the year ended December 31, 2017 , which was recorded in “Other income (expense), net,” and no impairments during the years ended December 31, 2016 and 2015 . Financial Instruments Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued liabilities and short-term borrowings approximated their fair values at December 31, 2017 and 2016 . Asset Retirement Obligation ASC 410-20 requires the Company to estimate its obligation upon the termination or non-renewal of a lease to dismantle and remove its advertising structures from the leased land and to reclaim the site to its original condition. The Company’s asset retirement obligation is reported in “Other long-term liabilities.” The Company records the present value of obligations associated with the retirement of its advertising structures in the period in which the obligation is incurred. When the liability is recorded, the cost is capitalized as part of the related advertising structures carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. Income Taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion or the entire asset will not be realized. The Company has not provided U.S. federal income taxes for temporary differences with respect to investments in foreign subsidiaries, which at December 31, 2017 , currently result in tax basis amounts greater than the financial reporting basis. It is not apparent that these unrecognized deferred tax assets will reverse in the foreseeable future. If any excess cash held by our foreign subsidiaries were needed to fund operations in the U.S., we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes as a result of significant deficits, as calculated for tax law purposes, in our foreign earnings and profits, which gives us flexibility to make future cash distributions as non-taxable returns of capital. Additionally, as a result of U.S. tax reform, future dividend distributions from our international subsidiaries are exempt from U.S. federal income tax beginning January 1, 2018. We regularly review our tax liabilities on amounts that may be distributed in future periods and provide for foreign withholding and other current and deferred taxes on any such amounts. The operations of the Company are included in a consolidated U.S. federal income tax return filed by iHeartMedia. However, for financial reporting purposes, the Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated U.S. federal income tax returns with its subsidiaries. Revenue Recognition The Company’s advertising contracts cover periods of a few weeks up to one year, and are generally billed monthly. Revenue for advertising space rental is recognized ratably over the term of the contract. Advertising revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for the Company’s operations. Payments received in advance of being earned are recorded as deferred income. Revenue arrangements typically contain multiple products and services and revenues are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. Advertising Expense The Company records advertising expense as it is incurred. Advertising expenses were $15.5 million , $19.3 million and $21.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Share-Based Compensation Under the fair value recognition provisions of ASC 718-10, share-based compensation cost is measured at the grant date based on the fair value of the award. For awards that vest based on service conditions, this cost is recognized as expense on a straight-line basis over the vesting period. For awards that will vest based on market or performance conditions, this cost will be recognized when it becomes probable that the performance conditions will be satisfied. Determining the fair value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. Foreign Currency Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into U.S. dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders’ equity (deficit), “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in operations. New Accounting Pronouncements 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 two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company is using the full retrospective method. The Company has completed its evaluation of the changes from adopting the new standard on its future financial reporting and disclosures, which included reviews of contractual terms for all of the Company’s significant revenue streams and the development of an implementation plan. The Company has executed on its implementation plan, including drafting a detailed policy and training segment personnel. Based on its evaluation, the Company does not expect material changes to its consolidated revenues, operating income or balance sheets as a result of the implementation of this standard. 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. The Company expects the primary impact to our consolidated financial statements will be the recognition, on a discounted basis, of our minimum commitments under non-cancelable operating leases on our consolidated balance sheets resulting in the recording of right of use assets and lease obligations. Our current minimum commitments under non-cancelable operating leases are disclosed in Note 5. During the first quarter of 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) . This update eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Entities will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. The standard is effective for annual and any interim impairment tests performed for 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. During the second quarter of 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) . This update mandates that entities will apply the modification accounting guidance if the value, vesting conditions or classification of the award changes. Entities will have to make all of the disclosures about modifications that are required today, in addition to disclosing that compensation expense hasn't changed. Additionally, the new guidance also clarifies that a modification to an award could be significant and therefore require disclosure, even if the modification accounting is not required. The guidance will be applied prospectively to awards modified on or after the adoption date and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company does not expect that the adoption of this guidance will have material effect on the Company's consolidated financial statements. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL Dispositions In January 2017, Americas sold its Indianapolis, Indiana market in exchange for certain assets in Atlanta, Georgia with a fair value of $39.4 million , plus $43.1 million in cash, net of closing costs. The assets acquired as part of the transaction consisted of $9.9 million in fixed assets and $29.5 million in intangible assets (including $2.3 million in goodwill). The Company recognized a net gain of $28.9 million related to the sale, which is included within Other operating income (expense), net . During the third quarter of 2017, Americas sold its ownership interest in a joint venture in Canada. As a result, the Company recognized a net loss on sale of $12.1 million , including a $6.3 million cumulative translation adjustment, which is included within Other operating income (expense), net . Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of December 31, 2017 and 2016 , respectively. (In thousands) December 31, December 31, 2017 2016 Land, buildings and improvements $ 145,763 $ 152,775 Structures 2,864,442 2,684,673 Furniture and other equipment 179,215 148,516 Construction in progress 55,753 58,585 3,245,173 3,044,549 Less: accumulated depreciation 1,850,144 1,631,716 Property, plant and equipment, net $ 1,395,029 $ 1,412,833 The Company recognized an impairment of $2.6 million during the year ended December 31, 2017 in relation to advertising assets that were no longer usable in one country in the Company's International segment. Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist primarily of billboard permits. The Company’s billboard permits are granted for the right to operate an advertising structure at the specified location as long as the structure is in compliance with the laws and regulations of each jurisdiction. The Company’s permits are located on owned land, leased land or land for which we have acquired permanent easements. In cases where the Company’s permits are located on leased land, the leases typically have initial terms of between 10 and 20 years and renew indefinitely, with rental payments generally escalating at an inflation-based index. If the Company loses its lease, the Company will typically obtain permission to relocate the permit or bank it with the municipality for future use. Due to significant differences in both business practices and regulations, billboards in the International segment are subject to long-term, finite contracts unlike the Company’s permits in the United States. Accordingly, there are no indefinite-lived intangible assets in the International segment. Annual Impairment Test to Billboard Permits The Company performs its annual impairment test on July 1 of each year. The impairment tests for indefinite-lived intangible assets consist of a comparison between the fair value of the indefinite-lived intangible asset at the market level with its carrying amount. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized equal to that excess. After an impairment loss is recognized, the adjusted carrying amount of the indefinite-lived asset is its new accounting basis. The fair value of the indefinite-lived asset is determined using the direct valuation method as prescribed in ASC 805-20-S99. Under the direct valuation method, the fair value of the indefinite-lived assets is calculated at the market level as prescribed by ASC 350-30-35. The Company engaged a third-party valuation firm, to assist it in the development of the assumptions and the Company’s determination of the fair value of its indefinite-lived intangible assets. The application of the direct valuation method attempts to isolate the income that is properly attributable to the indefinite-lived intangible asset alone (that is, apart from tangible and identified intangible assets and goodwill). It is based upon modeling a hypothetical “greenfield” build-up to a “normalized” enterprise that, by design, lacks inherent goodwill and whose only other assets have essentially been paid for (or added) as part of the build-up process. The Company forecasts revenue, expenses and cash flows over a ten-year period for each of its markets in its application of the direct valuation method. The Company also calculates a “normalized” residual year which represents the perpetual cash flows of each market. The residual year cash flow was capitalized to arrive at the terminal value of the permits in each market. Under the direct valuation method, it is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flow model which results in value that is directly attributable to the indefinite-lived intangible assets. The key assumptions using the direct valuation method are market revenue growth rates, market share, profit margin, duration and profile of the build-up period, estimated start-up capital costs and losses incurred during the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average billboard permit within a market. During 2017 and 2016 , the Company recognized no impairment charges related to billboard permits. Other Intangible Assets Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets consist primarily of transit and street furniture contracts, site-leases and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of December 31, 2017 and 2016 , respectively: (In thousands) December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 548,918 $ (440,284 ) $ 563,863 $ (426,752 ) Permanent easements 162,920 — 159,782 — Other 4,626 (2,318 ) 4,536 (1,812 ) Total $ 716,464 $ (442,602 ) $ 728,181 $ (428,564 ) Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2017 , 2016 and 2015 was $27.9 million , $37.8 million , and $49.2 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) 2018 $ 21,787 2019 14,165 2020 11,974 2021 11,864 2022 10,325 Annual Impairment Test to Goodwill The Company performs its annual impairment test on July 1 of each year. Each of the Company’s advertising markets are components. The U.S. advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test using the guidance in ASC 350-20-55. The Company also determined that within its Americas segment, each country in its International segment constitutes a separate reporting unit. The goodwill impairment test is a two-step process. The first step, used to screen for potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. If applicable, the second step, used to measure the amount of the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Each of the Company’s reporting units is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit, discounted to their present value using a risk-adjusted discount rate. Terminal values were also estimated and discounted to their present value. Assessing the recoverability of goodwill requires the Company to make estimates and assumptions about sales, operating margins, growth rates and discount rates based on its budgets, business plans, economic projections, anticipated future cash flows and marketplace data. There are inherent uncertainties related to these factors and management’s judgment in applying these factors. Based on declining future cash flows expected, the Company recognized goodwill impairment of $1.6 million for the year ended December 31, 2017 for one country in the International segment and $7.3 million for the year ended December 31, 2016 for one country in the International segment. 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, 2015 $ 534,683 $ 223,892 $ 758,575 Impairment — (7,274 ) (7,274 ) Dispositions (6,934 ) (30,718 ) (37,652 ) Foreign currency (1,998 ) (5,051 ) (7,049 ) Assets held for sale (10,337 ) — (10,337 ) Balance as of December 31, 2016 $ 515,414 $ 180,849 $ 696,263 Impairment — (1,591 ) (1,591 ) Acquisitions 2,252 — 2,252 Dispositions — (1,817 ) (1,817 ) Foreign currency 777 18,070 18,847 Assets held for sale 89 — 89 Balance as of December 31, 2017 $ 518,532 $ 195,511 $ 714,043 The balance at December 31, 2015 is net of cumulative impairments of $2.6 billion and $326.6 million in the Company’s Americas and International segments, respectively. |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATION | ASSET RETIREMENT OBLIGATION The Company’s asset retirement obligation is reported in “Other long-term liabilities” with the current portion recorded in “Accrued liabilities” and relates to its obligation to dismantle and remove outdoor advertising displays from leased land and to reclaim the site to its original condition upon the termination or non-renewal of a lease or contract. When the liability is recorded, the cost is capitalized as part of the related long-lived assets’ carrying value. Due to the high rate of lease renewals over a long period of time, the calculation assumes that all related assets will be removed at some period over the next 55 years. An estimate of third-party cost information is used with respect to the dismantling of the structures and the reclamation of the site. The interest rate used to calculate the present value of such costs over the retirement period is based on an estimated risk adjusted credit rate for the same period. The following table presents the activity related to the Company’s asset retirement obligation: (In thousands) Years Ended December 31, 2017 2016 Beginning balance $ 39,451 $ 45,125 Adjustment due to changes in estimates 2,166 (5,431 ) Accretion of liability 3,373 4,863 Liabilities settled (2,712 ) (4,104 ) Foreign Currency 2,501 (1,002 ) Ending balance $ 44,779 $ 39,451 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt at December 31, 2017 and 2016 consisted of the following: (In thousands) December 31, December 31, 2017 2016 Clear Channel Worldwide Holdings Notes $ 4,925,000 $ 4,925,000 Clear Channel International B.V. Senior Notes 375,000 225,000 Senior revolving credit facility due 2018 — — Other debt 2,393 14,798 Original issue discount (241 ) (6,738 ) Long-term debt fees (35,426 ) (41,069 ) Total debt $ 5,266,726 $ 5,116,991 Less: current portion 573 6,971 Total long-term debt $ 5,266,153 $ 5,110,020 (1) The Senior revolving credit facility provides for borrowings up to $75.0 million (the revolving credit commitment). As of December 31, 2017 , we had $71.2 million of letters of credit outstanding, and $3.8 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 $5.3 billion and $5.2 billion at December 31, 2017 and December 31, 2016 , respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as Level 1. Senior Notes As of December 31, 2017 and 2016 , the Company had Senior Notes consisting of: (In thousands) Maturity Date Interest Rate Interest Payment Terms 12/31/2017 12/31/2016 CCWH Senior Notes: 6.5% Series A Senior Notes Due 2022 11/15/2022 6.5% Payable to the trustee weekly in arrears and to noteholders on May 15 and November 15 of each year $ 735,750 $ 735,750 6.5% Series B Senior Notes Due 2022 11/15/2022 6.5% Payable to the trustee weekly in arrears and to noteholders on May 15 and November 15 of each year 1,989,250 1,989,250 CCWH Senior Subordinated Notes: 7.625% Series A Senior Notes Due 2020 3/15/2020 7.625% Payable to the trustee weekly in arrears and to noteholders on March 15 and September 15 of each year 275,000 275,000 7.625% Series B Senior Notes Due 2020 3/15/2020 7.625% Payable to the trustee weekly in arrears and to noteholders on March 15 and September 15 of each year 1,925,000 1,925,000 Total CCWH Notes $ 4,925,000 $ 4,925,000 Clear Channel International B.V. Senior Notes: 8.75% Senior Notes Due 2020 12/15/2020 8.750% Payable semi-annually in arrears on June 15 and December 15 of each year 375,000 225,000 Total Senior Notes $ 5,300,000 $ 5,150,000 Guarantees and Security The CCWH Senior Notes are guaranteed by CCOH, Clear Channel Outdoor, Inc. (“CCOI”) and certain of CCOH’s direct and indirect subsidiaries. The CCWH Senior Subordinated Notes are fully and unconditionally guaranteed, jointly and severally, on a senior subordinated basis by CCOH, CCOI and certain of CCOH’s other domestic subsidiaries and rank junior to each guarantor’s existing and future senior debt, including the CCWH Senior Notes, equally with each guarantor’s existing and future senior subordinated debt and ahead of each guarantor’s existing and future debt that expressly provides that it is subordinated to the guarantees of the CCWH Senior Subordinated Notes. The CCWH Senior Notes are senior obligations that rank pari passu in right of payment to all unsubordinated indebtedness of CCWH and the guarantees of the CCWH Senior Notes rank pari passu in right of payment to all unsubordinated indebtedness of the guarantors. The CCWH Senior Subordinated Notes are unsecured senior subordinated obligations that rank junior to all of CCWH’s existing and future senior debt, including the CCWH Senior Notes, equally with any of CCWH’s existing and future senior subordinated debt and ahead of all of CCWH’s existing and future debt that expressly provides that it is subordinated to the CCWH Senior Subordinated Notes. Redemptions CCWH may redeem the Senior Notes and Senior Subordinated Notes at its option, in whole or part, at redemption prices set forth in the indentures plus accrued and unpaid interest to the redemption date and plus an applicable premium. Certain Covenants The indentures governing the Senior Notes and Senior Subordinated Notes contain covenants that limit CCOH and its restricted subsidiaries ability to, among other things: • incur or guarantee additional debt or issue certain preferred stock; • make certain investments; • in case of the Senior Notes, create liens on its restricted subsidiaries’ assets to secure such debt; • create restrictions on the payment of dividends or other amounts to it from its restricted subsidiaries that are not guarantors of the notes; • enter into certain transactions with affiliates; • merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of its assets; • sell certain assets, including capital stock of its subsidiaries; and • in the case of the Series B CCWH Senior Notes and the Series B CCWH Senior Subordinated Notes, pay dividends, redeem or repurchase capital stock or make other restricted payments. Clear Channel International B.V. Senior Notes The CCIBV Senior Notes are guaranteed by certain of the International outdoor business’s existing and future subsidiaries. The Company does not guarantee or otherwise assume any liability for the CCIBV Senior Notes. The notes are senior unsecured obligations that rank pari passu in right of payment to all unsubordinated indebtedness of Clear Channel International B.V., and the guarantees of the notes are senior unsecured obligations that rank pari passu in right of payment to all unsubordinated indebtedness of the guarantors of the notes. On August 14, 2017, CCIBV issued $150.0 million in aggregate principal amount of 8.75% Senior Notes due 2020 (the “New CCIBV Notes”). The New CCIBV Notes were issued as additional notes under the indenture governing CCIBV’s existing 8.75% Senior Notes due 2020 and were issued at a premium, resulting in $156.0 million in proceeds. The New CCIBV Notes mature on December 15, 2020 and bear interest at a rate of 8.75% per annum, payable semi-annually in arrears on June 15 and December 15 of each year. Redemptions Clear Channel International B.V. may redeem the notes at its option, in whole or part, at the redemption prices set forth in the indenture plus accrued and unpaid interest to the redemption date. Certain Covenants The indenture governing the CCIBV Senior Notes contains covenants that limit Clear Channel International B.V.’s ability and the ability of its restricted subsidiaries to, among other things: • pay dividends, redeem stock or make other distributions or investments; • incur additional debt or issue certain preferred stock; • transfer or sell assets; • create liens on assets; • engage in certain transactions with affiliates; • create restrictions on dividends or other payments by the restricted subsidiaries; and • merge, consolidate or sell substantially all of Clear Channel International B.V.’s assets. Senior Revolving Credit Facility Due 2018 During the third quarter of 2013, the Company entered into a five -year senior secured revolving credit facility with an aggregate principal amount of $75.0 million . The revolving credit facility may be used for working capital needs, to issue letters of credit and for other general corporate purposes. As of December 31, 2017 , there were no amounts outstanding under the revolving credit facility, and $71.2 million of letters of credit under the revolving credit facility which reduce availability under the facility. The revolving credit facility contains a springing covenant that requires us to maintain a secured leverage ratio (as defined in the revolving credit facility) of not more than 1.5 :1 that is tested at the end of a quarter if availability under the facility is less than 75% of the aggregate commitments under the facility. The Company was in compliance with the secured leverage ratio covenant as of December 31, 2017 . Other Debt Other debt includes various borrowings and capital leases utilized for general operating purposes. Included in the $2.4 million balance at December 31, 2017 is $0.6 million that matures in less than one year. Future Maturities of Long-term Debt Future maturities of long-term debt as of December 31, 2017 are as follows: (in thousands) 2018 $ 533 2019 168 2020 2,575,143 2021 169 2022 2,725,194 Thereafter 1,186 Total (1) $ 5,302,393 (1) Excludes original issue discount and long-term debt fees of $0.2 million and $35.5 million, respectively, which are amortized through interest expense over the life of the underlying debt obligations. Guarantees As of December 31, 2017 , the Company had $95.9 million in letters of credit outstanding, a portion of which were supported by $25.4 million of cash collateral. Additionally, as of December 31, 2017 , iHeartCommunications had outstanding commercial standby letters of credit and surety bonds of $1.2 million and $55.4 million , respectively, held on behalf of the Company. These letters of credit and surety bonds relate to various operational matters, including insurance, bid and performance bonds, as well as other items. In addition, as of December 31, 2017 , the Company had outstanding bank guarantees of $37.3 million related to international subsidiaries, a portion of which were supported by $17.6 million of cash collateral. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments and Contingencies The Company accounts for its rentals that include renewal options, annual rent escalation clauses, minimum franchise payments and maintenance related to displays under the guidance in ASC 840. The Company considers its non-cancelable contracts that enable it to display advertising on buses, bus shelters, trains, etc. to be leases in accordance with the guidance in ASC 840-10. These contracts may contain minimum annual franchise payments which generally escalate each year. The Company accounts for these minimum franchise payments on a straight-line basis. If the rental increases are not scheduled in the lease, such as an increase based on subsequent changes in the index or rate, those rents are considered contingent rentals and are recorded as expense when accruable. Other contracts may contain a variable rent component based on revenue. The Company accounts for these variable components as contingent rentals and records these payments as expense when accruable. No single contract or lease is material to the Company’s operations. The Company accounts for annual rent escalation clauses included in the lease term on a straight-line basis under the guidance in ASC 840-20-25. The Company considers renewal periods in determining its lease terms if at inception of the lease there is reasonable assurance the lease will be renewed. Expenditures for maintenance are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. The Company leases office space, equipment and the majority of the land occupied by its advertising structures under long-term operating leases. The Company accounts for these leases in accordance with the policies described above. The Company’s contracts with municipal bodies or private companies relating to street furniture, billboards, transit and malls generally require the Company to build bus stops, kiosks and other public amenities or advertising structures during the term of the contract. The Company owns these structures and is generally allowed to advertise on them for the remaining term of the contract. Once the Company has built the structure, the cost is capitalized and expensed over the shorter of the economic life of the asset or the remaining life of the contract. In addition, the Company has commitments relating to required purchases of property, plant, and equipment under certain street furniture contracts. Certain of the Company’s contracts contain penalties for not fulfilling its commitments related to its obligations to build bus stops, kiosks and other public amenities or advertising structures. Historically, any such penalties have not materially impacted the Company’s financial position or results of operations. As of December 31, 2017 , the Company’s future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, capital expenditure commitments and employment contracts consist of the following: (In thousands) Capital Non-Cancelable Non-Cancelable Expenditure Operating Lease Contracts Commitments 2018 $ 359,175 $ 393,980 $ 38,444 2019 318,213 343,578 7,928 2020 290,081 291,036 2,771 2021 253,979 255,356 4,499 2022 211,110 162,062 4,591 Thereafter 1,169,871 393,599 9,877 Total $ 2,602,429 $ 1,839,611 $ 68,110 Rent expense charged to operations for the years ended December 31, 2017 , 2016 and 2015 was $954.3 million , $947.4 million and $978.6 million , respectively. In various areas in which the Company operates, outdoor advertising is the object of restrictive and, in some cases, prohibitive zoning and other regulatory provisions, either enacted or proposed. The impact to the Company of loss of displays due to governmental action has been somewhat mitigated by Federal and state laws mandating compensation for such loss and constitutional restraints. The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those 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 its litigation arises in the following contexts: commercial disputes; misappropriation of likeness and right of publicity claims; employment and benefits related claims; governmental fines; intellectual property claims; and tax disputes. 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 GAMCO 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”) allegedly 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 July 20, 2016, the defendants filed a motion to dismiss plaintiff's verified stockholder derivative complaint for failure to state a claim upon which relief can be granted. On November 23, 2016, the Court granted defendants’ motion to dismiss all claims brought by the plaintiff. On December 19, 2016, the plaintiff filed a notice of appeal of the ruling. The oral hearing on the appeal was held on October 11, 2017. On October 12, 2017, the Supreme Court of Delaware affirmed the lower court's ruling, dismissing the case. On December 29, 2017, another stockholder of the Company filed a derivative lawsuit in the Court of Chancery of the State of Delaware, captioned Norfolk County Retirement System, v. iHeartMedia, Inc., et al., C.A. No. 2017-0930-JRS. The complaint names as defendants iHeartMedia, iHeartCommunications, the Sponsor Defendants, and the members of the Company's board of directors. The Company is named as a nominal defendant. The complaint alleges that the Company has been harmed by the Company Board’s November 2017 decision to extend the maturity date of the intercompany revolving note (the “Third Amendment”) at what the complaint describes as far-below-market interest rates. Specifically, the complaint alleges that (i) iHeartMedia and Sponsor defendants breached their fiduciary duties by exploiting their position of control to require the Company to enter the Third Amendment on terms unfair to the Company; (ii) the Company Board breached their duty of loyalty by approving the Third Amendment and elevating the interests of iHeartMedia, iHeartCommunications and the Sponsor Defendants over the interests of the Company and its minority unaffiliated stockholders; and (iii) the terms of the Third Amendment could not have been agreed to in good faith and represent a waste of corporate assets by the Company Board. The complaint further alleges that iHeartMedia, iHeartCommunications and the Sponsor defendants were unjustly enriched as a result of the unfairly favorable terms of the Third Amendment. The plaintiff is seeking, among other things, a ruling that the defendants breached their fiduciary duties to the Company, a modification of the Third Amendment to bear a commercially reasonable rate of interest, and an order requiring disgorgement of all profits, benefits and other compensation obtained by defendants as a result of the alleged breaches of fiduciary duties. On March 7, 2018, the defendants filed a motion to dismiss plaintiff's verified derivative complaint for failure to state a claim upon which relief can be granted. On March 16, 2018, iHM filed a Notice of Suggestion of Pendency of Bankruptcy and Automatic Stay of Proceedings. China Investigation Several employees of Clear Media Limited, an indirect, non-wholly-owned subsidiary of the Company whose ordinary shares are listed on, but are currently suspended from trading on, the Hong Kong Stock Exchange, are subject to an ongoing police investigation in China for misappropriation of funds. Clear Media Limited has conducted additional procedures and processes, including a special investigation by forensic accountants and an external law firm appointed by Clear Media Limited’s board of directors and approved by the Company’s Audit Committee, into the misappropriation of funds. During the course of the special investigation, it was discovered that three bank accounts were opened in the name of Clear Media Limited entities, which were not authorized, and certain transactions were recorded therein. The opening of the unauthorized bank accounts has also been referred to the police in China for investigation. The misappropriation of funds resulted in discrepancies between actual cash balances and cash amounts included in the Company’s accounting records as of December 31, 2016 and 2015. Included in Selling, general and administrative expenses and Interest expense is $9.6 million and $1.4 million , respectively, recorded in the fourth quarter of 2017 to correct for the accounting errors resulting from the discrepancies. Such accounting errors are not considered to be material to the current year or prior year financial statements. The Company advised both the United States Securities and Exchange Commission and the United States Department of Justice of the investigation at Clear Media Limited, and the Company intends to cooperate with both agencies in connection with any investigation that may be conducted in this matter. The police investigation is on-going, and the Company is not aware of any litigation, claim or assessment pending against the Company related to the matters described above. Based on information known to date, the Company believes any contingent liabilities arising from potential misconduct that has been or may be identified by the investigations are not material to the Company's consolidated financial statements. In 2017, Clear Media Limited accounted for 9.8% of the Company’s net revenue and 9.9% of its consolidated total assets. The investigation could implicate the books and records, internal controls and anti-bribery provisions of the U.S. Foreign Corrupt Practices Act, which statute and regulations provide for potential monetary penalties as well as criminal and civil sanctions. It is possible that monetary penalties and other sanctions could be assessed on the Company in connection with this matter. The nature and amount of any monetary penalty or other sanctions cannot reasonably be estimated at this time. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
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, net of allowance for credit losses. 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 May 15, 2019. 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 Company's controlled disbursement accounts and the funding requirements of the Trustee Accounts under the CCWH Senior Notes and the CCWH Subordinated Notes). 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 December 31, 2017 and December 31, 2016 , the asset recorded in “Due from iHeartCommunications” on the consolidated balance sheet was $212.0 million and $885.7 million , respectively. On March 14, 2018 , iHeartMedia, iHeartCommunications and certain of iHeartMedia's direct and indirect domestic subsidiaries, not including the Company or any of its subsidiaries (collectively, the "Debtors"), filed voluntary petitions for relief (the "iHeart Chapter 11 Cases") under Chapter 11 of the United States Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Bankruptcy Court"). As an unsecured creditor of iHeartCommunications, the Company does not expect that the Company will be able to recover all of the amounts owed under the Due from iHeartCommunications Note upon the implementation of any plan of reorganization that is ultimately accepted by the requisite creditors and approved by the Bankruptcy Court. As a result, the Company recognized a loss of $855.6 million on the Due from iHeartCommunications Note during the fourth quarter of 2017 to reflect the estimated recoverable amount of the note as of December 31, 2017 , based on management's best estimate of the cash settlement amount. The loss recognized reduced the amount outstanding of $1,067.6 million to $212.0 million . If the Company does not recognize the expected recovery under the Due from iHeartCommunications Note, or cannot obtain that amount on a timely basis, the Company could experience a liquidity shortfall. In addition, any repayments that the Company received on the Due from iHeartCommunications Note during the one-year preference period prior to the filing of the iHeart Chapter 11 Cases may potentially be avoidable as a preference and subject to recovery by the iHeartCommunications bankruptcy estate, which could further exacerbate any liquidity shortfall. On November 29, 2017, the “Due from iHeartCommunications” note was amended to extend its maturity from December 15, 2017 to May 15, 2019. The note's interest rate was also amended and increased from 6.5% to 9.3% . Any balance above $1.0 billion continues to accrue interest capped at a rate of 20.0% , while the balance up to $1.0 billion will accrue interest at a rate of 9.3% . The net interest income recognized in the years ended December 31, 2017 , 2016 and 2015 was $68.9 million , $50.3 million , and $61.4 million , respectively. The Company provides advertising space on its billboards for radio stations owned by iHeartCommunications. For the years ended December 31, 2017 , 2016 and 2015 , the Company recorded $6.9 million , $3.5 million , and $2.7 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 years ended December 31, 2017 , 2016 and 2015 , the Company recorded $68.7 million , $36.0 million , and $30.1 million , respectively, as a component of corporate expenses for these services. In February 2017, the Company and its indirect parent company, iHeartMedia, Inc., entered into an agreement related to the potential purchase at fair value of the Clear Channel registered trademarks and domain names. The agreements provide that CCOH will pay a license fee to iHeartMedia, Inc. in 2017 based on revenues of entities using the Clear Channel name, pursuant to the Amended and Restated License Agreement, dated November 10, 2005, by and between iHM Identity, Inc. and Outdoor Management Services, Inc. Included within the management services expense recognized in the year ended December 31, 2017 is an expense related to this license of $36.8 million . 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 years ended December 31, 2017 , 2016 and 2015 , the Company recorded $9.5 million , $9.4 million and $10.7 million , respectively, as a component of selling, general and administrative expenses for these services. Stock Purchases On August 9, 2010, iHeartCommunications announced that its board of directors approved a stock purchase program under which iHeartCommunications or its subsidiaries may purchase up to an aggregate of $100 million of the Company’s Class A common stock and/or the Class A common stock of iHeartMedia, Inc. (“iHeartMedia”). The stock purchase program did not have a fixed expiration date and could be modified, suspended or terminated at any time at iHeartCommunications’ discretion. As of December 31, 2014, an aggregate $34.2 million was available under this program. In January 2015, CC Finco, LLC (“CC Finco”), an indirect wholly-owned subsidiary of iHeartCommunications, purchased an additional 2,000,000 shares of the Company’s Class A common stock for $20.4 million . On April 2, 2015, CC Finco purchased an additional 2,172,946 shares of the Company’s Class A common stock for $22.2 million , increasing iHeartCommunications’ collective holdings to represent approximately 90% of the outstanding shares of the Company’s common stock on a fully-diluted basis, assuming the conversion of all of the Company’s Class B common stock into Class A common stock. As a result of this purchase, the stock purchase program concluded. The purchase of shares in excess of the amount available under the stock purchase program was separately approved by the iHeartCommunications’ board of directors. Dividends On February 23, 2017, the Company paid a special cash dividend to our stockholders of $282.5 million , using proceeds from the sales of certain non-strategic U.S. markets and of our business in Australia. iHeartCommunications received 89.9% , or approximately $254.0 million , with the remaining 10.1% , or approximately $28.5 million , paid to our public stockholders. The payment of these special dividends reduces the amount of cash available to us for future working capital, capital expenditure, debt service and other funding requirements. On October 5, 2017, the Company paid a special cash dividend to Class A and Class B stockholders of record at the closing of business on October 2, 2017, in an aggregate amount equal to $25.0 million . On October 31, 2017, the board of directors of the Company paid a special cash dividend to Class A and Class B stockholders of record at the closing of business on October 26, 2017, in an aggregate amount equal to $25.0 million . On January 24, 2018, the Company paid a special cash dividend to Class A and Class B stockholders of record at the closing of business on January 19, 2018, in an aggregate amount equal to $30.0 million . |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The operations of the Company are included in a consolidated U.S. federal income tax return filed by iHeartMedia. However, for financial reporting purposes, the Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated U.S. federal income tax returns with its subsidiaries. On December 22, 2017, the U.S. government enacted comprehensive income tax legislation, referred to as The Tax Cuts and Jobs Act (the Tax Act). The Tax Act reduces the U.S. federal corporate tax rate from 35% percent to 21% effective January 1, 2018, percent, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new U.S taxes on certain foreign earnings. To account for the reduction in the U.S. federal corporate income tax rate, the Company remeasured its deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, generally 21%, which resulted in recording of a provisional deferred tax benefit of $228.0 million during 2017. To determine the impact from the one-time transition tax on accumulated foreign earnings, we analyzed our cumulative foreign earnings and profits in accordance with the rules provided in the Tax Act. Based upon our preliminary analysis which is not yet complete, we have not recorded income tax expense in the current period for the one-time transition tax due to the net accumulated deficit in our foreign earnings and profits. The provisions in the Tax Act are broad and complex. The Company has not yet completed its analysis of the income tax effects of the Tax Act as of December 31, 2017, but has made reasonable estimates of those effects on existing deferred income tax balances and the one-time transition tax. The final financial statement impact of the Tax Act may differ from the above estimates, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, and changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates to estimates the Company has utilized to calculate the provisional impacts. The Securities and Exchange Commission (SEC) has issued rules that allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related income tax impacts. Significant components of the provision for income tax benefit (expense) are as follows: (In thousands) Years Ended December 31, 2017 2016 2015 Current - federal $ (87 ) $ — $ (270 ) Current - foreign (29,430 ) (43,611 ) (45,322 ) Current - state (1,377 ) (1,731 ) (1,046 ) Total current expense (30,894 ) (45,342 ) (46,638 ) Deferred - federal 306,078 (89,049 ) (8,025 ) Deferred - foreign (2,521 ) 56,759 5,282 Deferred - state 7,555 976 (562 ) Total deferred benefit (expense) 311,112 (31,314 ) (3,305 ) Income tax benefit (expense) $ 280,218 $ (76,656 ) $ (49,943 ) For the year ended December 31, 2017 the Company recorded current tax expense of $30.9 million as compared to $45.3 million for the 2016 year. The current tax expense for 2017 was primarily related to foreign income taxes on operating profits generated in certain jurisdictions during the period. For the year ended December 31, 2016 the Company recorded current tax expense of $45.3 million as compared to $46.6 million for the 2015 year. The current tax expense for 2016 was primarily related to foreign income taxes on operating profits generated in certain jurisdictions during the period. Deferred tax benefit of $311.1 million was recorded for 2017 compared with a deferred tax expense of $31.3 million for 2016 . The change in deferred taxes is primarily due to the provisional deferred tax benefit of $228.0 million recorded in 2017 related to the reduction of the U.S. federal corporate tax rate to 21% in connection with the enactment of the Tax Act mentioned above. The change in foreign deferred taxes was the result of foreign deferred tax benefit recorded in 2016 for the release of valuation allowance against certain net operating loss carryforwards in France. Deferred tax expense of $31.3 million was recorded for 2016 compared with a deferred tax expense of $3.3 million for 2015. The change in deferred tax expense is primarily due to the utilization of net operating loss carryforwards in the U.S. which offset taxable income from the gains on the sales of nine non-strategic U.S. outdoor markets during the first quarter of 2016 and the sale of the Company's Australia business during the fourth quarter of 2016. The 2016 federal deferred tax expense was partially offset by foreign deferred tax benefit attributable to the release of $43.3 million of valuation allowance against certain net operating losses in France. Significant components of the Company’s deferred tax liabilities and assets as of December 31, 2017 and 2016 are as follows: (In thousands) December 31, December 31, 2017 2016 Deferred tax liabilities: Intangibles and fixed assets $ 504,290 $ 801,442 Equity in earnings 2,106 2,816 Other 14,058 16,971 Total deferred tax liabilities 520,454 821,229 Deferred tax assets: Accrued expenses 16,927 19,458 Net operating loss carryforwards 229,398 257,613 Bad debt reserves 3,656 3,364 Due from iHeartCommunications 202,461 — Other 24,124 38,128 Total deferred tax assets 476,566 318,563 Less: Valuation allowance 274,219 136,039 Net deferred tax assets 202,347 182,524 Net deferred tax liabilities $ 318,107 $ 638,705 The deferred tax liabilities associated with intangibles and fixed assets primarily relates to the difference in book and tax basis of acquired billboard permits and tax deductible goodwill created from the Company’s various stock acquisitions. In accordance with ASC 350-10, Intangibles—Goodwill and Other, the Company does not amortize its book basis in permits. As a result, this deferred tax liability will not reverse over time unless the Company recognizes future impairment charges related to its permits and tax deductible goodwill or sells its permits. As the Company continues to amortize its tax basis in its permits and tax deductible goodwill, the deferred tax liability will increase over time. The Company’s net foreign deferred tax assets for the period ending December 31, 2017 and 2016 were $57.0 million and $50.0 million , respectively. At December 31, 2017 , the Company had recorded deferred tax assets for net operating loss carryforwards (tax effected) for federal and state income tax purposes of $84.5 million , which expire in various amounts through 2037. In addition, the Company recorded a deferred tax asset of $202.5 million related to the impairment loss on the Due from iHeartCommunications Note. The Company expects to realize the benefits of a portion of its deferred tax assets based upon expected future taxable income from deferred tax liabilities that reverse in the relevant federal and state jurisdictions and carryforward periods. As of December 31, 2017, the Company had recorded a valuation allowance of $149.2 million against a portion of these deferred tax assets which it does not expect to realize. The Company recorded a net decrease of $11.0 million in valuation allowances against its foreign deferred tax assets during the year ended December 31, 2017 . At December 31, 2017 , the Company had recorded $144.9 million (tax-effected) of deferred tax assets for foreign net operating losses, which are offset in part by an associated valuation allowance of $94.2 million . The remaining deferred tax valuation allowance of $30.8 million offsets other foreign deferred tax assets that are not expected to be realized. Realization of these foreign deferred tax assets is dependent upon the Company’s ability to generate future taxable income in appropriate tax jurisdictions to obtain benefits. Due to the Company’s evaluation of all available evidence, including significant negative evidence of cumulative losses in these jurisdictions, the Company continues to record valuation allowances on the foreign deferred tax assets that are not expected to be realized. The Company expects to realize its remaining gross deferred tax assets based upon its assessment of deferred tax liabilities that will reverse in the same carryforward period and jurisdiction and are of the same character as the net operating loss carryforwards and temporary differences that give rise to the deferred tax assets. Any deferred tax liabilities associated with billboard permits and tax deductible goodwill intangible assets are not relied upon as a source of future taxable income, as these intangible assets have an indefinite life. At December 31, 2017 and 2016 , net deferred tax assets include a deferred tax asset of $9.6 million and $14.9 million , respectively, relating to stock-based compensation expense under ASC 718-10, Compensation—Stock Compensation . Full realization of this deferred tax asset requires stock options to be exercised at a price equaling or exceeding the sum of the grant price plus the fair value of the option at the grant date and restricted stock to vest at a price equaling or exceeding the fair market value at the grant date. Accordingly, there can be no assurance that the stock price of the Company’s Common Stock will rise to levels sufficient to realize the entire deferred tax benefit currently reflected in our balance sheet. See Note 8 for additional discussion of ASC 718-10. Income (loss) before income taxes: (In thousands) Years Ended December 31, 2017 2016 2015 US $ (942,297 ) $ 182,258 $ (69,819 ) Foreign 34,562 58,797 48,545 Total income (loss) before income taxes $ (907,735 ) $ 241,055 $ (21,274 ) The reconciliation of income tax computed at the U.S. federal statutory rates to income tax benefit is: (In thousands) Years Ended December 31, 2017 2016 2015 Amount Percent Amount Percent Amount Percent Income tax benefit (expense) at statutory rates $ 317,707 35.0 % $ (84,369 ) 35.0 % $ 7,446 35.0 % State income taxes, net of federal tax effect 23,378 2.6 % (4,602 ) 1.9 % 2,238 10.5 % Foreign income taxes (19,866 ) (2.2 )% (20,725 ) 8.6 % (23,062 ) (108.4 )% Nondeductible items (646 ) (0.1 )% (687 ) 0.3 % (754 ) (3.5 )% Changes in valuation allowance and other estimates (148,389 ) (16.2 )% 34,597 (14.4 )% (33,684 ) (158.3 )% U.S. tax reform 228,010 25.1 % — — % — — % U.S. rate differential on impairment of related party note (115,755 ) (12.8 )% — — % — — % Other, net $ (4,221 ) (0.5 )% $ (870 ) 0.4 % $ (2,127 ) (10.0 )% Income tax benefit (expense) $ 280,218 30.9 % $ (76,656 ) 31.8 % $ (49,943 ) (234.7 )% During 2017 , the Company recorded tax benefit of approximately $280.2 million . The 2017 income tax benefit and 30.9% effective tax rate were impacted primarily by the $ 228.0 million provisional deferred tax benefits recorded in connection with the reduction in the U.S. federal corporate tax rate to 21% upon enactment of the Tax Act described above. Additionally, subsequent to the enactment of the Tax Act and as further described in Note 6 above, the Company recorded an impairment loss of $855.6 million on the Due from iHeartCommunications Note. In connection with this impairment loss, the Company recorded a deferred tax asset at the newly enacted U.S. federal corporate tax rate. As this deferred tax asset was recorded subsequent to the enactment of the Tax Act, the associated impact to the Company’s 2017 effective tax rate is separately described in the table above “U.S. rate differential on impairment of related party note”. The Company also recorded tax expense of $149.2 million in connection with the valuation allowance recorded against federal and state deferred tax assets generated in the current period due to the uncertainty of the ability to utilize those assets in future periods. During 2016, the Company recorded tax expense of approximately $76.7 million . The 2016 income tax expense and 31.8% effective tax rate were impacted primarily by the $32.9 million and $43.3 million deferred tax benefits recorded in connection with the release of valuation allowances in the U.S. and France, respectively. These deferred tax benefits were partially offset by $54.7 million in tax expense attributable to the sale of our Australia outdoor business. During 2015, the Company recorded tax expense of approximately $49.9 million . The 2015 income tax expense and (234.7)% effective tax rate were impacted primarily by a $32.9 million valuation allowance recorded against the Company’s federal and state net operating losses during 2015. Additionally, the Company recorded additional taxes due to the inability to benefit from losses in certain foreign jurisdictions. The Company provides for any related tax liability on undistributed earnings that the Company does not intend to be indefinitely reinvested outside the United States and that would become taxable upon remittance within our foreign structure. At December 31, 2017, all undistributed earnings of our international subsidiaries have been included in our provisional computation of the one-time transition tax associated with the enactment of the Tax Act. Based upon our preliminary analysis of the effects of the Tax Act which is not yet complete, the Company has not provided U.S. federal income taxes for temporary differences with respect to investments in our foreign subsidiaries, which at December 31, 2017 currently result in tax basis amounts greater than the financial reporting basis. If any excess cash held by our foreign subsidiaries were needed to fund operations in the U.S., we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes as a result of significant deficits, as calculated for tax law purposes, in our foreign earnings and profits, which give us flexibility to make future cash distributions as non-taxable returns of capital. Additionally, as a result of U.S. tax reform described above, future dividend distributions from our international subsidiaries are exempt from U.S. federal income tax beginning January 1, 2018. All tax liabilities owed by the Company are paid either by the Company or on behalf of the Company by iHeartCommunications through an operating account that represents net amounts due to or from iHeartCommunications. The Company continues to record interest and penalties related to unrecognized tax benefits in current income tax expense. The total amount of interest accrued at December 31, 2017 and 2016 , was $3.2 million and $3.4 million , respectively. The total amount of unrecognized tax benefits including accrued interest and penalties at December 31, 2017 and 2016 , was $36.7 million and $39.7 million , respectively, of which $22.4 million and $23.8 million is included in “Other long-term liabilities.” In addition, $14.3 million and $15.9 million of unrecognized tax benefits are recorded net with the Company’s deferred tax assets for its net operating losses as opposed to being recorded in “Other long-term liabilities” at December 31, 2017 and 2016 , respectively. The total amount of unrecognized tax benefits at December 31, 2017 and 2016 that, if recognized, would impact the effective income tax rate is $18.5 million and $18.6 million , respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In thousands) Years Ended December 31, Unrecognized Tax Benefits 2017 2016 Balance at beginning of period $ 36,332 $ 39,908 Increases for tax position taken in the current year 4,327 6,996 Increases for tax positions taken in previous years 2,046 2,199 Decreases for tax position taken in previous years (499 ) (6,148 ) Decreases due to settlements with tax authorities (225 ) (717 ) Decreases due to lapse of statute of limitations (8,511 ) (5,906 ) Balance at end of period $ 33,470 $ 36,332 Pursuant to the Tax Matters Agreement between iHeartCommunications and the Company, the operations of the Company are included in a consolidated U.S. federal income tax return filed by iHeartMedia. In addition, the Company and its subsidiaries file income tax returns in various state and foreign jurisdictions. During 2017 and 2016 , the Company reversed $9.2 million and $6.2 million in unrecognized tax benefits, respectively, inclusive of interest, as a result of the expiration of statutes of limitations to assess taxes in certain state and foreign jurisdictions. During 2016, the Company settled certain tax examinations that resulted in the reduction of uncertain tax positions of $6.8 million , inclusive of interest. All federal income tax matters through 2013 are closed. Substantially all material state, local, and foreign income tax matters have been concluded for years through 2008. |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY (DEFICIT) | STOCKHOLDERS’ 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 stockholders’ equity attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest: (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2017 $ (1,080,812 ) $ 149,886 $ (930,926 ) Net income (639,716 ) 12,199 (627,517 ) Dividends declared (332,498 ) — (332,498 ) Dividends and other payments to noncontrolling interests — (12,010 ) (12,010 ) Disposal of noncontrolling interests — (2,439 ) (2,439 ) Share-based compensation 8,659 931 9,590 Foreign currency translation adjustments 35,975 9,176 45,151 Unrealized holding loss on marketable securities (414 ) — (414 ) Other adjustments to comprehensive loss 6,720 — 6,720 Reclassifications 5,441 — 5,441 Other, net (1,800 ) (703 ) (2,503 ) Balances as of December 31, 2017 $ (1,998,445 ) $ 157,040 $ (1,841,405 ) Balance as of January 1, 2016 $ (755,599 ) $ 187,775 $ (567,824 ) Net income 141,397 23,002 164,399 Dividends declared (540,034 ) — (540,034 ) Dividends and other payments to noncontrolling interests — (16,917 ) (16,917 ) Disposal of noncontrolling interests — (36,846 ) (36,846 ) Share-based compensation 10,291 — 10,291 Foreign currency translation adjustments 30,835 (8,427 ) 22,408 Unrealized holding loss on marketable securities (576 ) — (576 ) Other adjustments to comprehensive loss (11,814 ) — (11,814 ) Reclassifications 46,730 — 46,730 Other, net (2,042 ) 1,299 (743 ) Balances as of December 31, 2016 $ (1,080,812 ) $ 149,886 $ (930,926 ) Share-Based Awards Stock Options The Company has granted options to purchase shares of its Class A common stock to certain employees and directors of the Company and its affiliates under its equity incentive plan at no less than the fair value of the underlying stock on the date of grant. These options are granted for a term not exceeding ten years and are forfeited, except in certain circumstances, in the event the employee or director terminates his or her employment or relationship with the Company or one of its affiliates. These options vest solely on continued service over a period of up to five years. The equity incentive plan contains anti-dilutive provisions that permit an adjustment for any change in capitalization. The Company accounts for its share-based payments using the fair value recognition provisions of ASC 718-10. The fair value of the options is estimated using a Black-Scholes option-pricing model and amortized straight-line to expense over the vesting period. ASC 718-10 requires the cash flows from the tax benefits resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) to be classified as financing cash flows. The excess tax benefit that is required to be classified as a financing cash inflow after application of ASC 718-10 is not material. The fair value of each option awarded is estimated on the date of grant using a Black-Scholes option-pricing model. Expected volatilities are based on historical volatility of the Company’s stock over the expected life of the options. The expected life of options granted represents the period of time that options granted are expected to be outstanding. The Company uses historical data to estimate option exercise and employee terminations within the valuation model. The Company includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of awards. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods equal to the expected life of the option. The following assumptions were used to calculate the fair value of the Company’s options on the date of grant: Years Ended December 31, 2017 2016 2015 Expected volatility 42% 42% – 44% 37% – 56% Expected life in years 6.3 6.3 6.3 Risk-free interest rate 2.12% 1.12% – 1.41% 1.70% – 2.07% Dividend yield —% —% —% The following table presents a summary of the Company's stock options outstanding at and stock option activity during the year ended December 31, 2017 : (In thousands, except per share data) Options Price (3) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2017 5,033 $ 7.04 4.9 years $ 2,539 Granted (1) 4 4.25 Exercised (2) (71 ) 3.10 Forfeited (96 ) 6.85 Expired (760 ) 12.49 Outstanding, December 31, 2017 4,110 6.10 4.1 years $ 2,378 Exercisable 3,392 6.01 3.4 years $ 2,359 Expected to vest 718 6.52 7.5 years $ 19 (1) The weighted average grant date fair value of the Company’s options granted during the years ended December 31, 2017 , 2016 and 2015 was $2.04 , $2.82 and $4.25 per share, respectively. (2) Cash received from option exercises during the years ended December 31, 2017 , 2016 and 2015 was $0.2 million , $0.6 million and $3.8 million , respectively. The total intrinsic value of the options exercised during the years ended December 31, 2017 , 2016 and 2015 was $0.2 million , $0.4 million and $2.8 million , respectively. (3) Reflects the weighted average exercise price per share. A summary of the Company’s unvested options at and changes during the year ended December 31, 2017 is presented below: (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2017 1,164 $ 4.25 Granted 4 2.04 Vested (1) (354 ) 4.37 Forfeited (96 ) 4.15 Unvested, December 31, 2017 718 $ 4.19 (1) The total fair value of the Company’s options vested during the years ended December 31, 2017 , 2016 and 2015 was $1.6 million , $2.7 million and $4.2 million , respectively. Restricted Stock Awards The Company has also granted both restricted stock and restricted stock unit awards to its employees and affiliates under its equity incentive plan. The restricted stock awards represent shares of Class A common stock that contain a legend which restricts their transferability for a term of up to five years. The restricted stock units represent the right to receive shares upon vesting, which is generally over a period of up to five years . Both restricted stock awards and restricted stock units are forfeited, except in certain circumstances, in the event the employee terminates his or her employment or relationship with the Company prior to the lapse of the restriction. The following table presents a summary of the Company's restricted stock and restricted stock units outstanding at and activity during the year ended December 31, 2017 (“Price” reflects the weighted average share price at the date of grant): (In thousands, except per share data) Awards Price Outstanding, January 1, 2017 2,743 $ 7.63 Granted 2,539 4.30 Vested (restriction lapsed) (1,040 ) 7.16 Forfeited (342 ) 7.39 Outstanding, December 31, 2017 3,900 5.61 Share-Based Compensation Cost The share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the vesting period. Share-based compensation payments are recorded in corporate expenses and were $9.6 million , $10.3 million and $8.5 million , during the years ended December 31, 2017 , 2016 and 2015 , respectively. The tax benefit related to the share-based compensation expense for the years ended December 31, 2017 , 2016 and 2015 was $3.3 million , $3.9 million and $3.2 million , respectively. As of December 31, 2017 , there was $13.0 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on service conditions. This cost is expected to be recognized over a weighted average period of approximately three years . Net Income (Loss) per Share The following table presents the computation of earnings (loss) per share for the years ended December 31, 2017 , 2016 and 2015 : (In thousands, except per share data) Years Ended December 31, 2017 2016 2015 NUMERATOR: Net income (loss) attributable to the Company – common shares $ (639,716 ) $ 141,397 $ (95,981 ) DENOMINATOR: Weighted average common shares outstanding – basic 361,141 360,294 359,508 Stock options and restricted stock (1) : — 1,318 Weighted average common shares outstanding – diluted 361,141 361,612 359,508 Net income (loss) attributable to the Company per common share: Basic $ (1.77 ) $ 0.39 $ (0.27 ) Diluted $ (1.77 ) $ 0.39 $ (0.27 ) (1) 8.0 million , 5.6 million and 8.1 million stock options and restricted shares were outstanding at December 31, 2017 , 2016 and 2015 , respectively, that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
EMPLOYEE STOCK AND SAVINGS PLAN
EMPLOYEE STOCK AND SAVINGS PLANS | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE STOCK AND SAVINGS PLANS | EMPLOYEE STOCK AND SAVINGS PLANS The Company’s U.S. employees are eligible to participate in various 401(k) savings and other plans provided by iHeartCommunications for the purpose of providing retirement benefits for substantially all employees. Under these plans, a Company employee can make pre-tax contributions and the Company will match 50% of the employee’s first 5% of pay contributed to the plan. Employees vest in these Company matching contributions based upon their years of service to the Company. Contributions to these plans of $2.2 million , $2.3 million and $2.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, were recorded as a component of operating expenses. In addition, employees in the Company’s International markets participate in retirement plans administered by the Company which are not part of the 401(k) savings and other plans sponsored by iHeartCommunications. Contributions to these plans of $13.1 million , $15.1 million and $13.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, were recorded as a component of operating expenses. Certain highly compensated executives of the Company are eligible to participate in a non-qualified deferred compensation plan sponsored by iHeartCommunications, under which such executives were able to make an annual election to defer up to 50% of their annual salary and up to 80% of their bonus before taxes. The Company suspended all salary and bonus deferral and company matching contributions to the deferred compensation plan on January 1, 2010. Matching credits on amounts deferred may be made in the sole discretion of iHeartCommunications and iHeartCommunications retains ownership of all assets until distributed. Participants in the plan have the opportunity to allocate their deferrals and any matching credits among different investment options, the performance of which is used to determine the amounts paid to participants under the plan. There is no liability recorded by the Company under this deferred compensation plan as the liability of this plan is that of iHeartCommunications. |
OTHER INFORMATION
OTHER INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
OTHER INFORMATION | OTHER INFORMATION The following table discloses the components of “Other income (expense)” for the years ended December 31, 2017 , 2016 and 2015 , respectively: (In thousands) Years Ended December 31, 2017 2016 2015 Foreign exchange loss $ 29,563 $ (69,599 ) $ 14,790 Other 237 (1,083 ) (2,403 ) Total other income (expense) — net $ 29,800 $ (70,682 ) $ 12,387 For the years ended December 31, 2017 , 2016 and 2015 the total increase (decrease) in other comprehensive income (loss) related to the impact of pensions on deferred income tax liabilities were $(0.3) million , ($1.0) million and $1.6 million , respectively. The following table discloses the components of “Other current assets” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Inventory $ 21,940 $ 21,190 Deposits 1,720 1,445 Other receivables 4,906 9,302 Restricted cash 26,096 680 Other 4,052 6,582 Total other current assets $ 58,714 $ 39,199 During 2017, CCOH established a separate bi-lateral letter of credit facility to issue additional letters of credit to be supported by cash collateral posted by the Company. As of December 31, 2017, the amount of letters of credit issued under this facility totaled $24.7 million and was backed by cash collateral of $25.4 million , which is classified as Restricted cash. The following table discloses the components of “Other assets” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Investments $ 10,042 $ 10,183 Deposits 23,096 19,318 Prepaid expenses 60,294 61,814 Restricted cash 18,095 20,474 Other 13,007 10,224 Total other assets $ 124,534 $ 122,013 The following table discloses the components of “Other long-term liabilities” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Unrecognized tax benefits $ 22,419 $ 23,772 Asset retirement obligation 44,779 39,451 Deferred rent 105,324 101,673 Employee related liabilities 52,212 55,460 Other 45,681 38,955 Total other long-term liabilities $ 270,415 $ 259,311 The following table discloses the components of “Accumulated other comprehensive loss,” net of tax, as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Cumulative currency translation adjustments and other $ (340,109 ) $ (388,246 ) Cumulative unrealized gain on securities 1,173 1,588 Total accumulated other comprehensive loss $ (338,936 ) $ (386,658 ) |
SEGMENT DATA
SEGMENT DATA | 12 Months Ended |
Dec. 31, 2017 | |
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 and Latin America, and the International segment primarily includes operations in Europe and Asia. 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. During the first quarter of 2018, the Company revised its segment reporting, as discussed in Note 1. The following table presents the Company’s reportable segment results for the years ended December 31, 2017 , 2016 and 2015 : (In thousands) Americas Outdoor Advertising International Outdoor Advertising Corporate and other reconciling items Consolidated Year Ended December 31, 2017 Revenue $ 1,256,326 $ 1,334,939 $ — $ 2,591,265 Direct operating expenses 574,113 828,652 — 1,402,765 Selling, general and administrative expenses 219,467 289,170 — 508,637 Corporate expenses — — 143,678 143,678 Depreciation and amortization 189,707 131,224 5,060 325,991 Impairment charges — — 4,159 4,159 Other operating income, net — — 26,391 26,391 Operating income (loss) $ 273,039 $ 85,893 $ (126,506 ) $ 232,426 Segment assets $ 2,969,326 $ 1,449,365 $ 252,091 $ 4,670,782 Capital expenditures $ 74,580 $ 146,392 $ 3,266 $ 224,238 Share-based compensation expense $ — $ — $ 9,590 $ 9,590 Year Ended December 31, 2016 Revenue $ 1,278,413 $ 1,410,471 $ — $ 2,688,884 Direct operating expenses 570,310 851,748 — 1,422,058 Selling, general and administrative expenses 225,415 289,787 — 515,202 Corporate expenses — — 117,436 117,436 Depreciation and amortization 185,654 152,758 5,712 344,124 Impairment charges — — 7,274 7,274 Other operating income, net — — 354,688 354,688 Operating income $ 297,034 $ 116,178 $ 224,266 $ 637,478 Segment assets $ 3,175,355 $ 1,342,356 $ 1,201,117 $ 5,718,828 Capital expenditures $ 81,401 $ 143,788 $ 4,583 $ 229,772 Share-based compensation expense $ — $ — $ 10,291 $ 10,291 Year Ended December 31, 2015 Revenue $ 1,349,021 $ 1,457,183 $ — $ 2,806,204 Direct operating expenses 597,382 897,520 — 1,494,902 Selling, general and administrative expenses 233,254 298,250 — 531,504 Corporate expenses — — 116,523 116,523 Depreciation and amortization 204,514 166,060 5,388 375,962 Impairment charges — — 21,631 21,631 Other operating expense, net — — (4,824 ) (4,824 ) Operating income (loss) $ 313,871 $ 95,353 $ (148,366 ) $ 260,858 Segment assets $ 3,567,764 $ 1,573,161 $ 1,165,863 $ 6,306,788 Capital expenditures $ 82,165 $ 132,554 $ 3,613 $ 218,332 Share-based compensation expense — — $ 8,502 $ 8,502 Revenue of $1.5 billion , $1.5 billion and $1.6 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2017 , 2016 and 2015 , respectively. Revenue of $0.3 billion , $0.3 billion and $0.3 billion derived from France are included in the data above for the years ended December 31, 2017 , 2016 and 2015 , respectively. Revenue of $1.1 billion , $1.1 billion and $1.2 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2017 , 2016 and 2015 . Identifiable long-lived assets of $0.6 billion , $0.5 billion and $0.7 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2017 , 2016 and 2015 , respectively. Identifiable long-lived assets of $0.3 billion , $0.2 billion and $0.2 billion derived from China are included in the data above for the years ended December 31, 2017 , 2016 and 2015 , respectively. Identifiable long-lived assets of $0.8 billion , $0.9 billion and $1.0 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended March 31, Three Months Ended June 30, Three Months Ended September 30, Three Months Ended December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Revenue $ 544,726 $ 589,014 $ 672,319 $ 708,086 $ 645,089 $ 669,221 $ 729,131 $ 722,563 Operating expenses: Direct operating expenses 327,931 341,987 350,173 362,001 356,100 362,250 368,561 355,820 Selling, general and administrative expenses 115,774 126,801 125,898 135,567 128,397 126,164 138,568 126,670 Corporate expenses 34,540 28,224 35,340 29,673 35,333 28,103 38,465 31,436 Depreciation and amortization 77,494 85,395 78,290 86,974 81,096 85,780 89,111 85,975 Impairment charges — — — — 1,591 7,274 2,568 — Other operating income (expense), net 32,611 284,774 7,829 (59,384 ) (11,783 ) 1,095 (2,266 ) 128,203 Operating income 21,598 291,381 90,447 34,487 30,789 60,745 89,592 250,865 Interest expense 92,633 93,873 94,630 94,650 95,467 93,313 98,419 93,056 Interest income on Due from iHeartCommunications 14,807 12,713 15,383 11,291 17,087 12,429 21,594 13,876 Loss on Due from iHeartCommunications — — — — — — (855,648 ) — Gain (loss) on investments, net (125 ) — (135 ) — (532 ) 781 (253 ) (250 ) Equity in earnings (loss) of nonconsolidated affiliates (472 ) (415 ) 271 (232 ) (628 ) (727 ) (161 ) (315 ) Other income (expense), net 3,992 (5,803 ) 8,908 (33,871 ) 9,696 (7,305 ) 7,204 (23,703 ) Income (loss) before income taxes (52,833 ) 204,003 20,244 (82,975 ) (39,055 ) (27,390 ) (836,091 ) 147,417 Income tax benefit (expense) 21,837 (62,917 ) (18,390 ) 21,719 (16,347 ) 3,619 293,118 (39,077 ) Consolidated net income (loss) (30,996 ) 141,086 1,854 (61,256 ) (55,402 ) (23,771 ) (542,973 ) 108,340 Less amount attributable to noncontrolling interest (1,995 ) 976 6,631 7,857 6,237 7,329 1,326 6,840 Net income (loss) attributable to the Company $ (29,001 ) $ 140,110 $ (4,777 ) $ (69,113 ) $ (61,639 ) $ (31,100 ) $ (544,299 ) $ 101,500 Net income (loss) per common share: Basic $ (0.08 ) $ 0.39 $ (0.01 ) $ (0.19 ) $ (0.17 ) $ (0.09 ) $ (1.51 ) $ 0.28 Diluted $ (0.08 ) $ 0.39 $ (0.01 ) $ (0.19 ) $ (0.17 ) $ (0.09 ) $ (1.51 ) $ 0.28 |
GUARANTOR SUBSIDIARIES
GUARANTOR SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2017 | |
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) December 31, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents 2,212 — 22,841 119,066 — $ 144,119 Accounts receivable, net of allowance — — 192,493 466,970 — 659,463 Intercompany receivables — 785,075 2,924,888 88,053 (3,798,016 ) — Prepaid expenses 291 3,433 50,028 58,124 — 111,876 Other current assets 25,441 — 2,552 30,721 — 58,714 Total Current Assets 27,944 788,508 3,192,802 762,934 (3,798,016 ) 974,172 Structures, net — — 675,443 505,439 — 1,180,882 Other property, plant and equipment, net — — 119,856 94,291 — 214,147 Indefinite-lived intangibles — — 977,152 — — 977,152 Other intangibles, net — — 248,674 25,188 — 273,862 Goodwill — — 507,820 206,223 — 714,043 Due from iHeartCommunications 211,990 — — — — 211,990 Intercompany notes receivable 182,026 5,087,742 12,437 16,273 (5,298,478 ) — Other assets 447,152 111,432 1,335,346 70,897 (1,840,293 ) 124,534 Total Assets $ 869,112 $ 5,987,682 $ 7,069,530 $ 1,681,245 $ (10,936,787 ) $ 4,670,782 Accounts payable $ — $ — $ 7,592 $ 80,368 $ — $ 87,960 Intercompany payable 2,924,888 — 873,128 — (3,798,016 ) — Accrued expenses 1,167 (1,315 ) 91,325 418,624 — 509,801 Deferred income — — 25,278 33,900 — 59,178 Current portion of long-term debt — — 115 458 — 573 Total Current Liabilities 2,926,055 (1,315 ) 997,438 533,350 (3,798,016 ) 657,512 Long-term debt — 4,895,104 1,820 369,229 — 5,266,153 Intercompany notes payable — 16,273 5,046,119 236,086 (5,298,478 ) — Deferred tax liability (93,111 ) 853 466,827 (56,462 ) — 318,107 Other long-term liabilities 1,157 — 140,272 128,986 — 270,415 Total stockholders' equity (deficit) (1,964,989 ) 1,076,767 417,054 470,056 (1,840,293 ) (1,841,405 ) Total Liabilities and Stockholders' Equity $ 869,112 $ 5,987,682 $ 7,069,530 $ 1,681,245 $ (10,936,787 ) $ 4,670,782 (In thousands) December 31, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 300,285 $ — $ 61,542 $ 180,168 $ — $ 541,995 Accounts receivable, net of allowance — — 193,474 399,596 — 593,070 Intercompany receivables — 687,043 2,694,094 99,431 (3,480,568 ) — Prepaid expenses 1,363 3,433 51,751 55,022 — 111,569 Assets held for sale — — 55,602 — — 55,602 Other current assets — — 6,873 32,326 — 39,199 Total Current Assets 301,648 690,476 3,063,336 766,543 (3,480,568 ) 1,341,435 Structures, net — — 746,877 449,799 — 1,196,676 Other property, plant and equipment, net — — 124,138 92,019 — 216,157 Indefinite-lived intangibles — — 951,439 9,527 — 960,966 Other intangibles, net — — 259,915 39,702 — 299,617 Goodwill — — 505,478 190,785 — 696,263 Due from iHeartCommunications 885,701 — — — — 885,701 Intercompany notes receivable 182,026 4,887,354 — — (5,069,380 ) — Other assets 280,435 418,658 1,320,838 65,589 (1,963,507 ) 122,013 Total Assets $ 1,649,810 $ 5,996,488 $ 6,972,021 $ 1,613,964 $ (10,513,455 ) $ 5,718,828 Accounts payable $ — $ — $ 14,897 $ 71,973 $ — $ 86,870 Intercompany payable 2,694,094 — 786,474 — (3,480,568 ) — Accrued expenses 2,223 58,652 35,509 384,488 — 480,872 Deferred income — — 33,471 33,534 — 67,005 Current portion of long-term debt — — 89 6,882 — 6,971 Total Current Liabilities 2,696,317 58,652 870,440 496,877 (3,480,568 ) 641,718 Long-term debt — 4,886,318 1,711 221,991 — 5,110,020 Intercompany notes payable — 5,000 5,027,681 36,699 (5,069,380 ) — Deferred tax liability 772 1,367 685,780 (49,214 ) — 638,705 Other long-term liabilities 1,055 — 135,094 123,162 — 259,311 Total stockholders' equity (deficit) (1,048,334 ) 1,045,151 251,315 784,449 (1,963,507 ) (930,926 ) Total Liabilities and Stockholders' Equity $ 1,649,810 $ 5,996,488 $ 6,972,021 $ 1,613,964 $ (10,513,455 ) $ 5,718,828 (In thousands) Year Ended December 31, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 1,137,003 $ 1,454,262 $ — $ 2,591,265 Operating expenses: Direct operating expenses — — 510,271 892,494 — 1,402,765 Selling, general and administrative expenses — — 192,452 316,185 — 508,637 Corporate expenses 14,660 — 93,232 35,786 — 143,678 Depreciation and amortization — — 181,906 144,085 — 325,991 Impairment charges — — — 4,159 — 4,159 Other operating income (expense), net (406 ) — 34,943 (8,146 ) — 26,391 Operating income (loss) (15,066 ) — 194,085 53,407 — 232,426 Interest (income) expense, net (414 ) 353,082 (205 ) 28,686 — 381,149 Interest income on Due from iHeartCommunications 68,871 — — — — 68,871 Intercompany interest income 16,349 339,925 69,424 184 (425,882 ) — Intercompany interest expense 68,871 406 356,458 147 (425,882 ) — Loss on Due from iHeartCommunications (855,648 ) — — — — (855,648 ) Loss on investments, net — — — (1,045 ) — (1,045 ) Equity in earnings (loss) of nonconsolidated affiliates 118,995 4,749 (18,122 ) (1,981 ) (104,631 ) (990 ) Other income, net 3,167 — 11,232 15,401 — 29,800 Income (loss) before income taxes (731,789 ) (8,814 ) (99,634 ) 37,133 (104,631 ) (907,735 ) Income tax benefit (expense) 92,073 2,405 218,629 (32,889 ) — 280,218 Consolidated net income (loss) (639,716 ) (6,409 ) 118,995 4,244 (104,631 ) (627,517 ) Less amount attributable to noncontrolling interest — — — 12,199 — 12,199 Net income (loss) attributable to the Company $ (639,716 ) $ (6,409 ) $ 118,995 $ (7,955 ) $ (104,631 ) $ (639,716 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — 235 44,916 — 45,151 Unrealized holding loss on marketable securities — — — (414 ) — (414 ) Other adjustments to comprehensive income (loss) — — — 6,720 — 6,720 Reclassification adjustments — — — 5,441 — 5,441 Equity in subsidiary comprehensive income 47,722 38,025 47,487 — (133,234 ) — Comprehensive income (loss) (591,994 ) 31,616 166,717 48,708 (237,865 ) (582,818 ) Less amount attributable to noncontrolling interest — — — 9,176 — 9,176 Comprehensive income (loss) attributable to the Company $ (591,994 ) $ 31,616 $ 166,717 $ 39,532 $ (237,865 ) $ (591,994 ) (In thousands) Year Ended December 31, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 1,144,445 $ 1,544,439 $ — $ 2,688,884 Operating expenses: Direct operating expenses — — 497,634 924,424 — 1,422,058 Selling, general and administrative expenses — — 196,006 319,196 — 515,202 Corporate expenses 13,157 — 61,926 42,353 — 117,436 Depreciation and amortization — — 177,918 166,206 — 344,124 Impairment charges — — — 7,274 — 7,274 Other operating income (expense), net (427 ) — 291,717 63,398 — 354,688 Operating income (loss) (13,584 ) — 502,678 148,384 — 637,478 Interest (income) expense, net (1,195 ) 353,447 721 21,919 — 374,892 Interest income on Due from iHeartCommunications 50,309 — — — — 50,309 Intercompany interest income 16,142 341,472 52,103 — (409,717 ) — Intercompany interest expense 50,309 15 357,614 1,779 (409,717 ) — Gain (loss) on investments, net — — (250 ) 781 — 531 Equity in earnings (loss) of nonconsolidated affiliates 136,885 44,767 (19,575 ) (2,837 ) (160,929 ) (1,689 ) Other income (expense), net 3,429 — (6,376 ) (67,735 ) — (70,682 ) Income before income taxes 144,067 32,777 170,245 54,895 (160,929 ) 241,055 Income tax benefit (expense) (2,670 ) (55,574 ) (33,360 ) 14,948 — (76,656 ) Consolidated net income (loss) 141,397 (22,797 ) 136,885 69,843 (160,929 ) 164,399 Less amount attributable to noncontrolling interest — — — 23,002 — 23,002 Net income (loss) attributable to the Company $ 141,397 $ (22,797 ) $ 136,885 $ 46,841 $ (160,929 ) $ 141,397 Other comprehensive loss, net of tax: Foreign currency translation adjustments — — (8,000 ) 30,408 — 22,408 Unrealized holding loss on marketable securities — — — (576 ) — (576 ) Other adjustments to comprehensive loss — — — (11,814 ) — (11,814 ) Reclassification adjustments — — — 46,730 — 46,730 Equity in subsidiary comprehensive income 65,175 66,758 73,175 — (205,108 ) — Comprehensive income 206,572 43,961 202,060 111,589 (366,037 ) 198,145 Less amount attributable to noncontrolling interest — — — (8,427 ) — (8,427 ) Comprehensive income attributable to the Company $ 206,572 $ 43,961 $ 202,060 $ 120,016 $ (366,037 ) $ 206,572 (In thousands) Year Ended December 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 1,193,320 $ 1,612,884 $ — $ 2,806,204 Operating expenses: Direct operating expenses — — 507,729 987,173 — 1,494,902 Selling, general and administrative expenses — — 199,769 331,735 — 531,504 Corporate expenses 13,049 — 58,719 44,755 — 116,523 Depreciation and amortization — — 194,891 181,071 — 375,962 Impairment charges — — 21,631 — — 21,631 Other operating income (expense), net (458 ) — (7,732 ) 3,366 — (4,824 ) Operating income (loss) (13,507 ) — 202,849 71,516 — 260,858 Interest expense, net 2 352,329 1,630 1,708 — 355,669 Interest income on Due from iHeartCommunications 61,439 — — — — 61,439 Intercompany interest income 16,068 340,457 62,002 — (418,527 ) — Intercompany interest expense 61,439 — 356,525 563 (418,527 ) — Equity in earnings (loss) of nonconsolidated affiliates (75,927 ) 10,383 5,609 (1,935 ) 61,581 (289 ) Other income, net 2,915 3,440 20,318 10,289 (24,575 ) 12,387 Income (loss) before income taxes (70,453 ) 1,951 (67,377 ) 77,599 37,006 (21,274 ) Income tax expense (953 ) (575 ) (8,550 ) (39,865 ) — (49,943 ) Consolidated net income (loss) (71,406 ) 1,376 (75,927 ) 37,734 37,006 (71,217 ) Less amount attributable to noncontrolling interest 24,764 24,764 Net income (loss) attributable to the Company $ (71,406 ) $ 1,376 $ (75,927 ) $ 12,970 $ 37,006 $ (95,981 ) Other comprehensive loss, net of tax: Foreign currency translation adjustments — (3,440 ) (16,605 ) (92,684 ) — (112,729 ) Unrealized holding gain on marketable securities — — — 553 — 553 Other adjustments to comprehensive loss — — — (10,266 ) — (10,266 ) Reclassification adjustments — — — 808 — 808 Equity in subsidiary comprehensive loss (110,480 ) (61,867 ) (93,875 ) — 266,222 — Comprehensive loss (181,886 ) (63,931 ) (186,407 ) (88,619 ) 303,228 (217,615 ) Less amount attributable to noncontrolling interest — — — (11,154 ) — (11,154 ) Comprehensive loss attributable to the Company $ (181,886 ) $ (63,931 ) $ (186,407 ) $ (77,465 ) $ 303,228 $ (206,461 ) (In thousands) Year Ended December 31, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (639,716 ) $ (6,409 ) $ 118,995 $ 4,244 $ (104,631 ) $ (627,517 ) Reconciling items: Impairment charges — — — 4,159 — 4,159 Depreciation and amortization — — 181,906 144,085 — 325,991 Deferred taxes (93,882 ) (514 ) (218,955 ) 2,239 — (311,112 ) Provision for doubtful accounts — — 10,083 (3,343 ) — 6,740 Amortization of deferred financing charges and note discounts, net — 8,786 — 1,741 — 10,527 Share-based compensation — — 6,432 3,158 — 9,590 (Gain) loss on disposal of operating assets, net — — (35,020 ) 5,673 — (29,347 ) Loss on Due from iHeartCommunications 855,648 — — — — 855,648 Loss on investments, net — — — 1,045 — 1,045 Equity in (earnings) loss of nonconsolidated affiliates (118,995 ) (4,749 ) 18,122 1,981 104,631 990 Foreign exchange transaction gain — — (27 ) (29,536 ) — (29,563 ) Other reconciling items, net — — (3,423 ) (1,287 ) — (4,710 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable — — (9,104 ) (30,686 ) — (39,790 ) Decrease in prepaids and other current assets 1,072 — 2,410 6,070 — 9,552 Increase (decrease) in accrued expenses (436 ) (59,968 ) 56,926 (3,838 ) — (7,316 ) Increase (decrease) in accounts payable — — (7,305 ) 3,179 — (4,126 ) Increase (decrease) in accrued interest — — (77 ) 508 — 431 Decrease in deferred income — — (8,401 ) (4,872 ) — (13,273 ) Changes in other operating assets and liabilities — — (3,067 ) (7,264 ) — (10,331 ) Net cash provided by (used for) operating activities $ 3,691 $ (62,854 ) $ 109,495 $ 97,256 $ — $ 147,588 Cash flows from investing activities: Purchases of property, plant and equipment — — (73,641 ) (150,597 ) — (224,238 ) Proceeds from disposal of assets — — 55,747 16,302 — 72,049 Purchases of other operating assets — — (757 ) (80 ) — (837 ) (Increase) decrease in intercompany notes receivable, net — 149,612 11 (11,284 ) (138,339 ) — Dividends from subsidiaries — — 10,710 — (10,710 ) — Change in other, net (25,441 ) — (5 ) 2,571 — (22,875 ) Net cash provided by (used for) investing activities $ (25,441 ) $ 149,612 $ (7,935 ) $ (143,088 ) $ (149,049 ) $ (175,901 ) Cash flows from financing activities: Payments on credit facilities — — — (909 ) — (909 ) Proceeds from long-term debt — — — 156,000 — 156,000 Payments on long-term debt — — (100 ) (648 ) — (748 ) Net transfers to iHeartCommunications (181,939 ) — — — — (181,939 ) Dividends and other payments to noncontrolling interests — — — (12,010 ) — (12,010 ) Dividends paid (332,824 ) — — (10,710 ) 10,710 (332,824 ) Increase (decrease) in intercompany notes payable, net — 11,273 — (149,612 ) 138,339 — Intercompany funding 239,908 (98,031 ) (140,160 ) (1,717 ) — — Change in other, net (1,468 ) — (1 ) (5,614 ) — (7,083 ) Net cash used for financing activities (276,323 ) (86,758 ) (140,261 ) (25,220 ) 149,049 (379,513 ) Effect of exchange rate changes on cash — — — 9,950 — 9,950 Net decrease in cash and cash equivalents (298,073 ) — (38,701 ) (61,102 ) — (397,876 ) Cash and cash equivalents at beginning of year 300,285 — 61,542 180,168 — 541,995 Cash and cash equivalents at end of year $ 2,212 $ — $ 22,841 $ 119,066 $ — $ 144,119 (In thousands) Year Ended December 31, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ 141,397 $ (22,797 ) $ 136,885 $ 69,843 $ (160,929 ) $ 164,399 Reconciling items: Impairment charges — — — 7,274 — 7,274 Depreciation and amortization — — 177,918 166,206 — 344,124 Deferred taxes — — 88,083 (56,769 ) — 31,314 Provision for doubtful accounts — — 5,565 5,094 — 10,659 Amortization of deferred financing charges and note discounts, net — 8,741 — 1,831 — 10,572 Share-based compensation — — 5,658 4,633 — 10,291 Gain on sale of operating and fixed assets — — (293,802 ) (69,683 ) — (363,485 ) (Gain) loss on investments, net — — 250 (781 ) — (531 ) Equity in (earnings) loss of nonconsolidated affiliates (136,885 ) (44,767 ) 19,575 2,837 160,929 1,689 Foreign exchange transaction loss — — 22,874 46,725 — 69,599 Other reconciling items, net — — 1,256 (1,391 ) — (135 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Decrease in accounts receivable — — 13,660 16,648 — 30,308 (Increase) decrease in prepaids and other current assets 60 — 5,662 (21,300 ) (15,578 ) Increase (decrease) in accrued expenses (227 ) 59,359 (70,834 ) 37,220 — 25,518 Increase (decrease) in accounts payable — — 2,764 (6,561 ) — (3,797 ) Increase (decrease) in accrued interest — — (571 ) 765 — 194 Decrease in deferred income — — (5,265 ) (12,854 ) — (18,119 ) Changes in other operating assets and liabilities — — 9,846 (3,849 ) — 5,997 Net cash provided by operating activities $ 4,345 $ 536 $ 119,524 $ 185,888 $ — $ 310,293 Cash flows from investing activities: Purchases of property, plant and equipment — — (77,034 ) (152,738 ) — (229,772 ) Proceeds from disposal of assets — — 358,906 449,288 — 808,194 Purchases of other operating assets — — (1,689 ) (555 ) — (2,244 ) Decrease in intercompany notes receivable, net — 220,038 — — (220,038 ) — Dividends from subsidiaries — — 235,467 — (235,467 ) — Change in other, net — (79 ) — (24,679 ) 79 (24,679 ) Net cash provided by investing activities $ — $ 219,959 $ 515,650 $ 271,316 $ (455,426 ) $ 551,499 Cash flows from financing activities: Payments on credit facilities — — — (2,100 ) — (2,100 ) Proceeds from long-term debt — — 801 6,055 — 6,856 Payments on long-term debt — — (79 ) (2,255 ) — (2,334 ) Net transfers to iHeartCommunications 45,099 — — — — 45,099 Dividends and other payments to noncontrolling interests — — — (16,917 ) — (16,917 ) Dividends paid (755,538 ) — (913 ) (234,554 ) 235,467 (755,538 ) Increase (decrease) in intercompany notes payable, net — 5,000 (3,604 ) (221,434 ) 220,038 — Intercompany funding 789,044 (225,495 ) (588,292 ) 24,743 — — Change in other, net (1,366 ) — — (120 ) (79 ) (1,565 ) Net cash provided by (used for) financing activities 77,239 (220,495 ) (592,087 ) (446,582 ) 455,426 (726,499 ) Effect of exchange rate changes on cash — — — (6,041 ) — (6,041 ) Net increase in cash and cash equivalents 81,584 — 43,087 4,581 — 129,252 Cash and cash equivalents at beginning of year 218,701 — 18,455 175,587 — 412,743 Cash and cash equivalents at end of year $ 300,285 $ — $ 61,542 $ 180,168 $ — $ 541,995 (In thousands) Year Ended December 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (71,406 ) $ 1,376 $ (75,927 ) $ 37,734 $ 37,006 $ (71,217 ) Reconciling items: Impairment charges — — 21,631 — — 21,631 Depreciation and amortization — — 194,891 181,071 — 375,962 Deferred taxes — 1,282 7,305 (5,282 ) — 3,305 Provision for doubtful accounts — — 5,398 7,986 — 13,384 Amortization of deferred financing charges and note discounts, net — 7,468 1,230 72 — 8,770 Share-based compensation — — 5,855 2,647 — 8,502 Gain on sale of operating and fixed assets — — (1,235 ) (4,233 ) — (5,468 ) Equity in (earnings) loss of nonconsolidated affiliates 75,927 (10,383 ) (5,609 ) 1,935 (61,581 ) 289 Foreign exchange transaction gain — (3,440 ) (11 ) (11,339 ) — (14,790 ) Other reconciling items, net — — 1,350 — — 1,350 Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable — — (12,878 ) (43,702 ) — (56,580 ) (Increase) decrease in prepaids and other current assets (124 ) (3,433 ) 4,664 (2,835 ) — (1,728 ) Increase (decrease) in accrued expenses 486 (983 ) 5,476 (414 ) — 4,565 Increase (decrease) in accounts payable — — (15,742 ) 26,424 19,960 30,642 Increase (decrease) in accrued interest — (3,199 ) 15 (888 ) — (4,072 ) Increase (decrease) in deferred income — — (6,879 ) 9,428 — 2,549 Changes in other operating assets and liabilities — — (17,114 ) (1,047 ) — (18,161 ) Net cash provided by (used by) operating activities 4,883 (11,312 ) 112,420 197,557 (4,615 ) 298,933 Cash flows from investing activities: Purchases of property, plant and equipment — — (72,374 ) (145,958 ) — (218,332 ) Proceeds from disposal of assets — — 4,626 6,638 — 11,264 Purchases of other operating assets — — (23,042 ) (598 ) — (23,640 ) Decrease in intercompany notes receivable, net — 70,125 — — (70,125 ) — Dividends from subsidiaries — 157,570 — — (157,570 ) — Change in other, net — (8,606 ) (909 ) (27,015 ) 9,513 (27,017 ) Net cash provided by (used by) investing activities — 219,089 (91,699 ) (166,933 ) (218,182 ) (257,725 ) Cash flows from financing activities: Payments on credit facilities — — — (3,849 ) — (3,849 ) Proceeds from long-term debt — — — 222,777 — 222,777 Payments on long-term debt — — (56 ) — — (56 ) Net transfer to iHeartCommunications 17,007 — — — — 17,007 Dividends and other payments to noncontrolling interests — — — (30,870 ) — (30,870 ) Dividends paid — — — (182,145 ) 182,145 — Decrease in intercompany notes payable, net — — (4,625 ) (65,500 ) 70,125 — Intercompany funding 193,021 (207,777 ) 2,415 12,341 — — Change in other, net 2,885 — — 673 (9,513 ) (5,955 ) Net cash provided by (used by) financing activities 212,913 (207,777 ) (2,266 ) (46,573 ) 242,757 199,054 Effect of exchange rate changes on cash — — — (13,723 ) — (13,723 ) Net increase (decrease) in cash and cash equivalents 217,796 — 18,455 (29,672 ) 19,960 226,539 Cash and cash equivalents at beginning of year 905 — — 205,259 (19,960 ) 186,204 Cash and cash equivalents at end of year $ 218,701 $ — $ 18,455 $ 175,587 $ — $ 412,743 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Allowance for Doubtful Accounts (In thousands) Charges Balance at to Costs, Write-off Balance Beginning Expenses of Accounts at End of Description of period and other Receivable Other (1) Period Year ended December 31, 2015 $ 24,308 $ 13,384 $ 10,585 $ (1,759 ) $ 25,348 Year ended December 31, 2016 $ 25,348 $ 10,659 $ 13,069 $ (540 ) $ 22,398 Year ended December 31, 2017 $ 22,398 $ 6,740 $ 8,057 $ 1,406 $ 22,487 (1) Primarily foreign currency adjustments and acquisition and/or divestiture activity. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Deferred Tax Asset Valuation Allowance (In thousands) Charges Balance at to Costs, Balance Beginning Expenses at end of Description of Period and other (1) Reversal (2) Adjustments (3) Period Year ended December 31, 2015 $ 168,555 $ 41,704 $ (457 ) $ (24,723 ) $ 185,079 Year ended December 31, 2016 $ 185,079 $ 47,795 $ (82,475 ) $ (14,360 ) $ 136,039 Year ended December 31, 2017 $ 136,039 $ 158,857 $ (12,155 ) $ (8,522 ) $ 274,219 (1) During 2015 , 2016 and 2017 , the Company recorded valuation allowances on deferred tax assets attributable to net operating losses in certain foreign jurisdictions due to the uncertainty of the ability to utilize those losses in future periods. During 2017 , the Company recorded $149.2 million in valuation allowance related to federal and state deferred tax assets and $9.7 million in valuation allowance on foreign deferred tax assets due to the uncertainty of the ability to utilize these assets in future periods. (2) During 2015 , 2016 and 2017 , the Company realized the tax benefits associated with certain foreign deferred tax assets, primarily related to foreign loss carryforwards, on which a valuation allowance was previously recorded. The associated valuation allowance was reversed in the period in which, based on the weight of available evidence, it is more-likely-than-not that the deferred tax asset will be realized. During 2016, the Company released valuation allowances in the U.S. of $32.9 million and in France of $43.3 million . (3) During 2015 , 2016 and 2017 , the Company adjusted certain valuation allowances as a result of changes in tax rates in certain jurisdictions and as a result of the expiration of carryforward periods for net operating loss carryforwards. |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Agreements with iHeartCommunications | Agreements with iHeartCommunications There are several agreements which govern the Company’s relationship with iHeartCommunications including the Master Agreement, Corporate Services Agreement, Employee Matters Agreement, Tax Matters Agreement and Trademark and License Agreement. iHeartCommunications has the right to terminate these agreements in various circumstances. As of the date of the filing of this report, no notice of termination of any of these agreements has been received from iHeartCommunications. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20 percent to 50 percent of the voting common stock or otherwise exercises significant influence over operating and financial policies of the Company are accounted for using the equity method of accounting. All significant intercompany accounts have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the 2017 presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded at the invoiced amount, net of reserves for sales returns and allowances, and allowances for doubtful accounts. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of revenue for each business unit, adjusted for relative improvements or deteriorations in the agings and changes in current economic conditions. The Company believes its concentration of credit risk is limited due to the large number and the geographic diversification of its customers. |
Business Combinations | Business Combinations The Company accounts for its business combinations under the acquisition method of accounting. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Various acquisition agreements may include contingent purchase consideration based on performance requirements of the investee. The Company accounts for these payments in conformity with the provisions of ASC 805-20-30, which establish the requirements related to recognition of certain assets and liabilities arising from contingencies. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives, which are as follows: Buildings and improvements — 10 to 39 years Structures — 3 to 20 years Furniture and other equipment — 2 to 20 years Leasehold improvements — shorter of economic life or lease term assuming renewal periods, if appropriate For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. The Company tests for possible impairment of property, plant and equipment whenever events and circumstances indicate that depreciable assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. |
Land Leases and Other Structure Leases | Land Leases and Other Structure Leases Most of the Company’s advertising structures are located on leased land. Americas land leases are typically paid in advance for periods ranging from one to 12 months. International land leases are paid both in advance and in arrears, for periods ranging up to 12 months. Most international street furniture display faces are operated through contracts with municipalities for up to 15 years. The leased land and street furniture contracts often include a percent of revenue to be paid along with a base rent payment. Prepaid land leases are recorded as an asset and expensed ratably over the related rental term and rent payments in arrears are recorded as an accrued liability. |
Intangible Assets | Intangible Assets The Company’s indefinite-lived intangible assets include billboard permits in its Americas segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annually. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a dramatic change in the manner for which the asset is intended to be used indicate that the carrying amount of the asset may not be recoverable. The Company performs its annual impairment test for its permits using a direct valuation technique as prescribed in ASC 805-20-S99. The Company engages a third party valuation firm, to assist the Company in the development of these assumptions and the Company’s determination of the fair value of its permits. Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets include primarily transit and street furniture contracts, site leases and other contractual rights, all of which are amortized over the shorter of either 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. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. |
Goodwill | Goodwill The Company performs its annual impairment test on July 1 of each year. The Company uses a discounted cash flow model to determine if the carrying value of the reporting unit, including goodwill, is less than the fair value of the reporting unit. The Company identified its reporting units in accordance with ASC 350-20-55. The Company’s U.S. outdoor advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test. The Company also determined that within its Americas segment and its International outdoor segment each country constitutes a separate reporting unit. |
Nonconsolidated Affiliates | Nonconsolidated Affiliates In general, investments in which the Company owns 20 percent to 50 percent of the common stock or otherwise exercises significant influence over the investee are accounted for under the equity method. The Company does not recognize gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statement of operations as a component of “Equity in loss of nonconsolidated affiliates” for any decline in value that is determined to be other-than-temporary. |
Other Investments | Other Investments Other investments are composed primarily of equity securities. Securities for which fair value is determinable are classified as available-for-sale or trading and are carried at fair value based on quoted market prices. Securities are carried at historical cost when quoted market prices are unavailable. The net unrealized gains or losses on the available-for-sale securities, net of tax, are reported in accumulated other comprehensive loss as a component of stockholders’ deficit. The Company periodically assesses the value of available-for-sale and non-marketable securities and records impairment charges in the statement of comprehensive income (loss) for any decline in value that is determined to be other-than-temporary. The average cost method is used to compute the realized gains and losses on sales of equity securities |
Financial Instruments | Financial Instruments Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued liabilities and short-term borrowings approximated their fair values at December 31, 2017 and 2016 . |
Asset Retirement Obligation | Asset Retirement Obligation ASC 410-20 requires the Company to estimate its obligation upon the termination or non-renewal of a lease to dismantle and remove its advertising structures from the leased land and to reclaim the site to its original condition. The Company’s asset retirement obligation is reported in “Other long-term liabilities.” The Company records the present value of obligations associated with the retirement of its advertising structures in the period in which the obligation is incurred. When the liability is recorded, the cost is capitalized as part of the related advertising structures carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. |
Income Taxes | Income Taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion or the entire asset will not be realized. The Company has not provided U.S. federal income taxes for temporary differences with respect to investments in foreign subsidiaries, which at December 31, 2017 , currently result in tax basis amounts greater than the financial reporting basis. It is not apparent that these unrecognized deferred tax assets will reverse in the foreseeable future. If any excess cash held by our foreign subsidiaries were needed to fund operations in the U.S., we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes as a result of significant deficits, as calculated for tax law purposes, in our foreign earnings and profits, which gives us flexibility to make future cash distributions as non-taxable returns of capital. Additionally, as a result of U.S. tax reform, future dividend distributions from our international subsidiaries are exempt from U.S. federal income tax beginning January 1, 2018. We regularly review our tax liabilities on amounts that may be distributed in future periods and provide for foreign withholding and other current and deferred taxes on any such amounts. The operations of the Company are included in a consolidated U.S. federal income tax return filed by iHeartMedia. However, for financial reporting purposes, the Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated U.S. federal income tax returns with its subsidiaries. |
Revenue Recognition | Revenue Recognition The Company’s advertising contracts cover periods of a few weeks up to one year, and are generally billed monthly. Revenue for advertising space rental is recognized ratably over the term of the contract. Advertising revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for the Company’s operations. Payments received in advance of being earned are recorded as deferred income. Revenue arrangements typically contain multiple products and services and revenues are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. |
Advertising Expense | Advertising Expense The Company records advertising expense as it is incurred. |
Share-Based Compensation | Share-Based Compensation Under the fair value recognition provisions of ASC 718-10, share-based compensation cost is measured at the grant date based on the fair value of the award. For awards that vest based on service conditions, this cost is recognized as expense on a straight-line basis over the vesting period. For awards that will vest based on market or performance conditions, this cost will be recognized when it becomes probable that the performance conditions will be satisfied. Determining the fair value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. |
Foreign Currency | Foreign Currency Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into U.S. dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders’ equity (deficit), “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in operations. |
New Accounting Pronouncements | New Accounting Pronouncements 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 two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company is using the full retrospective method. The Company has completed its evaluation of the changes from adopting the new standard on its future financial reporting and disclosures, which included reviews of contractual terms for all of the Company’s significant revenue streams and the development of an implementation plan. The Company has executed on its implementation plan, including drafting a detailed policy and training segment personnel. Based on its evaluation, the Company does not expect material changes to its consolidated revenues, operating income or balance sheets as a result of the implementation of this standard. 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. The Company expects the primary impact to our consolidated financial statements will be the recognition, on a discounted basis, of our minimum commitments under non-cancelable operating leases on our consolidated balance sheets resulting in the recording of right of use assets and lease obligations. Our current minimum commitments under non-cancelable operating leases are disclosed in Note 5. During the first quarter of 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) . This update eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Entities will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. The standard is effective for annual and any interim impairment tests performed for 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. During the second quarter of 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) . This update mandates that entities will apply the modification accounting guidance if the value, vesting conditions or classification of the award changes. Entities will have to make all of the disclosures about modifications that are required today, in addition to disclosing that compensation expense hasn't changed. Additionally, the new guidance also clarifies that a modification to an award could be significant and therefore require disclosure, even if the modification accounting is not required. The guidance will be applied prospectively to awards modified on or after the adoption date and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company does not expect that the adoption of this guidance will have material effect on the Company's consolidated financial statements. |
PROPERTY, PLANT AND EQUIPMENT23
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following classes of assets as of December 31, 2017 and 2016 , respectively. (In thousands) December 31, December 31, 2017 2016 Land, buildings and improvements $ 145,763 $ 152,775 Structures 2,864,442 2,684,673 Furniture and other equipment 179,215 148,516 Construction in progress 55,753 58,585 3,245,173 3,044,549 Less: accumulated depreciation 1,850,144 1,631,716 Property, plant and equipment, net $ 1,395,029 $ 1,412,833 |
Schedule of Gross Carrying Amount and Accumulated Amortization 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 December 31, 2017 and 2016 , respectively: (In thousands) December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 548,918 $ (440,284 ) $ 563,863 $ (426,752 ) Permanent easements 162,920 — 159,782 — Other 4,626 (2,318 ) 4,536 (1,812 ) Total $ 716,464 $ (442,602 ) $ 728,181 $ (428,564 ) |
Schedule of Estimated Amortization Expense | 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) 2018 $ 21,787 2019 14,165 2020 11,974 2021 11,864 2022 10,325 |
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, 2015 $ 534,683 $ 223,892 $ 758,575 Impairment — (7,274 ) (7,274 ) Dispositions (6,934 ) (30,718 ) (37,652 ) Foreign currency (1,998 ) (5,051 ) (7,049 ) Assets held for sale (10,337 ) — (10,337 ) Balance as of December 31, 2016 $ 515,414 $ 180,849 $ 696,263 Impairment — (1,591 ) (1,591 ) Acquisitions 2,252 — 2,252 Dispositions — (1,817 ) (1,817 ) Foreign currency 777 18,070 18,847 Assets held for sale 89 — 89 Balance as of December 31, 2017 $ 518,532 $ 195,511 $ 714,043 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Activity Related to Asset Retirement Obligation | The following table presents the activity related to the Company’s asset retirement obligation: (In thousands) Years Ended December 31, 2017 2016 Beginning balance $ 39,451 $ 45,125 Adjustment due to changes in estimates 2,166 (5,431 ) Accretion of liability 3,373 4,863 Liabilities settled (2,712 ) (4,104 ) Foreign Currency 2,501 (1,002 ) Ending balance $ 44,779 $ 39,451 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt and Senior Notes | As of December 31, 2017 and 2016 , the Company had Senior Notes consisting of: (In thousands) Maturity Date Interest Rate Interest Payment Terms 12/31/2017 12/31/2016 CCWH Senior Notes: 6.5% Series A Senior Notes Due 2022 11/15/2022 6.5% Payable to the trustee weekly in arrears and to noteholders on May 15 and November 15 of each year $ 735,750 $ 735,750 6.5% Series B Senior Notes Due 2022 11/15/2022 6.5% Payable to the trustee weekly in arrears and to noteholders on May 15 and November 15 of each year 1,989,250 1,989,250 CCWH Senior Subordinated Notes: 7.625% Series A Senior Notes Due 2020 3/15/2020 7.625% Payable to the trustee weekly in arrears and to noteholders on March 15 and September 15 of each year 275,000 275,000 7.625% Series B Senior Notes Due 2020 3/15/2020 7.625% Payable to the trustee weekly in arrears and to noteholders on March 15 and September 15 of each year 1,925,000 1,925,000 Total CCWH Notes $ 4,925,000 $ 4,925,000 Clear Channel International B.V. Senior Notes: 8.75% Senior Notes Due 2020 12/15/2020 8.750% Payable semi-annually in arrears on June 15 and December 15 of each year 375,000 225,000 Total Senior Notes $ 5,300,000 $ 5,150,000 Long-term debt at December 31, 2017 and 2016 consisted of the following: (In thousands) December 31, December 31, 2017 2016 Clear Channel Worldwide Holdings Notes $ 4,925,000 $ 4,925,000 Clear Channel International B.V. Senior Notes 375,000 225,000 Senior revolving credit facility due 2018 — — Other debt 2,393 14,798 Original issue discount (241 ) (6,738 ) Long-term debt fees (35,426 ) (41,069 ) Total debt $ 5,266,726 $ 5,116,991 Less: current portion 573 6,971 Total long-term debt $ 5,266,153 $ 5,110,020 (1) The Senior revolving credit facility provides for borrowings up to $75.0 million (the revolving credit commitment). As of December 31, 2017 , we had $71.2 million of letters of credit outstanding, and $3.8 million of availability, under the senior revolving credit facility. |
Schedule of Future Maturities of Long-Term Debt | Future maturities of long-term debt as of December 31, 2017 are as follows: (in thousands) 2018 $ 533 2019 168 2020 2,575,143 2021 169 2022 2,725,194 Thereafter 1,186 Total (1) $ 5,302,393 (1) Excludes original issue discount and long-term debt fees of $0.2 million and $35.5 million, respectively, which are amortized through interest expense over the life of the underlying debt obligations. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Commitments | As of December 31, 2017 , the Company’s future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, capital expenditure commitments and employment contracts consist of the following: (In thousands) Capital Non-Cancelable Non-Cancelable Expenditure Operating Lease Contracts Commitments 2018 $ 359,175 $ 393,980 $ 38,444 2019 318,213 343,578 7,928 2020 290,081 291,036 2,771 2021 253,979 255,356 4,499 2022 211,110 162,062 4,591 Thereafter 1,169,871 393,599 9,877 Total $ 2,602,429 $ 1,839,611 $ 68,110 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Significant Components of the Provision for Income Tax Benefit (Expense) | Significant components of the provision for income tax benefit (expense) are as follows: (In thousands) Years Ended December 31, 2017 2016 2015 Current - federal $ (87 ) $ — $ (270 ) Current - foreign (29,430 ) (43,611 ) (45,322 ) Current - state (1,377 ) (1,731 ) (1,046 ) Total current expense (30,894 ) (45,342 ) (46,638 ) Deferred - federal 306,078 (89,049 ) (8,025 ) Deferred - foreign (2,521 ) 56,759 5,282 Deferred - state 7,555 976 (562 ) Total deferred benefit (expense) 311,112 (31,314 ) (3,305 ) Income tax benefit (expense) $ 280,218 $ (76,656 ) $ (49,943 ) |
Significant Components of Deferred Tax Liabilities and Assets | Significant components of the Company’s deferred tax liabilities and assets as of December 31, 2017 and 2016 are as follows: (In thousands) December 31, December 31, 2017 2016 Deferred tax liabilities: Intangibles and fixed assets $ 504,290 $ 801,442 Equity in earnings 2,106 2,816 Other 14,058 16,971 Total deferred tax liabilities 520,454 821,229 Deferred tax assets: Accrued expenses 16,927 19,458 Net operating loss carryforwards 229,398 257,613 Bad debt reserves 3,656 3,364 Due from iHeartCommunications 202,461 — Other 24,124 38,128 Total deferred tax assets 476,566 318,563 Less: Valuation allowance 274,219 136,039 Net deferred tax assets 202,347 182,524 Net deferred tax liabilities $ 318,107 $ 638,705 |
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income taxes: (In thousands) Years Ended December 31, 2017 2016 2015 US $ (942,297 ) $ 182,258 $ (69,819 ) Foreign 34,562 58,797 48,545 Total income (loss) before income taxes $ (907,735 ) $ 241,055 $ (21,274 ) |
Reconciliation of Income Tax Computed at the U.S. Federal Statutory Rates to Income Tax Benefit | The reconciliation of income tax computed at the U.S. federal statutory rates to income tax benefit is: (In thousands) Years Ended December 31, 2017 2016 2015 Amount Percent Amount Percent Amount Percent Income tax benefit (expense) at statutory rates $ 317,707 35.0 % $ (84,369 ) 35.0 % $ 7,446 35.0 % State income taxes, net of federal tax effect 23,378 2.6 % (4,602 ) 1.9 % 2,238 10.5 % Foreign income taxes (19,866 ) (2.2 )% (20,725 ) 8.6 % (23,062 ) (108.4 )% Nondeductible items (646 ) (0.1 )% (687 ) 0.3 % (754 ) (3.5 )% Changes in valuation allowance and other estimates (148,389 ) (16.2 )% 34,597 (14.4 )% (33,684 ) (158.3 )% U.S. tax reform 228,010 25.1 % — — % — — % U.S. rate differential on impairment of related party note (115,755 ) (12.8 )% — — % — — % Other, net $ (4,221 ) (0.5 )% $ (870 ) 0.4 % $ (2,127 ) (10.0 )% Income tax benefit (expense) $ 280,218 30.9 % $ (76,656 ) 31.8 % $ (49,943 ) (234.7 )% |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In thousands) Years Ended December 31, Unrecognized Tax Benefits 2017 2016 Balance at beginning of period $ 36,332 $ 39,908 Increases for tax position taken in the current year 4,327 6,996 Increases for tax positions taken in previous years 2,046 2,199 Decreases for tax position taken in previous years (499 ) (6,148 ) Decreases due to settlements with tax authorities (225 ) (717 ) Decreases due to lapse of statute of limitations (8,511 ) (5,906 ) Balance at end of period $ 33,470 $ 36,332 |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders' Equity | The following table shows the changes in stockholders’ equity attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest: (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2017 $ (1,080,812 ) $ 149,886 $ (930,926 ) Net income (639,716 ) 12,199 (627,517 ) Dividends declared (332,498 ) — (332,498 ) Dividends and other payments to noncontrolling interests — (12,010 ) (12,010 ) Disposal of noncontrolling interests — (2,439 ) (2,439 ) Share-based compensation 8,659 931 9,590 Foreign currency translation adjustments 35,975 9,176 45,151 Unrealized holding loss on marketable securities (414 ) — (414 ) Other adjustments to comprehensive loss 6,720 — 6,720 Reclassifications 5,441 — 5,441 Other, net (1,800 ) (703 ) (2,503 ) Balances as of December 31, 2017 $ (1,998,445 ) $ 157,040 $ (1,841,405 ) Balance as of January 1, 2016 $ (755,599 ) $ 187,775 $ (567,824 ) Net income 141,397 23,002 164,399 Dividends declared (540,034 ) — (540,034 ) Dividends and other payments to noncontrolling interests — (16,917 ) (16,917 ) Disposal of noncontrolling interests — (36,846 ) (36,846 ) Share-based compensation 10,291 — 10,291 Foreign currency translation adjustments 30,835 (8,427 ) 22,408 Unrealized holding loss on marketable securities (576 ) — (576 ) Other adjustments to comprehensive loss (11,814 ) — (11,814 ) Reclassifications 46,730 — 46,730 Other, net (2,042 ) 1,299 (743 ) Balances as of December 31, 2016 $ (1,080,812 ) $ 149,886 $ (930,926 ) |
Schedule Assumptions Used to Calculate Fair Value of Options | The following assumptions were used to calculate the fair value of the Company’s options on the date of grant: Years Ended December 31, 2017 2016 2015 Expected volatility 42% 42% – 44% 37% – 56% Expected life in years 6.3 6.3 6.3 Risk-free interest rate 2.12% 1.12% – 1.41% 1.70% – 2.07% Dividend yield —% —% —% |
Summary of Stock Options Outstanding and Stock Option Activity | The following table presents a summary of the Company's stock options outstanding at and stock option activity during the year ended December 31, 2017 : (In thousands, except per share data) Options Price (3) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2017 5,033 $ 7.04 4.9 years $ 2,539 Granted (1) 4 4.25 Exercised (2) (71 ) 3.10 Forfeited (96 ) 6.85 Expired (760 ) 12.49 Outstanding, December 31, 2017 4,110 6.10 4.1 years $ 2,378 Exercisable 3,392 6.01 3.4 years $ 2,359 Expected to vest 718 6.52 7.5 years $ 19 (1) The weighted average grant date fair value of the Company’s options granted during the years ended December 31, 2017 , 2016 and 2015 was $2.04 , $2.82 and $4.25 per share, respectively. (2) Cash received from option exercises during the years ended December 31, 2017 , 2016 and 2015 was $0.2 million , $0.6 million and $3.8 million , respectively. The total intrinsic value of the options exercised during the years ended December 31, 2017 , 2016 and 2015 was $0.2 million , $0.4 million and $2.8 million , respectively. (3) Reflects the weighted average exercise price per share. |
Summary of Unvested Options and Changes | A summary of the Company’s unvested options at and changes during the year ended December 31, 2017 is presented below: (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2017 1,164 $ 4.25 Granted 4 2.04 Vested (1) (354 ) 4.37 Forfeited (96 ) 4.15 Unvested, December 31, 2017 718 $ 4.19 (1) The total fair value of the Company’s options vested during the years ended December 31, 2017 , 2016 and 2015 was $1.6 million , $2.7 million and $4.2 million , respectively. |
Summary of Restricted Stock and Restricted Stock Units Outstanding and Activity | The following table presents a summary of the Company's restricted stock and restricted stock units outstanding at and activity during the year ended December 31, 2017 (“Price” reflects the weighted average share price at the date of grant): (In thousands, except per share data) Awards Price Outstanding, January 1, 2017 2,743 $ 7.63 Granted 2,539 4.30 Vested (restriction lapsed) (1,040 ) 7.16 Forfeited (342 ) 7.39 Outstanding, December 31, 2017 3,900 5.61 |
Computation of Earnings (Loss) Per Share | The following table presents the computation of earnings (loss) per share for the years ended December 31, 2017 , 2016 and 2015 : (In thousands, except per share data) Years Ended December 31, 2017 2016 2015 NUMERATOR: Net income (loss) attributable to the Company – common shares $ (639,716 ) $ 141,397 $ (95,981 ) DENOMINATOR: Weighted average common shares outstanding – basic 361,141 360,294 359,508 Stock options and restricted stock (1) : — 1,318 Weighted average common shares outstanding – diluted 361,141 361,612 359,508 Net income (loss) attributable to the Company per common share: Basic $ (1.77 ) $ 0.39 $ (0.27 ) Diluted $ (1.77 ) $ 0.39 $ (0.27 ) (1) 8.0 million , 5.6 million and 8.1 million stock options and restricted shares were outstanding at December 31, 2017 , 2016 and 2015 , respectively, that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
OTHER INFORMATION (Tables)
OTHER INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Components of Other Income (Expense) | The following table discloses the components of “Other income (expense)” for the years ended December 31, 2017 , 2016 and 2015 , respectively: (In thousands) Years Ended December 31, 2017 2016 2015 Foreign exchange loss $ 29,563 $ (69,599 ) $ 14,790 Other 237 (1,083 ) (2,403 ) Total other income (expense) — net $ 29,800 $ (70,682 ) $ 12,387 |
Components of Other Current Assets | The following table discloses the components of “Other current assets” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Inventory $ 21,940 $ 21,190 Deposits 1,720 1,445 Other receivables 4,906 9,302 Restricted cash 26,096 680 Other 4,052 6,582 Total other current assets $ 58,714 $ 39,199 |
Components of Other Assets | The following table discloses the components of “Other assets” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Investments $ 10,042 $ 10,183 Deposits 23,096 19,318 Prepaid expenses 60,294 61,814 Restricted cash 18,095 20,474 Other 13,007 10,224 Total other assets $ 124,534 $ 122,013 |
Components of Other Long-Term Liabilities | The following table discloses the components of “Other long-term liabilities” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Unrecognized tax benefits $ 22,419 $ 23,772 Asset retirement obligation 44,779 39,451 Deferred rent 105,324 101,673 Employee related liabilities 52,212 55,460 Other 45,681 38,955 Total other long-term liabilities $ 270,415 $ 259,311 |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The following table discloses the components of “Accumulated other comprehensive loss,” net of tax, as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Cumulative currency translation adjustments and other $ (340,109 ) $ (388,246 ) Cumulative unrealized gain on securities 1,173 1,588 Total accumulated other comprehensive loss $ (338,936 ) $ (386,658 ) |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Results | The following table presents the Company’s reportable segment results for the years ended December 31, 2017 , 2016 and 2015 : (In thousands) Americas Outdoor Advertising International Outdoor Advertising Corporate and other reconciling items Consolidated Year Ended December 31, 2017 Revenue $ 1,256,326 $ 1,334,939 $ — $ 2,591,265 Direct operating expenses 574,113 828,652 — 1,402,765 Selling, general and administrative expenses 219,467 289,170 — 508,637 Corporate expenses — — 143,678 143,678 Depreciation and amortization 189,707 131,224 5,060 325,991 Impairment charges — — 4,159 4,159 Other operating income, net — — 26,391 26,391 Operating income (loss) $ 273,039 $ 85,893 $ (126,506 ) $ 232,426 Segment assets $ 2,969,326 $ 1,449,365 $ 252,091 $ 4,670,782 Capital expenditures $ 74,580 $ 146,392 $ 3,266 $ 224,238 Share-based compensation expense $ — $ — $ 9,590 $ 9,590 Year Ended December 31, 2016 Revenue $ 1,278,413 $ 1,410,471 $ — $ 2,688,884 Direct operating expenses 570,310 851,748 — 1,422,058 Selling, general and administrative expenses 225,415 289,787 — 515,202 Corporate expenses — — 117,436 117,436 Depreciation and amortization 185,654 152,758 5,712 344,124 Impairment charges — — 7,274 7,274 Other operating income, net — — 354,688 354,688 Operating income $ 297,034 $ 116,178 $ 224,266 $ 637,478 Segment assets $ 3,175,355 $ 1,342,356 $ 1,201,117 $ 5,718,828 Capital expenditures $ 81,401 $ 143,788 $ 4,583 $ 229,772 Share-based compensation expense $ — $ — $ 10,291 $ 10,291 Year Ended December 31, 2015 Revenue $ 1,349,021 $ 1,457,183 $ — $ 2,806,204 Direct operating expenses 597,382 897,520 — 1,494,902 Selling, general and administrative expenses 233,254 298,250 — 531,504 Corporate expenses — — 116,523 116,523 Depreciation and amortization 204,514 166,060 5,388 375,962 Impairment charges — — 21,631 21,631 Other operating expense, net — — (4,824 ) (4,824 ) Operating income (loss) $ 313,871 $ 95,353 $ (148,366 ) $ 260,858 Segment assets $ 3,567,764 $ 1,573,161 $ 1,165,863 $ 6,306,788 Capital expenditures $ 82,165 $ 132,554 $ 3,613 $ 218,332 Share-based compensation expense — — $ 8,502 $ 8,502 |
QUARTERLY RESULTS OF OPERATIO31
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Results of Operations | (In thousands, except per share data) Three Months Ended March 31, Three Months Ended June 30, Three Months Ended September 30, Three Months Ended December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Revenue $ 544,726 $ 589,014 $ 672,319 $ 708,086 $ 645,089 $ 669,221 $ 729,131 $ 722,563 Operating expenses: Direct operating expenses 327,931 341,987 350,173 362,001 356,100 362,250 368,561 355,820 Selling, general and administrative expenses 115,774 126,801 125,898 135,567 128,397 126,164 138,568 126,670 Corporate expenses 34,540 28,224 35,340 29,673 35,333 28,103 38,465 31,436 Depreciation and amortization 77,494 85,395 78,290 86,974 81,096 85,780 89,111 85,975 Impairment charges — — — — 1,591 7,274 2,568 — Other operating income (expense), net 32,611 284,774 7,829 (59,384 ) (11,783 ) 1,095 (2,266 ) 128,203 Operating income 21,598 291,381 90,447 34,487 30,789 60,745 89,592 250,865 Interest expense 92,633 93,873 94,630 94,650 95,467 93,313 98,419 93,056 Interest income on Due from iHeartCommunications 14,807 12,713 15,383 11,291 17,087 12,429 21,594 13,876 Loss on Due from iHeartCommunications — — — — — — (855,648 ) — Gain (loss) on investments, net (125 ) — (135 ) — (532 ) 781 (253 ) (250 ) Equity in earnings (loss) of nonconsolidated affiliates (472 ) (415 ) 271 (232 ) (628 ) (727 ) (161 ) (315 ) Other income (expense), net 3,992 (5,803 ) 8,908 (33,871 ) 9,696 (7,305 ) 7,204 (23,703 ) Income (loss) before income taxes (52,833 ) 204,003 20,244 (82,975 ) (39,055 ) (27,390 ) (836,091 ) 147,417 Income tax benefit (expense) 21,837 (62,917 ) (18,390 ) 21,719 (16,347 ) 3,619 293,118 (39,077 ) Consolidated net income (loss) (30,996 ) 141,086 1,854 (61,256 ) (55,402 ) (23,771 ) (542,973 ) 108,340 Less amount attributable to noncontrolling interest (1,995 ) 976 6,631 7,857 6,237 7,329 1,326 6,840 Net income (loss) attributable to the Company $ (29,001 ) $ 140,110 $ (4,777 ) $ (69,113 ) $ (61,639 ) $ (31,100 ) $ (544,299 ) $ 101,500 Net income (loss) per common share: Basic $ (0.08 ) $ 0.39 $ (0.01 ) $ (0.19 ) $ (0.17 ) $ (0.09 ) $ (1.51 ) $ 0.28 Diluted $ (0.08 ) $ 0.39 $ (0.01 ) $ (0.19 ) $ (0.17 ) $ (0.09 ) $ (1.51 ) $ 0.28 |
GUARANTOR SUBSIDIARIES (Tables)
GUARANTOR SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) December 31, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents 2,212 — 22,841 119,066 — $ 144,119 Accounts receivable, net of allowance — — 192,493 466,970 — 659,463 Intercompany receivables — 785,075 2,924,888 88,053 (3,798,016 ) — Prepaid expenses 291 3,433 50,028 58,124 — 111,876 Other current assets 25,441 — 2,552 30,721 — 58,714 Total Current Assets 27,944 788,508 3,192,802 762,934 (3,798,016 ) 974,172 Structures, net — — 675,443 505,439 — 1,180,882 Other property, plant and equipment, net — — 119,856 94,291 — 214,147 Indefinite-lived intangibles — — 977,152 — — 977,152 Other intangibles, net — — 248,674 25,188 — 273,862 Goodwill — — 507,820 206,223 — 714,043 Due from iHeartCommunications 211,990 — — — — 211,990 Intercompany notes receivable 182,026 5,087,742 12,437 16,273 (5,298,478 ) — Other assets 447,152 111,432 1,335,346 70,897 (1,840,293 ) 124,534 Total Assets $ 869,112 $ 5,987,682 $ 7,069,530 $ 1,681,245 $ (10,936,787 ) $ 4,670,782 Accounts payable $ — $ — $ 7,592 $ 80,368 $ — $ 87,960 Intercompany payable 2,924,888 — 873,128 — (3,798,016 ) — Accrued expenses 1,167 (1,315 ) 91,325 418,624 — 509,801 Deferred income — — 25,278 33,900 — 59,178 Current portion of long-term debt — — 115 458 — 573 Total Current Liabilities 2,926,055 (1,315 ) 997,438 533,350 (3,798,016 ) 657,512 Long-term debt — 4,895,104 1,820 369,229 — 5,266,153 Intercompany notes payable — 16,273 5,046,119 236,086 (5,298,478 ) — Deferred tax liability (93,111 ) 853 466,827 (56,462 ) — 318,107 Other long-term liabilities 1,157 — 140,272 128,986 — 270,415 Total stockholders' equity (deficit) (1,964,989 ) 1,076,767 417,054 470,056 (1,840,293 ) (1,841,405 ) Total Liabilities and Stockholders' Equity $ 869,112 $ 5,987,682 $ 7,069,530 $ 1,681,245 $ (10,936,787 ) $ 4,670,782 (In thousands) December 31, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 300,285 $ — $ 61,542 $ 180,168 $ — $ 541,995 Accounts receivable, net of allowance — — 193,474 399,596 — 593,070 Intercompany receivables — 687,043 2,694,094 99,431 (3,480,568 ) — Prepaid expenses 1,363 3,433 51,751 55,022 — 111,569 Assets held for sale — — 55,602 — — 55,602 Other current assets — — 6,873 32,326 — 39,199 Total Current Assets 301,648 690,476 3,063,336 766,543 (3,480,568 ) 1,341,435 Structures, net — — 746,877 449,799 — 1,196,676 Other property, plant and equipment, net — — 124,138 92,019 — 216,157 Indefinite-lived intangibles — — 951,439 9,527 — 960,966 Other intangibles, net — — 259,915 39,702 — 299,617 Goodwill — — 505,478 190,785 — 696,263 Due from iHeartCommunications 885,701 — — — — 885,701 Intercompany notes receivable 182,026 4,887,354 — — (5,069,380 ) — Other assets 280,435 418,658 1,320,838 65,589 (1,963,507 ) 122,013 Total Assets $ 1,649,810 $ 5,996,488 $ 6,972,021 $ 1,613,964 $ (10,513,455 ) $ 5,718,828 Accounts payable $ — $ — $ 14,897 $ 71,973 $ — $ 86,870 Intercompany payable 2,694,094 — 786,474 — (3,480,568 ) — Accrued expenses 2,223 58,652 35,509 384,488 — 480,872 Deferred income — — 33,471 33,534 — 67,005 Current portion of long-term debt — — 89 6,882 — 6,971 Total Current Liabilities 2,696,317 58,652 870,440 496,877 (3,480,568 ) 641,718 Long-term debt — 4,886,318 1,711 221,991 — 5,110,020 Intercompany notes payable — 5,000 5,027,681 36,699 (5,069,380 ) — Deferred tax liability 772 1,367 685,780 (49,214 ) — 638,705 Other long-term liabilities 1,055 — 135,094 123,162 — 259,311 Total stockholders' equity (deficit) (1,048,334 ) 1,045,151 251,315 784,449 (1,963,507 ) (930,926 ) Total Liabilities and Stockholders' Equity $ 1,649,810 $ 5,996,488 $ 6,972,021 $ 1,613,964 $ (10,513,455 ) $ 5,718,828 |
Schedule Of Guarantor Obligations, Income Statement | (In thousands) Year Ended December 31, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 1,137,003 $ 1,454,262 $ — $ 2,591,265 Operating expenses: Direct operating expenses — — 510,271 892,494 — 1,402,765 Selling, general and administrative expenses — — 192,452 316,185 — 508,637 Corporate expenses 14,660 — 93,232 35,786 — 143,678 Depreciation and amortization — — 181,906 144,085 — 325,991 Impairment charges — — — 4,159 — 4,159 Other operating income (expense), net (406 ) — 34,943 (8,146 ) — 26,391 Operating income (loss) (15,066 ) — 194,085 53,407 — 232,426 Interest (income) expense, net (414 ) 353,082 (205 ) 28,686 — 381,149 Interest income on Due from iHeartCommunications 68,871 — — — — 68,871 Intercompany interest income 16,349 339,925 69,424 184 (425,882 ) — Intercompany interest expense 68,871 406 356,458 147 (425,882 ) — Loss on Due from iHeartCommunications (855,648 ) — — — — (855,648 ) Loss on investments, net — — — (1,045 ) — (1,045 ) Equity in earnings (loss) of nonconsolidated affiliates 118,995 4,749 (18,122 ) (1,981 ) (104,631 ) (990 ) Other income, net 3,167 — 11,232 15,401 — 29,800 Income (loss) before income taxes (731,789 ) (8,814 ) (99,634 ) 37,133 (104,631 ) (907,735 ) Income tax benefit (expense) 92,073 2,405 218,629 (32,889 ) — 280,218 Consolidated net income (loss) (639,716 ) (6,409 ) 118,995 4,244 (104,631 ) (627,517 ) Less amount attributable to noncontrolling interest — — — 12,199 — 12,199 Net income (loss) attributable to the Company $ (639,716 ) $ (6,409 ) $ 118,995 $ (7,955 ) $ (104,631 ) $ (639,716 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — 235 44,916 — 45,151 Unrealized holding loss on marketable securities — — — (414 ) — (414 ) Other adjustments to comprehensive income (loss) — — — 6,720 — 6,720 Reclassification adjustments — — — 5,441 — 5,441 Equity in subsidiary comprehensive income 47,722 38,025 47,487 — (133,234 ) — Comprehensive income (loss) (591,994 ) 31,616 166,717 48,708 (237,865 ) (582,818 ) Less amount attributable to noncontrolling interest — — — 9,176 — 9,176 Comprehensive income (loss) attributable to the Company $ (591,994 ) $ 31,616 $ 166,717 $ 39,532 $ (237,865 ) $ (591,994 ) (In thousands) Year Ended December 31, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 1,144,445 $ 1,544,439 $ — $ 2,688,884 Operating expenses: Direct operating expenses — — 497,634 924,424 — 1,422,058 Selling, general and administrative expenses — — 196,006 319,196 — 515,202 Corporate expenses 13,157 — 61,926 42,353 — 117,436 Depreciation and amortization — — 177,918 166,206 — 344,124 Impairment charges — — — 7,274 — 7,274 Other operating income (expense), net (427 ) — 291,717 63,398 — 354,688 Operating income (loss) (13,584 ) — 502,678 148,384 — 637,478 Interest (income) expense, net (1,195 ) 353,447 721 21,919 — 374,892 Interest income on Due from iHeartCommunications 50,309 — — — — 50,309 Intercompany interest income 16,142 341,472 52,103 — (409,717 ) — Intercompany interest expense 50,309 15 357,614 1,779 (409,717 ) — Gain (loss) on investments, net — — (250 ) 781 — 531 Equity in earnings (loss) of nonconsolidated affiliates 136,885 44,767 (19,575 ) (2,837 ) (160,929 ) (1,689 ) Other income (expense), net 3,429 — (6,376 ) (67,735 ) — (70,682 ) Income before income taxes 144,067 32,777 170,245 54,895 (160,929 ) 241,055 Income tax benefit (expense) (2,670 ) (55,574 ) (33,360 ) 14,948 — (76,656 ) Consolidated net income (loss) 141,397 (22,797 ) 136,885 69,843 (160,929 ) 164,399 Less amount attributable to noncontrolling interest — — — 23,002 — 23,002 Net income (loss) attributable to the Company $ 141,397 $ (22,797 ) $ 136,885 $ 46,841 $ (160,929 ) $ 141,397 Other comprehensive loss, net of tax: Foreign currency translation adjustments — — (8,000 ) 30,408 — 22,408 Unrealized holding loss on marketable securities — — — (576 ) — (576 ) Other adjustments to comprehensive loss — — — (11,814 ) — (11,814 ) Reclassification adjustments — — — 46,730 — 46,730 Equity in subsidiary comprehensive income 65,175 66,758 73,175 — (205,108 ) — Comprehensive income 206,572 43,961 202,060 111,589 (366,037 ) 198,145 Less amount attributable to noncontrolling interest — — — (8,427 ) — (8,427 ) Comprehensive income attributable to the Company $ 206,572 $ 43,961 $ 202,060 $ 120,016 $ (366,037 ) $ 206,572 (In thousands) Year Ended December 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 1,193,320 $ 1,612,884 $ — $ 2,806,204 Operating expenses: Direct operating expenses — — 507,729 987,173 — 1,494,902 Selling, general and administrative expenses — — 199,769 331,735 — 531,504 Corporate expenses 13,049 — 58,719 44,755 — 116,523 Depreciation and amortization — — 194,891 181,071 — 375,962 Impairment charges — — 21,631 — — 21,631 Other operating income (expense), net (458 ) — (7,732 ) 3,366 — (4,824 ) Operating income (loss) (13,507 ) — 202,849 71,516 — 260,858 Interest expense, net 2 352,329 1,630 1,708 — 355,669 Interest income on Due from iHeartCommunications 61,439 — — — — 61,439 Intercompany interest income 16,068 340,457 62,002 — (418,527 ) — Intercompany interest expense 61,439 — 356,525 563 (418,527 ) — Equity in earnings (loss) of nonconsolidated affiliates (75,927 ) 10,383 5,609 (1,935 ) 61,581 (289 ) Other income, net 2,915 3,440 20,318 10,289 (24,575 ) 12,387 Income (loss) before income taxes (70,453 ) 1,951 (67,377 ) 77,599 37,006 (21,274 ) Income tax expense (953 ) (575 ) (8,550 ) (39,865 ) — (49,943 ) Consolidated net income (loss) (71,406 ) 1,376 (75,927 ) 37,734 37,006 (71,217 ) Less amount attributable to noncontrolling interest 24,764 24,764 Net income (loss) attributable to the Company $ (71,406 ) $ 1,376 $ (75,927 ) $ 12,970 $ 37,006 $ (95,981 ) Other comprehensive loss, net of tax: Foreign currency translation adjustments — (3,440 ) (16,605 ) (92,684 ) — (112,729 ) Unrealized holding gain on marketable securities — — — 553 — 553 Other adjustments to comprehensive loss — — — (10,266 ) — (10,266 ) Reclassification adjustments — — — 808 — 808 Equity in subsidiary comprehensive loss (110,480 ) (61,867 ) (93,875 ) — 266,222 — Comprehensive loss (181,886 ) (63,931 ) (186,407 ) (88,619 ) 303,228 (217,615 ) Less amount attributable to noncontrolling interest — — — (11,154 ) — (11,154 ) Comprehensive loss attributable to the Company $ (181,886 ) $ (63,931 ) $ (186,407 ) $ (77,465 ) $ 303,228 $ (206,461 ) |
Schedule Of Guarantor Obligations, Cash Flow | (In thousands) Year Ended December 31, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (639,716 ) $ (6,409 ) $ 118,995 $ 4,244 $ (104,631 ) $ (627,517 ) Reconciling items: Impairment charges — — — 4,159 — 4,159 Depreciation and amortization — — 181,906 144,085 — 325,991 Deferred taxes (93,882 ) (514 ) (218,955 ) 2,239 — (311,112 ) Provision for doubtful accounts — — 10,083 (3,343 ) — 6,740 Amortization of deferred financing charges and note discounts, net — 8,786 — 1,741 — 10,527 Share-based compensation — — 6,432 3,158 — 9,590 (Gain) loss on disposal of operating assets, net — — (35,020 ) 5,673 — (29,347 ) Loss on Due from iHeartCommunications 855,648 — — — — 855,648 Loss on investments, net — — — 1,045 — 1,045 Equity in (earnings) loss of nonconsolidated affiliates (118,995 ) (4,749 ) 18,122 1,981 104,631 990 Foreign exchange transaction gain — — (27 ) (29,536 ) — (29,563 ) Other reconciling items, net — — (3,423 ) (1,287 ) — (4,710 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable — — (9,104 ) (30,686 ) — (39,790 ) Decrease in prepaids and other current assets 1,072 — 2,410 6,070 — 9,552 Increase (decrease) in accrued expenses (436 ) (59,968 ) 56,926 (3,838 ) — (7,316 ) Increase (decrease) in accounts payable — — (7,305 ) 3,179 — (4,126 ) Increase (decrease) in accrued interest — — (77 ) 508 — 431 Decrease in deferred income — — (8,401 ) (4,872 ) — (13,273 ) Changes in other operating assets and liabilities — — (3,067 ) (7,264 ) — (10,331 ) Net cash provided by (used for) operating activities $ 3,691 $ (62,854 ) $ 109,495 $ 97,256 $ — $ 147,588 Cash flows from investing activities: Purchases of property, plant and equipment — — (73,641 ) (150,597 ) — (224,238 ) Proceeds from disposal of assets — — 55,747 16,302 — 72,049 Purchases of other operating assets — — (757 ) (80 ) — (837 ) (Increase) decrease in intercompany notes receivable, net — 149,612 11 (11,284 ) (138,339 ) — Dividends from subsidiaries — — 10,710 — (10,710 ) — Change in other, net (25,441 ) — (5 ) 2,571 — (22,875 ) Net cash provided by (used for) investing activities $ (25,441 ) $ 149,612 $ (7,935 ) $ (143,088 ) $ (149,049 ) $ (175,901 ) Cash flows from financing activities: Payments on credit facilities — — — (909 ) — (909 ) Proceeds from long-term debt — — — 156,000 — 156,000 Payments on long-term debt — — (100 ) (648 ) — (748 ) Net transfers to iHeartCommunications (181,939 ) — — — — (181,939 ) Dividends and other payments to noncontrolling interests — — — (12,010 ) — (12,010 ) Dividends paid (332,824 ) — — (10,710 ) 10,710 (332,824 ) Increase (decrease) in intercompany notes payable, net — 11,273 — (149,612 ) 138,339 — Intercompany funding 239,908 (98,031 ) (140,160 ) (1,717 ) — — Change in other, net (1,468 ) — (1 ) (5,614 ) — (7,083 ) Net cash used for financing activities (276,323 ) (86,758 ) (140,261 ) (25,220 ) 149,049 (379,513 ) Effect of exchange rate changes on cash — — — 9,950 — 9,950 Net decrease in cash and cash equivalents (298,073 ) — (38,701 ) (61,102 ) — (397,876 ) Cash and cash equivalents at beginning of year 300,285 — 61,542 180,168 — 541,995 Cash and cash equivalents at end of year $ 2,212 $ — $ 22,841 $ 119,066 $ — $ 144,119 (In thousands) Year Ended December 31, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ 141,397 $ (22,797 ) $ 136,885 $ 69,843 $ (160,929 ) $ 164,399 Reconciling items: Impairment charges — — — 7,274 — 7,274 Depreciation and amortization — — 177,918 166,206 — 344,124 Deferred taxes — — 88,083 (56,769 ) — 31,314 Provision for doubtful accounts — — 5,565 5,094 — 10,659 Amortization of deferred financing charges and note discounts, net — 8,741 — 1,831 — 10,572 Share-based compensation — — 5,658 4,633 — 10,291 Gain on sale of operating and fixed assets — — (293,802 ) (69,683 ) — (363,485 ) (Gain) loss on investments, net — — 250 (781 ) — (531 ) Equity in (earnings) loss of nonconsolidated affiliates (136,885 ) (44,767 ) 19,575 2,837 160,929 1,689 Foreign exchange transaction loss — — 22,874 46,725 — 69,599 Other reconciling items, net — — 1,256 (1,391 ) — (135 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Decrease in accounts receivable — — 13,660 16,648 — 30,308 (Increase) decrease in prepaids and other current assets 60 — 5,662 (21,300 ) (15,578 ) Increase (decrease) in accrued expenses (227 ) 59,359 (70,834 ) 37,220 — 25,518 Increase (decrease) in accounts payable — — 2,764 (6,561 ) — (3,797 ) Increase (decrease) in accrued interest — — (571 ) 765 — 194 Decrease in deferred income — — (5,265 ) (12,854 ) — (18,119 ) Changes in other operating assets and liabilities — — 9,846 (3,849 ) — 5,997 Net cash provided by operating activities $ 4,345 $ 536 $ 119,524 $ 185,888 $ — $ 310,293 Cash flows from investing activities: Purchases of property, plant and equipment — — (77,034 ) (152,738 ) — (229,772 ) Proceeds from disposal of assets — — 358,906 449,288 — 808,194 Purchases of other operating assets — — (1,689 ) (555 ) — (2,244 ) Decrease in intercompany notes receivable, net — 220,038 — — (220,038 ) — Dividends from subsidiaries — — 235,467 — (235,467 ) — Change in other, net — (79 ) — (24,679 ) 79 (24,679 ) Net cash provided by investing activities $ — $ 219,959 $ 515,650 $ 271,316 $ (455,426 ) $ 551,499 Cash flows from financing activities: Payments on credit facilities — — — (2,100 ) — (2,100 ) Proceeds from long-term debt — — 801 6,055 — 6,856 Payments on long-term debt — — (79 ) (2,255 ) — (2,334 ) Net transfers to iHeartCommunications 45,099 — — — — 45,099 Dividends and other payments to noncontrolling interests — — — (16,917 ) — (16,917 ) Dividends paid (755,538 ) — (913 ) (234,554 ) 235,467 (755,538 ) Increase (decrease) in intercompany notes payable, net — 5,000 (3,604 ) (221,434 ) 220,038 — Intercompany funding 789,044 (225,495 ) (588,292 ) 24,743 — — Change in other, net (1,366 ) — — (120 ) (79 ) (1,565 ) Net cash provided by (used for) financing activities 77,239 (220,495 ) (592,087 ) (446,582 ) 455,426 (726,499 ) Effect of exchange rate changes on cash — — — (6,041 ) — (6,041 ) Net increase in cash and cash equivalents 81,584 — 43,087 4,581 — 129,252 Cash and cash equivalents at beginning of year 218,701 — 18,455 175,587 — 412,743 Cash and cash equivalents at end of year $ 300,285 $ — $ 61,542 $ 180,168 $ — $ 541,995 (In thousands) Year Ended December 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (71,406 ) $ 1,376 $ (75,927 ) $ 37,734 $ 37,006 $ (71,217 ) Reconciling items: Impairment charges — — 21,631 — — 21,631 Depreciation and amortization — — 194,891 181,071 — 375,962 Deferred taxes — 1,282 7,305 (5,282 ) — 3,305 Provision for doubtful accounts — — 5,398 7,986 — 13,384 Amortization of deferred financing charges and note discounts, net — 7,468 1,230 72 — 8,770 Share-based compensation — — 5,855 2,647 — 8,502 Gain on sale of operating and fixed assets — — (1,235 ) (4,233 ) — (5,468 ) Equity in (earnings) loss of nonconsolidated affiliates 75,927 (10,383 ) (5,609 ) 1,935 (61,581 ) 289 Foreign exchange transaction gain — (3,440 ) (11 ) (11,339 ) — (14,790 ) Other reconciling items, net — — 1,350 — — 1,350 Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable — — (12,878 ) (43,702 ) — (56,580 ) (Increase) decrease in prepaids and other current assets (124 ) (3,433 ) 4,664 (2,835 ) — (1,728 ) Increase (decrease) in accrued expenses 486 (983 ) 5,476 (414 ) — 4,565 Increase (decrease) in accounts payable — — (15,742 ) 26,424 19,960 30,642 Increase (decrease) in accrued interest — (3,199 ) 15 (888 ) — (4,072 ) Increase (decrease) in deferred income — — (6,879 ) 9,428 — 2,549 Changes in other operating assets and liabilities — — (17,114 ) (1,047 ) — (18,161 ) Net cash provided by (used by) operating activities 4,883 (11,312 ) 112,420 197,557 (4,615 ) 298,933 Cash flows from investing activities: Purchases of property, plant and equipment — — (72,374 ) (145,958 ) — (218,332 ) Proceeds from disposal of assets — — 4,626 6,638 — 11,264 Purchases of other operating assets — — (23,042 ) (598 ) — (23,640 ) Decrease in intercompany notes receivable, net — 70,125 — — (70,125 ) — Dividends from subsidiaries — 157,570 — — (157,570 ) — Change in other, net — (8,606 ) (909 ) (27,015 ) 9,513 (27,017 ) Net cash provided by (used by) investing activities — 219,089 (91,699 ) (166,933 ) (218,182 ) (257,725 ) Cash flows from financing activities: Payments on credit facilities — — — (3,849 ) — (3,849 ) Proceeds from long-term debt — — — 222,777 — 222,777 Payments on long-term debt — — (56 ) — — (56 ) Net transfer to iHeartCommunications 17,007 — — — — 17,007 Dividends and other payments to noncontrolling interests — — — (30,870 ) — (30,870 ) Dividends paid — — — (182,145 ) 182,145 — Decrease in intercompany notes payable, net — — (4,625 ) (65,500 ) 70,125 — Intercompany funding 193,021 (207,777 ) 2,415 12,341 — — Change in other, net 2,885 — — 673 (9,513 ) (5,955 ) Net cash provided by (used by) financing activities 212,913 (207,777 ) (2,266 ) (46,573 ) 242,757 199,054 Effect of exchange rate changes on cash — — — (13,723 ) — (13,723 ) Net increase (decrease) in cash and cash equivalents 217,796 — 18,455 (29,672 ) 19,960 226,539 Cash and cash equivalents at beginning of year 905 — — 205,259 (19,960 ) 186,204 Cash and cash equivalents at end of year $ 218,701 $ — $ 18,455 $ 175,587 $ — $ 412,743 |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nature of Business (Narrative) (Details) | Nov. 11, 2005shares | Dec. 31, 2017votesegmentshares | Dec. 31, 2016shares |
Class of Stock [Line Items] | |||
Shares outstanding held indirectly by iHeartCommunications (as a percent) | 89.50% | ||
Voting power (as a percent) | 99.00% | ||
Common stock conversion ratio | 1 | ||
Number of reportable business segments | segment | 2 | ||
Common Class B | |||
Class of Stock [Line Items] | |||
Number of shares held indirectly by iHeartCommunications | 315,000,000 | 315,000,000 | |
Number of votes per share | vote | 20 | ||
Common Class A | |||
Class of Stock [Line Items] | |||
Number of shares held indirectly by iHeartCommunications | 10,726,917 | ||
Number of votes per share | vote | 1 | ||
IPO | |||
Class of Stock [Line Items] | |||
Shares sold in initial public offering (as a percent) | 10.00% | ||
Number of shares sold in initial public offering | 35,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Selling, general and administrative expenses | $ 138,568 | $ 128,397 | $ 125,898 | $ 115,774 | $ 126,670 | $ 126,164 | $ 135,567 | $ 126,801 | $ 508,637 | $ 515,202 | $ 531,504 |
Interest expense | 98,419 | $ 95,467 | $ 94,630 | $ 92,633 | $ 93,056 | $ 93,313 | $ 94,650 | $ 93,873 | $ 381,149 | $ 374,892 | $ 355,669 |
Restatement Adjustment | Error correction in results of China Subsidiary | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Selling, general and administrative expenses | 9,600 | ||||||||||
Interest expense | $ 1,400 |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Building and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Building and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 39 years |
Structures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Structures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Furniture and other equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 2 years |
Furniture and other equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Land Leases and Other Structure Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Street furniture display faces | |
Property, Plant and Equipment [Line Items] | |
Lease term | 15 years |
Americas | Land | Minimum | |
Property, Plant and Equipment [Line Items] | |
Lease term | 1 month |
Americas | Land | Maximum | |
Property, Plant and Equipment [Line Items] | |
Lease term | 12 months |
International | Land | Maximum | |
Property, Plant and Equipment [Line Items] | |
Lease term | 12 months |
SUMMARY OF SIGNIFICANT ACCOUN37
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Impairment of goodwill | $ 1,591,000 | $ 7,274,000 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN38
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Investments (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Impairments on investments | $ 1,000,000 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Maximum | |
Revenue Recognition, Milestone Method [Line Items] | |
Advertising contract period | 1 year |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Expense (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Advertising expenses | $ 15.5 | $ 19.3 | $ 21.1 |
PROPERTY, PLANT AND EQUIPMENT41
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Dispositions (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill | $ 714,043 | $ 696,263 | $ 758,575 | ||
Net loss on sale of joint venture | $ 12,100 | ||||
Cumulative translation adjustment | $ 6,300 | ||||
Indianapolis, Indiana market | Held-for-sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale | $ 43,100 | ||||
Indianapolis, Indiana market | Disposed of by sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net gain (loss) | 28,900 | ||||
Acquisition Of Certain Assets In Atlanta, Georgia From Fairway Media Group, LLC | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Fair value of assets acquired | 39,400 | ||||
Fixed assets acquired | 9,900 | ||||
Intangible assets acquired | 29,500 | ||||
Goodwill | $ 2,300 |
PROPERTY, PLANT AND EQUIPMENT42
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 3,245,173 | $ 3,044,549 |
Less: accumulated depreciation | 1,850,144 | 1,631,716 |
Property, plant and equipment, net | 1,395,029 | 1,412,833 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 145,763 | 152,775 |
Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 2,864,442 | 2,684,673 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 179,215 | 148,516 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 55,753 | $ 58,585 |
International | ||
Property, Plant and Equipment [Line Items] | ||
Impairment of assets no longer usable | $ 2,600 |
PROPERTY, PLANT AND EQUIPMENT43
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Indefinite-lived Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangibles | $ 977,152,000 | $ 960,966,000 |
Minimum | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Leases initial terms | 10 years | |
Maximum | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Leases initial terms | 20 years | |
International | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangibles | $ 0 |
PROPERTY, PLANT AND EQUIPMENT44
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Annual Impairment Test to Billboard Permits (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Impairment charges related to billboard permits | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT45
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 716,464 | $ 728,181 |
Accumulated Amortization | (442,602) | (428,564) |
Transit, street furniture and other outdoor contractual rights | ||
Other Intangible Assets [Line Items] | ||
Gross Carrying Amount | 548,918 | 563,863 |
Accumulated Amortization | (440,284) | (426,752) |
Permanent easements | ||
Other Intangible Assets [Line Items] | ||
Gross Carrying Amount | 162,920 | 159,782 |
Accumulated Amortization | 0 | 0 |
Other | ||
Other Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,626 | 4,536 |
Accumulated Amortization | $ (2,318) | $ (1,812) |
PROPERTY, PLANT AND EQUIPMENT46
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Total amortization expense related to definite-lived intangible assets | $ 27.9 | $ 37.8 | $ 49.2 |
PROPERTY, PLANT AND EQUIPMENT47
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Property, Plant and Equipment [Abstract] | |
2,018 | $ 21,787 |
2,019 | 14,165 |
2,020 | 11,974 |
2,021 | 11,864 |
2,022 | $ 10,325 |
PROPERTY, PLANT AND EQUIPMENT48
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Annual Impairment Test to Goodwill (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Impairment of goodwill | $ 1,591,000 | $ 7,274,000 | $ 0 |
International | |||
Segment Reporting Information [Line Items] | |||
Impairment of goodwill | 1,591,000 | 7,274,000 | |
Goodwill, net of cumulative impairments | 326,600,000 | ||
Americas | |||
Segment Reporting Information [Line Items] | |||
Impairment of goodwill | $ 0 | $ 0 | |
Goodwill, net of cumulative impairments | $ 2,600,000,000 |
PROPERTY, PLANT AND EQUIPMENT49
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill | |||
Beginning balance | $ 696,263,000 | $ 758,575,000 | |
Impairment | (1,591,000) | (7,274,000) | $ 0 |
Acquisitions | 2,252,000 | ||
Foreign currency | 18,847,000 | (7,049,000) | |
Ending balance | 714,043,000 | 696,263,000 | 758,575,000 |
Disposed of by sale | |||
Goodwill | |||
Dispositions/Assets held for sale | 1,817,000 | 37,652,000 | |
Held-for-sale | |||
Goodwill | |||
Dispositions/Assets held for sale | 89,000 | 10,337,000 | |
Americas | |||
Goodwill | |||
Beginning balance | 515,414,000 | 534,683,000 | |
Impairment | 0 | 0 | |
Acquisitions | 2,252,000 | ||
Foreign currency | 777,000 | (1,998,000) | |
Ending balance | 518,532,000 | 515,414,000 | 534,683,000 |
Americas | Disposed of by sale | |||
Goodwill | |||
Dispositions/Assets held for sale | 0 | 6,934,000 | |
Americas | Held-for-sale | |||
Goodwill | |||
Dispositions/Assets held for sale | 89,000 | 10,337,000 | |
International | |||
Goodwill | |||
Beginning balance | 180,849,000 | 223,892,000 | |
Impairment | (1,591,000) | (7,274,000) | |
Acquisitions | 0 | ||
Foreign currency | 18,070,000 | (5,051,000) | |
Ending balance | 195,511,000 | 180,849,000 | $ 223,892,000 |
International | Disposed of by sale | |||
Goodwill | |||
Dispositions/Assets held for sale | 1,817,000 | 30,718,000 | |
International | Held-for-sale | |||
Goodwill | |||
Dispositions/Assets held for sale | $ 0 | $ 0 |
ASSET RETIREMENT OBLIGATION (De
ASSET RETIREMENT OBLIGATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Period during which all related assets will be removed from calculation | 55 years | |
Asset Retirement Obligation, Roll Forward Analysis | ||
Beginning balance | $ 39,451 | $ 45,125 |
Adjustment due to changes in estimates | 2,166 | (5,431) |
Accretion of liability | 3,373 | 4,863 |
Liabilities settled | (2,712) | (4,104) |
Foreign Currency | 2,501 | (1,002) |
Ending balance | $ 44,779 | $ 39,451 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2013 |
Debt Instrument [Line Items] | |||
Total debt | $ 5,266,726,000 | $ 5,116,991,000 | |
Original issue discount | (241,000) | (6,738,000) | |
Long-term debt fees | (35,426,000) | (41,069,000) | |
Less: current portion | 573,000 | 6,971,000 | |
Total long-term debt | 5,266,153,000 | 5,110,020,000 | |
Letters of credit outstanding | 95,900,000 | ||
Clear Channel Worldwide Holdings Notes | |||
Debt Instrument [Line Items] | |||
Total debt | 4,925,000,000 | 4,925,000,000 | |
Clear Channel International B.V. Senior Notes | |||
Debt Instrument [Line Items] | |||
Total debt | 375,000,000 | 225,000,000 | |
Senior revolving credit facility due 2018 | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 0 | |
Revolving credit facility maximum borrowing capacity | 75,000,000 | ||
Availability under senior revolving credit facility | 3,800,000 | ||
Other debt | |||
Debt Instrument [Line Items] | |||
Total debt | 2,393,000 | $ 14,798,000 | |
Senior secured revolving credit facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility maximum borrowing capacity | $ 75,000,000 | ||
Letters of credit outstanding | $ 71,200,000 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Narrative) (Details) - USD ($) $ in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate market value of debt | $ 5.3 | $ 5.2 |
LONG-TERM DEBT - Schedule of Se
LONG-TERM DEBT - Schedule of Senior Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total Senior Notes | $ 5,266,726 | $ 5,116,991 |
8.75% Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Total Senior Notes | 375,000 | 225,000 |
Subisidary Senior Notes | ||
Debt Instrument [Line Items] | ||
Total Senior Notes | 5,300,000 | 5,150,000 |
Subisidary Senior Notes | Total CCWH Notes | ||
Debt Instrument [Line Items] | ||
Total Senior Notes | $ 4,925,000 | 4,925,000 |
Subisidary Senior Notes | 6.5% Series A Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.50% | |
Total Senior Notes | $ 735,750 | 735,750 |
Subisidary Senior Notes | 6.5% Series B Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.50% | |
Total Senior Notes | $ 1,989,250 | 1,989,250 |
Subisidary Senior Notes | 7.625% Series A Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.625% | |
Total Senior Notes | $ 275,000 | 275,000 |
Subisidary Senior Notes | 7.625% Series B Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.625% | |
Total Senior Notes | $ 1,925,000 | 1,925,000 |
Subisidary Senior Notes | 8.75% Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 8.75% | |
Total Senior Notes | $ 375,000 | $ 225,000 |
LONG-TERM DEBT - Clear Channel
LONG-TERM DEBT - Clear Channel International B.V. Senior Notes (Narrative) (Details) - USD ($) $ in Thousands | Aug. 14, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||
Proceeds from issuance of long-term debt | $ 156,000 | $ 6,856 | $ 222,777 | |
Senior Notes | 8.75% Senior Notes Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.75% | 8.75% | ||
Clear Channel International B.V. | Senior Notes | 8.75% Senior Notes Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of notes issued | $ 150,000 | |||
Proceeds from issuance of long-term debt | $ 156,000 |
LONG-TERM DEBT - Senior Revolvi
LONG-TERM DEBT - Senior Revolving Credit Facility Due 2018 (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2013USD ($) | Dec. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | ||
Letters of credit which reduce availability under the facility | $ 95,900,000 | |
Senior secured revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Term of senior secured revolving credit facility | 5 years | |
Aggregate principal amount of revolving credit facility | $ 75,000,000 | |
Amounts outstanding under revolving credit facility | 0 | |
Letters of credit which reduce availability under the facility | $ 71,200,000 | |
Secured leverage ratio | 1.5 | |
Availability under facility as a percent of aggregate commitments | 75.00% |
LONG-TERM DEBT - Other Debt (Na
LONG-TERM DEBT - Other Debt (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Other debt | $ 5,266,726 | $ 5,116,991 |
Current portion of long-term debt | 573 | 6,971 |
Other debt | ||
Debt Instrument [Line Items] | ||
Other debt | $ 2,393 | $ 14,798 |
LONG-TERM DEBT - Schedule of Fu
LONG-TERM DEBT - Schedule of Future Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 533 | |
2,019 | 168 | |
2,020 | 2,575,143 | |
2,021 | 169 | |
2,022 | 2,725,194 | |
Thereafter | 1,186 | |
Total | 5,302,393 | |
Original issue discount | 241 | $ 6,738 |
Long-term debt fees | $ 35,426 | $ 41,069 |
LONG-TERM DEBT - Guarantees (Na
LONG-TERM DEBT - Guarantees (Narrative) (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
Letters of credit outstanding | $ 95.9 |
Letters of credit collateralized by cash | |
Guarantor Obligations [Line Items] | |
Outstanding commercial standby letters of credit, surety bonds and bank guarantees | 25.4 |
Commercial standby letters of credit | |
Guarantor Obligations [Line Items] | |
Outstanding commercial standby letters of credit, surety bonds and bank guarantees | 1.2 |
Surety bonds | |
Guarantor Obligations [Line Items] | |
Outstanding commercial standby letters of credit, surety bonds and bank guarantees | 55.4 |
Bank guarantees | |
Guarantor Obligations [Line Items] | |
Outstanding commercial standby letters of credit, surety bonds and bank guarantees | 37.3 |
Bank guarantees backed by cash collateral | |
Guarantor Obligations [Line Items] | |
Outstanding commercial standby letters of credit, surety bonds and bank guarantees | $ 17.6 |
COMMITMENTS AND CONTINGENCIES59
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)bank_account | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Non-Cancelable Operating Lease | |||||||||||
2,018 | $ 359,175 | $ 359,175 | |||||||||
2,019 | 318,213 | 318,213 | |||||||||
2,020 | 290,081 | 290,081 | |||||||||
2,021 | 253,979 | 253,979 | |||||||||
2,022 | 211,110 | 211,110 | |||||||||
Thereafter | 1,169,871 | 1,169,871 | |||||||||
Total | 2,602,429 | 2,602,429 | |||||||||
Non-Cancelable Contracts | |||||||||||
2,018 | 393,980 | 393,980 | |||||||||
2,019 | 343,578 | 343,578 | |||||||||
2,020 | 291,036 | 291,036 | |||||||||
2,021 | 255,356 | 255,356 | |||||||||
2,022 | 162,062 | 162,062 | |||||||||
Thereafter | 393,599 | 393,599 | |||||||||
Total | 1,839,611 | 1,839,611 | |||||||||
Capital Expenditure Commitments | |||||||||||
2,018 | 38,444 | 38,444 | |||||||||
2,019 | 7,928 | 7,928 | |||||||||
2,020 | 2,771 | 2,771 | |||||||||
2,021 | 4,499 | 4,499 | |||||||||
2,022 | 4,591 | 4,591 | |||||||||
Thereafter | 9,877 | 9,877 | |||||||||
Total | 68,110 | 68,110 | |||||||||
Rent expense charged to operations | 954,300 | $ 947,400 | $ 978,600 | ||||||||
Concentration Risk [Line Items] | |||||||||||
Selling, general and administrative expenses (excludes depreciation and amortization) | 138,568 | $ 128,397 | $ 125,898 | $ 115,774 | $ 126,670 | $ 126,164 | $ 135,567 | $ 126,801 | 508,637 | 515,202 | 531,504 |
Interest expense | 98,419 | $ 95,467 | $ 94,630 | $ 92,633 | $ 93,056 | $ 93,313 | $ 94,650 | $ 93,873 | $ 381,149 | $ 374,892 | $ 355,669 |
Clear Media Limited | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Unauthorized bank accounts opened | bank_account | 3 | ||||||||||
Subsidiary Concentration Risk | Clear Media Limited | Net Revenue | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk | 9.80% | ||||||||||
Subsidiary Concentration Risk | Clear Media Limited | Total Assets | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk | 9.90% | ||||||||||
Restatement Adjustment | Error correction in results of China Subsidiary | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Selling, general and administrative expenses (excludes depreciation and amortization) | 9,600 | ||||||||||
Interest expense | $ 1,400 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Jan. 24, 2018 | Nov. 29, 2017 | Nov. 28, 2017 | Oct. 31, 2017 | Oct. 05, 2017 | Feb. 23, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 02, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Aug. 09, 2010 |
Related Party Transaction [Line Items] | |||||||||||||||||||||
Noncurrent asset recorded in Due from iHeartCommunications | $ 211,990,000 | $ 1,067,600,000 | $ 885,701,000 | $ 211,990,000 | $ 885,701,000 | ||||||||||||||||
Fixed interest rate | 9.30% | 6.50% | |||||||||||||||||||
Net interest income | 0 | 0 | $ 0 | ||||||||||||||||||
Corporate expenses | 38,465,000 | 35,333,000 | $ 35,340,000 | $ 34,540,000 | 31,436,000 | $ 28,103,000 | $ 29,673,000 | $ 28,224,000 | 143,678,000 | 117,436,000 | 116,523,000 | ||||||||||
Selling, general and administrative expenses (excludes depreciation and amortization) | 138,568,000 | $ 128,397,000 | $ 125,898,000 | $ 115,774,000 | $ 126,670,000 | $ 126,164,000 | $ 135,567,000 | $ 126,801,000 | 508,637,000 | 515,202,000 | 531,504,000 | ||||||||||
Approved purchase amount under stock repurchase program | $ 100,000,000 | ||||||||||||||||||||
Special dividend declared | $ 25,000,000 | $ 25,000,000 | $ 282,500,000 | ||||||||||||||||||
Subsequent event | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Special dividend declared | $ 30,000,000 | ||||||||||||||||||||
iHeartCommunications | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Face amount of revolving promissory note | $ 1,000,000,000 | $ 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||
Loss recognized on Due from iHeartCommunications Note | 855,600,000 | ||||||||||||||||||||
Net interest income | 68,900,000 | 50,300,000 | 61,400,000 | ||||||||||||||||||
Revenue for advertisements | 6,900,000 | 3,500,000 | 2,700,000 | ||||||||||||||||||
Aggregate amount available under program | $ 34,200,000 | ||||||||||||||||||||
Class A common stock purchased (in shares) | 2,172,946 | 2,000,000 | |||||||||||||||||||
Class A common stock purchased, value | $ 22,200,000 | $ 20,400,000 | |||||||||||||||||||
iHeartCommunications' collective holdings (as a percent) | 90.00% | ||||||||||||||||||||
Maximum | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Fixed interest rate | 20.00% | ||||||||||||||||||||
Corporate Services Agreement | iHeartCommunications | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Corporate expenses | 68,700,000 | 36,000,000 | 30,100,000 | ||||||||||||||||||
License Fee | Affiliated Entity | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Corporate expenses | 36,800,000 | ||||||||||||||||||||
Employee Matters Agreement | iHeartCommunications | Selling, general and administrative expenses | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Selling, general and administrative expenses (excludes depreciation and amortization) | $ 9,500,000 | $ 9,400,000 | $ 10,700,000 | ||||||||||||||||||
iHeartCommunications, Inc. | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Special dividend declared | $ 254,000,000 | ||||||||||||||||||||
Dividend payment (as a percent) | 89.90% | ||||||||||||||||||||
Public Stockholders | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Special dividend declared | $ 28,500,000 | ||||||||||||||||||||
Dividend payment (as a percent) | 10.10% |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($)market | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Tax Act, deferred tax benefit | $ 228,000 | ||||||||||
Current tax expense | 30,894 | $ 45,342 | $ 46,638 | ||||||||
Deferred tax expense (benefit) | (311,112) | 31,314 | 3,305 | ||||||||
Number of markets sold | market | 9 | ||||||||||
Deferred tax assets for net operating loss carryforwards (tax effected) | $ 84,500 | 84,500 | |||||||||
Deferred tax asset related to impairment loss | 202,500 | 202,500 | |||||||||
Deferred tax assets, valuation allowance | 274,219 | $ 136,039 | 274,219 | 136,039 | |||||||
Increase (decrease) to valuation allowance against deferred tax assets | 32,900 | ||||||||||
(Tax-effected) deferred tax assets for foreign net operating losses | 144,900 | 144,900 | |||||||||
Offsetting associated valuation allowance | 94,200 | 94,200 | |||||||||
Remaining deferred tax valuation allowance | 30,800 | 30,800 | |||||||||
Deferred tax asset relating to stock-based compensation expense | 9,600 | 14,900 | 9,600 | 14,900 | |||||||
Tax expense (benefits) | (293,118) | $ 16,347 | $ 18,390 | $ (21,837) | 39,077 | $ (3,619) | $ (21,719) | $ 62,917 | $ (280,218) | $ 76,656 | $ 49,943 |
Effective tax rate expense (benefit) | 30.90% | 31.80% | (234.70%) | ||||||||
Total amount of interest accrued | 3,200 | 3,400 | $ 3,200 | $ 3,400 | |||||||
Unrecognized tax benefits and accrued interest and penalties | 36,700 | 39,700 | 36,700 | 39,700 | |||||||
Unrecognized tax benefits and accrued interest and penalties included in Other long-term liabilities | 22,400 | 23,800 | 22,400 | 23,800 | |||||||
Unrecognized tax benefits recorded net with deferred tax assets | 14,300 | 15,900 | 14,300 | 15,900 | |||||||
Unrecognized tax benefits that, if recognized, would impact the effective income tax rate | 18,500 | 18,600 | 18,500 | 18,600 | |||||||
Unrecognized tax benefits reversed | 9,200 | 6,200 | 9,200 | 6,200 | |||||||
Reduction of uncertain tax positions, inclusive of interest | 6,800 | 6,800 | |||||||||
U.S. | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Deferred tax expense (benefit) | 32,900 | ||||||||||
Deferred tax assets, valuation allowance | 149,200 | 149,200 | |||||||||
Foreign | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Deferred tax expense (benefit) | 43,300 | ||||||||||
Net foreign deferred tax assets | 57,000 | $ 50,000 | 57,000 | 50,000 | |||||||
Increase (decrease) to valuation allowance against deferred tax assets | (43,300) | ||||||||||
Australian outdoor market | Disposed of by sale | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Tax expense (benefits) | $ 54,700 | ||||||||||
Impairment loss on related party note | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Deferred tax assets, valuation allowance | $ 149,200 | 149,200 | |||||||||
Foreign deferred tax assets | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Increase (decrease) to valuation allowance against deferred tax assets | (11,000) | ||||||||||
iHeartCommunications | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Loss recognized on Due from iHeartCommunications Note | $ 855,600 |
INCOME TAXES - Significant Comp
INCOME TAXES - Significant Components of the Provision for Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current - federal | $ (87) | $ 0 | $ (270) | ||||||||
Current - foreign | (29,430) | (43,611) | (45,322) | ||||||||
Current - state | (1,377) | (1,731) | (1,046) | ||||||||
Total current expense | (30,894) | (45,342) | (46,638) | ||||||||
Deferred - federal | 306,078 | (89,049) | (8,025) | ||||||||
Deferred - foreign | (2,521) | 56,759 | 5,282 | ||||||||
Deferred - state | 7,555 | 976 | (562) | ||||||||
Total deferred benefit (expense) | 311,112 | (31,314) | (3,305) | ||||||||
Income tax benefit (expense) | $ (293,118) | $ 16,347 | $ 18,390 | $ (21,837) | $ 39,077 | $ (3,619) | $ (21,719) | $ 62,917 | $ (280,218) | $ 76,656 | $ 49,943 |
INCOME TAXES - Significant Co63
INCOME TAXES - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax liabilities: | ||
Intangibles and fixed assets | $ 504,290 | $ 801,442 |
Equity in earnings | 2,106 | 2,816 |
Other | 14,058 | 16,971 |
Total deferred tax liabilities | 520,454 | 821,229 |
Deferred tax assets: | ||
Accrued expenses | 16,927 | 19,458 |
Net operating loss carryforwards | 229,398 | 257,613 |
Bad debt reserves | 3,656 | 3,364 |
Due from iHeartCommunications | 202,461 | 0 |
Other | 24,124 | 38,128 |
Total deferred tax assets | 476,566 | 318,563 |
Less: Valuation allowance | 274,219 | 136,039 |
Net deferred tax assets | 202,347 | 182,524 |
Net deferred tax liabilities | $ 318,107 | $ 638,705 |
INCOME TAXES - Schedule of Inco
INCOME TAXES - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
US | $ (942,297) | $ 182,258 | $ (69,819) |
Foreign | 34,562 | 58,797 | 48,545 |
Total income (loss) before income taxes | $ (907,735) | $ 241,055 | $ (21,274) |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Computed at the U.S. Federal Statutory Rates to Income Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount | |||||||||||
Income tax benefit (expense) at statutory rates | $ 317,707 | $ (84,369) | $ 7,446 | ||||||||
State income taxes, net of federal tax effect | 23,378 | (4,602) | 2,238 | ||||||||
Foreign income taxes | (19,866) | (20,725) | (23,062) | ||||||||
Nondeductible items | (646) | (687) | (754) | ||||||||
Changes in valuation allowance and other estimates | (148,389) | 34,597 | (33,684) | ||||||||
U.S. tax reform | 228,010 | 0 | 0 | ||||||||
U.S. rate differential on impairment of related party note | (115,755) | 0 | 0 | ||||||||
Other, net | (4,221) | (870) | (2,127) | ||||||||
Income tax benefit (expense) | $ 293,118 | $ (16,347) | $ (18,390) | $ 21,837 | $ (39,077) | $ 3,619 | $ 21,719 | $ (62,917) | $ 280,218 | $ (76,656) | $ (49,943) |
Percent | |||||||||||
Income tax benefit (expense) at statutory rates | 35.00% | 35.00% | 35.00% | ||||||||
State income taxes, net of federal tax effect | 2.60% | 1.90% | 10.50% | ||||||||
Foreign income taxes | (2.20%) | 8.60% | (108.40%) | ||||||||
Nondeductible items | (0.10%) | 0.30% | (3.50%) | ||||||||
Changes in valuation allowance and other estimates | (16.20%) | (14.40%) | (158.30%) | ||||||||
U.S. tax reform | 25.10% | 0.00% | 0.00% | ||||||||
U.S. rate differential on impairment of related party note | (12.80%) | 0.00% | 0.00% | ||||||||
Other, net | (0.50%) | 0.40% | (10.00%) | ||||||||
Income tax benefit (expense) | 30.90% | 31.80% | (234.70%) |
INCOME TAXES - Reconciliation66
INCOME TAXES - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Unrecognized Tax Benefits | ||
Balance at beginning of period | $ 36,332 | $ 39,908 |
Increases for tax position taken in the current year | 4,327 | 6,996 |
Increases for tax positions taken in previous years | 2,046 | 2,199 |
Decreases for tax position taken in previous years | (499) | (6,148) |
Decreases due to settlements with tax authorities | (225) | (717) |
Decreases due to lapse of statute of limitations | (8,511) | (5,906) |
Balance at end of period | $ 33,470 | $ 36,332 |
STOCKHOLDERS' EQUITY (DEFICIT67
STOCKHOLDERS' EQUITY (DEFICIT) - Schedule of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) in Stockholders' Equity | |||||||||||
Beginning balance | $ (930,926) | $ (567,824) | $ (930,926) | $ (567,824) | $ (139,332) | ||||||
Net income | $ (542,973) | $ (55,402) | $ 1,854 | (30,996) | $ 108,340 | $ (23,771) | $ (61,256) | 141,086 | (627,517) | 164,399 | (71,217) |
Dividends declared | (332,498) | (540,034) | (217,796) | ||||||||
Dividends and other payments to noncontrolling interests | (12,010) | (16,917) | (30,870) | ||||||||
Disposal of noncontrolling interests | (2,439) | (36,846) | |||||||||
Share-based compensation | 9,590 | 10,291 | |||||||||
Foreign currency translation adjustments | 45,151 | 22,408 | |||||||||
Unrealized holding loss on marketable securities | (414) | (576) | 553 | ||||||||
Other adjustments to comprehensive loss | 6,720 | (11,814) | (10,266) | ||||||||
Reclassifications | 5,441 | 46,730 | 808 | ||||||||
Other, net | (2,503) | (743) | |||||||||
Ending balance | (1,841,405) | (930,926) | (1,841,405) | (930,926) | (567,824) | ||||||
The Company | |||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Beginning balance | (1,080,812) | (755,599) | (1,080,812) | (755,599) | |||||||
Net income | (639,716) | 141,397 | |||||||||
Dividends declared | (332,498) | (540,034) | |||||||||
Share-based compensation | 8,659 | 10,291 | |||||||||
Foreign currency translation adjustments | 35,975 | 30,835 | |||||||||
Unrealized holding loss on marketable securities | (414) | (576) | |||||||||
Other adjustments to comprehensive loss | 6,720 | (11,814) | |||||||||
Reclassifications | 5,441 | 46,730 | |||||||||
Other, net | (1,800) | (2,042) | |||||||||
Ending balance | (1,998,445) | (1,080,812) | (1,998,445) | (1,080,812) | (755,599) | ||||||
Noncontrolling Interests | |||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Beginning balance | $ 149,886 | $ 187,775 | 149,886 | 187,775 | 203,334 | ||||||
Net income | 12,199 | 23,002 | 24,764 | ||||||||
Dividends and other payments to noncontrolling interests | (12,010) | (16,917) | (30,870) | ||||||||
Disposal of noncontrolling interests | (2,439) | (36,846) | |||||||||
Share-based compensation | 931 | ||||||||||
Foreign currency translation adjustments | 9,176 | (8,427) | |||||||||
Other, net | (703) | 1,299 | |||||||||
Ending balance | $ 157,040 | $ 149,886 | $ 157,040 | $ 149,886 | $ 187,775 |
STOCKHOLDERS' EQUITY (DEFICIT68
STOCKHOLDERS' EQUITY (DEFICIT) - Stock Options (Narrative) (Details) - Options | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Term of options granted | 10 years |
Vesting period of options | 5 years |
STOCKHOLDERS' EQUITY (DEFICIT69
STOCKHOLDERS' EQUITY (DEFICIT) - Schedule Assumptions Used to Calculate Fair Value of Options (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||
Expected volatility (as a percent) | 42.00% | ||
Expected volatility, minimum (as a percent) | 42.00% | 37.00% | |
Expected volatility, maximum (as a percent) | 44.00% | 56.00% | |
Expected life in years | 6 years 4 months | 6 years 4 months | 6 years 4 months |
Risk-free interest rate (as a percent) | 2.12% | ||
Risk-free interest rate, minimum | 1.12% | 1.70% | |
Risk-free interest rate, maximum | 1.41% | 2.07% | |
Dividend yield | 0.00% | 0.00% | 0.00% |
STOCKHOLDERS' EQUITY (DEFICIT70
STOCKHOLDERS' EQUITY (DEFICIT) - Summary of Stock Options Outstanding and Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Options | |||
Beginning balance (in shares) | 5,033 | ||
Granted (in shares) | 4 | ||
Exercised (in shares) | (71) | ||
Forfeited (in shares) | (96) | ||
Expired (in shares) | (760) | ||
Ending balance (in shares) | 4,110 | 5,033 | |
Exercisable (in shares) | 3,392 | ||
Expected to vest (in shares) | 718 | ||
Price | |||
Beginning balance (in dollars per share) | $ 7.04 | ||
Granted (in dollars per share) | 4.25 | ||
Exercised (in dollars per share) | 3.10 | ||
Forfeited (in dollars per share) | 6.85 | ||
Expired (in dollars per share) | 12.49 | ||
Ending balance (in dollars per share) | 6.10 | $ 7.04 | |
Exercisable (in dollars per share) | 6.01 | ||
Expected to vest (in dollars per share) | $ 6.52 | ||
Weighted Average Remaining Contractual Term | |||
Outstanding | 4 years 1 month 6 days | 4 years 11 months | |
Exercisable | 3 years 4 months 26 days | ||
Expected to vest | 7 years 6 months | ||
Aggregate Intrinsic Value | |||
Outstanding at beginning of year | $ 2,539 | ||
Outstanding at end of year | 2,378 | $ 2,539 | |
Exercisable | 2,359 | ||
Expected to vest | $ 19 | ||
Weighted average grant date fair value of options granted (in dollars per share) | $ 2.04 | $ 2.82 | $ 4.25 |
Cash received from option exercises | $ 200 | $ 600 | $ 3,800 |
Total intrinsic value of options exercised | $ 200 | $ 400 | $ 2,800 |
STOCKHOLDERS' EQUITY (DEFICIT71
STOCKHOLDERS' EQUITY (DEFICIT) - Summary of Unvested Options and Changes (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Options | |||
Unvested, beginning balance (in shares) | 1,164 | ||
Granted (in shares) | 4 | ||
Vested (in shares) | (354) | ||
Forfeited (in shares) | (96) | ||
Unvested, ending balance (in shares) | 718 | 1,164 | |
Weighted Average Grant Date Fair Value | |||
Unvested, beginning balance (in dollars per share) | $ 4.25 | ||
Granted (in dollars per share) | 2.04 | $ 2.82 | $ 4.25 |
Vested (in dollars per share) | 4.37 | ||
Forfeited (in dollars per share) | 4.15 | ||
Unvested, ending balance (in dollars per share) | $ 4.19 | $ 4.25 | |
Total fair value of options vested | $ 1.6 | $ 2.7 | $ 4.2 |
STOCKHOLDERS' EQUITY (DEFICIT72
STOCKHOLDERS' EQUITY (DEFICIT) - Restricted Stock Awards (Narrative) (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Period during which restricted stock awards are restricted in transferability | 5 years |
Vesting period of restricted stock awards | 5 years |
STOCKHOLDERS' EQUITY (DEFICIT73
STOCKHOLDERS' EQUITY (DEFICIT) - Summary of Restricted Stock and Restricted Stock Units Outstanding and Activity (Details) - Restricted Stock shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Awards | |
Beginning balance (in shares) | shares | 2,743 |
Granted (in shares) | shares | 2,539 |
Vested (restriction lapsed) (in shares) | shares | (1,040) |
Forfeited (in shares) | shares | (342) |
Ending balance (in shares) | shares | 3,900 |
Price | |
Beginning balance (in dollars per share) | $ / shares | $ 7.63 |
Granted (in dollars per share) | $ / shares | 4.30 |
Vested (restriction lapsed) (in dollars per share) | $ / shares | 7.16 |
Forfeited (in dollars per share) | $ / shares | 7.39 |
Ending balance (in dollars per share) | $ / shares | $ 5.61 |
STOCKHOLDERS' EQUITY (DEFICIT74
STOCKHOLDERS' EQUITY (DEFICIT) - Share-Based Compensation Cost (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation payments | $ 9,590 | $ 10,291 | $ 8,502 |
Tax benefit related to share-based compensation expense | 3,300 | $ 3,900 | $ 3,200 |
Unrecognized compensation cost related to arrangements that will vest based on service conditions | $ 13,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average period over which cost is expected to be recognized (in years) | 3 years |
STOCKHOLDERS' EQUITY (DEFICIT75
STOCKHOLDERS' EQUITY (DEFICIT) - Computation of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
NUMERATOR: | |||||||||||
Net income (loss) attributable to the Company – common shares | $ (639,716) | $ 141,397 | $ (95,981) | ||||||||
DENOMINATOR: | |||||||||||
Weighted average common shares outstanding - basic (in shares) | 361,141 | 360,294 | 359,508 | ||||||||
Stock options and restricted stock (in shares) | 0 | 1,318 | |||||||||
Weighted average common shares outstanding - diluted (in shares) | 361,141 | 361,612 | 359,508 | ||||||||
Net income (loss) attributable to the Company per common share: | |||||||||||
Basic (in dollars per share) | $ (1.51) | $ (0.17) | $ (0.01) | $ (0.08) | $ 0.28 | $ (0.09) | $ (0.19) | $ 0.39 | $ (1.77) | $ 0.39 | $ (0.27) |
Diluted (in dollars per share) | $ (1.51) | $ (0.17) | $ (0.01) | $ (0.08) | $ 0.28 | $ (0.09) | $ (0.19) | $ 0.39 | $ (1.77) | $ 0.39 | $ (0.27) |
Stock options and restricted shares not included in computation of diluted earnings per share | 8,000 | 5,600 | 8,100 |
EMPLOYEE STOCK AND SAVINGS PL76
EMPLOYEE STOCK AND SAVINGS PLANS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Percent of first pay contributed the Company will match (as a percent) | 50.00% | ||
First pay contributed that will be matched (as a percent) | 5.00% | ||
Company matching contributions | $ 2.2 | $ 2.3 | $ 2.4 |
Maximum election to defer annual salary (as a percent) | 50.00% | ||
Maximum election to defer bonus before taxes (as a percent) | 80.00% | ||
International | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Company matching contributions | $ 13.1 | $ 15.1 | $ 13.6 |
OTHER INFORMATION - Components
OTHER INFORMATION - Components of Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||||||||||
Foreign exchange loss | $ 29,563 | $ (69,599) | $ 14,790 | ||||||||
Other | 237 | (1,083) | (2,403) | ||||||||
Total other income (expense) — net | $ 7,204 | $ 9,696 | $ 8,908 | $ 3,992 | $ (23,703) | $ (7,305) | $ (33,871) | $ (5,803) | $ 29,800 | $ (70,682) | $ 12,387 |
OTHER INFORMATION - Additional
OTHER INFORMATION - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Increase (decrease) in deferred income tax liabilities | $ (0.3) | $ (1) | $ 1.6 |
Debt Instrument [Line Items] | |||
Letters of credit outstanding | 95.9 | ||
Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding | 24.7 | ||
Cash collateral | $ 25.4 |
OTHER INFORMATION - Component79
OTHER INFORMATION - Components of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Income and Expenses [Abstract] | ||
Inventory | $ 21,940 | $ 21,190 |
Deposits | 1,720 | 1,445 |
Other receivables | 4,906 | 9,302 |
Restricted cash | 26,096 | 680 |
Other | 4,052 | 6,582 |
Total other current assets | $ 58,714 | $ 39,199 |
OTHER INFORMATION - Component80
OTHER INFORMATION - Components of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Income and Expenses [Abstract] | ||
Investments | $ 10,042 | $ 10,183 |
Deposits | 23,096 | 19,318 |
Prepaid expenses | 60,294 | 61,814 |
Restricted cash | 18,095 | 20,474 |
Other | 13,007 | 10,224 |
Total other assets | $ 124,534 | $ 122,013 |
OTHER INFORMATION - Component81
OTHER INFORMATION - Components of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Income and Expenses [Abstract] | ||
Unrecognized tax benefits | $ 22,419 | $ 23,772 |
Asset retirement obligation | 44,779 | 39,451 |
Deferred rent | 105,324 | 101,673 |
Employee related liabilities | 52,212 | 55,460 |
Other | 45,681 | 38,955 |
Total other long-term liabilities | $ 270,415 | $ 259,311 |
OTHER INFORMATION - Component82
OTHER INFORMATION - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | $ (1,841,405) | $ (930,926) | $ (567,824) | $ (139,332) |
Cumulative currency translation adjustments and other | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | (340,109) | (388,246) | ||
Cumulative unrealized gain on securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | 1,173 | 1,588 | ||
Total accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | $ (338,936) | $ (386,658) | $ (451,833) | $ (341,353) |
SEGMENT DATA - Narrative (Detai
SEGMENT DATA - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable segments | segment | 2 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 729,131 | $ 645,089 | $ 672,319 | $ 544,726 | $ 722,563 | $ 669,221 | $ 708,086 | $ 589,014 | $ 2,591,265 | $ 2,688,884 | $ 2,806,204 |
Foreign operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,500,000 | 1,500,000 | 1,600,000 | ||||||||
Identifiable long-lived assets | 600,000 | 500,000 | 600,000 | 500,000 | 700,000 | ||||||
France | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 300,000 | 300,000 | 300,000 | ||||||||
U.S. operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,100,000 | 1,100,000 | 1,200,000 | ||||||||
Identifiable long-lived assets | 800,000 | 900,000 | 800,000 | 900,000 | 1,000,000 | ||||||
China | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable long-lived assets | $ 300,000 | $ 200,000 | $ 300,000 | $ 200,000 | $ 200,000 |
SEGMENT DATA - Schedule of Repo
SEGMENT DATA - Schedule of Reportable Segment Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 729,131 | $ 645,089 | $ 672,319 | $ 544,726 | $ 722,563 | $ 669,221 | $ 708,086 | $ 589,014 | $ 2,591,265 | $ 2,688,884 | $ 2,806,204 |
Direct operating expenses | 368,561 | 356,100 | 350,173 | 327,931 | 355,820 | 362,250 | 362,001 | 341,987 | 1,402,765 | 1,422,058 | 1,494,902 |
Selling, general and administrative expenses | 138,568 | 128,397 | 125,898 | 115,774 | 126,670 | 126,164 | 135,567 | 126,801 | 508,637 | 515,202 | 531,504 |
Corporate expenses | 38,465 | 35,333 | 35,340 | 34,540 | 31,436 | 28,103 | 29,673 | 28,224 | 143,678 | 117,436 | 116,523 |
Depreciation and amortization | 89,111 | 81,096 | 78,290 | 77,494 | 85,975 | 85,780 | 86,974 | 85,395 | 325,991 | 344,124 | 375,962 |
Impairment charges | 2,568 | 1,591 | 0 | 0 | 0 | 7,274 | 0 | 0 | 4,159 | 7,274 | 21,631 |
Other operating income, net | (2,266) | (11,783) | 7,829 | 32,611 | 128,203 | 1,095 | (59,384) | 284,774 | 26,391 | 354,688 | (4,824) |
Operating income | 89,592 | $ 30,789 | $ 90,447 | $ 21,598 | 250,865 | $ 60,745 | $ 34,487 | $ 291,381 | 232,426 | 637,478 | 260,858 |
Segment assets | 4,670,782 | 5,718,828 | 4,670,782 | 5,718,828 | 6,306,788 | ||||||
Capital expenditures | 224,238 | 229,772 | 218,332 | ||||||||
Share-based compensation expense | 9,590 | 10,291 | 8,502 | ||||||||
Operating segments | Americas Outdoor Advertising | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,256,326 | 1,278,413 | 1,349,021 | ||||||||
Direct operating expenses | 574,113 | 570,310 | 597,382 | ||||||||
Selling, general and administrative expenses | 219,467 | 225,415 | 233,254 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 189,707 | 185,654 | 204,514 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income, net | 0 | 0 | 0 | ||||||||
Operating income | 273,039 | 297,034 | 313,871 | ||||||||
Segment assets | 2,969,326 | 3,175,355 | 2,969,326 | 3,175,355 | 3,567,764 | ||||||
Capital expenditures | 74,580 | 81,401 | 82,165 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Operating segments | International Outdoor Advertising | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,334,939 | 1,410,471 | 1,457,183 | ||||||||
Direct operating expenses | 828,652 | 851,748 | 897,520 | ||||||||
Selling, general and administrative expenses | 289,170 | 289,787 | 298,250 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 131,224 | 152,758 | 166,060 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income, net | 0 | 0 | 0 | ||||||||
Operating income | 85,893 | 116,178 | 95,353 | ||||||||
Segment assets | 1,449,365 | 1,342,356 | 1,449,365 | 1,342,356 | 1,573,161 | ||||||
Capital expenditures | 146,392 | 143,788 | 132,554 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Corporate and other reconciling items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Direct operating expenses | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Corporate expenses | 143,678 | 117,436 | 116,523 | ||||||||
Depreciation and amortization | 5,060 | 5,712 | 5,388 | ||||||||
Impairment charges | 4,159 | 7,274 | 21,631 | ||||||||
Other operating income, net | 26,391 | 354,688 | (4,824) | ||||||||
Operating income | (126,506) | 224,266 | (148,366) | ||||||||
Segment assets | $ 252,091 | $ 1,201,117 | 252,091 | 1,201,117 | 1,165,863 | ||||||
Capital expenditures | 3,266 | 4,583 | 3,613 | ||||||||
Share-based compensation expense | $ 9,590 | $ 10,291 | $ 8,502 |
QUARTERLY RESULTS OF OPERATIO85
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $ 729,131 | $ 645,089 | $ 672,319 | $ 544,726 | $ 722,563 | $ 669,221 | $ 708,086 | $ 589,014 | $ 2,591,265 | $ 2,688,884 | $ 2,806,204 |
Operating expenses: | |||||||||||
Direct operating expenses | 368,561 | 356,100 | 350,173 | 327,931 | 355,820 | 362,250 | 362,001 | 341,987 | 1,402,765 | 1,422,058 | 1,494,902 |
Selling, general and administrative expenses | 138,568 | 128,397 | 125,898 | 115,774 | 126,670 | 126,164 | 135,567 | 126,801 | 508,637 | 515,202 | 531,504 |
Corporate expenses | 38,465 | 35,333 | 35,340 | 34,540 | 31,436 | 28,103 | 29,673 | 28,224 | 143,678 | 117,436 | 116,523 |
Depreciation and amortization | 89,111 | 81,096 | 78,290 | 77,494 | 85,975 | 85,780 | 86,974 | 85,395 | 325,991 | 344,124 | 375,962 |
Impairment charges | 2,568 | 1,591 | 0 | 0 | 0 | 7,274 | 0 | 0 | 4,159 | 7,274 | 21,631 |
Other operating income (expense), net | (2,266) | (11,783) | 7,829 | 32,611 | 128,203 | 1,095 | (59,384) | 284,774 | 26,391 | 354,688 | (4,824) |
Operating income | 89,592 | 30,789 | 90,447 | 21,598 | 250,865 | 60,745 | 34,487 | 291,381 | 232,426 | 637,478 | 260,858 |
Interest expense | 98,419 | 95,467 | 94,630 | 92,633 | 93,056 | 93,313 | 94,650 | 93,873 | 381,149 | 374,892 | 355,669 |
Interest income on Due from iHeartCommunications | 21,594 | 17,087 | 15,383 | 14,807 | 13,876 | 12,429 | 11,291 | 12,713 | 68,871 | 50,309 | 61,439 |
Loss on Due from iHeartCommunications | (855,648) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (855,648) | 0 | 0 |
Gain (loss) on investments, net | (253) | (532) | (135) | (125) | (250) | 781 | 0 | 0 | (1,045) | 531 | 0 |
Equity in loss of nonconsolidated affiliates | (161) | (628) | 271 | (472) | (315) | (727) | (232) | (415) | (990) | (1,689) | (289) |
Other income (expense), net | 7,204 | 9,696 | 8,908 | 3,992 | (23,703) | (7,305) | (33,871) | (5,803) | 29,800 | (70,682) | 12,387 |
Income (loss) before income taxes | (836,091) | (39,055) | 20,244 | (52,833) | 147,417 | (27,390) | (82,975) | 204,003 | (907,735) | 241,055 | (21,274) |
Income tax benefit (expense) | 293,118 | (16,347) | (18,390) | 21,837 | (39,077) | 3,619 | 21,719 | (62,917) | 280,218 | (76,656) | (49,943) |
Consolidated net income (loss) | (542,973) | (55,402) | 1,854 | (30,996) | 108,340 | (23,771) | (61,256) | 141,086 | (627,517) | 164,399 | (71,217) |
Less amount attributable to noncontrolling interest | 1,326 | 6,237 | 6,631 | (1,995) | 6,840 | 7,329 | 7,857 | 976 | 12,199 | 23,002 | 24,764 |
Net income (loss) attributable to the Company | $ (544,299) | $ (61,639) | $ (4,777) | $ (29,001) | $ 101,500 | $ (31,100) | $ (69,113) | $ 140,110 | $ (639,716) | $ 141,397 | $ (95,981) |
Net income (loss) per common share: | |||||||||||
Basic (in dollars per share) | $ (1.51) | $ (0.17) | $ (0.01) | $ (0.08) | $ 0.28 | $ (0.09) | $ (0.19) | $ 0.39 | $ (1.77) | $ 0.39 | $ (0.27) |
Diluted (in dollars per share) | $ (1.51) | $ (0.17) | $ (0.01) | $ (0.08) | $ 0.28 | $ (0.09) | $ (0.19) | $ 0.39 | $ (1.77) | $ 0.39 | $ (0.27) |
GUARANTOR SUBSIDIARIES - Schedu
GUARANTOR SUBSIDIARIES - Schedule Of Guarantor Obligations, Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 144,119 | $ 541,995 | $ 412,743 | $ 186,204 | |
Accounts receivable, net of allowance | 659,463 | 593,070 | |||
Intercompany receivables | 0 | 0 | |||
Prepaid expenses | 111,876 | 111,569 | |||
Assets held for sale | 0 | 55,602 | |||
Other current assets | 58,714 | 39,199 | |||
Total Current Assets | 974,172 | 1,341,435 | |||
Structures, net | 1,180,882 | 1,196,676 | |||
Other property, plant and equipment, net | 214,147 | 216,157 | |||
Indefinite-lived intangibles | 977,152 | 960,966 | |||
Other intangibles, net | 273,862 | 299,617 | |||
Goodwill | 714,043 | 696,263 | 758,575 | ||
Due from iHeartCommunications | 211,990 | $ 1,067,600 | 885,701 | ||
Intercompany notes receivable | 0 | 0 | |||
Other assets | 124,534 | 122,013 | |||
Total Assets | 4,670,782 | 5,718,828 | 6,306,788 | ||
Accounts payable | 87,960 | 86,870 | |||
Intercompany payable | 0 | 0 | |||
Accrued expenses | 509,801 | 480,872 | |||
Deferred income | 59,178 | 67,005 | |||
Current portion of long-term debt | 573 | 6,971 | |||
Total Current Liabilities | 657,512 | 641,718 | |||
Long-term debt | 5,266,153 | 5,110,020 | |||
Intercompany notes payable | 0 | 0 | |||
Deferred tax liability | 318,107 | 638,705 | |||
Other long-term liabilities | 270,415 | 259,311 | |||
Total stockholders' equity (deficit) | (1,841,405) | (930,926) | (567,824) | (139,332) | |
Total Liabilities and Stockholders' Equity (Deficit) | 4,670,782 | 5,718,828 | |||
Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | 0 | (19,960) | |
Accounts receivable, net of allowance | 0 | 0 | |||
Intercompany receivables | (3,798,016) | (3,480,568) | |||
Prepaid expenses | 0 | 0 | |||
Assets held for sale | 0 | ||||
Other current assets | 0 | 0 | |||
Total Current Assets | (3,798,016) | (3,480,568) | |||
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 | (5,298,478) | (5,069,380) | |||
Other assets | (1,840,293) | (1,963,507) | |||
Total Assets | (10,936,787) | (10,513,455) | |||
Accounts payable | 0 | 0 | |||
Intercompany payable | (3,798,016) | (3,480,568) | |||
Accrued expenses | 0 | 0 | |||
Deferred income | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Total Current Liabilities | (3,798,016) | (3,480,568) | |||
Long-term debt | 0 | 0 | |||
Intercompany notes payable | (5,298,478) | (5,069,380) | |||
Deferred tax liability | 0 | 0 | |||
Other long-term liabilities | 0 | 0 | |||
Total stockholders' equity (deficit) | (1,840,293) | (1,963,507) | |||
Total Liabilities and Stockholders' Equity (Deficit) | (10,936,787) | (10,513,455) | |||
Parent Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 2,212 | 300,285 | 218,701 | 905 | |
Accounts receivable, net of allowance | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Prepaid expenses | 291 | 1,363 | |||
Assets held for sale | 0 | ||||
Other current assets | 25,441 | 0 | |||
Total Current Assets | 27,944 | 301,648 | |||
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 | 211,990 | 885,701 | |||
Intercompany notes receivable | 182,026 | 182,026 | |||
Other assets | 447,152 | 280,435 | |||
Total Assets | 869,112 | 1,649,810 | |||
Accounts payable | 0 | 0 | |||
Intercompany payable | 2,924,888 | 2,694,094 | |||
Accrued expenses | 1,167 | 2,223 | |||
Deferred income | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Total Current Liabilities | 2,926,055 | 2,696,317 | |||
Long-term debt | 0 | 0 | |||
Intercompany notes payable | 0 | 0 | |||
Deferred tax liability | (93,111) | 772 | |||
Other long-term liabilities | 1,157 | 1,055 | |||
Total stockholders' equity (deficit) | (1,964,989) | (1,048,334) | |||
Total Liabilities and Stockholders' Equity (Deficit) | 869,112 | 1,649,810 | |||
Subsidiary Issuer | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Accounts receivable, net of allowance | 0 | 0 | |||
Intercompany receivables | 785,075 | 687,043 | |||
Prepaid expenses | 3,433 | 3,433 | |||
Assets held for sale | 0 | ||||
Other current assets | 0 | 0 | |||
Total Current Assets | 788,508 | 690,476 | |||
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 | 5,087,742 | 4,887,354 | |||
Other assets | 111,432 | 418,658 | |||
Total Assets | 5,987,682 | 5,996,488 | |||
Accounts payable | 0 | 0 | |||
Intercompany payable | 0 | 0 | |||
Accrued expenses | (1,315) | 58,652 | |||
Deferred income | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Total Current Liabilities | (1,315) | 58,652 | |||
Long-term debt | 4,895,104 | 4,886,318 | |||
Intercompany notes payable | 16,273 | 5,000 | |||
Deferred tax liability | 853 | 1,367 | |||
Other long-term liabilities | 0 | 0 | |||
Total stockholders' equity (deficit) | 1,076,767 | 1,045,151 | |||
Total Liabilities and Stockholders' Equity (Deficit) | 5,987,682 | 5,996,488 | |||
Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 22,841 | 61,542 | 18,455 | 0 | |
Accounts receivable, net of allowance | 192,493 | 193,474 | |||
Intercompany receivables | 2,924,888 | 2,694,094 | |||
Prepaid expenses | 50,028 | 51,751 | |||
Assets held for sale | 55,602 | ||||
Other current assets | 2,552 | 6,873 | |||
Total Current Assets | 3,192,802 | 3,063,336 | |||
Structures, net | 675,443 | 746,877 | |||
Other property, plant and equipment, net | 119,856 | 124,138 | |||
Indefinite-lived intangibles | 977,152 | 951,439 | |||
Other intangibles, net | 248,674 | 259,915 | |||
Goodwill | 507,820 | 505,478 | |||
Due from iHeartCommunications | 0 | 0 | |||
Intercompany notes receivable | 12,437 | 0 | |||
Other assets | 1,335,346 | 1,320,838 | |||
Total Assets | 7,069,530 | 6,972,021 | |||
Accounts payable | 7,592 | 14,897 | |||
Intercompany payable | 873,128 | 786,474 | |||
Accrued expenses | 91,325 | 35,509 | |||
Deferred income | 25,278 | 33,471 | |||
Current portion of long-term debt | 115 | 89 | |||
Total Current Liabilities | 997,438 | 870,440 | |||
Long-term debt | 1,820 | 1,711 | |||
Intercompany notes payable | 5,046,119 | 5,027,681 | |||
Deferred tax liability | 466,827 | 685,780 | |||
Other long-term liabilities | 140,272 | 135,094 | |||
Total stockholders' equity (deficit) | 417,054 | 251,315 | |||
Total Liabilities and Stockholders' Equity (Deficit) | 7,069,530 | 6,972,021 | |||
Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 119,066 | 180,168 | $ 175,587 | $ 205,259 | |
Accounts receivable, net of allowance | 466,970 | 399,596 | |||
Intercompany receivables | 88,053 | 99,431 | |||
Prepaid expenses | 58,124 | 55,022 | |||
Assets held for sale | 0 | ||||
Other current assets | 30,721 | 32,326 | |||
Total Current Assets | 762,934 | 766,543 | |||
Structures, net | 505,439 | 449,799 | |||
Other property, plant and equipment, net | 94,291 | 92,019 | |||
Indefinite-lived intangibles | 0 | 9,527 | |||
Other intangibles, net | 25,188 | 39,702 | |||
Goodwill | 206,223 | 190,785 | |||
Due from iHeartCommunications | 0 | 0 | |||
Intercompany notes receivable | 16,273 | 0 | |||
Other assets | 70,897 | 65,589 | |||
Total Assets | 1,681,245 | 1,613,964 | |||
Accounts payable | 80,368 | 71,973 | |||
Intercompany payable | 0 | 0 | |||
Accrued expenses | 418,624 | 384,488 | |||
Deferred income | 33,900 | 33,534 | |||
Current portion of long-term debt | 458 | 6,882 | |||
Total Current Liabilities | 533,350 | 496,877 | |||
Long-term debt | 369,229 | 221,991 | |||
Intercompany notes payable | 236,086 | 36,699 | |||
Deferred tax liability | (56,462) | (49,214) | |||
Other long-term liabilities | 128,986 | 123,162 | |||
Total stockholders' equity (deficit) | 470,056 | 784,449 | |||
Total Liabilities and Stockholders' Equity (Deficit) | $ 1,681,245 | $ 1,613,964 |
GUARANTOR SUBSIDIARIES - Sche87
GUARANTOR SUBSIDIARIES - Schedule Of Guarantor Obligations, Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | $ 729,131 | $ 645,089 | $ 672,319 | $ 544,726 | $ 722,563 | $ 669,221 | $ 708,086 | $ 589,014 | $ 2,591,265 | $ 2,688,884 | $ 2,806,204 |
Operating expenses: | |||||||||||
Direct operating expenses | 368,561 | 356,100 | 350,173 | 327,931 | 355,820 | 362,250 | 362,001 | 341,987 | 1,402,765 | 1,422,058 | 1,494,902 |
Selling, general and administrative expenses | 138,568 | 128,397 | 125,898 | 115,774 | 126,670 | 126,164 | 135,567 | 126,801 | 508,637 | 515,202 | 531,504 |
Corporate expenses | 38,465 | 35,333 | 35,340 | 34,540 | 31,436 | 28,103 | 29,673 | 28,224 | 143,678 | 117,436 | 116,523 |
Depreciation and amortization | 89,111 | 81,096 | 78,290 | 77,494 | 85,975 | 85,780 | 86,974 | 85,395 | 325,991 | 344,124 | 375,962 |
Impairment charges | 2,568 | 1,591 | 0 | 0 | 0 | 7,274 | 0 | 0 | 4,159 | 7,274 | 21,631 |
Other operating income (expense), net | (2,266) | (11,783) | 7,829 | 32,611 | 128,203 | 1,095 | (59,384) | 284,774 | 26,391 | 354,688 | (4,824) |
Operating income | 89,592 | 30,789 | 90,447 | 21,598 | 250,865 | 60,745 | 34,487 | 291,381 | 232,426 | 637,478 | 260,858 |
Interest (income) expense, net | 98,419 | 95,467 | 94,630 | 92,633 | 93,056 | 93,313 | 94,650 | 93,873 | 381,149 | 374,892 | 355,669 |
Interest income on Due from iHeartCommunications | 21,594 | 17,087 | 15,383 | 14,807 | 13,876 | 12,429 | 11,291 | 12,713 | 68,871 | 50,309 | 61,439 |
Intercompany interest income | 0 | 0 | 0 | ||||||||
Intercompany interest expense | 0 | 0 | 0 | ||||||||
Loss on Due from iHeartCommunications | (855,648) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (855,648) | 0 | 0 |
Gain (loss) on investments, net | (253) | (532) | (135) | (125) | (250) | 781 | 0 | 0 | (1,045) | 531 | 0 |
Equity in loss of nonconsolidated affiliates | (161) | (628) | 271 | (472) | (315) | (727) | (232) | (415) | (990) | (1,689) | (289) |
Other income, net | 7,204 | 9,696 | 8,908 | 3,992 | (23,703) | (7,305) | (33,871) | (5,803) | 29,800 | (70,682) | 12,387 |
Income (loss) before income taxes | (836,091) | (39,055) | 20,244 | (52,833) | 147,417 | (27,390) | (82,975) | 204,003 | (907,735) | 241,055 | (21,274) |
Income tax benefit (expense) | 293,118 | (16,347) | (18,390) | 21,837 | (39,077) | 3,619 | 21,719 | (62,917) | 280,218 | (76,656) | (49,943) |
Consolidated net income (loss) | (542,973) | (55,402) | 1,854 | (30,996) | 108,340 | (23,771) | (61,256) | 141,086 | (627,517) | 164,399 | (71,217) |
Less amount attributable to noncontrolling interest | 1,326 | 6,237 | 6,631 | (1,995) | 6,840 | 7,329 | 7,857 | 976 | 12,199 | 23,002 | 24,764 |
Net income (loss) attributable to the Company | $ (544,299) | $ (61,639) | $ (4,777) | $ (29,001) | $ 101,500 | $ (31,100) | $ (69,113) | $ 140,110 | (639,716) | 141,397 | (95,981) |
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 45,151 | 22,408 | (112,729) | ||||||||
Unrealized holding gain (loss) on marketable securities | (414) | (576) | 553 | ||||||||
Other adjustments to comprehensive income (loss) | 6,720 | (11,814) | (10,266) | ||||||||
Reclassification adjustments | 5,441 | 46,730 | 808 | ||||||||
Equity in subsidiary comprehensive income | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | (582,818) | 198,145 | (217,615) | ||||||||
Less amount attributable to noncontrolling interest | 9,176 | (8,427) | (11,154) | ||||||||
Comprehensive income (loss) attributable to the Company | (591,994) | 206,572 | (206,461) | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating expenses: | |||||||||||
Direct operating expenses | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income (expense), net | 0 | 0 | 0 | ||||||||
Operating income | 0 | 0 | 0 | ||||||||
Interest (income) expense, net | 0 | 0 | 0 | ||||||||
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | ||||||||
Intercompany interest income | (425,882) | (409,717) | (418,527) | ||||||||
Intercompany interest expense | (425,882) | (409,717) | (418,527) | ||||||||
Loss on Due from iHeartCommunications | 0 | ||||||||||
Gain (loss) on investments, net | 0 | 0 | |||||||||
Equity in loss of nonconsolidated affiliates | (104,631) | (160,929) | 61,581 | ||||||||
Other income, net | 0 | 0 | (24,575) | ||||||||
Income (loss) before income taxes | (104,631) | (160,929) | 37,006 | ||||||||
Income tax benefit (expense) | 0 | 0 | 0 | ||||||||
Consolidated net income (loss) | (104,631) | (160,929) | 37,006 | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to the Company | (104,631) | (160,929) | 37,006 | ||||||||
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | ||||||||
Unrealized holding gain (loss) on marketable securities | 0 | 0 | 0 | ||||||||
Other adjustments to comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Reclassification adjustments | 0 | 0 | 0 | ||||||||
Equity in subsidiary comprehensive income | (133,234) | (205,108) | 266,222 | ||||||||
Comprehensive income (loss) | (237,865) | (366,037) | 303,228 | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to the Company | (237,865) | (366,037) | 303,228 | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating expenses: | |||||||||||
Direct operating expenses | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Corporate expenses | 14,660 | 13,157 | 13,049 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income (expense), net | (406) | (427) | (458) | ||||||||
Operating income | (15,066) | (13,584) | (13,507) | ||||||||
Interest (income) expense, net | (414) | (1,195) | 2 | ||||||||
Interest income on Due from iHeartCommunications | 68,871 | 50,309 | 61,439 | ||||||||
Intercompany interest income | 16,349 | 16,142 | 16,068 | ||||||||
Intercompany interest expense | 68,871 | 50,309 | 61,439 | ||||||||
Loss on Due from iHeartCommunications | (855,648) | ||||||||||
Gain (loss) on investments, net | 0 | 0 | |||||||||
Equity in loss of nonconsolidated affiliates | 118,995 | 136,885 | (75,927) | ||||||||
Other income, net | 3,167 | 3,429 | 2,915 | ||||||||
Income (loss) before income taxes | (731,789) | 144,067 | (70,453) | ||||||||
Income tax benefit (expense) | 92,073 | (2,670) | (953) | ||||||||
Consolidated net income (loss) | (639,716) | 141,397 | (71,406) | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to the Company | (639,716) | 141,397 | (71,406) | ||||||||
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | ||||||||
Unrealized holding gain (loss) on marketable securities | 0 | 0 | 0 | ||||||||
Other adjustments to comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Reclassification adjustments | 0 | 0 | 0 | ||||||||
Equity in subsidiary comprehensive income | 47,722 | 65,175 | (110,480) | ||||||||
Comprehensive income (loss) | (591,994) | 206,572 | (181,886) | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to the Company | (591,994) | 206,572 | (181,886) | ||||||||
Subsidiary Issuer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating expenses: | |||||||||||
Direct operating expenses | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income (expense), net | 0 | 0 | 0 | ||||||||
Operating income | 0 | 0 | 0 | ||||||||
Interest (income) expense, net | 353,082 | 353,447 | 352,329 | ||||||||
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | ||||||||
Intercompany interest income | 339,925 | 341,472 | 340,457 | ||||||||
Intercompany interest expense | 406 | 15 | 0 | ||||||||
Loss on Due from iHeartCommunications | 0 | ||||||||||
Gain (loss) on investments, net | 0 | 0 | |||||||||
Equity in loss of nonconsolidated affiliates | 4,749 | 44,767 | 10,383 | ||||||||
Other income, net | 0 | 0 | 3,440 | ||||||||
Income (loss) before income taxes | (8,814) | 32,777 | 1,951 | ||||||||
Income tax benefit (expense) | 2,405 | (55,574) | (575) | ||||||||
Consolidated net income (loss) | (6,409) | (22,797) | 1,376 | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to the Company | (6,409) | (22,797) | 1,376 | ||||||||
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 0 | 0 | (3,440) | ||||||||
Unrealized holding gain (loss) on marketable securities | 0 | 0 | 0 | ||||||||
Other adjustments to comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Reclassification adjustments | 0 | 0 | 0 | ||||||||
Equity in subsidiary comprehensive income | 38,025 | 66,758 | (61,867) | ||||||||
Comprehensive income (loss) | 31,616 | 43,961 | (63,931) | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to the Company | 31,616 | 43,961 | (63,931) | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 1,137,003 | 1,144,445 | 1,193,320 | ||||||||
Operating expenses: | |||||||||||
Direct operating expenses | 510,271 | 497,634 | 507,729 | ||||||||
Selling, general and administrative expenses | 192,452 | 196,006 | 199,769 | ||||||||
Corporate expenses | 93,232 | 61,926 | 58,719 | ||||||||
Depreciation and amortization | 181,906 | 177,918 | 194,891 | ||||||||
Impairment charges | 0 | 0 | 21,631 | ||||||||
Other operating income (expense), net | 34,943 | 291,717 | (7,732) | ||||||||
Operating income | 194,085 | 502,678 | 202,849 | ||||||||
Interest (income) expense, net | (205) | 721 | 1,630 | ||||||||
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | ||||||||
Intercompany interest income | 69,424 | 52,103 | 62,002 | ||||||||
Intercompany interest expense | 356,458 | 357,614 | 356,525 | ||||||||
Loss on Due from iHeartCommunications | 0 | ||||||||||
Gain (loss) on investments, net | 0 | (250) | |||||||||
Equity in loss of nonconsolidated affiliates | (18,122) | (19,575) | 5,609 | ||||||||
Other income, net | 11,232 | (6,376) | 20,318 | ||||||||
Income (loss) before income taxes | (99,634) | 170,245 | (67,377) | ||||||||
Income tax benefit (expense) | 218,629 | (33,360) | (8,550) | ||||||||
Consolidated net income (loss) | 118,995 | 136,885 | (75,927) | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to the Company | 118,995 | 136,885 | (75,927) | ||||||||
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 235 | (8,000) | (16,605) | ||||||||
Unrealized holding gain (loss) on marketable securities | 0 | 0 | 0 | ||||||||
Other adjustments to comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Reclassification adjustments | 0 | 0 | 0 | ||||||||
Equity in subsidiary comprehensive income | 47,487 | 73,175 | (93,875) | ||||||||
Comprehensive income (loss) | 166,717 | 202,060 | (186,407) | ||||||||
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to the Company | 166,717 | 202,060 | (186,407) | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 1,454,262 | 1,544,439 | 1,612,884 | ||||||||
Operating expenses: | |||||||||||
Direct operating expenses | 892,494 | 924,424 | 987,173 | ||||||||
Selling, general and administrative expenses | 316,185 | 319,196 | 331,735 | ||||||||
Corporate expenses | 35,786 | 42,353 | 44,755 | ||||||||
Depreciation and amortization | 144,085 | 166,206 | 181,071 | ||||||||
Impairment charges | 4,159 | 7,274 | 0 | ||||||||
Other operating income (expense), net | (8,146) | 63,398 | 3,366 | ||||||||
Operating income | 53,407 | 148,384 | 71,516 | ||||||||
Interest (income) expense, net | 28,686 | 21,919 | 1,708 | ||||||||
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | ||||||||
Intercompany interest income | 184 | 0 | 0 | ||||||||
Intercompany interest expense | 147 | 1,779 | 563 | ||||||||
Loss on Due from iHeartCommunications | 0 | ||||||||||
Gain (loss) on investments, net | (1,045) | 781 | |||||||||
Equity in loss of nonconsolidated affiliates | (1,981) | (2,837) | (1,935) | ||||||||
Other income, net | 15,401 | (67,735) | 10,289 | ||||||||
Income (loss) before income taxes | 37,133 | 54,895 | 77,599 | ||||||||
Income tax benefit (expense) | (32,889) | 14,948 | (39,865) | ||||||||
Consolidated net income (loss) | 4,244 | 69,843 | 37,734 | ||||||||
Less amount attributable to noncontrolling interest | 12,199 | 23,002 | 24,764 | ||||||||
Net income (loss) attributable to the Company | (7,955) | 46,841 | 12,970 | ||||||||
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 44,916 | 30,408 | (92,684) | ||||||||
Unrealized holding gain (loss) on marketable securities | (414) | (576) | 553 | ||||||||
Other adjustments to comprehensive income (loss) | 6,720 | (11,814) | (10,266) | ||||||||
Reclassification adjustments | 5,441 | 46,730 | 808 | ||||||||
Equity in subsidiary comprehensive income | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | 48,708 | 111,589 | (88,619) | ||||||||
Less amount attributable to noncontrolling interest | 9,176 | (8,427) | (11,154) | ||||||||
Comprehensive income (loss) attributable to the Company | $ 39,532 | $ 120,016 | $ (77,465) |
GUARANTOR SUBSIDIARIES - Sche88
GUARANTOR SUBSIDIARIES - Schedule Of Guarantor Obligations, Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | $ (542,973) | $ (55,402) | $ 1,854 | $ (30,996) | $ 108,340 | $ (23,771) | $ (61,256) | $ 141,086 | $ (627,517) | $ 164,399 | $ (71,217) |
Reconciling items: | |||||||||||
Impairment charges | 2,568 | 1,591 | 0 | 0 | 0 | 7,274 | 0 | 0 | 4,159 | 7,274 | 21,631 |
Depreciation and amortization | 89,111 | 81,096 | 78,290 | 77,494 | 85,975 | 85,780 | 86,974 | 85,395 | 325,991 | 344,124 | 375,962 |
Deferred taxes | (311,112) | 31,314 | 3,305 | ||||||||
Provision for doubtful accounts | 6,740 | 10,659 | 13,384 | ||||||||
Amortization of deferred financing charges and note discounts, net | 10,527 | 10,572 | 8,770 | ||||||||
Share-based compensation | 9,590 | 10,291 | 8,502 | ||||||||
(Gain) loss on disposal of operating assets, net | (29,347) | (363,485) | (5,468) | ||||||||
Loss on Due from iHeartCommunications | 855,648 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 855,648 | 0 | 0 |
(Gain) loss on investments | 253 | 532 | 135 | 125 | 250 | (781) | 0 | 0 | 1,045 | (531) | 0 |
Equity in (earnings) loss of nonconsolidated affiliates | 161 | $ 628 | $ (271) | 472 | 315 | $ 727 | $ 232 | 415 | 990 | 1,689 | 289 |
Foreign exchange transaction (gain) loss | (29,563) | 69,599 | (14,790) | ||||||||
Other reconciling items, net | (4,710) | (135) | 1,350 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Decrease in accounts receivable | (39,790) | 30,308 | (56,580) | ||||||||
(Increase) decrease in prepaids and other current assets | 9,552 | (15,578) | (1,728) | ||||||||
Increase (decrease) in accrued expenses | (7,316) | 25,518 | 4,565 | ||||||||
Increase (decrease) in accounts payable | (4,126) | (3,797) | 30,642 | ||||||||
Increase (decrease) in accrued interest | 431 | 194 | (4,072) | ||||||||
Decrease in deferred income | (13,273) | (18,119) | 2,549 | ||||||||
Changes in other operating assets and liabilities | (10,331) | 5,997 | (18,161) | ||||||||
Net cash provided by operating activities | 147,588 | 310,293 | 298,933 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | (224,238) | (229,772) | (218,332) | ||||||||
Proceeds from disposal of assets | 72,049 | 808,194 | 11,264 | ||||||||
Purchases of other operating assets | (837) | (2,244) | (23,640) | ||||||||
(Increase) decrease in intercompany notes receivable, net | 0 | 0 | 0 | ||||||||
Dividends from subsidiaries | 0 | 0 | 0 | ||||||||
Change in other, net | (22,875) | (24,679) | (27,017) | ||||||||
Net cash provided by (used for) investing activities | (175,901) | 551,499 | (257,725) | ||||||||
Cash flows from financing activities: | |||||||||||
Payments on credit facilities | (909) | (2,100) | (3,849) | ||||||||
Proceeds from long-term debt | 156,000 | 6,856 | 222,777 | ||||||||
Payments on long-term debt | (748) | (2,334) | (56) | ||||||||
Net transfers to iHeartCommunications | (181,939) | 45,099 | 17,007 | ||||||||
Dividends and other payments to noncontrolling interests | (12,010) | (16,917) | (30,870) | ||||||||
Dividends paid | (332,824) | (755,538) | 0 | ||||||||
Increase (decrease) in intercompany notes payable, net | 0 | 0 | 0 | ||||||||
Intercompany funding | 0 | 0 | 0 | ||||||||
Change in other, net | (7,083) | (1,565) | (5,955) | ||||||||
Net cash provided by (used for) financing activities | (379,513) | (726,499) | 199,054 | ||||||||
Effect of exchange rate changes on cash | 9,950 | (6,041) | (13,723) | ||||||||
Net increase (decrease) in cash and cash equivalents | (397,876) | 129,252 | 226,539 | ||||||||
Cash and cash equivalents at beginning of year | 541,995 | 412,743 | 541,995 | 412,743 | 186,204 | ||||||
Cash and cash equivalents at end of year | 144,119 | 541,995 | 144,119 | 541,995 | 412,743 | ||||||
Eliminations | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | (104,631) | (160,929) | 37,006 | ||||||||
Reconciling items: | |||||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Deferred taxes | 0 | 0 | 0 | ||||||||
Provision for doubtful accounts | 0 | 0 | 0 | ||||||||
Amortization of deferred financing charges and note discounts, net | 0 | 0 | 0 | ||||||||
Share-based compensation | 0 | 0 | 0 | ||||||||
(Gain) loss on disposal of operating assets, net | 0 | 0 | 0 | ||||||||
Loss on Due from iHeartCommunications | 0 | ||||||||||
(Gain) loss on investments | 0 | 0 | |||||||||
Equity in (earnings) loss of nonconsolidated affiliates | 104,631 | 160,929 | (61,581) | ||||||||
Foreign exchange transaction (gain) loss | 0 | 0 | 0 | ||||||||
Other reconciling items, net | 0 | 0 | 0 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Decrease in accounts receivable | 0 | 0 | 0 | ||||||||
(Increase) decrease in prepaids and other current assets | 0 | 0 | |||||||||
Increase (decrease) in accrued expenses | 0 | 0 | 0 | ||||||||
Increase (decrease) in accounts payable | 0 | 0 | 19,960 | ||||||||
Increase (decrease) in accrued interest | 0 | 0 | 0 | ||||||||
Decrease in deferred income | 0 | 0 | 0 | ||||||||
Changes in other operating assets and liabilities | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 0 | 0 | (4,615) | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | 0 | 0 | 0 | ||||||||
Proceeds from disposal of assets | 0 | 0 | 0 | ||||||||
Purchases of other operating assets | 0 | 0 | 0 | ||||||||
(Increase) decrease in intercompany notes receivable, net | (138,339) | (220,038) | (70,125) | ||||||||
Dividends from subsidiaries | (10,710) | (235,467) | (157,570) | ||||||||
Change in other, net | 0 | 79 | 9,513 | ||||||||
Net cash provided by (used for) investing activities | (149,049) | (455,426) | (218,182) | ||||||||
Cash flows from financing activities: | |||||||||||
Payments on credit facilities | 0 | 0 | 0 | ||||||||
Proceeds from long-term debt | 0 | 0 | 0 | ||||||||
Payments on long-term debt | 0 | 0 | 0 | ||||||||
Net transfers to iHeartCommunications | 0 | 0 | 0 | ||||||||
Dividends and other payments to noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends paid | 10,710 | 235,467 | 182,145 | ||||||||
Increase (decrease) in intercompany notes payable, net | 138,339 | 220,038 | 70,125 | ||||||||
Intercompany funding | 0 | 0 | 0 | ||||||||
Change in other, net | 0 | (79) | (9,513) | ||||||||
Net cash provided by (used for) financing activities | 149,049 | 455,426 | 242,757 | ||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 19,960 | ||||||||
Cash and cash equivalents at beginning of year | 0 | 0 | 0 | 0 | (19,960) | ||||||
Cash and cash equivalents at end of year | 0 | 0 | 0 | 0 | 0 | ||||||
Parent Company | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | (639,716) | 141,397 | (71,406) | ||||||||
Reconciling items: | |||||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Deferred taxes | (93,882) | 0 | 0 | ||||||||
Provision for doubtful accounts | 0 | 0 | 0 | ||||||||
Amortization of deferred financing charges and note discounts, net | 0 | 0 | 0 | ||||||||
Share-based compensation | 0 | 0 | 0 | ||||||||
(Gain) loss on disposal of operating assets, net | 0 | 0 | 0 | ||||||||
Loss on Due from iHeartCommunications | 855,648 | ||||||||||
(Gain) loss on investments | 0 | 0 | |||||||||
Equity in (earnings) loss of nonconsolidated affiliates | (118,995) | (136,885) | 75,927 | ||||||||
Foreign exchange transaction (gain) loss | 0 | 0 | 0 | ||||||||
Other reconciling items, net | 0 | 0 | 0 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Decrease in accounts receivable | 0 | 0 | 0 | ||||||||
(Increase) decrease in prepaids and other current assets | 1,072 | 60 | (124) | ||||||||
Increase (decrease) in accrued expenses | (436) | (227) | 486 | ||||||||
Increase (decrease) in accounts payable | 0 | 0 | 0 | ||||||||
Increase (decrease) in accrued interest | 0 | 0 | 0 | ||||||||
Decrease in deferred income | 0 | 0 | 0 | ||||||||
Changes in other operating assets and liabilities | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 3,691 | 4,345 | 4,883 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | 0 | 0 | 0 | ||||||||
Proceeds from disposal of assets | 0 | 0 | 0 | ||||||||
Purchases of other operating assets | 0 | 0 | 0 | ||||||||
(Increase) decrease in intercompany notes receivable, net | 0 | 0 | 0 | ||||||||
Dividends from subsidiaries | 0 | 0 | 0 | ||||||||
Change in other, net | (25,441) | 0 | 0 | ||||||||
Net cash provided by (used for) investing activities | (25,441) | 0 | 0 | ||||||||
Cash flows from financing activities: | |||||||||||
Payments on credit facilities | 0 | 0 | 0 | ||||||||
Proceeds from long-term debt | 0 | 0 | 0 | ||||||||
Payments on long-term debt | 0 | 0 | 0 | ||||||||
Net transfers to iHeartCommunications | (181,939) | 45,099 | 17,007 | ||||||||
Dividends and other payments to noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends paid | (332,824) | (755,538) | 0 | ||||||||
Increase (decrease) in intercompany notes payable, net | 0 | 0 | 0 | ||||||||
Intercompany funding | 239,908 | 789,044 | 193,021 | ||||||||
Change in other, net | (1,468) | (1,366) | 2,885 | ||||||||
Net cash provided by (used for) financing activities | (276,323) | 77,239 | 212,913 | ||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||||||
Net increase (decrease) in cash and cash equivalents | (298,073) | 81,584 | 217,796 | ||||||||
Cash and cash equivalents at beginning of year | 300,285 | 218,701 | 300,285 | 218,701 | 905 | ||||||
Cash and cash equivalents at end of year | 2,212 | 300,285 | 2,212 | 300,285 | 218,701 | ||||||
Subsidiary Issuer | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | (6,409) | (22,797) | 1,376 | ||||||||
Reconciling items: | |||||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Deferred taxes | (514) | 0 | 1,282 | ||||||||
Provision for doubtful accounts | 0 | 0 | 0 | ||||||||
Amortization of deferred financing charges and note discounts, net | 8,786 | 8,741 | 7,468 | ||||||||
Share-based compensation | 0 | 0 | 0 | ||||||||
(Gain) loss on disposal of operating assets, net | 0 | 0 | 0 | ||||||||
Loss on Due from iHeartCommunications | 0 | ||||||||||
(Gain) loss on investments | 0 | 0 | |||||||||
Equity in (earnings) loss of nonconsolidated affiliates | (4,749) | (44,767) | (10,383) | ||||||||
Foreign exchange transaction (gain) loss | 0 | 0 | (3,440) | ||||||||
Other reconciling items, net | 0 | 0 | 0 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Decrease in accounts receivable | 0 | 0 | 0 | ||||||||
(Increase) decrease in prepaids and other current assets | 0 | 0 | (3,433) | ||||||||
Increase (decrease) in accrued expenses | (59,968) | 59,359 | (983) | ||||||||
Increase (decrease) in accounts payable | 0 | 0 | 0 | ||||||||
Increase (decrease) in accrued interest | 0 | 0 | (3,199) | ||||||||
Decrease in deferred income | 0 | 0 | 0 | ||||||||
Changes in other operating assets and liabilities | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | (62,854) | 536 | (11,312) | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | 0 | 0 | 0 | ||||||||
Proceeds from disposal of assets | 0 | 0 | 0 | ||||||||
Purchases of other operating assets | 0 | 0 | 0 | ||||||||
(Increase) decrease in intercompany notes receivable, net | 149,612 | 220,038 | 70,125 | ||||||||
Dividends from subsidiaries | 0 | 0 | 157,570 | ||||||||
Change in other, net | 0 | (79) | (8,606) | ||||||||
Net cash provided by (used for) investing activities | 149,612 | 219,959 | 219,089 | ||||||||
Cash flows from financing activities: | |||||||||||
Payments on credit facilities | 0 | 0 | 0 | ||||||||
Proceeds from long-term debt | 0 | 0 | 0 | ||||||||
Payments on long-term debt | 0 | 0 | 0 | ||||||||
Net transfers to iHeartCommunications | 0 | 0 | 0 | ||||||||
Dividends and other payments to noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends paid | 0 | 0 | 0 | ||||||||
Increase (decrease) in intercompany notes payable, net | 11,273 | 5,000 | 0 | ||||||||
Intercompany funding | (98,031) | (225,495) | (207,777) | ||||||||
Change in other, net | 0 | 0 | 0 | ||||||||
Net cash provided by (used for) financing activities | (86,758) | (220,495) | (207,777) | ||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at beginning of year | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents at end of year | 0 | 0 | 0 | 0 | 0 | ||||||
Guarantor Subsidiaries | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | 118,995 | 136,885 | (75,927) | ||||||||
Reconciling items: | |||||||||||
Impairment charges | 0 | 0 | 21,631 | ||||||||
Depreciation and amortization | 181,906 | 177,918 | 194,891 | ||||||||
Deferred taxes | (218,955) | 88,083 | 7,305 | ||||||||
Provision for doubtful accounts | 10,083 | 5,565 | 5,398 | ||||||||
Amortization of deferred financing charges and note discounts, net | 0 | 0 | 1,230 | ||||||||
Share-based compensation | 6,432 | 5,658 | 5,855 | ||||||||
(Gain) loss on disposal of operating assets, net | (35,020) | (293,802) | (1,235) | ||||||||
Loss on Due from iHeartCommunications | 0 | ||||||||||
(Gain) loss on investments | 0 | 250 | |||||||||
Equity in (earnings) loss of nonconsolidated affiliates | 18,122 | 19,575 | (5,609) | ||||||||
Foreign exchange transaction (gain) loss | (27) | 22,874 | (11) | ||||||||
Other reconciling items, net | (3,423) | 1,256 | 1,350 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Decrease in accounts receivable | (9,104) | 13,660 | (12,878) | ||||||||
(Increase) decrease in prepaids and other current assets | 2,410 | 5,662 | 4,664 | ||||||||
Increase (decrease) in accrued expenses | 56,926 | (70,834) | 5,476 | ||||||||
Increase (decrease) in accounts payable | (7,305) | 2,764 | (15,742) | ||||||||
Increase (decrease) in accrued interest | (77) | (571) | 15 | ||||||||
Decrease in deferred income | (8,401) | (5,265) | (6,879) | ||||||||
Changes in other operating assets and liabilities | (3,067) | 9,846 | (17,114) | ||||||||
Net cash provided by operating activities | 109,495 | 119,524 | 112,420 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | (73,641) | (77,034) | (72,374) | ||||||||
Proceeds from disposal of assets | 55,747 | 358,906 | 4,626 | ||||||||
Purchases of other operating assets | (757) | (1,689) | (23,042) | ||||||||
(Increase) decrease in intercompany notes receivable, net | 11 | 0 | 0 | ||||||||
Dividends from subsidiaries | 10,710 | 235,467 | 0 | ||||||||
Change in other, net | (5) | 0 | (909) | ||||||||
Net cash provided by (used for) investing activities | (7,935) | 515,650 | (91,699) | ||||||||
Cash flows from financing activities: | |||||||||||
Payments on credit facilities | 0 | 0 | 0 | ||||||||
Proceeds from long-term debt | 0 | 801 | 0 | ||||||||
Payments on long-term debt | (100) | (79) | (56) | ||||||||
Net transfers to iHeartCommunications | 0 | 0 | 0 | ||||||||
Dividends and other payments to noncontrolling interests | 0 | 0 | 0 | ||||||||
Dividends paid | 0 | (913) | 0 | ||||||||
Increase (decrease) in intercompany notes payable, net | 0 | (3,604) | (4,625) | ||||||||
Intercompany funding | (140,160) | (588,292) | 2,415 | ||||||||
Change in other, net | (1) | 0 | 0 | ||||||||
Net cash provided by (used for) financing activities | (140,261) | (592,087) | (2,266) | ||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||||||
Net increase (decrease) in cash and cash equivalents | (38,701) | 43,087 | 18,455 | ||||||||
Cash and cash equivalents at beginning of year | 61,542 | 18,455 | 61,542 | 18,455 | 0 | ||||||
Cash and cash equivalents at end of year | 22,841 | 61,542 | 22,841 | 61,542 | 18,455 | ||||||
Non-Guarantor Subsidiaries | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income (loss) | 4,244 | 69,843 | 37,734 | ||||||||
Reconciling items: | |||||||||||
Impairment charges | 4,159 | 7,274 | 0 | ||||||||
Depreciation and amortization | 144,085 | 166,206 | 181,071 | ||||||||
Deferred taxes | 2,239 | (56,769) | (5,282) | ||||||||
Provision for doubtful accounts | (3,343) | 5,094 | 7,986 | ||||||||
Amortization of deferred financing charges and note discounts, net | 1,741 | 1,831 | 72 | ||||||||
Share-based compensation | 3,158 | 4,633 | 2,647 | ||||||||
(Gain) loss on disposal of operating assets, net | 5,673 | (69,683) | (4,233) | ||||||||
Loss on Due from iHeartCommunications | 0 | ||||||||||
(Gain) loss on investments | 1,045 | (781) | |||||||||
Equity in (earnings) loss of nonconsolidated affiliates | 1,981 | 2,837 | 1,935 | ||||||||
Foreign exchange transaction (gain) loss | (29,536) | 46,725 | (11,339) | ||||||||
Other reconciling items, net | (1,287) | (1,391) | 0 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Decrease in accounts receivable | (30,686) | 16,648 | (43,702) | ||||||||
(Increase) decrease in prepaids and other current assets | 6,070 | (21,300) | (2,835) | ||||||||
Increase (decrease) in accrued expenses | (3,838) | 37,220 | (414) | ||||||||
Increase (decrease) in accounts payable | 3,179 | (6,561) | 26,424 | ||||||||
Increase (decrease) in accrued interest | 508 | 765 | (888) | ||||||||
Decrease in deferred income | (4,872) | (12,854) | 9,428 | ||||||||
Changes in other operating assets and liabilities | (7,264) | (3,849) | (1,047) | ||||||||
Net cash provided by operating activities | 97,256 | 185,888 | 197,557 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | (150,597) | (152,738) | (145,958) | ||||||||
Proceeds from disposal of assets | 16,302 | 449,288 | 6,638 | ||||||||
Purchases of other operating assets | (80) | (555) | (598) | ||||||||
(Increase) decrease in intercompany notes receivable, net | (11,284) | 0 | 0 | ||||||||
Dividends from subsidiaries | 0 | 0 | 0 | ||||||||
Change in other, net | 2,571 | (24,679) | (27,015) | ||||||||
Net cash provided by (used for) investing activities | (143,088) | 271,316 | (166,933) | ||||||||
Cash flows from financing activities: | |||||||||||
Payments on credit facilities | (909) | (2,100) | (3,849) | ||||||||
Proceeds from long-term debt | 156,000 | 6,055 | 222,777 | ||||||||
Payments on long-term debt | (648) | (2,255) | 0 | ||||||||
Net transfers to iHeartCommunications | 0 | 0 | 0 | ||||||||
Dividends and other payments to noncontrolling interests | (12,010) | (16,917) | (30,870) | ||||||||
Dividends paid | (10,710) | (234,554) | (182,145) | ||||||||
Increase (decrease) in intercompany notes payable, net | (149,612) | (221,434) | (65,500) | ||||||||
Intercompany funding | (1,717) | 24,743 | 12,341 | ||||||||
Change in other, net | (5,614) | (120) | 673 | ||||||||
Net cash provided by (used for) financing activities | (25,220) | (446,582) | (46,573) | ||||||||
Effect of exchange rate changes on cash | 9,950 | (6,041) | (13,723) | ||||||||
Net increase (decrease) in cash and cash equivalents | (61,102) | 4,581 | (29,672) | ||||||||
Cash and cash equivalents at beginning of year | $ 180,168 | $ 175,587 | 180,168 | 175,587 | 205,259 | ||||||
Cash and cash equivalents at end of year | $ 119,066 | $ 180,168 | $ 119,066 | $ 180,168 | $ 175,587 |
SCHEDULE II VALUATION AND QUA89
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Period | $ 22,398 | $ 25,348 | $ 24,308 |
Charges to Costs, Expenses and other | 6,740 | 10,659 | 13,384 |
Write-off of Accounts Receivable | 8,057 | 13,069 | 10,585 |
Other | 1,406 | (540) | (1,759) |
Balance at End of Period | $ 22,487 | $ 22,398 | $ 25,348 |
SCHEDULE II VALUATION AND QUA90
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Deferred Tax Asset Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves | |||
Deferred tax assets, valuation allowance | $ 274,219 | $ 136,039 | |
Release of valuation allowance | $ (32,900) | ||
U.S. | |||
Movement in Valuation Allowances and Reserves | |||
Deferred tax assets, valuation allowance | 149,200 | ||
France | |||
Movement in Valuation Allowances and Reserves | |||
Release of valuation allowance | 43,300 | ||
Deferred Tax Asset Valuation Allowance | |||
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Period | 136,039 | 185,079 | 168,555 |
Charges to Costs, Expenses and other | 158,857 | 47,795 | 41,704 |
Reversal | (12,155) | (82,475) | (457) |
Adjustments | (8,522) | (14,360) | (24,723) |
Balance at End of Period | 274,219 | 136,039 | $ 185,079 |
Deferred Tax Asset Valuation Allowance | U.S. | |||
Movement in Valuation Allowances and Reserves | |||
Release of valuation allowance | 32,900 | ||
Deferred Tax Asset Valuation Allowance | France | |||
Movement in Valuation Allowances and Reserves | |||
Charges to Costs, Expenses and other | $ 9,700 | ||
Release of valuation allowance | $ 43,300 |