Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 05, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
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 Small Business | false | |
Entity Emerging Growth Company | false | |
Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 50,413,296 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 315,000,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 191,117 | $ 144,119 |
Accounts receivable, net of allowance of $21,800 in 2018 and $22,487 in 2017 | 654,038 | 659,463 |
Prepaid expenses | 125,592 | 111,876 |
Other current assets | 32,725 | 58,714 |
Total Current Assets | 1,003,472 | 974,172 |
PROPERTY, PLANT AND EQUIPMENT | ||
Structures, net | 1,038,835 | 1,180,882 |
Other property, plant and equipment, net | 217,155 | 214,147 |
INTANGIBLE ASSETS AND GOODWILL | ||
Indefinite-lived intangibles | 971,163 | 977,152 |
Other intangibles, net | 257,483 | 273,862 |
Goodwill | 708,508 | 714,043 |
OTHER ASSETS | ||
Due from iHeartCommunications, net of allowance of $855,648 in 2018 and 2017 | 154,758 | 211,990 |
Other assets | 127,988 | 121,199 |
Total Assets | 4,479,362 | 4,667,447 |
CURRENT LIABILITIES | ||
Accounts payable | 99,304 | 87,960 |
Accrued expenses | 533,413 | 509,801 |
Deferred income | 85,732 | 59,178 |
Current portion of long-term debt | 321 | 573 |
Total Current Liabilities | 718,770 | 657,512 |
Long-term debt | 5,274,490 | 5,266,153 |
Due to iHeartCommunications, post iHeart Chapter 11 Cases | 1,495 | 0 |
Deferred income taxes | 360,429 | 318,107 |
Other long-term liabilities | 264,190 | 283,969 |
Commitments and Contingent liabilities (Note 5) | ||
STOCKHOLDERS’ DEFICIT | ||
Noncontrolling interest | 153,235 | 157,040 |
Preferred stock, par value $.01 per share, 150,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 3,084,518 | 3,108,148 |
Accumulated deficit | (5,026,573) | (4,781,245) |
Accumulated other comprehensive loss | (348,317) | (340,094) |
Cost of shares (1,098,625 in 2018 and 946,415 in 2017) held in treasury | (6,526) | (5,793) |
Total Stockholders’ Deficit | (2,140,012) | (1,858,294) |
Total Liabilities and Stockholders' Equity (Deficit) | 4,479,362 | 4,667,447 |
Class A common stock | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock issued | 501 | 500 |
Class B common stock | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock issued | $ 3,150 | $ 3,150 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowances for receivables | $ 21,800 | $ 22,487 |
Allowance for related party receivable | $ 855,648 | $ 855,648 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 150,000,000 | 150,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Preferred stock outstanding (in shares) | 0 | 0 |
Class of Stock [Line Items] | ||
Treasury stock (in shares) | 1,098,625 | 946,415 |
Class A common stock | ||
Class of Stock [Line Items] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock issued (in shares) | 51,516,299 | 49,955,300 |
Class B common stock | ||
Class of Stock [Line Items] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock issued (in shares) | 315,000,000 | 315,000,000 |
Common stock outstanding (in shares) | 315,000,000 | 315,000,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenue | $ 663,739 | $ 644,430 | $ 1,974,117 | $ 1,860,298 |
Operating expenses: | ||||
Direct operating expenses (excludes depreciation and amortization) | 361,681 | 357,946 | 1,095,906 | 1,039,175 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 128,797 | 128,539 | 381,494 | 370,597 |
Corporate expenses (excludes depreciation and amortization) | 37,729 | 35,333 | 111,092 | 105,213 |
Depreciation and amortization | 77,405 | 81,096 | 244,232 | 236,880 |
Impairment charges | 7,772 | 1,591 | 7,772 | 1,591 |
Other operating income (expense), net | 825 | (11,783) | 1,700 | 28,657 |
Operating income | 51,180 | 28,142 | 135,321 | 135,499 |
Interest expense | 97,158 | 95,467 | 291,409 | 282,802 |
Interest income on Due to/from iHeartCommunications, net | 363 | 17,087 | 573 | 47,277 |
Equity in earnings (loss) of nonconsolidated affiliates | 202 | (628) | 384 | (829) |
Other income (expense), net | (6,087) | 9,164 | (22,030) | 21,804 |
Income (loss) before income taxes | (51,500) | (41,702) | (177,161) | (79,051) |
Income tax expense | (6,896) | (16,347) | (57,016) | (12,900) |
Consolidated net loss | (58,396) | (58,049) | (234,177) | (91,951) |
Less amount attributable to noncontrolling interest | 6,692 | 6,159 | 9,716 | 10,546 |
Net loss attributable to the Company | (65,088) | (64,208) | (243,893) | (102,497) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (7,089) | 12,348 | (18,927) | 42,353 |
Unrealized holding loss on marketable securities | 0 | (320) | 0 | (218) |
Reclassification adjustments | 1,425 | 6,207 | 1,425 | 4,563 |
Other comprehensive income (loss) | (5,664) | 18,235 | (17,502) | 46,698 |
Comprehensive loss | (70,752) | (45,973) | (261,395) | (55,799) |
Less amount attributable to noncontrolling interest | (5,161) | 2,548 | (7,844) | 5,734 |
Comprehensive loss attributable to the Company | $ (65,591) | $ (48,521) | $ (253,551) | $ (61,533) |
Net loss attributable to the Company per common share: | ||||
Basic (in dollars per share) | $ (0.18) | $ (0.18) | $ (0.67) | $ (0.28) |
Weighted average common shares outstanding – Basic | 361,815 | 361,302 | 361,680 | 361,064 |
Diluted (in dollars per share) | $ (0.18) | $ (0.18) | $ (0.67) | $ (0.28) |
Weighted average common shares outstanding – Diluted | 361,815 | 361,302 | 361,680 | 361,064 |
Dividends declared per share (in dollars per share) | $ 0 | $ 0.07 | $ 0.08 | $ 0.85 |
Dividends paid per share (in dollars per share) | $ 0 | $ 0.07 | $ 0.08 | $ 0.85 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Consolidated net loss | $ (234,177) | $ (91,951) |
Reconciling items: | ||
Impairment charges | 7,772 | 1,591 |
Depreciation and amortization | 244,232 | 236,880 |
Deferred taxes | 40,889 | (27,315) |
Provision for doubtful accounts | 5,108 | 6,328 |
Amortization of deferred financing charges and note discounts, net | 8,000 | 7,996 |
Share-based compensation | 6,757 | 7,153 |
Gain on disposal of operating and other assets | (2,307) | (30,295) |
Equity in (earnings) loss of nonconsolidated affiliates | (384) | 829 |
Foreign exchange transaction (gain) loss | 21,379 | (22,266) |
Other reconciling items, net | (1,997) | (4,930) |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||
Increase in accounts receivable | (15,293) | (17,826) |
Increase in prepaid expenses and other current assets | (19,606) | (16,109) |
Increase (decrease) in accrued expenses | 11,711 | (8,810) |
Increase (decrease) in accounts payable | 13,627 | (4,023) |
Increase in accrued interest | 10,032 | 6,031 |
Increase in deferred income | 29,122 | 18,718 |
Changes in other operating assets and liabilities | (4,438) | 11,106 |
Net cash provided by (used for) operating activities | 120,427 | 73,107 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (110,121) | (134,868) |
Proceeds from disposal of assets | 6,563 | 71,034 |
Purchases of other operating assets | (1,828) | (2,984) |
Change in other, net | 56 | (1,058) |
Net cash provided by (used for) investing activities | (105,330) | (67,876) |
Cash flows from financing activities: | ||
Payments on credit facilities | 0 | (909) |
Proceeds from long-term debt | 0 | 156,000 |
Payments on long-term debt | (482) | (604) |
Net transfers from (to) iHeartCommunications | 58,726 | (165,650) |
Dividends and other payments to noncontrolling interests | (6,144) | (12,027) |
Dividends paid | (30,660) | (282,658) |
Change in other, net | (2,265) | (6,234) |
Net cash provided by (used for) financing activities | 19,175 | (312,082) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (7,951) | 7,037 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 26,321 | (299,814) |
Cash, cash equivalents and restricted cash at beginning of period | 188,310 | 552,691 |
Cash, cash equivalents and restricted cash at end of period | 214,631 | 252,877 |
SUPPLEMENTAL DISCLOSURES: | ||
Cash paid for interest | 272,378 | 270,126 |
Cash paid for income taxes | $ 23,390 | $ 29,771 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Preparation of Interim Financial Statements All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries. Our reportable segments are Americas outdoor advertising (“Americas”) and International outdoor advertising (“International”). The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2017 Annual Report on Form 10-K. The consolidated financial statements include the accounts of the Company and its subsidiaries and give effect to allocations of expenses from the Company’s indirect parent entity, iHeartCommunications, Inc. (“iHeartCommunications”). These allocations were made on a specifically identifiable basis or using relative percentages of headcount or other methods management considered to be a reasonable reflection of the utilization of services provided. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation process. The Company re-evaluated its segment reporting and determined that its Latin American operations should be managed by its International leadership team. As a result, beginning on January 1, 2018, the operations of Latin America are no longer reflected within the Company’s Americas segment and are included in the results of its International segment. Accordingly, the Company has recast the corresponding segment disclosures for prior periods to include Latin America within the International segment. Certain prior period amounts have been reclassified to conform to the 2018 presentation. Corrections to Prior Periods During the three months ended June 30, 2018, the Company identified misstatements associated with VAT obligations in its International segment, which resulted in an understatement of the Company's VAT obligation. Based on an analysis of the quantitative and qualitative factors in accordance with SEC Staff Bulletins ("SAB") 99, Materiality, SAB 108, Considering the Effects of Prior year Misstatements when Quantifying Misstatements in the Current Year Financial Statements and Accounting Standards Codification 250, Accounting Changes and Error Corrections , the Company concluded that these misstatements were immaterial, individually and in the aggregate, to any of the Company's prior quarterly and annual financial statements previously filed in the Company's Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. As a result, amendment of such reports is not required. While the Company concluded that the misstatements were immaterial to each of the prior reporting periods affected, the Company further concluded that correcting the errors cumulatively would materially misstate the Consolidated Statements of Comprehensive Loss for the nine months ended September 30, 2018 . Accordingly, the Company is correcting the VAT misstatements, as well as other previously identified immaterial errors, by revising the Consolidated Balance Sheet as of December 31, 2017 and 2016 and the Consolidated Statements of Comprehensive Loss and the Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015 and for the three months ended March 31, 2018. A summary of the effect of the corrections on the Consolidated Balance Sheet as of December 31, 2017 is as follows: December 31, 2017 (In thousands) As Reported Correction Revised Other assets $ 124,534 $ (3,335 ) $ 121,199 Total Assets 4,670,782 (3,335 ) 4,667,447 Other long-term liabilities 270,415 13,554 283,969 Accumulated deficit (4,765,514 ) (15,731 ) (4,781,245 ) Accumulated other comprehensive loss (338,936 ) (1,158 ) (340,094 ) Total Stockholders' Deficit (1,841,405 ) (16,889 ) (1,858,294 ) Total Liabilities and Stockholders’ Deficit 4,670,782 (3,335 ) 4,667,447 A summary of the effect of the corrections on the Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2017 is as follows: Three Months Ended September 30, 2017 (In thousands) As Reported Correction Revised Revenue $ 645,089 $ (659 ) $ 644,430 Direct operating expenses (excludes depreciation and amortization) 356,100 1,846 357,946 Selling, general and administrative expenses (excludes depreciation and amortization) 128,397 142 128,539 Operating income 30,789 (2,647 ) 28,142 Loss before income taxes (39,055 ) (2,647 ) (41,702 ) Consolidated net loss (55,402 ) (2,647 ) (58,049 ) Less amount attributable to noncontrolling interest 6,237 (78 ) 6,159 Net loss attributable to the Company (61,639 ) (2,569 ) (64,208 ) Foreign currency translation adjustments 12,950 (602 ) 12,348 Other comprehensive income 18,837 (602 ) 18,235 Comprehensive loss (42,802 ) (3,171 ) (45,973 ) Less amount attributable to noncontrolling interest 2,666 (118 ) 2,548 Comprehensive loss attributable to the Company (45,468 ) (3,053 ) (48,521 ) Basic loss per share (0.17 ) (0.01 ) (0.18 ) Diluted loss per share (0.17 ) (0.01 ) (0.18 ) Nine Months Ended September 30, 2017 (In thousands) As Reported Correction Revised Revenue $ 1,862,134 $ (1,836 ) $ 1,860,298 Direct operating expenses (excludes depreciation and amortization) 1,034,204 4,971 1,039,175 Selling, general and administrative expenses (excludes depreciation and amortization) 370,069 528 370,597 Operating income 142,834 (7,335 ) 135,499 Interest expense 282,730 72 282,802 Loss before income taxes (71,644 ) (7,407 ) (79,051 ) Consolidated net loss (84,544 ) (7,407 ) (91,951 ) Less amount attributable to noncontrolling interest 10,873 (327 ) 10,546 Net loss attributable to the Company (95,417 ) (7,080 ) (102,497 ) Foreign currency translation adjustments 43,947 (1,594 ) 42,353 Other comprehensive income 48,292 (1,594 ) 46,698 Comprehensive loss (47,125 ) (8,674 ) (55,799 ) Less amount attributable to noncontrolling interest 5,995 (261 ) 5,734 Comprehensive loss attributable to the Company (53,120 ) (8,413 ) (61,533 ) Basic loss per share (0.26 ) (0.02 ) (0.28 ) Diluted loss per share (0.26 ) (0.02 ) (0.28 ) New Accounting Pronouncements Recently Adopted Revenue from Contracts with Customers As of January 1, 2018, the Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers . This standard provides guidance for the recognition, measurement and disclosure of revenue from contracts with customers and supersedes previous revenue recognition guidance under U.S. GAAP. The Company has applied this standard using the full retrospective method and concluded that its adoption did not have a material impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Comprehensive Loss, or Consolidated Statements of Cash Flows for prior periods. Please refer to Note 2, Revenues, for more information. As a result of adopting this new accounting standard, the Company has updated its significant accounting policies, as follows: Accounts Receivable Accounts receivable are recorded when the Company has an unconditional right to payment, either because it has satisfied a performance obligation prior to receiving payment from the customer or has a non-cancelable contract that has been billed in advance in accordance with the Company’s normal billing terms. Accounts receivable are recorded at the invoiced amount, net of 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 accounts receivable 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. Revenue Recognition The Company recognizes revenue when or as it satisfies a performance obligation by transferring a promised good or service to a customer. The Company generates revenue primarily from the sale of advertising space on printed and digital displays, including billboards, street furniture displays, transit displays and retail displays, which may be sold as individual units or as a network package. Revenue from these contracts, which typically cover periods of a few weeks to one year, is generally recognized ratably over the term of the contract as the advertisement is displayed. The Company also generates revenue from production and creative services, which are distinct from the advertising display services, and related revenue is recognized at the point in time the Company installs the advertising copy at the display site. The Company recognizes revenue in amounts that reflect the consideration it expects to receive in exchange for transferring goods or services to customers, excluding sales taxes and other similar taxes collected on behalf of governmental authorities (the “transaction price”). When this consideration includes a variable amount, the Company estimates the amount of consideration it expects to receive and only recognizes revenue to the extent that it is probable it will not be reversed in a future reporting period. Because the transfer of promised goods and services to the customer is generally within a year of scheduled payment from the customer, the Company is not typically required to consider the effects of the time value of money when determining the transaction price. Advertising revenue is reported net of agency commissions. Trade and barter transactions represent the exchange of display space for merchandise, services or other assets in the ordinary course of business. The transaction price for these contracts is measured at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable, in which case the consideration is measured based on the standalone selling price of the display space promised to the customer. Revenue is recognized on trade and barter transactions when the advertisements are displayed, and expenses are recorded ratably over a period that estimates when the merchandise, services or other assets received are utilized. Trade and barter revenues and expenses from continuing operations are included in consolidated revenue and selling, general and administrative expenses, respectively. Trade and barter revenues and expenses from continuing operations were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 Consolidated: Trade and barter revenues $ 3,644 $ 4,002 $ 11,416 $ 13,166 Trade and barter expenses 2,378 2,813 8,829 8,287 In order to appropriately identify the unit of accounting for revenue recognition, the Company determines which promised goods and services in a contract with a customer are distinct and are therefore separate performance obligations. If a promised good or service does not meet the criteria to be considered distinct, it is combined with other promised goods or services until a distinct bundle of goods or services exists. Certain of the Company’s contracts with customers include options for the customer to acquire additional goods or services for free or at a discount, and management judgment is required to determine whether these options are material rights that are separate performance obligations. For revenue arrangements that contain multiple distinct goods or services, the Company allocates the transaction price to these performance obligations in proportion to their relative standalone selling prices. The Company has concluded that the contractual prices for the promised goods and services in its standard contracts generally approximate management’s best estimate of standalone selling price as the rates reflect various factors such as the size and characteristics of the target audience, market location and size, and recent market selling prices. However, where the Company provides customers with free or discounted services as part of contract negotiations, management uses judgment to determine how much of the transaction price to allocate to these performance obligations. The Company receives payments from customers based on billing schedules that are established in its contracts, and deferred income is recorded when payment is received from a customer before the Company has satisfied the performance obligation or a non-cancelable contract has been billed in advance in accordance with the Company’s normal billing terms. Americas contracts are generally billed monthly in advance, and International includes a combination of advance billings and billings upon completion of service. Contract Costs Incremental costs of obtaining a contract primarily relate to sales commissions, which are included in selling, general and administrative expenses and are generally commensurate with sales. These costs are generally expensed when incurred because the period of benefit is one year or less. Restricted Cash In November 2016, the FASB issued ASU 2016-18, Restricted Cash , which requires that restricted cash be presented with cash and cash equivalents in the statement of cash flows. Restricted cash is recorded in Other current assets and in Other assets in the Company's Consolidated Balance Sheets. The Company adopted ASU 2016-18 in the first quarter of 2018 using the retrospective transition method, and accordingly, revised prior period amounts as shown in the Company's Consolidated Statements of Cash Flows. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts reported in the Consolidated Statement of Cash Flows: (In thousands) September 30, December 31, 2017 Cash and cash equivalents $ 191,117 $ 144,119 Restricted cash included in: Other current assets 4,231 26,096 Other assets 19,283 18,095 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 214,631 $ 188,310 Stock Compensation 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 a stock-based 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 adopted the provisions of ASU 2017-09 on January 1, 2018 and the adoption of ASU 2017-09 did not have an impact on our consolidated financial statements. New Accounting Pronouncements Not Yet Adopted 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. The most significant change to the standard includes the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases. Lessor accounting also is updated to align with certain changes in the lessee model and the new revenue recognition standard which was adopted this year. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2018. The standard is expected to have a material impact on our consolidated balance sheet, but is not expected to materially impact our consolidated statement of comprehensive loss or cash flows. The Company is continuing to evaluate the impact of the provisions of this new standard on its consolidated financial statements. In July 2018, The FASB issued ASU No. 2018-11, Leases (Topic 842) - Targeted Improvements. The update provides an additional (optional) transition method to adopt the new lease standard, allowing entities to apply the new lease standard at the adoption date. The Company plans to adopt Topic 842 following this optional transition method. The update also provides lessors a practical expedient to allow them to not separate non-lease components from the associated lease component and instead to account for those components as a single component if certain criteria are met. The updated practical expedient for lessors will not have a material effect to the Company’s consolidated financial statements. 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 third quarter of 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract . This update requires that a customer in a cloud computing arrangement that is a service contract follow the internal use software guidance in Accounting Standards Codification (ASC) 350-402 to determine which implementation costs to capitalize as assets. The standard is effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. |
REVENUES
REVENUES | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES The Company generates revenue primarily from the sale of advertising space on printed and digital out-of-home advertising displays. Certain of these revenue transactions are considered leases, for accounting purposes, as the agreements convey to customers the right to use the Company’s advertising structures for a stated period of time. In order for a transaction with a customer to qualify as a lease, the arrangement must be dependent on the use of a specified advertising structure, and the customer must have almost exclusive use of that structure during the term of the arrangement. Therefore, arrangements that do not involve the use of an advertising structure, where the Company can substitute the advertising structure that is used to display the customer’s advertisement, or where the advertising structure displays advertisements for multiple customers throughout the day are not leases. The Company accounts for revenue from leases, which are all classified as operating leases, in accordance with the lease accounting guidance ( Topic 840 ). All of the Company’s revenue transactions that do not qualify as a lease are accounted for as revenue from contracts with customers ( Topic 606 ). Disaggregation of Revenue The following table shows, by segment, revenue from contracts with customers disaggregated by geographical region, revenue from leases and total revenue for the three and nine months ended September 30, 2018 and 2017 : (In thousands) Americas (1) International (1) Consolidated Three Months Ended September 30, 2018 Revenue from contracts with customers: United States $ 116,503 $ — $ 116,503 Other Americas 671 11,242 11,913 Europe — 191,514 191,514 Asia-Pacific and other — 5,563 5,563 Total 117,174 208,319 325,493 Revenue from leases 186,247 151,999 338,246 Revenue, total $ 303,421 $ 360,318 $ 663,739 Three Months Ended September 30, 2017 Revenue from contracts with customers: United States $ 106,806 $ — $ 106,806 Other Americas 2,488 14,224 16,712 Europe — 181,229 181,229 Asia-Pacific and other 162 4,635 4,797 Total 109,456 200,088 309,544 Revenue from leases 184,351 150,535 334,886 Revenue, total $ 293,807 $ 350,623 $ 644,430 Nine Months Ended September 30, 2018 Revenue from contracts with customers: United States $ 328,138 $ — $ 328,138 Other Americas 1,955 36,723 38,678 Europe — 605,032 605,032 Asia-Pacific and other — 17,685 17,685 Total 330,093 659,440 989,533 Revenue from leases 529,097 455,487 984,584 Revenue, total $ 859,190 $ 1,114,927 $ 1,974,117 Nine Months Ended September 30, 2017 Revenue from contracts with customers: United States $ 308,988 $ — $ 308,988 Other Americas 10,279 37,418 47,697 Europe — 533,111 533,111 Asia-Pacific and other 568 14,853 15,421 Total 319,835 585,382 905,217 Revenue from leases 534,509 420,572 955,081 Revenue, total $ 854,344 $ 1,005,954 $ 1,860,298 (1) Due to a re-evaluation of the Company’s segment reporting in 2018 , its operations in Latin America are included in the International segment results for all periods presented. See Note 1, Basis of Presentation . All of the Company’s advertising structures are used to generate revenue. Such revenue may be classified as revenue from contracts with customers or revenue from leases depending on the terms of the contract, as previously described. Revenue from Contracts with Customers The following tables show the changes in the Company’s contract balances from contracts with customers for the three and nine months ended September 30, 2018 and 2017 : Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 Accounts receivable from contracts with customers: Beginning balance, net of allowance $ 323,286 $ 316,744 $ 347,279 $ 296,778 Additions (collections), net (14,448 ) (8,767 ) (36,875 ) 12,011 Bad debt, net of recoveries (561 ) (1,176 ) (2,127 ) (1,988 ) Ending balance, net of allowance 308,277 306,801 308,277 306,801 Accounts receivable from leases, net of allowance 345,761 326,162 345,761 326,162 Total accounts receivable, net of allowance $ 654,038 $ 632,963 $ 654,038 $ 632,963 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 Deferred income from contracts with customers: Beginning balance $ 45,326 $ 44,744 $ 28,201 $ 28,668 Revenue recognized, included in beginning balance (33,668 ) (32,742 ) (24,886 ) (26,784 ) Additions, net of revenue recognized during period 28,163 32,237 36,506 42,355 Ending balance 39,821 44,239 39,821 44,239 Deferred income from leases 51,192 54,157 51,192 54,157 Total deferred income 91,013 98,396 91,013 98,396 Less: Non-current portion, included in other long-term liabilities 5,281 7,640 5,281 7,640 Total deferred income, current portion $ 85,732 $ 90,756 $ 85,732 $ 90,756 The increase in deferred income from contracts with customers during the nine months ended September 30, 2018 and 2017 was largely due to the issuance of annual invoices for non-cancelable contracts in some of the Company's International entities and the timing of the Company's billing cycle. The Company’s contracts with customers generally have a term of one year or less; however, as of September 30, 2018 , the Company expects to recognize $60.6 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration of greater than one year, with substantially all of this amount to be recognized over the next five years . As part of the transition to the new revenue standard, the Company is not required to disclose information about remaining performance obligations for periods prior to the date of initial application. Revenue from Leases As of December 31, 2017 , the Company’s future minimum rentals under non-cancelable operating leases were as follows: (In thousands) 2018 $ 279,413 2019 34,395 2020 17,155 2021 12,004 2022 8,552 Thereafter 7,197 Total minimum future rentals $ 358,716 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of September 30, 2018 and December 31, 2017 , respectively: (In thousands) September 30, December 31, Land, buildings and improvements $ 145,108 $ 145,763 Structures 2,808,059 2,864,442 Furniture and other equipment 194,366 179,215 Construction in progress 60,853 55,753 3,208,386 3,245,173 Less: accumulated depreciation 1,952,396 1,850,144 Property, plant and equipment, net $ 1,255,990 $ 1,395,029 Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist primarily of billboard permits in its Americas segment. Due to significant differences in both business practices and regulations, billboards in the International segment are subject to long-term, finite contracts unlike the Company’s permits in the United States. Accordingly, there are no indefinite-lived intangible assets in the International segment. Annual Impairment Test on Indefinite-lived Intangible Assets The Company performs its annual impairment test on indefinite-lived intangible assets as of 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 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 the third quarter of 2018, the Company recognized an impairment charge of $7.8 million related to permits in one market in its Americas Segment. The Company concluded no impairment of indefinite-lived intangible assets was required for the nine months ended September 30, 2017 . Other Intangible Assets Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets primarily include transit and street furniture contracts, site leases and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of September 30, 2018 and December 31, 2017 , respectively: (In thousands) September 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 533,274 $ (440,452 ) $ 548,918 $ (440,284 ) Permanent easements 162,920 — 162,920 — Other 6,076 (4,335 ) 4,626 (2,318 ) Total $ 702,270 $ (444,787 ) $ 716,464 $ (442,602 ) Total amortization expense related to definite-lived intangible assets for the three months ended September 30, 2018 and 2017 was $5.0 million and $7.1 million , respectively. Total amortization expense related to definite-lived intangible assets for the nine months ended September 30, 2018 and 2017 was $15.3 million and $21.2 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) 2019 $ 15,045 2020 $ 12,790 2021 $ 12,548 2022 $ 10,737 2023 $ 6,335 Goodwill Annual Impairment Test to Goodwill The Company performs its annual impairment test on goodwill as of 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 each country within its Americas segment and 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 and discounting such cash flows 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. The Company concluded no goodwill impairment was required during the three and nine months ended September 30, 2018 . The Company recognized goodwill impairment of $1.6 million during the three and nine months ended September 30, 2017 related to one market in the Company's International outdoor 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, 2016 $ 505,478 $ 190,785 $ 696,263 Acquisitions 2,252 — 2,252 Impairment — (1,591 ) (1,591 ) Dispositions — (1,817 ) (1,817 ) Foreign currency — 18,847 18,847 Assets held for sale 89 — 89 Balance as of December 31, 2017 $ 507,819 $ 206,224 $ 714,043 Foreign currency — (5,535 ) (5,535 ) Balance as of September 30, 2018 $ 507,819 $ 200,689 $ 708,508 |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding as of September 30, 2018 and December 31, 2017 consisted of the following: (In thousands) September 30, December 31, Clear Channel Worldwide Holdings Senior Notes: 6.5% Series A Senior Notes Due 2022 $ 735,750 $ 735,750 6.5% Series B Senior Notes Due 2022 1,989,250 1,989,250 Clear Channel Worldwide Holdings Senior Subordinated Notes: 7.625% Series A Senior Subordinated Notes Due 2020 275,000 275,000 7.625% Series B Senior Subordinated Notes Due 2020 1,925,000 1,925,000 Receivables Based Credit Facility Due 2023 (1) — — Clear Channel International B.V. Senior Notes Due 2020 375,000 375,000 Other debt 4,034 2,393 Original issue discount (611 ) (241 ) Long-term debt fees (28,612 ) (35,426 ) Total debt $ 5,274,811 $ 5,266,726 Less: current portion 321 573 Total long-term debt $ 5,274,490 $ 5,266,153 (1) On June 1, 2018 (the “Closing Date”), Clear Channel Outdoor, Inc. (“CCO”), a subsidiary of the Company, refinanced the Company's senior revolving credit facility with an asset based credit facility that provided for revolving credit commitments of up to $75.0 million . On June 29, 2018, CCO entered into an amendment providing for a $50.0 million incremental increase of the facility, bringing the aggregate revolving credit commitments to $125.0 million . The facility has a five -year term, maturing in 2023. As of September 30, 2018 , the facility had $86.4 million of letters of credit outstanding and a borrowing base of $113.0 million , resulting in $26.6 million of excess availability. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.4 billion and $5.3 billion as of September 30, 2018 and December 31, 2017 , 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. Receivables Based Credit Facility Due 2023 On June 1, 2018, CCO, a subsidiary of the Company, entered into a Credit Agreement (the “Credit Agreement”), as parent borrower, with certain of its subsidiaries named therein, as subsidiary borrowers (the “Subsidiary Borrowers”), Deutsche Bank AG New York Branch, as administrative agent (the “Administrative Agent”) and swing line lender, and the other lenders from time to time party thereto. The Credit Agreement governs CCO’s new asset-based revolving credit facility and replaced the Company's prior credit agreement, dated as of August 22, 2013 (the “Prior Credit Agreement”), which was terminated on the Closing Date. Size and Availability The Credit Agreement provides for an asset-based revolving credit facility, with amounts available from time to time (including in respect of letters of credit) equal to the lesser of (i) the borrowing base, which equals 85.0% of the eligible accounts receivable of CCO and the subsidiary borrowers, subject to customary eligibility criteria minus any reserves, and (ii) the aggregate revolving credit commitments. As of the Closing Date, the aggregate revolving credit commitments were $75.0 million . On June 29, 2018, CCO entered into an amendment providing for a $50.0 million incremental increase of the facility, bringing the aggregate revolving credit commitments to $125.0 million . On the Closing Date, the revolving credit facility was used to replace and terminate the commitments under the Prior Credit Agreement and to replace the letters of credit outstanding under the Prior Credit Agreement. As of September 30, 2018 , the facility had $86.4 million of letters of credit outstanding and a borrowing base of $113.0 million , resulting in $26.6 million of excess availability. Interest Rate and Fees Borrowings under the Credit Agreement bear interest at a rate per annum equal to the Applicable Rate plus, at CCO’s option, either (1) a base rate determined by reference to the highest of (a) the Federal Funds Rate plus 0.50% , (b) the rate of interest in effect for such date as publicly announced from time to time by the Administrative Agent as its “prime rate” and (c) the Eurocurrency rate that would be calculated as of such day in respect of a proposed Eurocurrency rate loan with a one-month interest period plus 1.00% , or (2) a Eurocurrency rate that is equal to the LIBOR rate as published by Reuters two business days prior to the commencement of the interest period. The Applicable Rate for borrowings under the Credit Agreement is 1.00% with respect to base rate loans and 2.00% with respect to Eurocurrency loans. In addition to paying interest on outstanding principal under the Credit Agreement, CCO is required to pay a commitment fee of 0.375% per annum to the lenders under the Credit Agreement in respect of the unutilized revolving commitments thereunder. CCO must also pay a letter of credit fee for each issued letter of credit equal to 2.00% per annum times the daily maximum amount then available to be drawn under such letter of credit. Maturity Borrowings under the Credit Agreement will mature, and lending commitments thereunder will terminate, on the earlier of (a) June 1, 2023 and (b) 90 days prior to the maturity date of any indebtedness of CCOH or any of its direct or indirect subsidiaries in an aggregate principal amount outstanding in excess of $250,000,000 (other than the 8.75% senior notes due 2020 issued by Clear Channel International, B.V.). Prepayments If at any time, the outstanding amount under the revolving credit facility exceeds the lesser of (i) the aggregate amount committed by the revolving credit lenders and (ii) the borrowing base, CCO will be required to prepay first, any protective advances and second, any outstanding revolving loans and swing line loans and/or cash collateralize letters of credit in an aggregate amount equal to such excess, as applicable. Subject to customary exceptions and restrictions, CCO may voluntarily repay outstanding amounts under the Credit Agreement at any time without premium or penalty. Any voluntary prepayments CCO makes will not reduce commitments under the Credit Agreement. Guarantees and Security The facility is guaranteed by the Subsidiary Borrowers. All obligations under the Credit Agreement, and the guarantees of those obligations, are secured by a perfected security interest in all of CCO’s and the Subsidiary Borrowers’ accounts receivable and related assets and proceeds thereof. Certain Covenants and Events of Default If borrowing availability is less than the greater of (a) $7.5 million and (b) 10.0% of the lesser of (i) the aggregate commitments at such time and (ii) the borrowing base then in effect at such time (the “Financial Covenant Triggering Event”), CCO will be required to comply with a minimum fixed charge coverage ratio of at least 1.00 to 1.00 for the most recent period of four consecutive fiscal quarters ended prior to the occurrence of the Financial Covenant Triggering Event, and will be required to continue to comply with this minimum fixed charge coverage ratio until borrowing availability exceeds the greater of (x) $7.5 million and (y) 10.0% of the lesser of (i) the aggregate commitments at such time and (ii) the borrowing base then in effect at such time, at which time the Financial Covenant Triggering Event will no longer be deemed to be occurring. The Credit Agreement also includes negative covenants that, subject to significant exceptions, limit the Borrowers’ ability and the ability of their restricted subsidiaries to, among other things: • incur additional indebtedness; • create liens on assets; • engage in mergers, consolidations, liquidations and dissolutions; • sell assets; • pay dividends and distributions or repurchase capital stock; • make investments, loans, or advances; • prepay certain junior indebtedness; • engage in certain transactions with affiliates or; • change lines of business. The Credit Agreement includes certain customary representations and warranties, affirmative covenants and events of default, including payment defaults, breach of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of bankruptcy, material judgments and a change of control. If an event of default occurs, the lenders under the Credit Agreement will be entitled to take various actions, including the acceleration of all amounts due under the Credit Agreement and all actions permitted to be taken by a secured creditor. Surety Bonds, Letters of Credit and Guarantees As of September 30, 2018 , the Company had $53.4 million , $86.4 million and $41.0 million in surety bonds, letters of credit and bank guarantees outstanding, respectively. A portion of the outstanding bank guarantees were supported by $20.5 million of cash collateral. Additionally, as of September 30, 2018 , iHeartCommunications had outstanding commercial standby letters of credit and surety bonds of $1.2 million and $0.1 million , respectively, held on behalf of the Company. These surety bonds, letters of credit and bank guarantees relate to various operational matters, including insurance, bid and performance bonds, as well as other items. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations. Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes; misappropriation of likeness and right of publicity claims; employment and benefits related claims; governmental fines; intellectual property claims; and tax disputes. 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 named 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 was named as a nominal defendant. The complaint alleged that the Company had 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 alleged that the defendants 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 alleged that iHeartMedia, iHeartCommunications and the Sponsor Defendants aided and abetted the directors’ breaches of their fiduciary duties. The complaint further alleged 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 sought, 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, iHeartMedia filed a Notice of Suggestion of Pendency of Bankruptcy and Automatic Stay of Proceedings. On May 4, 2018, plaintiff filed its response to the motion to dismiss. On June 26, 2018, the defendants filed a reply brief in further support of their motion to dismiss. Oral argument on the motion to dismiss was held on September 20, 2018. We are awaiting a ruling by the Court. On August 27, 2018, the same stockholder of the Company that had filed a derivative lawsuit against iHeartMedia and others in 2016 (GAMCO Asset Management Inc.) filed a putative class action lawsuit in the Court of Chancery of the State of Delaware, captioned GAMCO Asset Management, Inc. v. Hendrix, et al., C.A. No. 2018-0633-JRS. The complaint names as defendants the Sponsor Defendants and the members of the Company’s board of directors. The complaint alleges that minority shareholders in the Company during the period November 8, 2017 to March 14, 2018 were harmed by decisions of the Company's Board and the intercompany note committee of the Board relating to the Intercompany Note. Specifically, the complaint alleges that (i) the members of the intercompany note committee breached their fiduciary duties by not demanding payment under the Intercompany Note and issuing a simultaneous dividend after a threshold tied to iHeartMedia’s liquidity had been reached; (ii) the Company's Board breached their fiduciary duties by approving the Third Amendment rather than allowing the Intercompany Note to expire; (iii) the Company's Board breached their fiduciary duties by not demanding payment under the Intercompany Note and issuing a simultaneous dividend after a threshold tied to iHeartMedia’s liquidity had been reached; (iv) the Sponsor Defendants breached their fiduciary duties by not directing the Company's Board to permit the Intercompany Note to expire and to declare a dividend. The complaint further alleges that the Sponsor Defendants aided and abetted the Board’s alleged breach of fiduciary duties. The plaintiff seeks, among other things, a ruling that the Company's Board, the intercompany note committee, and the Sponsor Defendants breached their fiduciary duties and that the Sponsor Defendants aided and abetted the Board’s breach of fiduciary duty; and an award of damages, together with pre- and post-judgment interests, to the putative class of minority shareholders. China Investigation Several employees of Clear Media Limited, an indirect, non-wholly-owned subsidiary of the Company whose ordinary shares are listed, but are currently suspended from trading on, the Hong Kong Stock Exchange, are subject to a police investigation in China for misappropriation of funds. The police investigation is ongoing, and the Company is not aware of any litigation, claim or assessment pending against the Company. 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. 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 is cooperating to provide information in response to inquiries from the agencies. The Clear Media Limited 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. Italy Investigation As described in Note 1 to these consolidated financial statements, during the three months ended June 30, 2018, the Company identified misstatements associated with VAT obligations related to its subsidiary in Italy. Upon identification of these misstatements, the Company undertook certain procedures, including a forensic investigation, which is ongoing. In addition, the Company voluntarily disclosed the matter and preliminary findings to the Italian tax authorities in order to commence a discussion on the appropriate calculation of the VAT position. The current expectation is that the Company may have to repay to the Italian tax authority a substantial portion of the VAT previously applied as a credit, amounting to approximately $17 million , including estimated possible penalties and interest. The discussion with the tax authorities is at an early stage and therefore the ultimate amount that will be paid to the tax authorities in Italy is unknown. The ultimate amount to be paid may differ from the Company’s estimates, and such differences may be material. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Due from iHeartCommunications The Company records net amounts due from iHeartCommunications arising prior to the iHeart Chapter 11 Cases, described below, as “Due from iHeartCommunications” on the consolidated balance sheets. The amounts 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 revolving promissory notes were generally payable on demand and were scheduled to mature on May 15, 2019. Included in the amounts are the net activities resulting from day-to-day cash management services provided by iHeartCommunications. As a part of these services, the Company maintains collection bank accounts swept daily into accounts of iHeartCommunications (after satisfying the funding requirements of the Trustee Accounts under the CCWH Senior Notes and the CCWH Subordinated Notes and the Company’s controlled disbursement accounts as checks or electronic payments are presented for payment). The Company’s claim in relation to cash transferred from its concentration account is on an unsecured basis and is limited to the balance of the “Due from iHeartCommunications” account. As of September 30, 2018 and December 31, 2017 , the asset recorded in “Due from iHeartCommunications” on the consolidated balance sheet was $154.8 million and $212.0 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. In addition, upon the filing of the iHeart Chapter 11 Cases on March 14, 2018, the Company ceased recording interest income on the pre-petition balance due from iHeartCommunications as the collectability of the interest was not considered probable. As a result of the $855.6 million allowance on the Due from iHeartCommunications Note recognized during the fourth quarter of 2017 and the $21.3 million reserve recognized in relation to interest incurred during the pre-petition period in the three months ended March 31, 2018, the outstanding principal amount of $1,031.7 million was reduced to $154.8 million as of September 30, 2018 . The final settlement amount of the Due from iHeartCommunications Note is expected to be negotiated as part of iHeartCommunications' bankruptcy proceedings. The final settlement amount may differ from the estimated recoverable amount of $154.8 million . The terms of the Due from iHeartCommunications Note provide that any balance over $1.0 billion accrues at an interest rate equal to the average yield of the nearest dated reference security, capped at 20% . As of September 30, 2018 , the balance outstanding on the "Due from iHeartCommunications" exceeded $1.0 billion and therefore the interest rate applied to $1.0 billion of the balance outstanding was 9.3% . The interest rate applied to the remaining balance was 20.0% . As noted above, no interest income was recorded on the pre-petition Due from iHeartCommunications Note during the three and nine months ended September 30, 2018 . The Company recognized interest income of $17.1 million and $47.3 million in the three and nine months ended September 30, 2017 , respectively. Pursuant to a final order entered by the Bankruptcy Court, as of March 14, 2018, the actual pre-bankruptcy balance of the Due from iHeartCommunications Note is frozen, and following March 14, 2018, intercompany allocations that would have been reflected in adjustments to the balance of the Due from iHeartCommunications Note are instead reflected in a new intercompany balance that accrues interest at a rate equal to the interest under the Due from iHeartCommunications Note. The $1.5 million owed by the Company to iHeartCommunications as of September 30, 2018 is reflected as "Due to iHeartCommunications, post iHeart Chapter 11 Cases" on the Company's Consolidated Balance Sheet. If the Company does not realize the expected recovery under the Due from iHeartCommunications Note, or does not otherwise obtain sufficient supplemental liquidity as contemplated by the Disclosure Statement filed by the Debtors in the iHeart Chapter 11 Cases, 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. Other Related Party Transactions The Company provides advertising space on its billboards for iHeartMedia, Inc. and for radio stations owned by iHeartMedia, Inc. For the three months ended September 30, 2018 and 2017 , the Company recorded $1.4 million and $1.7 million , respectively, and $5.8 million and $5.4 million for the nine months ended September 30, 2018 and 2017 , respectively, in revenue for these advertisements. Some of these agreements are leasing transactions as they convey to iHeartMedia, Inc. the right to use the Company's advertising structures for a stated period of time. 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; (viii) licensing of intellectual property, copyrights, trademarks and other intangible assets and (ix) other general corporate services. These services are charged to the Company based on actual direct costs incurred or allocated by iHeartCommunications based on headcount, revenue or other factors on a pro rata basis. For the three months ended September 30, 2018 and 2017 , the Company recorded $16.0 million and $16.7 million , respectively, and $50.1 million and $50.3 million for the nine months ended September 30, 2018 and 2017 , respectively, as a component of corporate expenses for these services. The iHeart Chapter 11 Cases could materially impact iHeartCommunications' ability to provide these services to us, which could cause significant uncertainties for us and disrupt our operations and/or adversely affect our rights under the Corporate Services Agreement and the other intercompany agreements. 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 the financial reporting basis and tax basis of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not some portion or all of the asset will not be realized. Pursuant to the Employee Matters Agreement, the Company’s employees participate in iHeartCommunications’ employee benefit plans, including employee medical insurance and a 401(k) retirement benefit plan. For the three months ended September 30, 2018 and 2017 , the Company recorded $2.3 million and $2.3 million , respectively, and $6.9 million and $7.1 million for the nine months ended September 30, 2018 and 2017 , respectively, as a component of selling, general and administrative expenses for these services. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Benefit (Expense) The Company’s income tax benefit (expense) for the three and nine months ended September 30, 2018 and 2017 consisted of the following components: (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Current tax expense $ (12,508 ) $ (20,921 ) $ (16,127 ) $ (40,215 ) Deferred tax benefit (expense) 5,612 4,574 (40,889 ) 27,315 Income tax expense $ (6,896 ) $ (16,347 ) $ (57,016 ) $ (12,900 ) The effective tax rates for the three and nine months ended September 30, 2018 were (13.4)% and (32.2)% . The effective rate was primarily impacted by the valuation allowance recorded against deferred tax assets resulting from current year net operating losses in U.S. federal, state and certain foreign jurisdictions due to uncertainty regarding the Company's ability to realize those assets in future periods. The effective tax rates for the three and nine months ended September 30, 2017 were (39.2)% and (16.3)% . The effective rates were primarily impacted by the mix of earnings within the various jurisdictions in which the Company operates and the benefits and charges from tax amounts associated with its foreign earnings that are taxed at rates different from the federal statutory rate. 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) which reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018. During the three months ended September 30, 2018 , adjustments to the provisional income tax benefit recorded in December 2017 from the enactment of the Tax Act were not material. At September 30, 2018 , we have not yet completed our accounting for the income tax effects of the Tax Act, but have made reasonable estimates of those effects on our existing deferred income tax balances. The final financial statement impact of the Tax Act may differ from our previously recorded 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. |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) | 9 Months Ended |
Sep. 30, 2018 | |
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 (deficit) attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest: (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2018 $ (2,015,334 ) $ 157,040 $ (1,858,294 ) Net income (loss) (243,893 ) 9,716 (234,177 ) Dividends paid (29,995 ) — (29,995 ) Payments to noncontrolling interests — (6,148 ) (6,148 ) Share-based compensation 6,286 471 6,757 Foreign currency translation adjustments (11,083 ) (7,844 ) (18,927 ) Reclassification adjustments 1,425 — 1,425 Other, net (653 ) — (653 ) Balances as of September 30, 2018 $ (2,293,247 ) $ 153,235 $ (2,140,012 ) Balances as of January 1, 2017 $ (1,091,486 ) $ 144,174 $ (947,312 ) Net income (loss) (102,497 ) 10,546 (91,951 ) Dividends declared (307,492 ) — (307,492 ) Payments to noncontrolling interests — (12,027 ) (12,027 ) Share-based compensation 6,529 624 7,153 Disposal of noncontrolling interest — (2,438 ) (2,438 ) Foreign currency translation adjustments 36,619 5,734 42,353 Unrealized holding loss on marketable securities (218 ) — (218 ) Reclassification adjustments 4,563 — 4,563 Other, net (1,613 ) (575 ) (2,188 ) Balances as of September 30, 2017 $ (1,455,595 ) $ 146,038 $ (1,309,557 ) The Company has granted restricted stock, restricted stock units and options to purchase shares of its Class A common stock to certain key individuals. 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 September 14, 2017, the board of directors of the Company declared a special cash dividend paid on October 5, 2017 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 January 5, 2018, the board of directors of the Company declared a special cash dividend paid on January 24, 2018 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 . iHeartCommunications received approximately 89.5% , or approximately $26.8 million , of the proceeds of the dividend through its wholly-owned subsidiaries. The remaining approximately 10.5% of the proceeds of the dividend, or approximately $3.2 million , was paid to the Company's public stockholders. COMPUTATION OF LOSS PER SHARE (In thousands, except per share data) Three Months Ended Nine Months Ended 2018 2017 2018 2017 NUMERATOR: Net loss attributable to the Company – common shares $ (65,088 ) $ (64,208 ) $ (243,893 ) $ (102,497 ) DENOMINATOR: Weighted average common shares outstanding - basic 361,815 361,302 361,680 361,064 Weighted average common shares outstanding - diluted (1) 361,815 361,302 361,680 361,064 Net loss attributable to the Company per common share: Basic $ (0.18 ) $ (0.18 ) $ (0.67 ) $ (0.28 ) Diluted $ (0.18 ) $ (0.18 ) $ (0.67 ) $ (0.28 ) (1) Outstanding equity awards of 7.0 million and 8.3 million for the three months ended September 30, 2018 and 2017 , respectively, and 7.4 million and 8.3 million for the nine months ended September 30, 2018 and 2017 , respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive. |
OTHER INFORMATION
OTHER INFORMATION | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
OTHER INFORMATION | OTHER INFORMATION Other Comprehensive Income (Loss) The total decrease in other comprehensive income (loss) related to the impact of pensions on deferred income tax liabilities was $0.3 million for the three and nine months ended September 30, 2018 . There was no change in deferred income tax liabilities resulting from adjustments to comprehensive income (loss) for the three and nine months ended September 30, 2017 . |
SEGMENT DATA
SEGMENT DATA | 9 Months Ended |
Sep. 30, 2018 | |
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 the International segment primarily includes operations in Europe, Asia and Latin America. The Americas and International display inventory consists primarily of billboards, street furniture displays and transit displays. Corporate includes infrastructure and support including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded in corporate expenses. The Company re-evaluated its segment reporting and determined that its Latin American operations should be managed by its International leadership team. As a result, beginning on January 1, 2018 , the operations of Latin America are no longer reflected within the Company’s Americas segment and are included in the results of its International segment. Accordingly, the Company has recast the corresponding segment disclosures for prior periods to include Latin America within the International segment. The following table presents the Company's reportable segment results for the three and nine months ended September 30, 2018 and 2017 : (In thousands) Americas International Corporate and other reconciling items Consolidated Three Months Ended September 30, 2018 Revenue $ 303,421 $ 360,318 $ — $ 663,739 Direct operating expenses 131,241 230,440 — 361,681 Selling, general and administrative expenses 49,247 79,550 — 128,797 Corporate expenses — — 37,729 37,729 Depreciation and amortization 39,783 36,627 995 77,405 Impairment charges — — 7,772 7,772 Other operating income, net — — 825 825 Operating income (loss) $ 83,150 $ 13,701 $ (45,671 ) $ 51,180 Capital expenditures $ 25,826 $ 21,921 $ 1,059 $ 48,806 Share-based compensation expense $ — $ — $ 3,132 $ 3,132 Three Months Ended September 30, 2017 Revenue $ 293,807 $ 350,623 $ — $ 644,430 Direct operating expenses 130,269 227,677 — 357,946 Selling, general and administrative expenses 49,007 79,532 — 128,539 Corporate expenses — — 35,333 35,333 Depreciation and amortization 44,457 35,464 1,175 81,096 Impairment charges — — 1,591 1,591 Other operating income, net — — (11,783 ) (11,783 ) Operating income (loss) $ 70,074 $ 7,950 $ (49,882 ) $ 28,142 Capital expenditures $ 4,397 $ 26,932 $ 460 $ 31,789 Share-based compensation expense $ — $ — $ 2,894 $ 2,894 |
GUARANTOR SUBSIDIARIES
GUARANTOR SUBSIDIARIES | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information 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) September 30, 2018 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 1,600 $ — $ 13,979 $ 175,538 $ — $ 191,117 Accounts receivable, net of allowance — — 190,526 463,512 — 654,038 Intercompany receivables — 766,190 2,822,946 68,652 (3,657,788 ) — Prepaid expenses 659 1,211 59,971 63,751 — 125,592 Other current assets — — 1,653 31,072 — 32,725 Total Current Assets 2,259 767,401 3,089,075 802,525 (3,657,788 ) 1,003,472 Structures, net — — 606,604 432,231 — 1,038,835 Other property, plant and equipment, net — — 123,838 93,317 — 217,155 Indefinite-lived intangibles — — 971,163 — — 971,163 Other intangibles, net — — 238,247 19,236 — 257,483 Goodwill — — 507,819 200,689 — 708,508 Due from iHeartCommunications 154,758 — — — — 154,758 Intercompany notes receivable 182,026 5,116,629 4,691 16,275 (5,319,621 ) — Other assets 211,707 26,194 1,269,795 74,151 (1,453,859 ) 127,988 Total Assets $ 550,750 $ 5,910,224 $ 6,811,232 $ 1,638,424 $ (10,431,268 ) $ 4,479,362 Accounts payable $ — $ — $ 30,342 $ 68,962 $ — $ 99,304 Intercompany payable 2,822,946 — 834,842 — (3,657,788 ) — Accrued expenses 9,677 (1,955 ) 85,325 440,366 — 533,413 Deferred income — — 37,488 48,244 — 85,732 Current portion of long-term debt — — 221 100 — 321 Total Current Liabilities 2,832,623 (1,955 ) 988,218 557,672 (3,657,788 ) 718,770 Long-term debt — 4,900,229 3,714 370,547 — 5,274,490 Intercompany notes payable — 16,273 5,039,419 263,929 (5,319,621 ) — Due to iHeartCommunications, post iHeart Chapter 11 Cases 1,495 — — — — 1,495 Deferred tax liability (26,967 ) 853 435,665 (49,122 ) — 360,429 Other long-term liabilities 547 — 141,421 122,222 — 264,190 Total stockholders' equity (deficit) (2,256,948 ) 994,824 202,795 373,176 (1,453,859 ) (2,140,012 ) Total Liabilities and Stockholders' Equity (Deficit) $ 550,750 $ 5,910,224 $ 6,811,232 $ 1,638,424 $ (10,431,268 ) $ 4,479,362 (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 431,671 94,543 1,343,032 67,562 (1,815,609 ) 121,199 Total Assets $ 853,631 $ 5,970,793 $ 7,077,216 $ 1,677,910 $ (10,912,103 ) $ 4,667,447 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 — 140,272 142,540 — 283,969 Total stockholders' equity (deficit) (1,980,470 ) 1,059,878 424,740 453,167 (1,815,609 ) (1,858,294 ) Total Liabilities and Stockholders' Equity (Deficit) $ 853,631 $ 5,970,793 $ 7,077,216 $ 1,677,910 $ (10,912,103 ) $ 4,667,447 (In thousands) Three Months Ended September 30, 2018 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 301,218 $ 362,521 $ — $ 663,739 Operating expenses: Direct operating expenses — — 129,683 231,998 — 361,681 Selling, general and administrative expenses — — 49,041 79,756 — 128,797 Corporate expenses 1,203 — 25,440 11,086 — 37,729 Depreciation and amortization — — 40,537 36,868 — 77,405 Impairment charges — — 7,772 — — 7,772 Other operating income (expense), net (178 ) — 143 860 — 825 Operating income (loss) (1,381 ) — 48,888 3,673 — 51,180 Interest (income) expense, net (5 ) 88,093 524 8,546 — 97,158 Interest income on Due from iHeartCommunications 363 — — — — 363 Intercompany interest income 3,737 90,300 5,705 — (99,742 ) — Intercompany interest expense 363 246 94,037 5,096 (99,742 ) — Equity in earnings (loss) of nonconsolidated affiliates (51,366 ) (31,573 ) (27,883 ) (93 ) 111,117 202 Other expense, net — — (50 ) (6,037 ) — (6,087 ) Loss before income taxes (49,005 ) (29,612 ) (67,901 ) (16,099 ) 111,117 (51,500 ) Income tax benefit (expense) (16,083 ) 2,959 16,535 (10,307 ) — (6,896 ) Consolidated net loss (65,088 ) (26,653 ) (51,366 ) (26,406 ) 111,117 (58,396 ) Less amount attributable to noncontrolling interest — — — 6,692 — 6,692 Net loss attributable to the Company $ (65,088 ) $ (26,653 ) $ (51,366 ) $ (33,098 ) $ 111,117 $ (65,088 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — (280 ) (6,809 ) — (7,089 ) Reclassification adjustments — — — 1,425 — 1,425 Equity in subsidiary comprehensive loss (503 ) (1,056 ) (223 ) — 1,782 — Comprehensive loss (65,591 ) (27,709 ) (51,869 ) (38,482 ) 112,899 (70,752 ) Less amount attributable to noncontrolling interest — — — (5,161 ) — (5,161 ) Comprehensive loss attributable to the Company $ (65,591 ) $ (27,709 ) $ (51,869 ) $ (33,321 ) $ 112,899 $ (65,591 ) (In thousands) Three Months Ended September 30, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 288,433 $ 355,997 $ — $ 644,430 Operating expenses: Direct operating expenses — — 126,536 231,410 — 357,946 Selling, general and administrative expenses — — 47,994 80,545 — 128,539 Corporate expenses 3,602 — 22,658 9,073 — 35,333 Depreciation and amortization — — 45,180 35,916 — 81,096 Impairment charges — — — 1,591 — 1,591 Other operating income (expense), net (102 ) — 1,876 (13,557 ) — (11,783 ) Operating income (loss) (3,704 ) — 47,941 (16,095 ) — 28,142 Interest (income) expense , net (20 ) 88,232 126 7,129 — 95,467 Interest income on Due from iHeartCommunications 17,087 — — — — 17,087 Intercompany interest income 4,090 85,067 17,316 43 (106,516 ) — Intercompany interest expense 17,087 203 89,200 26 (106,516 ) — Equity in loss of nonconsolidated affiliates (59,895 ) (18,289 ) (35,415 ) (838 ) 113,809 (628 ) Other income (expense), net (7,517 ) — 9,958 6,723 — 9,164 Loss before income taxes (67,006 ) (21,657 ) (49,526 ) (17,322 ) 113,809 (41,702 ) Income tax benefit (expense) 2,798 (1,711 ) (10,369 ) (7,065 ) — (16,347 ) Consolidated net loss (64,208 ) (23,368 ) (59,895 ) (24,387 ) 113,809 (58,049 ) Less amount attributable to noncontrolling interest — — — 6,159 — 6,159 Net loss attributable to the Company $ (64,208 ) $ (23,368 ) $ (59,895 ) $ (30,546 ) $ 113,809 $ (64,208 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — 712 11,636 — 12,348 Unrealized holding loss on marketable securities — — — (320 ) — (320 ) Reclassification adjustments — — — 6,207 — 6,207 Equity in subsidiary comprehensive income 15,687 7,479 14,975 — (38,141 ) — Comprehensive loss (48,521 ) (15,889 ) (44,208 ) (13,023 ) 75,668 (45,973 ) Less amount attributable to noncontrolling interest — — — 2,548 — 2,548 Comprehensive loss attributable to the Company $ (48,521 ) $ (15,889 ) $ (44,208 ) $ (15,571 ) $ 75,668 $ (48,521 ) (In thousands) Nine Months Ended September 30, 2018 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 852,747 $ 1,121,370 $ — $ 1,974,117 Operating expenses: Direct operating expenses — — 381,908 713,998 — 1,095,906 Selling, general and administrative expenses — — 145,317 236,177 — 381,494 Corporate expenses 3,459 — 77,184 30,449 — 111,092 Depreciation and amortization — — 129,596 114,636 — 244,232 Impairment charges — — 7,772 — — 7,772 Other operating income (expense), net (273 ) — 480 1,493 — 1,700 Operating income (loss) (3,732 ) — 111,450 27,603 — 135,321 Interest (income) expense, net (15 ) 264,405 1,342 25,677 — 291,409 Interest income on Due from iHeartCommunications 573 — — — — 573 Intercompany interest income 12,123 270,774 16,492 — (299,389 ) — Intercompany interest expense 573 705 282,897 15,214 (299,389 ) — Equity in earnings (loss) of nonconsolidated affiliates (213,722 ) (65,430 ) (62,761 ) (483 ) 342,780 384 Other income (expense), net — — 1,799 (23,829 ) — (22,030 ) Loss before income taxes (205,316 ) (59,766 ) (217,259 ) (37,600 ) 342,780 (177,161 ) Income tax benefit (expense) (38,577 ) (2,369 ) 3,537 (19,607 ) — (57,016 ) Consolidated net loss (243,893 ) (62,135 ) (213,722 ) (57,207 ) 342,780 (234,177 ) Less amount attributable to noncontrolling interest — — — 9,716 — 9,716 Net loss attributable to the Company $ (243,893 ) $ (62,135 ) $ (213,722 ) $ (66,923 ) $ 342,780 $ (243,893 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — (1,506 ) (17,421 ) — (18,927 ) Reclassification adjustments — — — 1,425 — 1,425 Equity in subsidiary comprehensive income (9,658 ) (4,354 ) (8,152 ) — 22,164 — Comprehensive loss (253,551 ) (66,489 ) (223,380 ) (82,919 ) 364,944 (261,395 ) Less amount attributable to noncontrolling interest — — — (7,844 ) — (7,844 ) Comprehensive loss attributable to the Company $ (253,551 ) $ (66,489 ) $ (223,380 ) $ (75,075 ) $ 364,944 $ (253,551 ) (In thousands) Nine Months Ended September 30, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 832,419 $ 1,027,879 $ — $ 1,860,298 Operating expenses: Direct operating expenses — — 378,078 661,097 — 1,039,175 Selling, general and administrative expenses — — 144,183 226,414 — 370,597 Corporate expenses 10,972 — 68,592 25,649 — 105,213 Depreciation and amortization — — 132,160 104,720 — 236,880 Impairment charges — — — 1,591 — 1,591 Other operating income (expense), net (308 ) — 35,526 (6,561 ) — 28,657 Operating income (loss) (11,280 ) — 144,932 1,847 — 135,499 Interest (income) expense , net (412 ) 264,866 (545 ) 18,893 — 282,802 Interest income on Due from iHeartCommunications 47,277 — — — — 47,277 Intercompany interest income 12,236 255,351 48,104 140 (315,831 ) — Intercompany interest expense 47,277 321 267,727 506 (315,831 ) — Equity in loss of nonconsolidated affiliates (105,062 ) (23,726 ) (46,638 ) (1,643 ) 176,240 (829 ) Other income, net 2,716 — 8,425 10,663 — 21,804 Loss before income taxes (100,978 ) (33,562 ) (112,359 ) (8,392 ) 176,240 (79,051 ) Income tax benefit (expense) (1,519 ) 576 7,297 (19,254 ) — (12,900 ) Consolidated net loss (102,497 ) (32,986 ) (105,062 ) (27,646 ) 176,240 (91,951 ) Less amount attributable to noncontrolling interest — — — 10,546 — 10,546 Net loss attributable to the Company $ (102,497 ) $ (32,986 ) $ (105,062 ) $ (38,192 ) $ 176,240 $ (102,497 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — 806 41,547 — 42,353 Unrealized holding loss on marketable securities — — — (218 ) — (218 ) Reclassification adjustments — — — 4,563 — 4,563 Equity in subsidiary comprehensive income 40,964 28,647 40,158 — (109,769 ) — Comprehensive income (loss) (61,533 ) (4,339 ) (64,098 ) 7,700 66,471 (55,799 ) Less amount attributable to noncontrolling interest — — — 5,734 — 5,734 Comprehensive income (loss) attributable to the Company $ (61,533 ) $ (4,339 ) $ (64,098 ) $ 1,966 $ 66,471 $ (61,533 ) (In thousands) Nine Months Ended September 30, 2018 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net loss $ (243,893 ) $ (62,135 ) $ (213,722 ) $ (57,207 ) $ 342,780 $ (234,177 ) Reconciling items: Impairment charges — — 7,772 — — 7,772 Depreciation and amortization — — 129,596 114,636 — 244,232 Deferred taxes 66,144 — (31,162 ) 5,907 — 40,889 Provision for doubtful accounts — — 2,710 2,398 — 5,108 Amortization of deferred financing charges and note discounts, net — 6,682 — 1,318 — 8,000 Share-based compensation — — 3,838 2,919 — 6,757 Gain on disposal of operating assets, net — — (510 ) (1,797 ) — (2,307 ) Equity in (earnings) loss of nonconsolidated affiliates 213,722 65,430 62,761 483 (342,780 ) (384 ) Foreign exchange transaction (gain) loss — — (444 ) 21,823 — 21,379 Other reconciling items, net — — (373 ) (1,624 ) — (1,997 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable — — (744 ) (14,549 ) — (15,293 ) (Increase) decrease in prepaids and other current assets (367 ) 2,222 (12,369 ) (9,092 ) — (19,606 ) Increase (decrease) in accrued expenses 8,621 (1,644 ) (6,448 ) 11,182 — 11,711 Increase (decrease) in accounts payable — — 22,750 (9,123 ) — 13,627 Increase in accrued interest — 1,004 424 8,604 — 10,032 Increase in deferred income — — 11,692 17,430 — 29,122 Changes in other operating assets and liabilities (1,981 ) — 5,117 (7,574 ) — (4,438 ) Net cash provided by (used for) operating activities $ 42,246 $ 11,559 $ (19,112 ) $ 85,734 $ — $ 120,427 Cash flows from investing activities: Purchases of property, plant and equipment — — (52,333 ) (57,788 ) — (110,121 ) Proceeds from disposal of assets — — 4,444 2,119 — 6,563 Purchases of other operating assets — — (1,783 ) (45 ) — (1,828 ) Increase in intercompany notes receivable, net — (28,887 ) — — 28,887 — Dividends from subsidiaries — — 1,111 — (1,111 ) — Change in other, net — — (2 ) 58 — 56 Net cash provided by (used for) investing activities $ — $ (28,887 ) $ (48,563 ) $ (55,656 ) $ 27,776 $ (105,330 ) Cash flows from financing activities: Payments on long-term debt — — (136 ) (346 ) — (482 ) Net transfers from iHeartCommunications 58,726 — — — — 58,726 Dividends and other payments to noncontrolling interests — — — (6,144 ) — (6,144 ) Dividends paid (30,660 ) — — (1,111 ) 1,111 (30,660 ) Increase in intercompany notes payable, net — — — 28,887 (28,887 ) — Intercompany funding (95,656 ) 18,884 58,949 17,823 — — Change in other, net (709 ) (1,556 ) — — — (2,265 ) Net cash provided by (used for) financing activities (68,299 ) 17,328 58,813 39,109 (27,776 ) 19,175 Effect of exchange rate changes on cash — — — (7,951 ) — (7,951 ) Net increase (decrease) in cash and cash equivalents (26,053 ) — (8,862 ) 61,236 — 26,321 Cash, cash equivalents and restricted cash at beginning of year 27,653 — 22,841 137,816 — 188,310 Cash, cash equivalents and restricted cash at end of year $ 1,600 $ — $ 13,979 $ 199,052 $ — $ 214,631 (In thousands) Nine Months Ended September 30, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net loss $ (102,497 ) $ (32,986 ) $ (105,062 ) $ (27,646 ) $ 176,240 $ (91,951 ) Reconciling items: Impairment charges — — — 1,591 — 1,591 Depreciation and amortization — — 132,160 104,720 — 236,880 Deferred taxes — — (23,464 ) (3,851 ) — (27,315 ) Provision for doubtful accounts — — 1,508 4,820 — 6,328 Amortization of deferred financing charges and note discounts, net — 6,585 — 1,411 — 7,996 Share-based compensation — — 4,859 2,294 — 7,153 (Gain) loss on sale of operating and fixed assets — — (35,601 ) 5,306 — (30,295 ) Equity in loss of nonconsolidated affiliates 105,062 23,726 46,638 1,643 (176,240 ) 829 Foreign exchange transaction (gain) loss — — 5 (22,271 ) — (22,266 ) Other reconciling items, net — — (4,397 ) (533 ) — (4,930 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: (Increase) decrease in accounts receivable — — 2,749 (20,575 ) — (17,826 ) (Increase) decrease in prepaids and other current assets 1,045 — (9,626 ) (7,528 ) — (16,109 ) Increase (decrease) in accrued expenses (3,524 ) (56,942 ) 60,128 (8,472 ) — (8,810 ) Decrease in accounts payable — — (1,086 ) (2,937 ) — (4,023 ) Increase (decrease) in accrued interest — — (93 ) 6,124 — 6,031 Increase in deferred income — — 6,352 12,366 — 18,718 Changes in other operating assets and liabilities — — 477 10,629 — 11,106 Net cash provided by (used for) operating activities $ 86 $ (59,617 ) $ 75,547 $ 57,091 $ — $ 73,107 Cash flows from investing activities: Purchases of property, plant and equipment — — (48,185 ) (86,683 ) — (134,868 ) Proceeds from disposal of assets — — 54,534 16,500 — 71,034 Purchases of other operating assets — — (758 ) (2,226 ) — (2,984 ) (Increase) decrease in intercompany notes receivable, net — 29,962 (6,146 ) (74,107 ) 50,291 — Dividends from subsidiaries — — 22,995 — (22,995 ) — Change in other, net — — (4 ) (1,054 ) — (1,058 ) Net cash provided by (used for) investing activities $ — $ 29,962 $ 22,436 $ (147,570 ) $ 27,296 $ (67,876 ) 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 — — (73 ) (531 ) — (604 ) Net transfers to iHeartCommunications (165,650 ) — — — — (165,650 ) Dividends and other payments to noncontrolling interests — — — (12,027 ) — (12,027 ) Dividends paid (282,658 ) — — (22,995 ) 22,995 (282,658 ) Increase (decrease) in intercompany notes payable, net — 69,107 — (18,816 ) (50,291 ) — Intercompany funding 175,186 (39,452 ) (145,622 ) 9,888 — — Change in other, net (1,426 ) — — (4,808 ) — (6,234 ) Net cash provided by (used for) financing activities (274,548 ) 29,655 (145,695 ) 105,802 (27,296 ) (312,082 ) Effect of exchange rate changes on cash — — — 7,037 — 7,037 Net increase (decrease) in cash and cash equivalents (274,462 ) — (47,712 ) 22,360 — (299,814 ) Cash, cash equivalents and restricted cash at beginning of year 300,285 — 61,542 190,864 — 552,691 Cash, cash equivalents and restricted cash at end of year $ 25,823 $ — $ 13,830 $ 213,224 $ — $ 252,877 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Preparation of Interim Financial Statements | Preparation of Interim Financial Statements All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries. Our reportable segments are Americas outdoor advertising (“Americas”) and International outdoor advertising (“International”). The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2017 Annual Report on Form 10-K. The consolidated financial statements include the accounts of the Company and its subsidiaries and give effect to allocations of expenses from the Company’s indirect parent entity, iHeartCommunications, Inc. (“iHeartCommunications”). These allocations were made on a specifically identifiable basis or using relative percentages of headcount or other methods management considered to be a reasonable reflection of the utilization of services provided. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation process. |
New Accounting Pronouncements | New Accounting Pronouncements Not Yet Adopted 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. The most significant change to the standard includes the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases. Lessor accounting also is updated to align with certain changes in the lessee model and the new revenue recognition standard which was adopted this year. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2018. The standard is expected to have a material impact on our consolidated balance sheet, but is not expected to materially impact our consolidated statement of comprehensive loss or cash flows. The Company is continuing to evaluate the impact of the provisions of this new standard on its consolidated financial statements. In July 2018, The FASB issued ASU No. 2018-11, Leases (Topic 842) - Targeted Improvements. The update provides an additional (optional) transition method to adopt the new lease standard, allowing entities to apply the new lease standard at the adoption date. The Company plans to adopt Topic 842 following this optional transition method. The update also provides lessors a practical expedient to allow them to not separate non-lease components from the associated lease component and instead to account for those components as a single component if certain criteria are met. The updated practical expedient for lessors will not have a material effect to the Company’s consolidated financial statements. 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 third quarter of 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract . This update requires that a customer in a cloud computing arrangement that is a service contract follow the internal use software guidance in Accounting Standards Codification (ASC) 350-402 to determine which implementation costs to capitalize as assets. The standard is effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. New Accounting Pronouncements Recently Adopted Revenue from Contracts with Customers As of January 1, 2018, the Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers . This standard provides guidance for the recognition, measurement and disclosure of revenue from contracts with customers and supersedes previous revenue recognition guidance under U.S. GAAP. The Company has applied this standard using the full retrospective method and concluded that its adoption did not have a material impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Comprehensive Loss, or Consolidated Statements of Cash Flows for prior periods. Please refer to Note 2, Revenues, for more information. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded when the Company has an unconditional right to payment, either because it has satisfied a performance obligation prior to receiving payment from the customer or has a non-cancelable contract that has been billed in advance in accordance with the Company’s normal billing terms. Accounts receivable are recorded at the invoiced amount, net of 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 accounts receivable 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. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when or as it satisfies a performance obligation by transferring a promised good or service to a customer. The Company generates revenue primarily from the sale of advertising space on printed and digital displays, including billboards, street furniture displays, transit displays and retail displays, which may be sold as individual units or as a network package. Revenue from these contracts, which typically cover periods of a few weeks to one year, is generally recognized ratably over the term of the contract as the advertisement is displayed. The Company also generates revenue from production and creative services, which are distinct from the advertising display services, and related revenue is recognized at the point in time the Company installs the advertising copy at the display site. The Company recognizes revenue in amounts that reflect the consideration it expects to receive in exchange for transferring goods or services to customers, excluding sales taxes and other similar taxes collected on behalf of governmental authorities (the “transaction price”). When this consideration includes a variable amount, the Company estimates the amount of consideration it expects to receive and only recognizes revenue to the extent that it is probable it will not be reversed in a future reporting period. Because the transfer of promised goods and services to the customer is generally within a year of scheduled payment from the customer, the Company is not typically required to consider the effects of the time value of money when determining the transaction price. Advertising revenue is reported net of agency commissions. Trade and barter transactions represent the exchange of display space for merchandise, services or other assets in the ordinary course of business. The transaction price for these contracts is measured at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable, in which case the consideration is measured based on the standalone selling price of the display space promised to the customer. Revenue is recognized on trade and barter transactions when the advertisements are displayed, and expenses are recorded ratably over a period that estimates when the merchandise, services or other assets received are utilized. Trade and barter revenues and expenses from continuing operations are included in consolidated revenue and selling, general and administrative expenses, respectively. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | A summary of the effect of the corrections on the Consolidated Balance Sheet as of December 31, 2017 is as follows: December 31, 2017 (In thousands) As Reported Correction Revised Other assets $ 124,534 $ (3,335 ) $ 121,199 Total Assets 4,670,782 (3,335 ) 4,667,447 Other long-term liabilities 270,415 13,554 283,969 Accumulated deficit (4,765,514 ) (15,731 ) (4,781,245 ) Accumulated other comprehensive loss (338,936 ) (1,158 ) (340,094 ) Total Stockholders' Deficit (1,841,405 ) (16,889 ) (1,858,294 ) Total Liabilities and Stockholders’ Deficit 4,670,782 (3,335 ) 4,667,447 A summary of the effect of the corrections on the Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2017 is as follows: Three Months Ended September 30, 2017 (In thousands) As Reported Correction Revised Revenue $ 645,089 $ (659 ) $ 644,430 Direct operating expenses (excludes depreciation and amortization) 356,100 1,846 357,946 Selling, general and administrative expenses (excludes depreciation and amortization) 128,397 142 128,539 Operating income 30,789 (2,647 ) 28,142 Loss before income taxes (39,055 ) (2,647 ) (41,702 ) Consolidated net loss (55,402 ) (2,647 ) (58,049 ) Less amount attributable to noncontrolling interest 6,237 (78 ) 6,159 Net loss attributable to the Company (61,639 ) (2,569 ) (64,208 ) Foreign currency translation adjustments 12,950 (602 ) 12,348 Other comprehensive income 18,837 (602 ) 18,235 Comprehensive loss (42,802 ) (3,171 ) (45,973 ) Less amount attributable to noncontrolling interest 2,666 (118 ) 2,548 Comprehensive loss attributable to the Company (45,468 ) (3,053 ) (48,521 ) Basic loss per share (0.17 ) (0.01 ) (0.18 ) Diluted loss per share (0.17 ) (0.01 ) (0.18 ) Nine Months Ended September 30, 2017 (In thousands) As Reported Correction Revised Revenue $ 1,862,134 $ (1,836 ) $ 1,860,298 Direct operating expenses (excludes depreciation and amortization) 1,034,204 4,971 1,039,175 Selling, general and administrative expenses (excludes depreciation and amortization) 370,069 528 370,597 Operating income 142,834 (7,335 ) 135,499 Interest expense 282,730 72 282,802 Loss before income taxes (71,644 ) (7,407 ) (79,051 ) Consolidated net loss (84,544 ) (7,407 ) (91,951 ) Less amount attributable to noncontrolling interest 10,873 (327 ) 10,546 Net loss attributable to the Company (95,417 ) (7,080 ) (102,497 ) Foreign currency translation adjustments 43,947 (1,594 ) 42,353 Other comprehensive income 48,292 (1,594 ) 46,698 Comprehensive loss (47,125 ) (8,674 ) (55,799 ) Less amount attributable to noncontrolling interest 5,995 (261 ) 5,734 Comprehensive loss attributable to the Company (53,120 ) (8,413 ) (61,533 ) Basic loss per share (0.26 ) (0.02 ) (0.28 ) Diluted loss per share (0.26 ) (0.02 ) (0.28 ) |
Summary of Barter and Trade Revenues and Expenses | Trade and barter revenues and expenses from continuing operations were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 Consolidated: Trade and barter revenues $ 3,644 $ 4,002 $ 11,416 $ 13,166 Trade and barter expenses 2,378 2,813 8,829 8,287 |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts reported in the Consolidated Statement of Cash Flows: (In thousands) September 30, December 31, 2017 Cash and cash equivalents $ 191,117 $ 144,119 Restricted cash included in: Other current assets 4,231 26,096 Other assets 19,283 18,095 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 214,631 $ 188,310 |
REVENUES (Tables)
REVENUES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Geographic Areas | The following table shows, by segment, revenue from contracts with customers disaggregated by geographical region, revenue from leases and total revenue for the three and nine months ended September 30, 2018 and 2017 : (In thousands) Americas (1) International (1) Consolidated Three Months Ended September 30, 2018 Revenue from contracts with customers: United States $ 116,503 $ — $ 116,503 Other Americas 671 11,242 11,913 Europe — 191,514 191,514 Asia-Pacific and other — 5,563 5,563 Total 117,174 208,319 325,493 Revenue from leases 186,247 151,999 338,246 Revenue, total $ 303,421 $ 360,318 $ 663,739 Three Months Ended September 30, 2017 Revenue from contracts with customers: United States $ 106,806 $ — $ 106,806 Other Americas 2,488 14,224 16,712 Europe — 181,229 181,229 Asia-Pacific and other 162 4,635 4,797 Total 109,456 200,088 309,544 Revenue from leases 184,351 150,535 334,886 Revenue, total $ 293,807 $ 350,623 $ 644,430 Nine Months Ended September 30, 2018 Revenue from contracts with customers: United States $ 328,138 $ — $ 328,138 Other Americas 1,955 36,723 38,678 Europe — 605,032 605,032 Asia-Pacific and other — 17,685 17,685 Total 330,093 659,440 989,533 Revenue from leases 529,097 455,487 984,584 Revenue, total $ 859,190 $ 1,114,927 $ 1,974,117 Nine Months Ended September 30, 2017 Revenue from contracts with customers: United States $ 308,988 $ — $ 308,988 Other Americas 10,279 37,418 47,697 Europe — 533,111 533,111 Asia-Pacific and other 568 14,853 15,421 Total 319,835 585,382 905,217 Revenue from leases 534,509 420,572 955,081 Revenue, total $ 854,344 $ 1,005,954 $ 1,860,298 (1) Due to a re-evaluation of the Company’s segment reporting in 2018 , its operations in Latin America are included in the International segment results for all periods presented. See Note 1, Basis of Presentation . |
Summary of Contract with Customer, Asset and Liability | The following tables show the changes in the Company’s contract balances from contracts with customers for the three and nine months ended September 30, 2018 and 2017 : Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 Accounts receivable from contracts with customers: Beginning balance, net of allowance $ 323,286 $ 316,744 $ 347,279 $ 296,778 Additions (collections), net (14,448 ) (8,767 ) (36,875 ) 12,011 Bad debt, net of recoveries (561 ) (1,176 ) (2,127 ) (1,988 ) Ending balance, net of allowance 308,277 306,801 308,277 306,801 Accounts receivable from leases, net of allowance 345,761 326,162 345,761 326,162 Total accounts receivable, net of allowance $ 654,038 $ 632,963 $ 654,038 $ 632,963 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 Deferred income from contracts with customers: Beginning balance $ 45,326 $ 44,744 $ 28,201 $ 28,668 Revenue recognized, included in beginning balance (33,668 ) (32,742 ) (24,886 ) (26,784 ) Additions, net of revenue recognized during period 28,163 32,237 36,506 42,355 Ending balance 39,821 44,239 39,821 44,239 Deferred income from leases 51,192 54,157 51,192 54,157 Total deferred income 91,013 98,396 91,013 98,396 Less: Non-current portion, included in other long-term liabilities 5,281 7,640 5,281 7,640 Total deferred income, current portion $ 85,732 $ 90,756 $ 85,732 $ 90,756 |
Schedule of Future Minimum Rental Income for Operating Leases | As of December 31, 2017 , the Company’s future minimum rentals under non-cancelable operating leases were as follows: (In thousands) 2018 $ 279,413 2019 34,395 2020 17,155 2021 12,004 2022 8,552 Thereafter 7,197 Total minimum future rentals $ 358,716 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017 , respectively: (In thousands) September 30, December 31, Land, buildings and improvements $ 145,108 $ 145,763 Structures 2,808,059 2,864,442 Furniture and other equipment 194,366 179,215 Construction in progress 60,853 55,753 3,208,386 3,245,173 Less: accumulated depreciation 1,952,396 1,850,144 Property, plant and equipment, net $ 1,255,990 $ 1,395,029 |
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 September 30, 2018 and December 31, 2017 , respectively: (In thousands) September 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 533,274 $ (440,452 ) $ 548,918 $ (440,284 ) Permanent easements 162,920 — 162,920 — Other 6,076 (4,335 ) 4,626 (2,318 ) Total $ 702,270 $ (444,787 ) $ 716,464 $ (442,602 ) |
Schedule of Future 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) 2019 $ 15,045 2020 $ 12,790 2021 $ 12,548 2022 $ 10,737 2023 $ 6,335 |
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, 2016 $ 505,478 $ 190,785 $ 696,263 Acquisitions 2,252 — 2,252 Impairment — (1,591 ) (1,591 ) Dispositions — (1,817 ) (1,817 ) Foreign currency — 18,847 18,847 Assets held for sale 89 — 89 Balance as of December 31, 2017 $ 507,819 $ 206,224 $ 714,043 Foreign currency — (5,535 ) (5,535 ) Balance as of September 30, 2018 $ 507,819 $ 200,689 $ 708,508 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding as of September 30, 2018 and December 31, 2017 consisted of the following: (In thousands) September 30, December 31, Clear Channel Worldwide Holdings Senior Notes: 6.5% Series A Senior Notes Due 2022 $ 735,750 $ 735,750 6.5% Series B Senior Notes Due 2022 1,989,250 1,989,250 Clear Channel Worldwide Holdings Senior Subordinated Notes: 7.625% Series A Senior Subordinated Notes Due 2020 275,000 275,000 7.625% Series B Senior Subordinated Notes Due 2020 1,925,000 1,925,000 Receivables Based Credit Facility Due 2023 (1) — — Clear Channel International B.V. Senior Notes Due 2020 375,000 375,000 Other debt 4,034 2,393 Original issue discount (611 ) (241 ) Long-term debt fees (28,612 ) (35,426 ) Total debt $ 5,274,811 $ 5,266,726 Less: current portion 321 573 Total long-term debt $ 5,274,490 $ 5,266,153 (1) On June 1, 2018 (the “Closing Date”), Clear Channel Outdoor, Inc. (“CCO”), a subsidiary of the Company, refinanced the Company's senior revolving credit facility with an asset based credit facility that provided for revolving credit commitments of up to $75.0 million . On June 29, 2018, CCO entered into an amendment providing for a $50.0 million incremental increase of the facility, bringing the aggregate revolving credit commitments to $125.0 million . The facility has a five -year term, maturing in 2023. As of September 30, 2018 , the facility had $86.4 million of letters of credit outstanding and a borrowing base of $113.0 million , resulting in $26.6 million of excess availability. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Benefit (Expense) | The Company’s income tax benefit (expense) for the three and nine months ended September 30, 2018 and 2017 consisted of the following components: (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Current tax expense $ (12,508 ) $ (20,921 ) $ (16,127 ) $ (40,215 ) Deferred tax benefit (expense) 5,612 4,574 (40,889 ) 27,315 Income tax expense $ (6,896 ) $ (16,347 ) $ (57,016 ) $ (12,900 ) |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders' Equity (Deficit) | The following table shows the changes in stockholders’ equity (deficit) attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest: (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2018 $ (2,015,334 ) $ 157,040 $ (1,858,294 ) Net income (loss) (243,893 ) 9,716 (234,177 ) Dividends paid (29,995 ) — (29,995 ) Payments to noncontrolling interests — (6,148 ) (6,148 ) Share-based compensation 6,286 471 6,757 Foreign currency translation adjustments (11,083 ) (7,844 ) (18,927 ) Reclassification adjustments 1,425 — 1,425 Other, net (653 ) — (653 ) Balances as of September 30, 2018 $ (2,293,247 ) $ 153,235 $ (2,140,012 ) Balances as of January 1, 2017 $ (1,091,486 ) $ 144,174 $ (947,312 ) Net income (loss) (102,497 ) 10,546 (91,951 ) Dividends declared (307,492 ) — (307,492 ) Payments to noncontrolling interests — (12,027 ) (12,027 ) Share-based compensation 6,529 624 7,153 Disposal of noncontrolling interest — (2,438 ) (2,438 ) Foreign currency translation adjustments 36,619 5,734 42,353 Unrealized holding loss on marketable securities (218 ) — (218 ) Reclassification adjustments 4,563 — 4,563 Other, net (1,613 ) (575 ) (2,188 ) Balances as of September 30, 2017 $ (1,455,595 ) $ 146,038 $ (1,309,557 ) |
Computation of Earnings Per Share | COMPUTATION OF LOSS PER SHARE (In thousands, except per share data) Three Months Ended Nine Months Ended 2018 2017 2018 2017 NUMERATOR: Net loss attributable to the Company – common shares $ (65,088 ) $ (64,208 ) $ (243,893 ) $ (102,497 ) DENOMINATOR: Weighted average common shares outstanding - basic 361,815 361,302 361,680 361,064 Weighted average common shares outstanding - diluted (1) 361,815 361,302 361,680 361,064 Net loss attributable to the Company per common share: Basic $ (0.18 ) $ (0.18 ) $ (0.67 ) $ (0.28 ) Diluted $ (0.18 ) $ (0.18 ) $ (0.67 ) $ (0.28 ) (1) Outstanding equity awards of 7.0 million and 8.3 million for the three months ended September 30, 2018 and 2017 , respectively, and 7.4 million and 8.3 million for the nine months ended September 30, 2018 and 2017 , respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive. |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Results | The following table presents the Company's reportable segment results for the three and nine months ended September 30, 2018 and 2017 : (In thousands) Americas International Corporate and other reconciling items Consolidated Three Months Ended September 30, 2018 Revenue $ 303,421 $ 360,318 $ — $ 663,739 Direct operating expenses 131,241 230,440 — 361,681 Selling, general and administrative expenses 49,247 79,550 — 128,797 Corporate expenses — — 37,729 37,729 Depreciation and amortization 39,783 36,627 995 77,405 Impairment charges — — 7,772 7,772 Other operating income, net — — 825 825 Operating income (loss) $ 83,150 $ 13,701 $ (45,671 ) $ 51,180 Capital expenditures $ 25,826 $ 21,921 $ 1,059 $ 48,806 Share-based compensation expense $ — $ — $ 3,132 $ 3,132 Three Months Ended September 30, 2017 Revenue $ 293,807 $ 350,623 $ — $ 644,430 Direct operating expenses 130,269 227,677 — 357,946 Selling, general and administrative expenses 49,007 79,532 — 128,539 Corporate expenses — — 35,333 35,333 Depreciation and amortization 44,457 35,464 1,175 81,096 Impairment charges — — 1,591 1,591 Other operating income, net — — (11,783 ) (11,783 ) Operating income (loss) $ 70,074 $ 7,950 $ (49,882 ) $ 28,142 Capital expenditures $ 4,397 $ 26,932 $ 460 $ 31,789 Share-based compensation expense $ — $ — $ 2,894 $ 2,894 |
GUARANTOR SUBSIDIARIES (Tables)
GUARANTOR SUBSIDIARIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information 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) September 30, 2018 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 1,600 $ — $ 13,979 $ 175,538 $ — $ 191,117 Accounts receivable, net of allowance — — 190,526 463,512 — 654,038 Intercompany receivables — 766,190 2,822,946 68,652 (3,657,788 ) — Prepaid expenses 659 1,211 59,971 63,751 — 125,592 Other current assets — — 1,653 31,072 — 32,725 Total Current Assets 2,259 767,401 3,089,075 802,525 (3,657,788 ) 1,003,472 Structures, net — — 606,604 432,231 — 1,038,835 Other property, plant and equipment, net — — 123,838 93,317 — 217,155 Indefinite-lived intangibles — — 971,163 — — 971,163 Other intangibles, net — — 238,247 19,236 — 257,483 Goodwill — — 507,819 200,689 — 708,508 Due from iHeartCommunications 154,758 — — — — 154,758 Intercompany notes receivable 182,026 5,116,629 4,691 16,275 (5,319,621 ) — Other assets 211,707 26,194 1,269,795 74,151 (1,453,859 ) 127,988 Total Assets $ 550,750 $ 5,910,224 $ 6,811,232 $ 1,638,424 $ (10,431,268 ) $ 4,479,362 Accounts payable $ — $ — $ 30,342 $ 68,962 $ — $ 99,304 Intercompany payable 2,822,946 — 834,842 — (3,657,788 ) — Accrued expenses 9,677 (1,955 ) 85,325 440,366 — 533,413 Deferred income — — 37,488 48,244 — 85,732 Current portion of long-term debt — — 221 100 — 321 Total Current Liabilities 2,832,623 (1,955 ) 988,218 557,672 (3,657,788 ) 718,770 Long-term debt — 4,900,229 3,714 370,547 — 5,274,490 Intercompany notes payable — 16,273 5,039,419 263,929 (5,319,621 ) — Due to iHeartCommunications, post iHeart Chapter 11 Cases 1,495 — — — — 1,495 Deferred tax liability (26,967 ) 853 435,665 (49,122 ) — 360,429 Other long-term liabilities 547 — 141,421 122,222 — 264,190 Total stockholders' equity (deficit) (2,256,948 ) 994,824 202,795 373,176 (1,453,859 ) (2,140,012 ) Total Liabilities and Stockholders' Equity (Deficit) $ 550,750 $ 5,910,224 $ 6,811,232 $ 1,638,424 $ (10,431,268 ) $ 4,479,362 (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 431,671 94,543 1,343,032 67,562 (1,815,609 ) 121,199 Total Assets $ 853,631 $ 5,970,793 $ 7,077,216 $ 1,677,910 $ (10,912,103 ) $ 4,667,447 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 — 140,272 142,540 — 283,969 Total stockholders' equity (deficit) (1,980,470 ) 1,059,878 424,740 453,167 (1,815,609 ) (1,858,294 ) Total Liabilities and Stockholders' Equity (Deficit) $ 853,631 $ 5,970,793 $ 7,077,216 $ 1,677,910 $ (10,912,103 ) $ 4,667,447 |
Schedule Of Guarantor Obligations, Income Statement | (In thousands) Three Months Ended September 30, 2018 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 301,218 $ 362,521 $ — $ 663,739 Operating expenses: Direct operating expenses — — 129,683 231,998 — 361,681 Selling, general and administrative expenses — — 49,041 79,756 — 128,797 Corporate expenses 1,203 — 25,440 11,086 — 37,729 Depreciation and amortization — — 40,537 36,868 — 77,405 Impairment charges — — 7,772 — — 7,772 Other operating income (expense), net (178 ) — 143 860 — 825 Operating income (loss) (1,381 ) — 48,888 3,673 — 51,180 Interest (income) expense, net (5 ) 88,093 524 8,546 — 97,158 Interest income on Due from iHeartCommunications 363 — — — — 363 Intercompany interest income 3,737 90,300 5,705 — (99,742 ) — Intercompany interest expense 363 246 94,037 5,096 (99,742 ) — Equity in earnings (loss) of nonconsolidated affiliates (51,366 ) (31,573 ) (27,883 ) (93 ) 111,117 202 Other expense, net — — (50 ) (6,037 ) — (6,087 ) Loss before income taxes (49,005 ) (29,612 ) (67,901 ) (16,099 ) 111,117 (51,500 ) Income tax benefit (expense) (16,083 ) 2,959 16,535 (10,307 ) — (6,896 ) Consolidated net loss (65,088 ) (26,653 ) (51,366 ) (26,406 ) 111,117 (58,396 ) Less amount attributable to noncontrolling interest — — — 6,692 — 6,692 Net loss attributable to the Company $ (65,088 ) $ (26,653 ) $ (51,366 ) $ (33,098 ) $ 111,117 $ (65,088 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — (280 ) (6,809 ) — (7,089 ) Reclassification adjustments — — — 1,425 — 1,425 Equity in subsidiary comprehensive loss (503 ) (1,056 ) (223 ) — 1,782 — Comprehensive loss (65,591 ) (27,709 ) (51,869 ) (38,482 ) 112,899 (70,752 ) Less amount attributable to noncontrolling interest — — — (5,161 ) — (5,161 ) Comprehensive loss attributable to the Company $ (65,591 ) $ (27,709 ) $ (51,869 ) $ (33,321 ) $ 112,899 $ (65,591 ) (In thousands) Three Months Ended September 30, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 288,433 $ 355,997 $ — $ 644,430 Operating expenses: Direct operating expenses — — 126,536 231,410 — 357,946 Selling, general and administrative expenses — — 47,994 80,545 — 128,539 Corporate expenses 3,602 — 22,658 9,073 — 35,333 Depreciation and amortization — — 45,180 35,916 — 81,096 Impairment charges — — — 1,591 — 1,591 Other operating income (expense), net (102 ) — 1,876 (13,557 ) — (11,783 ) Operating income (loss) (3,704 ) — 47,941 (16,095 ) — 28,142 Interest (income) expense , net (20 ) 88,232 126 7,129 — 95,467 Interest income on Due from iHeartCommunications 17,087 — — — — 17,087 Intercompany interest income 4,090 85,067 17,316 43 (106,516 ) — Intercompany interest expense 17,087 203 89,200 26 (106,516 ) — Equity in loss of nonconsolidated affiliates (59,895 ) (18,289 ) (35,415 ) (838 ) 113,809 (628 ) Other income (expense), net (7,517 ) — 9,958 6,723 — 9,164 Loss before income taxes (67,006 ) (21,657 ) (49,526 ) (17,322 ) 113,809 (41,702 ) Income tax benefit (expense) 2,798 (1,711 ) (10,369 ) (7,065 ) — (16,347 ) Consolidated net loss (64,208 ) (23,368 ) (59,895 ) (24,387 ) 113,809 (58,049 ) Less amount attributable to noncontrolling interest — — — 6,159 — 6,159 Net loss attributable to the Company $ (64,208 ) $ (23,368 ) $ (59,895 ) $ (30,546 ) $ 113,809 $ (64,208 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — 712 11,636 — 12,348 Unrealized holding loss on marketable securities — — — (320 ) — (320 ) Reclassification adjustments — — — 6,207 — 6,207 Equity in subsidiary comprehensive income 15,687 7,479 14,975 — (38,141 ) — Comprehensive loss (48,521 ) (15,889 ) (44,208 ) (13,023 ) 75,668 (45,973 ) Less amount attributable to noncontrolling interest — — — 2,548 — 2,548 Comprehensive loss attributable to the Company $ (48,521 ) $ (15,889 ) $ (44,208 ) $ (15,571 ) $ 75,668 $ (48,521 ) (In thousands) Nine Months Ended September 30, 2018 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 852,747 $ 1,121,370 $ — $ 1,974,117 Operating expenses: Direct operating expenses — — 381,908 713,998 — 1,095,906 Selling, general and administrative expenses — — 145,317 236,177 — 381,494 Corporate expenses 3,459 — 77,184 30,449 — 111,092 Depreciation and amortization — — 129,596 114,636 — 244,232 Impairment charges — — 7,772 — — 7,772 Other operating income (expense), net (273 ) — 480 1,493 — 1,700 Operating income (loss) (3,732 ) — 111,450 27,603 — 135,321 Interest (income) expense, net (15 ) 264,405 1,342 25,677 — 291,409 Interest income on Due from iHeartCommunications 573 — — — — 573 Intercompany interest income 12,123 270,774 16,492 — (299,389 ) — Intercompany interest expense 573 705 282,897 15,214 (299,389 ) — Equity in earnings (loss) of nonconsolidated affiliates (213,722 ) (65,430 ) (62,761 ) (483 ) 342,780 384 Other income (expense), net — — 1,799 (23,829 ) — (22,030 ) Loss before income taxes (205,316 ) (59,766 ) (217,259 ) (37,600 ) 342,780 (177,161 ) Income tax benefit (expense) (38,577 ) (2,369 ) 3,537 (19,607 ) — (57,016 ) Consolidated net loss (243,893 ) (62,135 ) (213,722 ) (57,207 ) 342,780 (234,177 ) Less amount attributable to noncontrolling interest — — — 9,716 — 9,716 Net loss attributable to the Company $ (243,893 ) $ (62,135 ) $ (213,722 ) $ (66,923 ) $ 342,780 $ (243,893 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — (1,506 ) (17,421 ) — (18,927 ) Reclassification adjustments — — — 1,425 — 1,425 Equity in subsidiary comprehensive income (9,658 ) (4,354 ) (8,152 ) — 22,164 — Comprehensive loss (253,551 ) (66,489 ) (223,380 ) (82,919 ) 364,944 (261,395 ) Less amount attributable to noncontrolling interest — — — (7,844 ) — (7,844 ) Comprehensive loss attributable to the Company $ (253,551 ) $ (66,489 ) $ (223,380 ) $ (75,075 ) $ 364,944 $ (253,551 ) (In thousands) Nine Months Ended September 30, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ — $ — $ 832,419 $ 1,027,879 $ — $ 1,860,298 Operating expenses: Direct operating expenses — — 378,078 661,097 — 1,039,175 Selling, general and administrative expenses — — 144,183 226,414 — 370,597 Corporate expenses 10,972 — 68,592 25,649 — 105,213 Depreciation and amortization — — 132,160 104,720 — 236,880 Impairment charges — — — 1,591 — 1,591 Other operating income (expense), net (308 ) — 35,526 (6,561 ) — 28,657 Operating income (loss) (11,280 ) — 144,932 1,847 — 135,499 Interest (income) expense , net (412 ) 264,866 (545 ) 18,893 — 282,802 Interest income on Due from iHeartCommunications 47,277 — — — — 47,277 Intercompany interest income 12,236 255,351 48,104 140 (315,831 ) — Intercompany interest expense 47,277 321 267,727 506 (315,831 ) — Equity in loss of nonconsolidated affiliates (105,062 ) (23,726 ) (46,638 ) (1,643 ) 176,240 (829 ) Other income, net 2,716 — 8,425 10,663 — 21,804 Loss before income taxes (100,978 ) (33,562 ) (112,359 ) (8,392 ) 176,240 (79,051 ) Income tax benefit (expense) (1,519 ) 576 7,297 (19,254 ) — (12,900 ) Consolidated net loss (102,497 ) (32,986 ) (105,062 ) (27,646 ) 176,240 (91,951 ) Less amount attributable to noncontrolling interest — — — 10,546 — 10,546 Net loss attributable to the Company $ (102,497 ) $ (32,986 ) $ (105,062 ) $ (38,192 ) $ 176,240 $ (102,497 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments — — 806 41,547 — 42,353 Unrealized holding loss on marketable securities — — — (218 ) — (218 ) Reclassification adjustments — — — 4,563 — 4,563 Equity in subsidiary comprehensive income 40,964 28,647 40,158 — (109,769 ) — Comprehensive income (loss) (61,533 ) (4,339 ) (64,098 ) 7,700 66,471 (55,799 ) Less amount attributable to noncontrolling interest — — — 5,734 — 5,734 Comprehensive income (loss) attributable to the Company $ (61,533 ) $ (4,339 ) $ (64,098 ) $ 1,966 $ 66,471 $ (61,533 ) |
Schedule Of Guarantor Obligations, Cash Flow | (In thousands) Nine Months Ended September 30, 2018 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net loss $ (243,893 ) $ (62,135 ) $ (213,722 ) $ (57,207 ) $ 342,780 $ (234,177 ) Reconciling items: Impairment charges — — 7,772 — — 7,772 Depreciation and amortization — — 129,596 114,636 — 244,232 Deferred taxes 66,144 — (31,162 ) 5,907 — 40,889 Provision for doubtful accounts — — 2,710 2,398 — 5,108 Amortization of deferred financing charges and note discounts, net — 6,682 — 1,318 — 8,000 Share-based compensation — — 3,838 2,919 — 6,757 Gain on disposal of operating assets, net — — (510 ) (1,797 ) — (2,307 ) Equity in (earnings) loss of nonconsolidated affiliates 213,722 65,430 62,761 483 (342,780 ) (384 ) Foreign exchange transaction (gain) loss — — (444 ) 21,823 — 21,379 Other reconciling items, net — — (373 ) (1,624 ) — (1,997 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable — — (744 ) (14,549 ) — (15,293 ) (Increase) decrease in prepaids and other current assets (367 ) 2,222 (12,369 ) (9,092 ) — (19,606 ) Increase (decrease) in accrued expenses 8,621 (1,644 ) (6,448 ) 11,182 — 11,711 Increase (decrease) in accounts payable — — 22,750 (9,123 ) — 13,627 Increase in accrued interest — 1,004 424 8,604 — 10,032 Increase in deferred income — — 11,692 17,430 — 29,122 Changes in other operating assets and liabilities (1,981 ) — 5,117 (7,574 ) — (4,438 ) Net cash provided by (used for) operating activities $ 42,246 $ 11,559 $ (19,112 ) $ 85,734 $ — $ 120,427 Cash flows from investing activities: Purchases of property, plant and equipment — — (52,333 ) (57,788 ) — (110,121 ) Proceeds from disposal of assets — — 4,444 2,119 — 6,563 Purchases of other operating assets — — (1,783 ) (45 ) — (1,828 ) Increase in intercompany notes receivable, net — (28,887 ) — — 28,887 — Dividends from subsidiaries — — 1,111 — (1,111 ) — Change in other, net — — (2 ) 58 — 56 Net cash provided by (used for) investing activities $ — $ (28,887 ) $ (48,563 ) $ (55,656 ) $ 27,776 $ (105,330 ) Cash flows from financing activities: Payments on long-term debt — — (136 ) (346 ) — (482 ) Net transfers from iHeartCommunications 58,726 — — — — 58,726 Dividends and other payments to noncontrolling interests — — — (6,144 ) — (6,144 ) Dividends paid (30,660 ) — — (1,111 ) 1,111 (30,660 ) Increase in intercompany notes payable, net — — — 28,887 (28,887 ) — Intercompany funding (95,656 ) 18,884 58,949 17,823 — — Change in other, net (709 ) (1,556 ) — — — (2,265 ) Net cash provided by (used for) financing activities (68,299 ) 17,328 58,813 39,109 (27,776 ) 19,175 Effect of exchange rate changes on cash — — — (7,951 ) — (7,951 ) Net increase (decrease) in cash and cash equivalents (26,053 ) — (8,862 ) 61,236 — 26,321 Cash, cash equivalents and restricted cash at beginning of year 27,653 — 22,841 137,816 — 188,310 Cash, cash equivalents and restricted cash at end of year $ 1,600 $ — $ 13,979 $ 199,052 $ — $ 214,631 (In thousands) Nine Months Ended September 30, 2017 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net loss $ (102,497 ) $ (32,986 ) $ (105,062 ) $ (27,646 ) $ 176,240 $ (91,951 ) Reconciling items: Impairment charges — — — 1,591 — 1,591 Depreciation and amortization — — 132,160 104,720 — 236,880 Deferred taxes — — (23,464 ) (3,851 ) — (27,315 ) Provision for doubtful accounts — — 1,508 4,820 — 6,328 Amortization of deferred financing charges and note discounts, net — 6,585 — 1,411 — 7,996 Share-based compensation — — 4,859 2,294 — 7,153 (Gain) loss on sale of operating and fixed assets — — (35,601 ) 5,306 — (30,295 ) Equity in loss of nonconsolidated affiliates 105,062 23,726 46,638 1,643 (176,240 ) 829 Foreign exchange transaction (gain) loss — — 5 (22,271 ) — (22,266 ) Other reconciling items, net — — (4,397 ) (533 ) — (4,930 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: (Increase) decrease in accounts receivable — — 2,749 (20,575 ) — (17,826 ) (Increase) decrease in prepaids and other current assets 1,045 — (9,626 ) (7,528 ) — (16,109 ) Increase (decrease) in accrued expenses (3,524 ) (56,942 ) 60,128 (8,472 ) — (8,810 ) Decrease in accounts payable — — (1,086 ) (2,937 ) — (4,023 ) Increase (decrease) in accrued interest — — (93 ) 6,124 — 6,031 Increase in deferred income — — 6,352 12,366 — 18,718 Changes in other operating assets and liabilities — — 477 10,629 — 11,106 Net cash provided by (used for) operating activities $ 86 $ (59,617 ) $ 75,547 $ 57,091 $ — $ 73,107 Cash flows from investing activities: Purchases of property, plant and equipment — — (48,185 ) (86,683 ) — (134,868 ) Proceeds from disposal of assets — — 54,534 16,500 — 71,034 Purchases of other operating assets — — (758 ) (2,226 ) — (2,984 ) (Increase) decrease in intercompany notes receivable, net — 29,962 (6,146 ) (74,107 ) 50,291 — Dividends from subsidiaries — — 22,995 — (22,995 ) — Change in other, net — — (4 ) (1,054 ) — (1,058 ) Net cash provided by (used for) investing activities $ — $ 29,962 $ 22,436 $ (147,570 ) $ 27,296 $ (67,876 ) 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 — — (73 ) (531 ) — (604 ) Net transfers to iHeartCommunications (165,650 ) — — — — (165,650 ) Dividends and other payments to noncontrolling interests — — — (12,027 ) — (12,027 ) Dividends paid (282,658 ) — — (22,995 ) 22,995 (282,658 ) Increase (decrease) in intercompany notes payable, net — 69,107 — (18,816 ) (50,291 ) — Intercompany funding 175,186 (39,452 ) (145,622 ) 9,888 — — Change in other, net (1,426 ) — — (4,808 ) — (6,234 ) Net cash provided by (used for) financing activities (274,548 ) 29,655 (145,695 ) 105,802 (27,296 ) (312,082 ) Effect of exchange rate changes on cash — — — 7,037 — 7,037 Net increase (decrease) in cash and cash equivalents (274,462 ) — (47,712 ) 22,360 — (299,814 ) Cash, cash equivalents and restricted cash at beginning of year 300,285 — 61,542 190,864 — 552,691 Cash, cash equivalents and restricted cash at end of year $ 25,823 $ — $ 13,830 $ 213,224 $ — $ 252,877 |
BASIS OF PRESENTATION - Summary
BASIS OF PRESENTATION - Summary of Changes in Financial Statements Due to Error Corrections (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Financial Position [Abstract] | ||||||
Other assets | $ 127,988 | $ 127,988 | $ 121,199 | |||
Total Assets | 4,479,362 | 4,479,362 | 4,667,447 | |||
Other long-term liabilities | 264,190 | 264,190 | 283,969 | |||
Accumulated deficit | (5,026,573) | (5,026,573) | (4,781,245) | |||
Accumulated other comprehensive loss | (348,317) | (348,317) | (340,094) | |||
Total Stockholders' Deficit | (2,140,012) | $ (1,309,557) | (2,140,012) | $ (1,309,557) | (1,858,294) | $ (947,312) |
Total Liabilities and Stockholders’ Deficit | 4,479,362 | 4,479,362 | 4,667,447 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Revenue | 663,739 | 644,430 | 1,974,117 | 1,860,298 | ||
Direct operating expenses (excludes depreciation and amortization) | 361,681 | 357,946 | 1,095,906 | 1,039,175 | ||
Selling, general and administrative expenses (excludes depreciation and amortization) | 128,797 | 128,539 | 381,494 | 370,597 | ||
Operating income | 51,180 | 28,142 | 135,321 | 135,499 | ||
Loss before income taxes | (51,500) | (41,702) | (177,161) | (79,051) | ||
Interest expense | 97,158 | 95,467 | 291,409 | 282,802 | ||
Consolidated net loss | (58,396) | (58,049) | (234,177) | (91,951) | ||
Less amount attributable to noncontrolling interest | 6,692 | 6,159 | 9,716 | 10,546 | ||
Net loss attributable to the Company | (65,088) | (64,208) | (243,893) | (102,497) | ||
Foreign currency translation adjustments | (7,089) | 12,348 | (18,927) | 42,353 | ||
Other comprehensive income | (5,664) | 18,235 | (17,502) | 46,698 | ||
Comprehensive loss | (70,752) | (45,973) | (261,395) | (55,799) | ||
Less amount attributable to noncontrolling interest | (5,161) | 2,548 | (7,844) | 5,734 | ||
Comprehensive loss attributable to the Company | $ (65,591) | $ (48,521) | $ (253,551) | $ (61,533) | ||
Basic loss per share (in dollars per share) | $ (0.18) | $ (0.18) | $ (0.67) | $ (0.28) | ||
Diluted loss per share (in dollars per share) | $ (0.18) | $ (0.18) | $ (0.67) | $ (0.28) | ||
As Reported | ||||||
Statement of Financial Position [Abstract] | ||||||
Other assets | 124,534 | |||||
Total Assets | 4,670,782 | |||||
Other long-term liabilities | 270,415 | |||||
Accumulated deficit | (4,765,514) | |||||
Accumulated other comprehensive loss | (338,936) | |||||
Total Stockholders' Deficit | (1,841,405) | |||||
Total Liabilities and Stockholders’ Deficit | 4,670,782 | |||||
Statement of Comprehensive Income [Abstract] | ||||||
Revenue | $ 645,089 | $ 1,862,134 | ||||
Direct operating expenses (excludes depreciation and amortization) | 356,100 | 1,034,204 | ||||
Selling, general and administrative expenses (excludes depreciation and amortization) | 128,397 | 370,069 | ||||
Operating income | 30,789 | 142,834 | ||||
Loss before income taxes | (39,055) | (71,644) | ||||
Interest expense | 282,730 | |||||
Consolidated net loss | (55,402) | (84,544) | ||||
Less amount attributable to noncontrolling interest | 6,237 | 10,873 | ||||
Net loss attributable to the Company | (61,639) | (95,417) | ||||
Foreign currency translation adjustments | 12,950 | 43,947 | ||||
Other comprehensive income | 18,837 | 48,292 | ||||
Comprehensive loss | (42,802) | (47,125) | ||||
Less amount attributable to noncontrolling interest | 2,666 | 5,995 | ||||
Comprehensive loss attributable to the Company | $ (45,468) | $ (53,120) | ||||
Basic loss per share (in dollars per share) | $ (0.17) | $ (0.26) | ||||
Diluted loss per share (in dollars per share) | $ (0.17) | $ (0.26) | ||||
Correction | ||||||
Statement of Financial Position [Abstract] | ||||||
Other assets | (3,335) | |||||
Total Assets | (3,335) | |||||
Other long-term liabilities | 13,554 | |||||
Accumulated deficit | (15,731) | |||||
Accumulated other comprehensive loss | (1,158) | |||||
Total Stockholders' Deficit | (16,889) | |||||
Total Liabilities and Stockholders’ Deficit | $ (3,335) | |||||
Statement of Comprehensive Income [Abstract] | ||||||
Revenue | $ (659) | $ (1,836) | ||||
Direct operating expenses (excludes depreciation and amortization) | 1,846 | 4,971 | ||||
Selling, general and administrative expenses (excludes depreciation and amortization) | 142 | 528 | ||||
Operating income | (2,647) | (7,335) | ||||
Loss before income taxes | (2,647) | (7,407) | ||||
Interest expense | 72 | |||||
Consolidated net loss | (2,647) | (7,407) | ||||
Less amount attributable to noncontrolling interest | (78) | (327) | ||||
Net loss attributable to the Company | (2,569) | (7,080) | ||||
Foreign currency translation adjustments | (602) | (1,594) | ||||
Other comprehensive income | (602) | (1,594) | ||||
Comprehensive loss | (3,171) | (8,674) | ||||
Less amount attributable to noncontrolling interest | (118) | (261) | ||||
Comprehensive loss attributable to the Company | $ (3,053) | $ (8,413) | ||||
Basic loss per share (in dollars per share) | $ (0.01) | $ (0.02) | ||||
Diluted loss per share (in dollars per share) | $ (0.01) | $ (0.02) |
BASIS OF PRESENTATION - Trade a
BASIS OF PRESENTATION - Trade and Barter Revenues and Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Maximum | Americas and International Outdoor Advertising | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contract with customer, contract period | Revenue from these contracts, which typically cover periods of a few weeks to one year, is generally recognized ratably over the term of the contract as the advertisement is displayed. | |||
Trade and Barter Transactions | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Trade and barter revenues | $ 3,644 | $ 4,002 | $ 11,416 | $ 13,166 |
Trade and barter expenses | $ 2,378 | $ 2,813 | $ 8,829 | $ 8,287 |
BASIS OF PRESENTATION - Schedul
BASIS OF PRESENTATION - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 191,117 | $ 144,119 | ||
Restricted cash included in: | ||||
Other current assets | 4,231 | 26,096 | ||
Other assets | 19,283 | 18,095 | ||
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows | $ 214,631 | $ 188,310 | $ 252,877 | $ 552,691 |
REVENUES - Revenue by Segment a
REVENUES - Revenue by Segment and Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | $ 325,493 | $ 309,544 | $ 989,533 | $ 905,217 |
Revenue from leases | 338,246 | 334,886 | 984,584 | 955,081 |
Revenue, total | 663,739 | 644,430 | 1,974,117 | 1,860,298 |
United States | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 116,503 | 106,806 | 328,138 | 308,988 |
Other Americas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 11,913 | 16,712 | 38,678 | 47,697 |
Europe | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 191,514 | 181,229 | 605,032 | 533,111 |
Asia-Pacific and other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 5,563 | 4,797 | 17,685 | 15,421 |
Americas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 117,174 | 109,456 | 330,093 | 319,835 |
Revenue from leases | 186,247 | 184,351 | 529,097 | 534,509 |
Revenue, total | 303,421 | 293,807 | 859,190 | 854,344 |
Americas | United States | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 116,503 | 106,806 | 328,138 | 308,988 |
Americas | Other Americas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 671 | 2,488 | 1,955 | 10,279 |
Americas | Europe | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Americas | Asia-Pacific and other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 0 | 162 | 0 | 568 |
International | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 208,319 | 200,088 | 659,440 | 585,382 |
Revenue from leases | 151,999 | 150,535 | 455,487 | 420,572 |
Revenue, total | 360,318 | 350,623 | 1,114,927 | 1,005,954 |
International | United States | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
International | Other Americas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 11,242 | 14,224 | 36,723 | 37,418 |
International | Europe | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 191,514 | 181,229 | 605,032 | 533,111 |
International | Asia-Pacific and other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | $ 5,563 | $ 4,635 | $ 17,685 | $ 14,853 |
REVENUES - Schedule of Contract
REVENUES - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Contract Assets | |||||
Beginning balance, net of allowance | $ 323,286 | $ 316,744 | $ 347,279 | $ 296,778 | |
Additions (collections), net | (14,448) | (8,767) | (36,875) | 12,011 | |
Bad debt, net of recoveries | (561) | (1,176) | (2,127) | (1,988) | |
Ending balance, net of allowance | 308,277 | 306,801 | 308,277 | 306,801 | |
Accounts receivable from leases, net of allowance | 345,761 | 326,162 | 345,761 | 326,162 | |
Total accounts receivable, net of allowance | 654,038 | 632,963 | 654,038 | 632,963 | $ 659,463 |
Contract Liabilities | |||||
Beginning balance | 45,326 | 44,744 | 28,201 | 28,668 | |
Revenue recognized, included in beginning balance | (33,668) | (32,742) | (24,886) | (26,784) | |
Additions, net of revenue recognized during period | 28,163 | 32,237 | 36,506 | 42,355 | |
Ending balance | 39,821 | 44,239 | 39,821 | 44,239 | |
Deferred income from leases | 51,192 | 54,157 | 51,192 | 54,157 | |
Total deferred income | 91,013 | 98,396 | 91,013 | 98,396 | |
Less: Non-current portion, included in other long-term liabilities | 5,281 | 7,640 | 5,281 | 7,640 | |
Total deferred income, current portion | $ 85,732 | $ 90,756 | $ 85,732 | $ 90,756 | $ 59,178 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 $ in Millions | Sep. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 60.6 |
Revenue, remaining performance obligation, period | 5 years |
REVENUES - Revenue From Leases
REVENUES - Revenue From Leases (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
2,018 | $ 279,413 |
2,019 | 34,395 |
2,020 | 17,155 |
2,021 | 12,004 |
2,022 | 8,552 |
Thereafter | 7,197 |
Total minimum future rentals | $ 358,716 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,208,386 | $ 3,245,173 |
Less: accumulated depreciation | 1,952,396 | 1,850,144 |
Property, plant and equipment, net | 1,255,990 | 1,395,029 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 145,108 | 145,763 |
Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,808,059 | 2,864,442 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 194,366 | 179,215 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 60,853 | $ 55,753 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets in International outdoor segment | $ 971,163,000 | $ 971,163,000 | $ 977,152,000 | ||
Impairment of indefinite-lived intangible assets | $ 0 | ||||
Amortization expense related to definite-lived intangible assets | 5,000,000 | $ 7,100,000 | 15,300,000 | 21,200,000 | |
Goodwill impairment | 0 | 0 | 1,591,000 | ||
International | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets in International outdoor segment | 0 | $ 0 | |||
Goodwill impairment | $ 1,600,000 | $ 1,600,000 | $ 1,591,000 | ||
Americas | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Impairment of indefinite-lived intangible assets | $ 7,800,000 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 702,270 | $ 716,464 |
Accumulated Amortization | (444,787) | (442,602) |
Transit, street furniture and other outdoor contractual rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 533,274 | 548,918 |
Accumulated Amortization | (440,452) | (440,284) |
Permanent easements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 162,920 | 162,920 |
Accumulated Amortization | 0 | 0 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,076 | 4,626 |
Accumulated Amortization | $ (4,335) | $ (2,318) |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Property, Plant and Equipment [Abstract] | |
2,019 | $ 15,045 |
2,020 | 12,790 |
2,021 | 12,548 |
2,022 | 10,737 |
2,023 | $ 6,335 |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Goodwill | ||||
Beginning balance | $ 714,043,000 | $ 696,263,000 | $ 696,263,000 | |
Acquisitions | 2,252,000 | |||
Impairment | $ 0 | 0 | (1,591,000) | |
Foreign currency | (5,535,000) | 18,847,000 | ||
Ending balance | 708,508,000 | 714,043,000 | ||
Dispositions | ||||
Goodwill | ||||
Dispositions and assets held for sale | (1,817,000) | |||
Assets held for sale | ||||
Goodwill | ||||
Assets held for sale | (89,000) | |||
Americas | ||||
Goodwill | ||||
Beginning balance | 507,819,000 | 505,478,000 | 505,478,000 | |
Acquisitions | 2,252,000 | |||
Impairment | 0 | |||
Foreign currency | 0 | 0 | ||
Ending balance | 507,819,000 | 507,819,000 | ||
Americas | Dispositions | ||||
Goodwill | ||||
Dispositions and assets held for sale | 0 | |||
Americas | Assets held for sale | ||||
Goodwill | ||||
Assets held for sale | (89,000) | |||
International | ||||
Goodwill | ||||
Beginning balance | 206,224,000 | 190,785,000 | 190,785,000 | |
Acquisitions | 0 | |||
Impairment | $ (1,600,000) | $ (1,600,000) | (1,591,000) | |
Foreign currency | (5,535,000) | 18,847,000 | ||
Ending balance | $ 200,689,000 | 206,224,000 | ||
International | Dispositions | ||||
Goodwill | ||||
Dispositions and assets held for sale | (1,817,000) | |||
International | Assets held for sale | ||||
Goodwill | ||||
Assets held for sale | $ 0 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) - USD ($) | Jun. 29, 2018 | Sep. 30, 2018 | Jun. 01, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Total debt | $ 5,274,811,000 | $ 5,266,726,000 | ||
Original issue discount | (611,000) | (241,000) | ||
Long-term debt fees | (28,612,000) | (35,426,000) | ||
Less: current portion | 321,000 | 573,000 | ||
Total long-term debt | 5,274,490,000 | 5,266,153,000 | ||
Letters of credit outstanding | 86,400,000 | |||
Receivables Based Credit Facility Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 0 | 0 | ||
Clear Channel International B.V. Senior Notes Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 375,000,000 | 375,000,000 | ||
Stated interest rate | 8.75% | |||
Other debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 4,034,000 | 2,393,000 | ||
CCO Receivables Based Credit Facility Due 2023 | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 112,200,000 | |||
Letters of credit outstanding | 60,700,000 | |||
Amount available under receivables based credit facility | 51,500,000 | |||
Clear Channel Worldwide Holdings Senior Notes | 6.5% Series A Senior Notes Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 735,750,000 | 735,750,000 | ||
Stated interest rate | 6.50% | |||
Clear Channel Worldwide Holdings Senior Notes | 6.5% Series B Senior Notes Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 1,989,250,000 | 1,989,250,000 | ||
Stated interest rate | 6.50% | |||
Clear Channel Worldwide Holdings Senior Notes | 7.625% Series A Senior Subordinated Notes Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 275,000,000 | 275,000,000 | ||
Stated interest rate | 7.625% | |||
Clear Channel Worldwide Holdings Senior Notes | 7.625% Series B Senior Subordinated Notes Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 1,925,000,000 | $ 1,925,000,000 | ||
Stated interest rate | 7.625% | |||
Line of Credit | CCO Receivables Based Credit Facility Due 2023 | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 75,000,000 | |||
Subsidiary | Line of Credit | CCO Receivables Based Credit Facility Due 2023 | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 125,000,000 | $ 113,000,000 | $ 75,000,000 | |
Incremental increase of facility | $ 50,000,000 | |||
Credit facility term | 5 years | |||
Letters of credit outstanding | 86,400,000 | |||
Amount available under receivables based credit facility | $ 26,600,000 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) | Jun. 29, 2018USD ($) | Jun. 01, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Guarantor Obligations [Line Items] | ||||
Letters of credit outstanding | $ 86,400,000 | |||
Level 1 | ||||
Guarantor Obligations [Line Items] | ||||
Aggregate market value of debt | $ 5,400,000,000 | $ 5,300,000,000 | ||
Clear Channel International B.V. Senior Notes Due 2020 | ||||
Guarantor Obligations [Line Items] | ||||
Stated interest rate | 8.75% | |||
Revolving Credit Facility | CCO Receivables Based Credit Facility Due 2023 | ||||
Guarantor Obligations [Line Items] | ||||
Maximum borrowing capacity | $ 112,200,000 | |||
Letters of credit outstanding | 60,700,000 | |||
Amount available under receivables based credit facility | 51,500,000 | |||
Revolving Credit Facility | CCO Receivables Based Credit Facility Due 2023 | Line of Credit | ||||
Guarantor Obligations [Line Items] | ||||
Maximum borrowing capacity | $ 75,000,000 | |||
Revolving Credit Facility | CCO Receivables Based Credit Facility Due 2023 | Subsidiary | Line of Credit | ||||
Guarantor Obligations [Line Items] | ||||
Borrowing base as a percentage of eligible accounts receivable | 85.00% | |||
Maximum borrowing capacity | $ 125,000,000 | $ 75,000,000 | 113,000,000 | |
Letters of credit outstanding | 86,400,000 | |||
Amount available under receivables based credit facility | $ 26,600,000 | |||
Incremental increase of facility | $ 50,000,000 | |||
Commitment fee percentage | 0.375% | |||
Letter of credit fee percentage | 2.00% | |||
Days prior to maximum amount outstanding before termination of agreement | 90 days | |||
Maximum outstanding borrowings before triggering of maturity | $ 250,000,000 | |||
Debt covenant, minimum borrowing capacity | $ 7,500,000 | |||
Debt covenant, percentage of aggregate commitments and borrowing base | 10.00% | |||
Minimum fixed charge coverage ratio | 1 | |||
Federal funds rate | Revolving Credit Facility | CCO Receivables Based Credit Facility Due 2023 | Subsidiary | Line of Credit | ||||
Guarantor Obligations [Line Items] | ||||
Basis spread on variable rate (as a percent) | 0.50% | |||
Eurocurrency rate | Revolving Credit Facility | CCO Receivables Based Credit Facility Due 2023 | Subsidiary | Line of Credit | ||||
Guarantor Obligations [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.00% | |||
Applicable rate for borrowing under Credit Agreement | 2.00% | |||
Base rate | Revolving Credit Facility | CCO Receivables Based Credit Facility Due 2023 | Subsidiary | Line of Credit | ||||
Guarantor Obligations [Line Items] | ||||
Applicable rate for borrowing under Credit Agreement | 1.00% |
LONG-TERM DEBT - Surety Bonds,
LONG-TERM DEBT - Surety Bonds, Letters of Credit and Guarantees - Narrative (Details) $ in Millions | Sep. 30, 2018USD ($) |
Guarantor Obligations [Line Items] | |
Letters of credit outstanding | $ 86.4 |
Surety bonds | |
Guarantor Obligations [Line Items] | |
Guarantee obligations | 53.4 |
Bank guarantees | |
Guarantor Obligations [Line Items] | |
Guarantee obligations | 41 |
Bank guarantees backed by cash collateral | |
Guarantor Obligations [Line Items] | |
Guarantee obligations | 20.5 |
iHeartCommunications, Inc. | Surety bonds | |
Guarantor Obligations [Line Items] | |
Guarantee obligations | 0.1 |
iHeartCommunications, Inc. | Commercial standby letters of credit | |
Guarantor Obligations [Line Items] | |
Guarantee obligations | $ 1.2 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2018USD ($) | |
Ministry of Economic Affairs and Finance, Italy | |
Income Tax Examination [Line Items] | |
Estimated loss from Italy investigation | $ 17 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transaction [Line Items] | ||||||
Asset recorded in Due from iHeartCommunications | $ 154,758,000 | $ 1,031,700,000 | $ 211,990,000 | $ 154,758,000 | ||
Related party, interest incurred | $ 21,300,000 | |||||
Fixed interest rate on Due from iHeartCommunications | 9.30% | |||||
Net interest income | 0 | $ 0 | $ 0 | $ 0 | ||
Due to iHeartCommunications, post iHeart Chapter 11 Cases | 1,495,000 | 0 | 1,495,000 | |||
Component of corporate expenses | 37,729,000 | 35,333,000 | 111,092,000 | 105,213,000 | ||
Component of selling, general and administrative expenses | 128,797,000 | 128,539,000 | 381,494,000 | 370,597,000 | ||
iHeartCommunications | ||||||
Related Party Transaction [Line Items] | ||||||
Face amount of revolving promissory note | 1,000,000,000 | 1,000,000,000 | ||||
Loss on intercompany note | 855,600,000 | |||||
Allowance for loss on related party transaction | $ 855,600,000 | |||||
Net interest income | 0 | 17,100,000 | 0 | 47,300,000 | ||
iHeartCommunications | Corporate Services Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Component of corporate expenses | 16,000,000 | 16,700,000 | 50,100,000 | 50,300,000 | ||
iHeartCommunications | Employee Matters Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Component of selling, general and administrative expenses | 2,300,000 | 2,300,000 | 6,900,000 | 7,100,000 | ||
iHeartMedia, Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue for advertisements | $ 1,400,000 | $ 1,700,000 | $ 5,800,000 | $ 5,400,000 | ||
Maximum | ||||||
Related Party Transaction [Line Items] | ||||||
Fixed interest rate on Due from iHeartCommunications | 20.00% |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Current tax expense | $ (12,508) | $ (20,921) | $ (16,127) | $ (40,215) |
Deferred tax benefit (expense) | 5,612 | 4,574 | (40,889) | 27,315 |
Income tax expense | $ (6,896) | $ (16,347) | $ (57,016) | $ (12,900) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | (13.40%) | (39.20%) | (32.20%) | (16.30%) |
STOCKHOLDERS' EQUITY (DEFICIT_2
STOCKHOLDERS' EQUITY (DEFICIT) - Schedule of Changes in Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands | Oct. 05, 2018 | Jan. 24, 2018 | Feb. 23, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Beginning Balances | $ (1,858,294) | $ (947,312) | |||||
Net income (loss) | $ (58,396) | $ (58,049) | (234,177) | (91,951) | |||
Dividends paid | (29,995) | (307,492) | |||||
Payments to noncontrolling interests | (6,148) | (12,027) | |||||
Share-based compensation | 6,757 | 7,153 | |||||
Disposal of noncontrolling interest | (2,438) | ||||||
Foreign currency translation adjustments | (18,927) | 42,353 | |||||
Unrealized holding loss on marketable securities | 0 | (320) | 0 | (218) | |||
Reclassification adjustments | 1,425 | 6,207 | 1,425 | 4,563 | |||
Other, net | (653) | (2,188) | |||||
Ending Balances | (2,140,012) | (1,309,557) | (2,140,012) | (1,309,557) | |||
Payments of special cash dividend | $ 282,500 | ||||||
The Company | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Beginning Balances | (2,015,334) | (1,091,486) | |||||
Net income (loss) | (243,893) | (102,497) | |||||
Dividends paid | (29,995) | (307,492) | |||||
Share-based compensation | 6,286 | 6,529 | |||||
Foreign currency translation adjustments | (11,083) | 36,619 | |||||
Unrealized holding loss on marketable securities | (218) | ||||||
Reclassification adjustments | (1,425) | 4,563 | |||||
Other, net | (653) | (1,613) | |||||
Ending Balances | (2,293,247) | (1,455,595) | (2,293,247) | (1,455,595) | |||
Noncontrolling Interests | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Beginning Balances | 157,040 | 144,174 | |||||
Net income (loss) | 9,716 | 10,546 | |||||
Payments to noncontrolling interests | (6,148) | (12,027) | |||||
Share-based compensation | 471 | 624 | |||||
Disposal of noncontrolling interest | (2,438) | ||||||
Foreign currency translation adjustments | (7,844) | 5,734 | |||||
Other, net | (575) | ||||||
Ending Balances | $ 153,235 | $ 146,038 | $ 153,235 | $ 146,038 | |||
iHeartCommunications, Inc. | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Payments of special cash dividend | $ 26,800 | $ 254,000 | |||||
Percentage of dividend payment | 89.50% | 89.90% | |||||
Public Stockholders | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Payments of special cash dividend | $ 3,200 | $ 28,500 | |||||
Percentage of dividend payment | 10.50% | 10.10% | |||||
Common Class A and Common Class B | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Payments of special cash dividend | $ 30,000 | ||||||
Common Class A and Common Class B | Subsequent Event | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Payments of special cash dividend | $ 25,000 |
STOCKHOLDERS' EQUITY (DEFICIT_3
STOCKHOLDERS' EQUITY (DEFICIT) - Computation of Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
NUMERATOR: | ||||
Net loss attributable to the Company – common shares | $ (65,088) | $ (64,208) | $ (243,893) | $ (102,497) |
DENOMINATOR: | ||||
Weighted average common shares outstanding - basic | 361,815 | 361,302 | 361,680 | 361,064 |
Weighted average common shares outstanding - diluted | 361,815 | 361,302 | 361,680 | 361,064 |
Net loss attributable to the Company per common share: | ||||
Basic (in dollars per share) | $ (0.18) | $ (0.18) | $ (0.67) | $ (0.28) |
Diluted (in dollars per share) | $ (0.18) | $ (0.18) | $ (0.67) | $ (0.28) |
Outstanding equity awards not included in computation of diluted earnings per share (in shares) | 7,000 | 8,300 | 7,400 | 8,300 |
OTHER INFORMATION (Details)
OTHER INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Decrease in other comprehensive income (loss), pensions impact | $ 300,000 | $ 0 | ||
Change in deferred income tax liabilities | $ 0 | $ 0 |
SEGMENT DATA (Details)
SEGMENT DATA (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segment | Sep. 30, 2017USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 2 | |||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 663,739 | $ 644,430 | $ 1,974,117 | $ 1,860,298 |
Direct operating expenses | 361,681 | 357,946 | 1,095,906 | 1,039,175 |
Selling, general and administrative expenses | 128,797 | 128,539 | 381,494 | 370,597 |
Corporate expenses | 37,729 | 35,333 | 111,092 | 105,213 |
Depreciation and amortization | 77,405 | 81,096 | 244,232 | 236,880 |
Impairment charges | 7,772 | 1,591 | 7,772 | 1,591 |
Other operating income, net | 825 | (11,783) | 1,700 | 28,657 |
Operating income | 51,180 | 28,142 | 135,321 | 135,499 |
Capital expenditures | 48,806 | 31,789 | 110,121 | 134,868 |
Share-based compensation expense | 3,132 | 2,894 | 6,757 | 7,153 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 303,421 | 293,807 | 859,190 | 854,344 |
International | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 360,318 | 350,623 | 1,114,927 | 1,005,954 |
Operating segments | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 303,421 | 293,807 | 859,190 | 854,344 |
Direct operating expenses | 131,241 | 130,269 | 386,427 | 393,953 |
Selling, general and administrative expenses | 49,247 | 49,007 | 146,021 | 148,824 |
Corporate expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 39,783 | 44,457 | 127,410 | 130,127 |
Impairment charges | 0 | 0 | 0 | 0 |
Other operating income, net | 0 | 0 | 0 | 0 |
Operating income | 83,150 | 70,074 | 199,332 | 181,440 |
Capital expenditures | 25,826 | 4,397 | 50,214 | 46,394 |
Share-based compensation expense | 0 | 0 | 0 | 0 |
Operating segments | International | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 360,318 | 350,623 | 1,114,927 | 1,005,954 |
Direct operating expenses | 230,440 | 227,677 | 709,479 | 645,222 |
Selling, general and administrative expenses | 79,550 | 79,532 | 235,473 | 221,773 |
Corporate expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 36,627 | 35,464 | 113,875 | 102,711 |
Impairment charges | 0 | 0 | 0 | 0 |
Other operating income, net | 0 | 0 | 0 | 0 |
Operating income | 13,701 | 7,950 | 56,100 | 36,248 |
Capital expenditures | 21,921 | 26,932 | 57,487 | 86,206 |
Share-based compensation expense | 0 | 0 | 0 | 0 |
Corporate and other reconciling items | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Corporate expenses | 37,729 | 35,333 | 111,092 | 105,213 |
Depreciation and amortization | 995 | 1,175 | 2,947 | 4,042 |
Impairment charges | 7,772 | 1,591 | 7,772 | 1,591 |
Other operating income, net | 825 | (11,783) | 1,700 | 28,657 |
Operating income | (45,671) | (49,882) | (120,111) | (82,189) |
Capital expenditures | 1,059 | 460 | 2,420 | 2,268 |
Share-based compensation expense | $ 3,132 | $ 2,894 | $ 6,757 | $ 7,153 |
GUARANTOR SUBSIDIARIES - Schedu
GUARANTOR SUBSIDIARIES - Schedule Of Guarantor Obligations, Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 191,117 | $ 144,119 | |||
Accounts receivable, net of allowance | 654,038 | 659,463 | $ 632,963 | ||
Intercompany receivables | 0 | 0 | |||
Prepaid expenses | 125,592 | 111,876 | |||
Other current assets | 32,725 | 58,714 | |||
Total Current Assets | 1,003,472 | 974,172 | |||
Structures, net | 1,038,835 | 1,180,882 | |||
Other property, plant and equipment, net | 217,155 | 214,147 | |||
Indefinite-lived intangibles | 971,163 | 977,152 | |||
Other intangibles, net | 257,483 | 273,862 | |||
Goodwill | 708,508 | 714,043 | $ 696,263 | ||
Due from iHeartCommunications | 154,758 | $ 1,031,700 | 211,990 | ||
Intercompany notes receivable | 0 | 0 | |||
Other assets | 127,988 | 121,199 | |||
Total Assets | 4,479,362 | 4,667,447 | |||
Accounts payable | 99,304 | 87,960 | |||
Intercompany payable | 0 | 0 | |||
Accrued expenses | 533,413 | 509,801 | |||
Deferred income | 85,732 | 59,178 | 90,756 | ||
Current portion of long-term debt | 321 | 573 | |||
Total Current Liabilities | 718,770 | 657,512 | |||
Long-term debt | 5,274,490 | 5,266,153 | |||
Intercompany notes payable | 0 | 0 | |||
Due to iHeartCommunications, post iHeart Chapter 11 Cases | 1,495 | 0 | |||
Deferred tax liability | 360,429 | 318,107 | |||
Other long-term liabilities | 264,190 | 283,969 | |||
Total stockholders' equity (deficit) | (2,140,012) | (1,858,294) | $ (1,309,557) | $ (947,312) | |
Total Liabilities and Stockholders' Equity (Deficit) | 4,479,362 | 4,667,447 | |||
Eliminations | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Accounts receivable, net of allowance | 0 | 0 | |||
Intercompany receivables | (3,657,788) | (3,798,016) | |||
Prepaid expenses | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Total Current Assets | (3,657,788) | (3,798,016) | |||
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 | (5,319,621) | (5,298,478) | |||
Other assets | (1,453,859) | (1,815,609) | |||
Total Assets | (10,431,268) | (10,912,103) | |||
Accounts payable | 0 | 0 | |||
Intercompany payable | (3,657,788) | (3,798,016) | |||
Accrued expenses | 0 | 0 | |||
Deferred income | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Total Current Liabilities | (3,657,788) | (3,798,016) | |||
Long-term debt | 0 | 0 | |||
Intercompany notes payable | (5,319,621) | (5,298,478) | |||
Due to iHeartCommunications, post iHeart Chapter 11 Cases | 0 | ||||
Deferred tax liability | 0 | 0 | |||
Other long-term liabilities | 0 | 0 | |||
Total stockholders' equity (deficit) | (1,453,859) | (1,815,609) | |||
Total Liabilities and Stockholders' Equity (Deficit) | (10,431,268) | (10,912,103) | |||
Parent Company | Reportable Legal Entities | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 1,600 | 2,212 | |||
Accounts receivable, net of allowance | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Prepaid expenses | 659 | 291 | |||
Other current assets | 0 | 25,441 | |||
Total Current Assets | 2,259 | 27,944 | |||
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 | 154,758 | 211,990 | |||
Intercompany notes receivable | 182,026 | 182,026 | |||
Other assets | 211,707 | 431,671 | |||
Total Assets | 550,750 | 853,631 | |||
Accounts payable | 0 | 0 | |||
Intercompany payable | 2,822,946 | 2,924,888 | |||
Accrued expenses | 9,677 | 1,167 | |||
Deferred income | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Total Current Liabilities | 2,832,623 | 2,926,055 | |||
Long-term debt | 0 | 0 | |||
Intercompany notes payable | 0 | 0 | |||
Due to iHeartCommunications, post iHeart Chapter 11 Cases | 1,495 | ||||
Deferred tax liability | (26,967) | (93,111) | |||
Other long-term liabilities | 547 | 1,157 | |||
Total stockholders' equity (deficit) | (2,256,948) | (1,980,470) | |||
Total Liabilities and Stockholders' Equity (Deficit) | 550,750 | 853,631 | |||
Subsidiary Issuer | Reportable Legal Entities | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Accounts receivable, net of allowance | 0 | 0 | |||
Intercompany receivables | 766,190 | 785,075 | |||
Prepaid expenses | 1,211 | 3,433 | |||
Other current assets | 0 | 0 | |||
Total Current Assets | 767,401 | 788,508 | |||
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 | 5,116,629 | 5,087,742 | |||
Other assets | 26,194 | 94,543 | |||
Total Assets | 5,910,224 | 5,970,793 | |||
Accounts payable | 0 | 0 | |||
Intercompany payable | 0 | 0 | |||
Accrued expenses | (1,955) | (1,315) | |||
Deferred income | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Total Current Liabilities | (1,955) | (1,315) | |||
Long-term debt | 4,900,229 | 4,895,104 | |||
Intercompany notes payable | 16,273 | 16,273 | |||
Due to iHeartCommunications, post iHeart Chapter 11 Cases | 0 | ||||
Deferred tax liability | 853 | 853 | |||
Other long-term liabilities | 0 | 0 | |||
Total stockholders' equity (deficit) | 994,824 | 1,059,878 | |||
Total Liabilities and Stockholders' Equity (Deficit) | 5,910,224 | 5,970,793 | |||
Guarantor Subsidiaries | Reportable Legal Entities | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 13,979 | 22,841 | |||
Accounts receivable, net of allowance | 190,526 | 192,493 | |||
Intercompany receivables | 2,822,946 | 2,924,888 | |||
Prepaid expenses | 59,971 | 50,028 | |||
Other current assets | 1,653 | 2,552 | |||
Total Current Assets | 3,089,075 | 3,192,802 | |||
Structures, net | 606,604 | 675,443 | |||
Other property, plant and equipment, net | 123,838 | 119,856 | |||
Indefinite-lived intangibles | 971,163 | 977,152 | |||
Other intangibles, net | 238,247 | 248,674 | |||
Goodwill | 507,819 | 507,820 | |||
Due from iHeartCommunications | 0 | 0 | |||
Intercompany notes receivable | 4,691 | 12,437 | |||
Other assets | 1,269,795 | 1,343,032 | |||
Total Assets | 6,811,232 | 7,077,216 | |||
Accounts payable | 30,342 | 7,592 | |||
Intercompany payable | 834,842 | 873,128 | |||
Accrued expenses | 85,325 | 91,325 | |||
Deferred income | 37,488 | 25,278 | |||
Current portion of long-term debt | 221 | 115 | |||
Total Current Liabilities | 988,218 | 997,438 | |||
Long-term debt | 3,714 | 1,820 | |||
Intercompany notes payable | 5,039,419 | 5,046,119 | |||
Due to iHeartCommunications, post iHeart Chapter 11 Cases | 0 | ||||
Deferred tax liability | 435,665 | 466,827 | |||
Other long-term liabilities | 141,421 | 140,272 | |||
Total stockholders' equity (deficit) | 202,795 | 424,740 | |||
Total Liabilities and Stockholders' Equity (Deficit) | 6,811,232 | 7,077,216 | |||
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 175,538 | 119,066 | |||
Accounts receivable, net of allowance | 463,512 | 466,970 | |||
Intercompany receivables | 68,652 | 88,053 | |||
Prepaid expenses | 63,751 | 58,124 | |||
Other current assets | 31,072 | 30,721 | |||
Total Current Assets | 802,525 | 762,934 | |||
Structures, net | 432,231 | 505,439 | |||
Other property, plant and equipment, net | 93,317 | 94,291 | |||
Indefinite-lived intangibles | 0 | 0 | |||
Other intangibles, net | 19,236 | 25,188 | |||
Goodwill | 200,689 | 206,223 | |||
Due from iHeartCommunications | 0 | 0 | |||
Intercompany notes receivable | 16,275 | 16,273 | |||
Other assets | 74,151 | 67,562 | |||
Total Assets | 1,638,424 | 1,677,910 | |||
Accounts payable | 68,962 | 80,368 | |||
Intercompany payable | 0 | 0 | |||
Accrued expenses | 440,366 | 418,624 | |||
Deferred income | 48,244 | 33,900 | |||
Current portion of long-term debt | 100 | 458 | |||
Total Current Liabilities | 557,672 | 533,350 | |||
Long-term debt | 370,547 | 369,229 | |||
Intercompany notes payable | 263,929 | 236,086 | |||
Due to iHeartCommunications, post iHeart Chapter 11 Cases | 0 | ||||
Deferred tax liability | (49,122) | (56,462) | |||
Other long-term liabilities | 122,222 | 142,540 | |||
Total stockholders' equity (deficit) | 373,176 | 453,167 | |||
Total Liabilities and Stockholders' Equity (Deficit) | $ 1,638,424 | $ 1,677,910 |
GUARANTOR SUBSIDIARIES - Sche_2
GUARANTOR SUBSIDIARIES - Schedule Of Guarantor Obligations, Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | $ 663,739 | $ 644,430 | $ 1,974,117 | $ 1,860,298 |
Operating expenses: | ||||
Direct operating expenses | 361,681 | 357,946 | 1,095,906 | 1,039,175 |
Selling, general and administrative expenses | 128,797 | 128,539 | 381,494 | 370,597 |
Corporate expenses | 37,729 | 35,333 | 111,092 | 105,213 |
Depreciation and amortization | 77,405 | 81,096 | 244,232 | 236,880 |
Impairment charges | 7,772 | 1,591 | 7,772 | 1,591 |
Other operating income (expense), net | 825 | (11,783) | 1,700 | 28,657 |
Operating income | 51,180 | 28,142 | 135,321 | 135,499 |
Interest (income) expense, net | 97,158 | 95,467 | 291,409 | 282,802 |
Interest income on Due from iHeartCommunications | 363 | 17,087 | 573 | 47,277 |
Intercompany interest income | 0 | 0 | 0 | 0 |
Intercompany interest expense | 0 | 0 | 0 | 0 |
Equity in loss of nonconsolidated affiliates | 202 | (628) | 384 | (829) |
Other expense, net | (6,087) | 9,164 | (22,030) | 21,804 |
Income (loss) before income taxes | (51,500) | (41,702) | (177,161) | (79,051) |
Income tax benefit (expense) | (6,896) | (16,347) | (57,016) | (12,900) |
Consolidated net loss | (58,396) | (58,049) | (234,177) | (91,951) |
Less amount attributable to noncontrolling interest | 6,692 | 6,159 | 9,716 | 10,546 |
Net loss attributable to the Company | (65,088) | (64,208) | (243,893) | (102,497) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (7,089) | 12,348 | (18,927) | 42,353 |
Unrealized holding gain on marketable securities | 0 | (320) | 0 | (218) |
Reclassification adjustments | 1,425 | 6,207 | 1,425 | 4,563 |
Equity in subsidiary comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive loss | (70,752) | (45,973) | (261,395) | (55,799) |
Less amount attributable to noncontrolling interest | (5,161) | 2,548 | (7,844) | 5,734 |
Comprehensive loss attributable to the Company | (65,591) | (48,521) | (253,551) | (61,533) |
Eliminations | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Corporate expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Impairment charges | 0 | 0 | 0 | 0 |
Other operating income (expense), net | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Interest (income) expense, net | 0 | 0 | 0 | 0 |
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | 0 |
Intercompany interest income | (99,742) | (106,516) | (299,389) | (315,831) |
Intercompany interest expense | (99,742) | (106,516) | (299,389) | (315,831) |
Equity in loss of nonconsolidated affiliates | 111,117 | 113,809 | 342,780 | 176,240 |
Other expense, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 111,117 | 113,809 | 342,780 | 176,240 |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Consolidated net loss | 111,117 | 113,809 | 342,780 | 176,240 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net loss attributable to the Company | 111,117 | 113,809 | 342,780 | 176,240 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Unrealized holding gain on marketable securities | 0 | 0 | ||
Reclassification adjustments | 0 | 0 | 0 | 0 |
Equity in subsidiary comprehensive income | 1,782 | (38,141) | 22,164 | (109,769) |
Comprehensive loss | 112,899 | 75,668 | 364,944 | 66,471 |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive loss attributable to the Company | 112,899 | 75,668 | 364,944 | 66,471 |
Parent Company | Reportable Legal Entities | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Corporate expenses | 1,203 | 3,602 | 3,459 | 10,972 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Impairment charges | 0 | 0 | 0 | 0 |
Other operating income (expense), net | (178) | (102) | (273) | (308) |
Operating income | (1,381) | (3,704) | (3,732) | (11,280) |
Interest (income) expense, net | (5) | (20) | (15) | (412) |
Interest income on Due from iHeartCommunications | 363 | 17,087 | 573 | 47,277 |
Intercompany interest income | 3,737 | 4,090 | 12,123 | 12,236 |
Intercompany interest expense | 363 | 17,087 | 573 | 47,277 |
Equity in loss of nonconsolidated affiliates | (51,366) | (59,895) | (213,722) | (105,062) |
Other expense, net | 0 | (7,517) | 0 | 2,716 |
Income (loss) before income taxes | (49,005) | (67,006) | (205,316) | (100,978) |
Income tax benefit (expense) | (16,083) | 2,798 | (38,577) | (1,519) |
Consolidated net loss | (65,088) | (64,208) | (243,893) | (102,497) |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net loss attributable to the Company | (65,088) | (64,208) | (243,893) | (102,497) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Unrealized holding gain on marketable securities | 0 | 0 | ||
Reclassification adjustments | 0 | 0 | 0 | 0 |
Equity in subsidiary comprehensive income | (503) | 15,687 | (9,658) | 40,964 |
Comprehensive loss | (65,591) | (48,521) | (253,551) | (61,533) |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive loss attributable to the Company | (65,591) | (48,521) | (253,551) | (61,533) |
Subsidiary Issuer | Reportable Legal Entities | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Corporate expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Impairment charges | 0 | 0 | 0 | 0 |
Other operating income (expense), net | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Interest (income) expense, net | 88,093 | 88,232 | 264,405 | 264,866 |
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | 0 |
Intercompany interest income | 90,300 | 85,067 | 270,774 | 255,351 |
Intercompany interest expense | 246 | 203 | 705 | 321 |
Equity in loss of nonconsolidated affiliates | (31,573) | (18,289) | (65,430) | (23,726) |
Other expense, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (29,612) | (21,657) | (59,766) | (33,562) |
Income tax benefit (expense) | 2,959 | (1,711) | (2,369) | 576 |
Consolidated net loss | (26,653) | (23,368) | (62,135) | (32,986) |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net loss attributable to the Company | (26,653) | (23,368) | (62,135) | (32,986) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Unrealized holding gain on marketable securities | 0 | 0 | ||
Reclassification adjustments | 0 | 0 | 0 | 0 |
Equity in subsidiary comprehensive income | (1,056) | 7,479 | (4,354) | 28,647 |
Comprehensive loss | (27,709) | (15,889) | (66,489) | (4,339) |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive loss attributable to the Company | (27,709) | (15,889) | (66,489) | (4,339) |
Guarantor Subsidiaries | Reportable Legal Entities | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 301,218 | 288,433 | 852,747 | 832,419 |
Operating expenses: | ||||
Direct operating expenses | 129,683 | 126,536 | 381,908 | 378,078 |
Selling, general and administrative expenses | 49,041 | 47,994 | 145,317 | 144,183 |
Corporate expenses | 25,440 | 22,658 | 77,184 | 68,592 |
Depreciation and amortization | 40,537 | 45,180 | 129,596 | 132,160 |
Impairment charges | 7,772 | 0 | 7,772 | 0 |
Other operating income (expense), net | 143 | 1,876 | 480 | 35,526 |
Operating income | 48,888 | 47,941 | 111,450 | 144,932 |
Interest (income) expense, net | 524 | 126 | 1,342 | (545) |
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | 0 |
Intercompany interest income | 5,705 | 17,316 | 16,492 | 48,104 |
Intercompany interest expense | 94,037 | 89,200 | 282,897 | 267,727 |
Equity in loss of nonconsolidated affiliates | (27,883) | (35,415) | (62,761) | (46,638) |
Other expense, net | (50) | 9,958 | 1,799 | 8,425 |
Income (loss) before income taxes | (67,901) | (49,526) | (217,259) | (112,359) |
Income tax benefit (expense) | 16,535 | (10,369) | 3,537 | 7,297 |
Consolidated net loss | (51,366) | (59,895) | (213,722) | (105,062) |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net loss attributable to the Company | (51,366) | (59,895) | (213,722) | (105,062) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (280) | 712 | (1,506) | 806 |
Unrealized holding gain on marketable securities | 0 | 0 | ||
Reclassification adjustments | 0 | 0 | 0 | 0 |
Equity in subsidiary comprehensive income | (223) | 14,975 | (8,152) | 40,158 |
Comprehensive loss | (51,869) | (44,208) | (223,380) | (64,098) |
Less amount attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive loss attributable to the Company | (51,869) | (44,208) | (223,380) | (64,098) |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Revenue | 362,521 | 355,997 | 1,121,370 | 1,027,879 |
Operating expenses: | ||||
Direct operating expenses | 231,998 | 231,410 | 713,998 | 661,097 |
Selling, general and administrative expenses | 79,756 | 80,545 | 236,177 | 226,414 |
Corporate expenses | 11,086 | 9,073 | 30,449 | 25,649 |
Depreciation and amortization | 36,868 | 35,916 | 114,636 | 104,720 |
Impairment charges | 0 | 1,591 | 0 | 1,591 |
Other operating income (expense), net | 860 | (13,557) | 1,493 | (6,561) |
Operating income | 3,673 | (16,095) | 27,603 | 1,847 |
Interest (income) expense, net | 8,546 | 7,129 | 25,677 | 18,893 |
Interest income on Due from iHeartCommunications | 0 | 0 | 0 | 0 |
Intercompany interest income | 0 | 43 | 0 | 140 |
Intercompany interest expense | 5,096 | 26 | 15,214 | 506 |
Equity in loss of nonconsolidated affiliates | (93) | (838) | (483) | (1,643) |
Other expense, net | (6,037) | 6,723 | (23,829) | 10,663 |
Income (loss) before income taxes | (16,099) | (17,322) | (37,600) | (8,392) |
Income tax benefit (expense) | (10,307) | (7,065) | (19,607) | (19,254) |
Consolidated net loss | (26,406) | (24,387) | (57,207) | (27,646) |
Less amount attributable to noncontrolling interest | 6,692 | 6,159 | 9,716 | 10,546 |
Net loss attributable to the Company | (33,098) | (30,546) | (66,923) | (38,192) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (6,809) | 11,636 | (17,421) | 41,547 |
Unrealized holding gain on marketable securities | (320) | (218) | ||
Reclassification adjustments | 1,425 | 6,207 | 1,425 | 4,563 |
Equity in subsidiary comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive loss | (38,482) | (13,023) | (82,919) | 7,700 |
Less amount attributable to noncontrolling interest | (5,161) | 2,548 | (7,844) | 5,734 |
Comprehensive loss attributable to the Company | $ (33,321) | $ (15,571) | $ (75,075) | $ 1,966 |
GUARANTOR SUBSIDIARIES - Sche_3
GUARANTOR SUBSIDIARIES - Schedule Of Guarantor Obligations, Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||||
Consolidated net loss | $ (58,396) | $ (58,049) | $ (234,177) | $ (91,951) |
Reconciling items: | ||||
Impairment charges | 7,772 | 1,591 | 7,772 | 1,591 |
Depreciation and amortization | 77,405 | 81,096 | 244,232 | 236,880 |
Deferred taxes | (5,612) | (4,574) | 40,889 | (27,315) |
Provision for doubtful accounts | 5,108 | 6,328 | ||
Amortization of deferred financing charges and note discounts, net | 8,000 | 7,996 | ||
Share-based compensation | 3,132 | 2,894 | 6,757 | 7,153 |
(Gain) loss on sale of operating and fixed assets | (2,307) | (30,295) | ||
Equity in loss of nonconsolidated affiliates | (202) | 628 | (384) | 829 |
Foreign exchange transaction (gain) loss | 21,379 | (22,266) | ||
Other reconciling items, net | (1,997) | (4,930) | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
Increase in accounts receivable | (15,293) | (17,826) | ||
(Increase) decrease in prepaids and other current assets | (19,606) | (16,109) | ||
Increase (decrease) in accrued expenses | 11,711 | (8,810) | ||
Increase (decrease) in accounts payable | 13,627 | (4,023) | ||
Increase (decrease) in accrued interest | 10,032 | 6,031 | ||
Increase in deferred income | 29,122 | 18,718 | ||
Changes in other operating assets and liabilities | (4,438) | 11,106 | ||
Net cash provided by (used for) operating activities | 120,427 | 73,107 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (48,806) | (31,789) | (110,121) | (134,868) |
Proceeds from disposal of assets | 6,563 | 71,034 | ||
Purchases of other operating assets | (1,828) | (2,984) | ||
Increase in intercompany notes receivable, net | 0 | 0 | ||
Dividends from subsidiaries | 0 | 0 | ||
Change in other, net | 56 | (1,058) | ||
Net cash provided by (used for) investing activities | (105,330) | (67,876) | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | 0 | (909) | ||
Proceeds from long-term debt | 0 | 156,000 | ||
Payments on long-term debt | (482) | (604) | ||
Net transfers from iHeartCommunications | 58,726 | (165,650) | ||
Dividends and other payments to noncontrolling interests | (6,144) | (12,027) | ||
Dividends paid | (30,660) | (282,658) | ||
Increase (decrease) in intercompany notes payable, net | 0 | 0 | ||
Intercompany funding | 0 | 0 | ||
Change in other, net | (2,265) | (6,234) | ||
Net cash provided by (used for) financing activities | 19,175 | (312,082) | ||
Effect of exchange rate changes on cash | (7,951) | 7,037 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 26,321 | (299,814) | ||
Cash, cash equivalents and restricted cash at beginning of period | 188,310 | 552,691 | ||
Cash, cash equivalents and restricted cash at end of period | 214,631 | 252,877 | 214,631 | 252,877 |
Eliminations | ||||
Cash flows from operating activities: | ||||
Consolidated net loss | 111,117 | 113,809 | 342,780 | 176,240 |
Reconciling items: | ||||
Impairment charges | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Deferred taxes | 0 | 0 | ||
Provision for doubtful accounts | 0 | 0 | ||
Amortization of deferred financing charges and note discounts, net | 0 | 0 | ||
Share-based compensation | 0 | 0 | ||
(Gain) loss on sale of operating and fixed assets | 0 | 0 | ||
Equity in loss of nonconsolidated affiliates | (111,117) | (113,809) | (342,780) | (176,240) |
Foreign exchange transaction (gain) loss | 0 | 0 | ||
Other reconciling items, net | 0 | 0 | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
Increase in accounts receivable | 0 | 0 | ||
(Increase) decrease in prepaids and other current assets | 0 | 0 | ||
Increase (decrease) in accrued expenses | 0 | 0 | ||
Increase (decrease) in accounts payable | 0 | 0 | ||
Increase (decrease) in accrued interest | 0 | 0 | ||
Increase in deferred income | 0 | 0 | ||
Changes in other operating assets and liabilities | 0 | 0 | ||
Net cash provided by (used for) operating activities | 0 | 0 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | 0 | 0 | ||
Proceeds from disposal of assets | 0 | 0 | ||
Purchases of other operating assets | 0 | 0 | ||
Increase in intercompany notes receivable, net | 28,887 | 50,291 | ||
Dividends from subsidiaries | (1,111) | (22,995) | ||
Change in other, net | 0 | 0 | ||
Net cash provided by (used for) investing activities | 27,776 | 27,296 | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | 0 | |||
Proceeds from long-term debt | 0 | |||
Payments on long-term debt | 0 | 0 | ||
Net transfers from iHeartCommunications | 0 | 0 | ||
Dividends and other payments to noncontrolling interests | 0 | 0 | ||
Dividends paid | 1,111 | 22,995 | ||
Increase (decrease) in intercompany notes payable, net | (28,887) | (50,291) | ||
Intercompany funding | 0 | 0 | ||
Change in other, net | 0 | 0 | ||
Net cash provided by (used for) financing activities | (27,776) | (27,296) | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | ||
Cash, cash equivalents and restricted cash at end of period | 0 | 0 | 0 | 0 |
Parent Company | Reportable Legal Entities | ||||
Cash flows from operating activities: | ||||
Consolidated net loss | (65,088) | (64,208) | (243,893) | (102,497) |
Reconciling items: | ||||
Impairment charges | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Deferred taxes | 66,144 | 0 | ||
Provision for doubtful accounts | 0 | 0 | ||
Amortization of deferred financing charges and note discounts, net | 0 | 0 | ||
Share-based compensation | 0 | 0 | ||
(Gain) loss on sale of operating and fixed assets | 0 | 0 | ||
Equity in loss of nonconsolidated affiliates | 51,366 | 59,895 | 213,722 | 105,062 |
Foreign exchange transaction (gain) loss | 0 | 0 | ||
Other reconciling items, net | 0 | 0 | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
Increase in accounts receivable | 0 | 0 | ||
(Increase) decrease in prepaids and other current assets | (367) | 1,045 | ||
Increase (decrease) in accrued expenses | 8,621 | (3,524) | ||
Increase (decrease) in accounts payable | 0 | 0 | ||
Increase (decrease) in accrued interest | 0 | 0 | ||
Increase in deferred income | 0 | 0 | ||
Changes in other operating assets and liabilities | (1,981) | 0 | ||
Net cash provided by (used for) operating activities | 42,246 | 86 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | 0 | 0 | ||
Proceeds from disposal of assets | 0 | 0 | ||
Purchases of other operating assets | 0 | 0 | ||
Increase in intercompany notes receivable, net | 0 | 0 | ||
Dividends from subsidiaries | 0 | 0 | ||
Change in other, net | 0 | 0 | ||
Net cash provided by (used for) investing activities | 0 | 0 | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | 0 | |||
Proceeds from long-term debt | 0 | |||
Payments on long-term debt | 0 | 0 | ||
Net transfers from iHeartCommunications | 58,726 | (165,650) | ||
Dividends and other payments to noncontrolling interests | 0 | 0 | ||
Dividends paid | (30,660) | (282,658) | ||
Increase (decrease) in intercompany notes payable, net | 0 | 0 | ||
Intercompany funding | (95,656) | 175,186 | ||
Change in other, net | (709) | (1,426) | ||
Net cash provided by (used for) financing activities | (68,299) | (274,548) | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (26,053) | (274,462) | ||
Cash, cash equivalents and restricted cash at beginning of period | 27,653 | 300,285 | ||
Cash, cash equivalents and restricted cash at end of period | 1,600 | 25,823 | 1,600 | 25,823 |
Subsidiary Issuer | ||||
Cash flows from financing activities: | ||||
Proceeds from long-term debt | 0 | |||
Subsidiary Issuer | Reportable Legal Entities | ||||
Cash flows from operating activities: | ||||
Consolidated net loss | (26,653) | (23,368) | (62,135) | (32,986) |
Reconciling items: | ||||
Impairment charges | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Deferred taxes | 0 | 0 | ||
Provision for doubtful accounts | 0 | 0 | ||
Amortization of deferred financing charges and note discounts, net | 6,682 | 6,585 | ||
Share-based compensation | 0 | 0 | ||
(Gain) loss on sale of operating and fixed assets | 0 | 0 | ||
Equity in loss of nonconsolidated affiliates | 31,573 | 18,289 | 65,430 | 23,726 |
Foreign exchange transaction (gain) loss | 0 | 0 | ||
Other reconciling items, net | 0 | 0 | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
Increase in accounts receivable | 0 | 0 | ||
(Increase) decrease in prepaids and other current assets | 2,222 | 0 | ||
Increase (decrease) in accrued expenses | (1,644) | (56,942) | ||
Increase (decrease) in accounts payable | 0 | 0 | ||
Increase (decrease) in accrued interest | 1,004 | 0 | ||
Increase in deferred income | 0 | 0 | ||
Changes in other operating assets and liabilities | 0 | 0 | ||
Net cash provided by (used for) operating activities | 11,559 | (59,617) | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | 0 | 0 | ||
Proceeds from disposal of assets | 0 | 0 | ||
Purchases of other operating assets | 0 | 0 | ||
Increase in intercompany notes receivable, net | (28,887) | 29,962 | ||
Dividends from subsidiaries | 0 | 0 | ||
Change in other, net | 0 | 0 | ||
Net cash provided by (used for) investing activities | (28,887) | 29,962 | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | 0 | |||
Payments on long-term debt | 0 | 0 | ||
Net transfers from iHeartCommunications | 0 | 0 | ||
Dividends and other payments to noncontrolling interests | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Increase (decrease) in intercompany notes payable, net | 0 | 69,107 | ||
Intercompany funding | 18,884 | (39,452) | ||
Change in other, net | (1,556) | 0 | ||
Net cash provided by (used for) financing activities | 17,328 | 29,655 | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | ||
Cash, cash equivalents and restricted cash at end of period | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries | ||||
Cash flows from financing activities: | ||||
Proceeds from long-term debt | 0 | |||
Guarantor Subsidiaries | Reportable Legal Entities | ||||
Cash flows from operating activities: | ||||
Consolidated net loss | (51,366) | (59,895) | (213,722) | (105,062) |
Reconciling items: | ||||
Impairment charges | 7,772 | 0 | 7,772 | 0 |
Depreciation and amortization | 40,537 | 45,180 | 129,596 | 132,160 |
Deferred taxes | (31,162) | (23,464) | ||
Provision for doubtful accounts | 2,710 | 1,508 | ||
Amortization of deferred financing charges and note discounts, net | 0 | 0 | ||
Share-based compensation | 3,838 | 4,859 | ||
(Gain) loss on sale of operating and fixed assets | (510) | (35,601) | ||
Equity in loss of nonconsolidated affiliates | 27,883 | 35,415 | 62,761 | 46,638 |
Foreign exchange transaction (gain) loss | (444) | 5 | ||
Other reconciling items, net | (373) | (4,397) | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
Increase in accounts receivable | (744) | 2,749 | ||
(Increase) decrease in prepaids and other current assets | (12,369) | (9,626) | ||
Increase (decrease) in accrued expenses | (6,448) | 60,128 | ||
Increase (decrease) in accounts payable | 22,750 | (1,086) | ||
Increase (decrease) in accrued interest | 424 | (93) | ||
Increase in deferred income | 11,692 | 6,352 | ||
Changes in other operating assets and liabilities | 5,117 | 477 | ||
Net cash provided by (used for) operating activities | (19,112) | 75,547 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (52,333) | (48,185) | ||
Proceeds from disposal of assets | 4,444 | 54,534 | ||
Purchases of other operating assets | (1,783) | (758) | ||
Increase in intercompany notes receivable, net | 0 | (6,146) | ||
Dividends from subsidiaries | 1,111 | 22,995 | ||
Change in other, net | (2) | (4) | ||
Net cash provided by (used for) investing activities | (48,563) | 22,436 | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | 0 | |||
Payments on long-term debt | (136) | (73) | ||
Net transfers from iHeartCommunications | 0 | 0 | ||
Dividends and other payments to noncontrolling interests | 0 | 0 | ||
Dividends paid | 0 | 0 | ||
Increase (decrease) in intercompany notes payable, net | 0 | 0 | ||
Intercompany funding | 58,949 | (145,622) | ||
Change in other, net | 0 | 0 | ||
Net cash provided by (used for) financing activities | 58,813 | (145,695) | ||
Effect of exchange rate changes on cash | 0 | 0 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (8,862) | (47,712) | ||
Cash, cash equivalents and restricted cash at beginning of period | 22,841 | 61,542 | ||
Cash, cash equivalents and restricted cash at end of period | 13,979 | 13,830 | 13,979 | 13,830 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||
Cash flows from operating activities: | ||||
Consolidated net loss | (26,406) | (24,387) | (57,207) | (27,646) |
Reconciling items: | ||||
Impairment charges | 0 | 1,591 | 0 | 1,591 |
Depreciation and amortization | 36,868 | 35,916 | 114,636 | 104,720 |
Deferred taxes | 5,907 | (3,851) | ||
Provision for doubtful accounts | 2,398 | 4,820 | ||
Amortization of deferred financing charges and note discounts, net | 1,318 | 1,411 | ||
Share-based compensation | 2,919 | 2,294 | ||
(Gain) loss on sale of operating and fixed assets | (1,797) | 5,306 | ||
Equity in loss of nonconsolidated affiliates | 93 | 838 | 483 | 1,643 |
Foreign exchange transaction (gain) loss | 21,823 | (22,271) | ||
Other reconciling items, net | (1,624) | (533) | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
Increase in accounts receivable | (14,549) | (20,575) | ||
(Increase) decrease in prepaids and other current assets | (9,092) | (7,528) | ||
Increase (decrease) in accrued expenses | 11,182 | (8,472) | ||
Increase (decrease) in accounts payable | (9,123) | (2,937) | ||
Increase (decrease) in accrued interest | 8,604 | 6,124 | ||
Increase in deferred income | 17,430 | 12,366 | ||
Changes in other operating assets and liabilities | (7,574) | 10,629 | ||
Net cash provided by (used for) operating activities | 85,734 | 57,091 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (57,788) | (86,683) | ||
Proceeds from disposal of assets | 2,119 | 16,500 | ||
Purchases of other operating assets | (45) | (2,226) | ||
Increase in intercompany notes receivable, net | 0 | (74,107) | ||
Dividends from subsidiaries | 0 | 0 | ||
Change in other, net | 58 | (1,054) | ||
Net cash provided by (used for) investing activities | (55,656) | (147,570) | ||
Cash flows from financing activities: | ||||
Payments on credit facilities | (909) | |||
Proceeds from long-term debt | 156,000 | |||
Payments on long-term debt | (346) | (531) | ||
Net transfers from iHeartCommunications | 0 | 0 | ||
Dividends and other payments to noncontrolling interests | (6,144) | (12,027) | ||
Dividends paid | (1,111) | (22,995) | ||
Increase (decrease) in intercompany notes payable, net | 28,887 | (18,816) | ||
Intercompany funding | 17,823 | 9,888 | ||
Change in other, net | 0 | (4,808) | ||
Net cash provided by (used for) financing activities | 39,109 | 105,802 | ||
Effect of exchange rate changes on cash | (7,951) | 7,037 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 61,236 | 22,360 | ||
Cash, cash equivalents and restricted cash at beginning of period | 137,816 | 190,864 | ||
Cash, cash equivalents and restricted cash at end of period | $ 199,052 | $ 213,224 | $ 199,052 | $ 213,224 |