Clear Channel Outdoor (CCO) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-32663
Entity Registrant Name	CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0318078
Entity Address, Address Line One	4830 North Loop 1604 West,
Entity Address, Address Line Two	Suite 111
Entity Address, City or Town	San Antonio,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78249
City Area Code	(210)
Local Phone Number	547-8800
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CCO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		467,305,068
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001334978
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 371,769	$ 398,858
Accounts receivable	523,937	733,471
Less: Allowance for credit losses	(17,647)	(23,786)
Accounts receivable, net	506,290	709,685
Prepaid expenses	60,714	60,593
Other current assets	31,860	32,755
Assets held for sale	678,944	0
Total Current Assets	1,649,577	1,201,891
PROPERTY, PLANT AND EQUIPMENT
Structures, net	726,984	953,545
Other property, plant and equipment, net	221,794	257,609
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived permits	843,849	965,863
Other intangible assets, net	308,175	326,665
Goodwill	698,022	704,158
OTHER ASSETS
Operating lease right-of-use assets	1,617,038	1,885,482
Other assets	58,971	98,075
Total Assets	6,124,410	6,393,288
CURRENT LIABILITIES
Accounts payable	129,631	94,588
Accrued expenses	328,326	503,939
Current operating lease liabilities	319,170	387,882
Deferred revenue	99,066	84,035
Accrued interest	31,471	89,786
Current portion of long-term debt	20,303	20,294
Liabilities held for sale	384,055	0
Total Current Liabilities	1,312,022	1,180,524
NON-CURRENT LIABILITIES
Long-term debt	5,210,627	5,063,724
Mandatorily-redeemable preferred stock	46,421	44,912
Non-current operating lease liabilities	1,316,735	1,559,743
Deferred tax liability	434,187	416,066
Other long-term liabilities	167,961	183,025
Total Liabilities	8,487,953	8,447,994
Commitments and Contingencies (Note 6)
STOCKHOLDERS’ DEFICIT
Noncontrolling interest	138,755	152,814
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized; 466,914,142 shares issued as of March 31, 2020; 466,744,939 shares issued as of December 31, 2019	4,669	4,667
Additional paid-in capital	3,493,369	3,489,593
Accumulated deficit	(5,634,283)	(5,349,611)
Accumulated other comprehensive loss	(363,722)	(349,552)
Treasury stock (506,250 shares held as of March 31, 2020; 504,650 shares held as of December 31, 2019)	(2,331)	(2,617)
Total Stockholders' Deficit	(2,363,543)	(2,054,706)
Total Liabilities and Stockholders' Deficit	$ 6,124,410	$ 6,393,288

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	2,350,000,000	2,350,000,000
Common stock issued (in shares)	466,914,142	466,744,939
Treasury stock (in shares)	506,250	504,650

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue	$ 550,809	$ 587,116
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)	350,269	347,827
Selling, general and administrative expenses (excludes depreciation and amortization)	123,704	122,966
Corporate expenses (excludes depreciation and amortization)	36,338	28,614
Depreciation and amortization	75,753	75,076
Impairment charges	123,137	0
Other operating expense, net	(6,021)	(3,522)
Operating income (loss)	(164,413)	9,111
Interest expense, net	90,142	114,863
Loss on extinguishment of debt	0	(5,474)
Other expense, net	(18,889)	(565)
Consolidated net loss before income taxes	(273,444)	(111,791)
Income tax expense	(15,779)	(57,763)
Consolidated net loss	(289,223)	(169,554)
Less amount attributable to noncontrolling interest	(11,732)	(5,387)
Net loss attributable to the Company	(277,491)	(164,167)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(16,421)	2,549
Other comprehensive income (loss)	(16,421)	2,549
Comprehensive loss	(293,912)	(161,618)
Less amount attributable to noncontrolling interest	(2,251)	3,584
Comprehensive loss attributable to the Company	$ (291,661)	$ (165,202)
Net loss attributable to the Company per share of common stock
Net loss attributable to the Company per share of common stock (in dollars per share)	$ (0.60)	$ (0.45)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock	Non-controlling Interest	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock	Class A Common Shares IssuedCommon Stock	Class B Common Shares IssuedCommon Stock
Beginning balance (in shares) at Dec. 31, 2018								51,559,633	315,000,000
Beginning balance at Dec. 31, 2018	$ (2,101,652)	$ 3,666	$ 160,362	$ 3,086,307	$ (5,000,920)	$ (344,489)	$ (6,578)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(169,554)		(5,387)		(164,167)
Exercise of stock options and release of stock awards (in shares)								150,127
Exercise of stock options and release of stock awards	64	1		72			(9)
Share-based compensation	1,834		152	1,682
Payments to noncontrolling interests	(3,684)		(3,684)
Other comprehensive income (loss)	2,549		3,584			(1,035)
Ending balance (in shares) at Mar. 31, 2019								51,709,760	315,000,000
Ending balance at Mar. 31, 2019	(2,255,830)	$ 3,667	155,027	3,088,061	(5,150,474)	(345,524)	(6,587)
Beginning balance (in shares) at Dec. 31, 2019		466,744,939
Beginning balance at Dec. 31, 2019	(2,054,706)	$ 4,667	152,814	3,489,593	(5,349,611)	(349,552)	(2,617)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(289,223)		(11,732)		(277,491)
Exercise of stock options and release of stock awards (in shares)		169,203
Exercise of stock options and release of stock awards	326	$ 2		38			286
Share-based compensation	3,777		42	3,735
Payments to noncontrolling interests	(118)		(118)
Other comprehensive income (loss)	(16,421)		(2,251)			(14,170)
Other	3			3
Ending balance (in shares) at Mar. 31, 2020		466,914,142
Ending balance at Mar. 31, 2020	$ (2,363,543)	$ 4,669	$ 138,755	$ 3,493,369	$ (5,634,283)	$ (363,722)	$ (2,331)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Consolidated net loss	$ (289,223)	$ (169,554)
Reconciling items:
Depreciation and amortization	75,753	75,076
Impairment charges	123,137	0
Deferred taxes	17,743	(13,957)
Provision for doubtful accounts	3,735	1,846
Amortization of deferred financing charges and note discounts, net	2,531	2,636
Share-based compensation	3,777	1,834
Loss on extinguishment of debt	0	5,474
Loss on disposal of operating and other assets, net	5,461	3,409
Foreign exchange transaction loss (gain)	18,755	(564)
Other reconciling items, net	(1,824)	(1,441)
Changes in operating assets and liabilities:
Decrease in accounts receivable	75,232	69,249
Increase in prepaid expenses	(7,013)	(23,646)
Increase in other current assets	(6,164)	(2,612)
Increase (decrease) in accounts payable	39,458	(7,829)
Decrease in accrued expenses	(76,161)	(23,023)
Increase (decrease) in accrued interest	(56,881)	9,440
Increase in deferred revenue	9,574	18,321
Changes in other operating assets and liabilities, net	(36,511)	7,661
Net cash provided by (used for) operating activities	(98,621)	(47,680)
Cash flows from investing activities:
Purchases of property, plant and equipment	(32,815)	(28,173)
Purchases of concession rights	(3,079)	0
Other investing activities, net	(50)	597
Net cash provided by (used for) investing activities	(35,944)	(27,576)
Cash flows from financing activities:
Draws on credit facilities	150,000	0
Proceeds from long-term debt	0	2,235,000
Payments on long-term debt	(5,070)	(2,200,054)
Debt issuance costs	(534)	(26,752)
Net transfers from iHeartCommunications	0	52,156
Other financing activities, net	204	(10)
Net cash provided by financing activities	144,600	60,340
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8,691)	586
Net increase (decrease) in cash, cash equivalents and restricted cash	1,344	(14,330)
Cash, cash equivalents and restricted cash at beginning of period	417,075	202,869
Cash, cash equivalents and restricted cash at end of period	418,419	188,539
Supplemental Disclosures:
Cash paid for interest and dividends on mandatorily-redeemable preferred stock	145,938	102,551
Cash paid for income taxes, net of refunds	$ 8,257	$ 14,064

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Preparation of Interim Financial Statements The consolidated financial statements include the accounts of Clear Channel Outdoor Holdings, Inc. and its subsidiaries, as well as entities for which the Company has a controlling financial interest or is the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. 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. 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 audited consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K, filed on February 27, 2020. Prior to the Company's separation from iHeartMedia, Inc. ("iHeartMedia") and iHeartCommunications, Inc. ("iHeartCommunications") on May 1, 2019 (the "Separation"), the historical financial statements of the Company consisted of the carve-out financial statements of the outdoor businesses of Clear Channel Holdings, Inc. ("CCH"), Clear Channel Outdoor Holdings, Inc. ("CCOH") and its subsidiaries (the "Outdoor Business") and gave effect to allocations of expenses from iHeartMedia to the Company. The carve-out financial statements excluded the portion of the radio businesses previously owned by CCH, which had historically been reported as part of iHeartMedia’s iHM segment prior to the Separation, and amounts attributable to CCH, which was a holding company prior to the Separation with no independent assets or operations. Upon the Separation and the transactions related thereto, the Company’s only assets, liabilities and operations were those of the Outdoor Business. Certain prior period amounts have been reclassified to conform to the 2020 presentation. The Company changed its presentation of segment information during the first quarter of 2020 to reflect changes in the way the business is managed and resources are allocated by the Company's chief operating decision maker ("CODM"). Effective January 1, 2020, there are two reportable business segments: Americas, which consists of operations primarily in the United States ("U.S."), and Europe, which consists of operations in Europe and Singapore. The Company's remaining operating segments in China and Latin America, which do not meet the quantitative thresholds to qualify as reportable segments, are disclosed as "Other." Accordingly, the Company has restated the segment disclosures for prior periods. Refer to Note 11 for additional details. In March 2020, the World Health Organization categorized coronavirus disease 2019 ("COVID-19") as a pandemic. COVID-19 continues to spread throughout the U.S. and other countries across the world, and the duration and severity of its effects are currently unknown. The Company is implementing and evaluating actions to strengthen its financial position and support the continuity of its platform and operations. The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the periods presented. Such estimates and assumptions affect, among other things, the Company’s goodwill, long-lived asset and indefinite-lived intangible assets; operating lease right-of-use assets and operating lease liabilities; assessment of the annual effective tax rate; valuation of deferred income taxes and income tax contingencies; the allowance for doubtful accounts; assessment of our lease and non-lease contract expenses; and measurement of compensation cost for bonus and other compensation plans. The Company's assessment of conditions and events, considered in the aggregate, indicate it will be able to meet its obligations as they become due within one year after the date of these financial statements. There continues to be a high level of uncertainty in estimating the expected economic and operational impacts relative to COVID-19 as it is an evolving situation. The estimates and assumptions used in the first quarter 2020 financial statements may change in future periods as the expected impacts from COVID-19 are revised, resulting in further potential impacts to the Company's financial statements. New Accounting Pronouncements Recently Adopted As of January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Measurement of Credit Losses on Financial Instruments, which changed the methodology used to recognize impairment of the Company’s accounts receivable. Under the ASU, financial assets are presented at the net amount expected to be collected, requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. This is in contrast to previous GAAP, under which credit losses were not recognized until it was probable that a loss had been incurred. The Company adopted the ASU on a modified-retrospective basis through a cumulative-effect adjustment to retained earnings as of January 1, 2020, resulting in a decrease to equity of $7.2 million . This adjustment includes $5.4 million related to Clear Media Limited ("Clear Media"), an indirect, non-wholly owned subsidiary of the Company based in China, for which its assets are presented as held for sale as of March 31, 2020. The Company performed its expected credit loss calculation separately by segment based on historical accounts receivable write-offs. New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain existing exceptions to the general principles in Topic 740. The new guidance is effective for annual and interim periods beginning after December 2020, and early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE 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 contracts convey to customers the right to control the use of the Company’s advertising displays for a period of time. The Company accounts for revenue from leases in accordance with the lease accounting guidance under Accounting Standards Codification ("ASC") Topic 842; all remaining revenue transactions are accounted for as revenue from contracts with customers under ASC Topic 606. Disaggregation of Revenue The following table shows revenue from contracts with customers, revenue from leases and total revenue, disaggregated by geographical region, for the three months ended March 31, 2020 and 2019 : (In thousands) Revenue from contracts with customers Revenue from leases Total Revenue Three Months Ended March 31, 2020 Americas $ 163,278 $ 132,509 $ 295,787 Europe 187,190 24,500 211,690 Other (1) 39,276 4,056 43,332 Total $ 389,744 $ 161,065 $ 550,809 Three Months Ended March 31, 2019 Americas $ 132,327 $ 140,395 $ 272,722 Europe 203,861 40,034 243,895 Other (1) 64,220 6,279 70,499 Total $ 400,408 $ 186,708 $ 587,116 (1) Other includes the Company's businesses in China and Latin America. Revenue from Contracts with Customers The following tables show the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers: Three Months Ended March 31, (In thousands) 2020 2019 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 581,555 $ 367,918 Ending balance $ 375,509 $ 418,916 Deferred revenue from contracts with customers: Beginning balance $ 52,589 $ 39,916 Ending balance $ 57,022 $ 57,073 During the three months ended March 31, 2020 and 2019 , respectively, the Company recognized $40.8 million and $28.4 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the quarter. The Company’s contracts with customers generally have terms of one year or less; however, as of March 31, 2020 , the Company expects to recognize $109.8 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration greater than one year, with the majority of this amount to be recognized over the next five years .

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of March 31, 2020 and December 31, 2019 : (In thousands) March 31, December 31, Structures $ 2,294,357 $ 2,832,797 Furniture and other equipment 217,061 234,183 Land, buildings and improvements 149,384 149,889 Construction in progress 59,936 84,289 2,720,738 3,301,158 Less: Accumulated depreciation 1,771,960 2,090,004 Property, plant and equipment, net $ 948,778 $ 1,211,154

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of March 31, 2020 and December 31, 2019 : (In thousands) March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived permits $ 843,849 $ — $ 965,863 $ — Transit, street furniture and other outdoor contractual rights 434,171 (366,112 ) 535,912 (451,021 ) Permanent easements 163,399 — 163,399 — Trademarks 83,569 (7,981 ) 83,569 (5,898 ) Other 5,179 (4,050 ) 5,352 (4,648 ) Total intangible assets $ 1,530,167 $ (378,143 ) $ 1,754,095 $ (461,567 ) During the first quarter of 2020, the Company tested its intangible assets for impairment due to the expected negative financial statement impacts from COVID-19, including a reduction in projected cash flows. The Company recognized impairment charges on its indefinite-lived permits of $123.1 million during the three months ended March 31, 2020 related to permits in multiple markets in its Americas segment where the fair value was lower than the carrying amount. The primary estimates and assumptions impacting the impairment were the aforementioned reductions in projected cash flows and an increased discount rate. As actual and future cash flows are revised, the Company's estimates and assumptions may change, and additional impairments may be recognized in future periods. Goodwill As described in Note 11 , the Company changed its presentation of segment information as of January 1, 2020 to reflect changes in the way the business is managed and resources are allocated by the CODM. This resulted in a change to the Company's operating segments and certain reporting units. The Company tested goodwill for impairment for each reporting unit immediately before and after this change, and no impairment was identified. Additionally, due to the expected negative financial statement impacts from COVID-19, the Company tested its goodwill for impairment as of March 31, 2020; however, this did not result in any goodwill impairment charges. As expectations and projections of the financial statement impacts of COVID-19 are revised, the Company's estimates and assumptions may change, and impairments may be recognized in future periods. The following table presents changes in the goodwill balance for the Company's segments during the three months ended March 31, 2020 : (In thousands) Americas Europe Other Consolidated December 31, 2019 (1) $ 507,819 $ 185,641 $ 10,698 $ 704,158 Foreign currency — (5,123 ) (1,013 ) (6,136 ) Balance as of March 31, 2020 $ 507,819 $ 180,518 $ 9,685 $ 698,022 (1) The balance at December 31, 2019 is net of cumulative impairments of $2.6 billion , $191.4 million and $80.7 million for Americas, Europe and Other, respectively.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt outstanding as of March 31, 2020 and December 31, 2019 consisted of the following: (In thousands) March 31, December 31, Term Loan Facility (1) $ 1,990,000 $ 1,995,000 Revolving Credit Facility (2) 150,000 — Receivables-Based Credit Facility — — Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 1,250,000 1,250,000 Clear Channel Worldwide Holdings 9.25% Senior Notes Due 2024 (3) 1,901,525 1,901,525 Other debt 4,091 4,161 Original issue discount (9,250 ) (9,561 ) Long-term debt fees (55,436 ) (57,107 ) Total debt $ 5,230,930 $ 5,084,018 Less: Current portion 20,303 20,294 Total long-term debt $ 5,210,627 $ 5,063,724 (1) In March 2020, the Company paid $5.0 million of the outstanding principal on the term loan facility ("Term Loan Facility") in accordance with the terms of the senior secured credit agreement ("Senior Secured Credit Agreement") governing the senior secured credit facilities (the "Senior Secured Credit Facilities," which consist of the Term Loan Facility and the revolving credit facility (the "Revolving Credit Facility")). (2) On March 24 2020, the Company drew $150.0 million under its Revolving Credit Facility. Because the cash remained on the balance sheet as of March 31, 2020, the draw down did not have an impact on the first lien leverage ratio as of March 31, 2020, which is calculated on a net basis in accordance with the Senior Secured Credit Agreement. The Revolving Credit Facility matures on August 23, 2024. (3) On February 28, 2020, the Company and the guarantors under the Indenture (the "CCWH Senior Notes Indenture") governing the 9.25% Senior Notes due 2024 (the "CCWH Senior Notes") filed a registration statement with the SEC to register the offer to exchange the CCWH Senior Notes and the guarantees thereof for a like principal amount of CCWH Senior Notes and guarantees thereof that have been registered under the Securities Act, in accordance with the deadlines set forth in the Registration Rights Agreement. The registration statement, as amended on April 6, 2020, became effective on April 7, 2020. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.6 billion and $5.4 billion as of March 31, 2020 and December 31, 2019 , 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. Letters of Credit, Surety Bonds and Guarantees As of March 31, 2020 , the Company had $20.2 million of letters of credit outstanding under its Revolving Credit Facility, resulting in $4.8 million of remaining excess availability. Additionally, the Company had $50.6 million of letters of credit outstanding under its receivables-based credit facility (the "Receivables-Based Credit Facility"), which had a borrowing base greater than its borrowing limit of $125.0 million , resulting in $74.4 million of excess availability. Access to availability under these credit facilities is limited by the covenants relating to incurrence of secured indebtedness in the CCWH Senior Notes Indenture. Additionally, as of March 31, 2020 , the Company had $108.4 million and $28.4 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $14.1 million of cash collateral. These letters of credit, surety bonds and bank guarantees relate to various operational matters, including insurance, bid, concession and performance bonds, as well as other items.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings 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, employment and benefits related claims, land use and zoning, governmental fines, intellectual property claims, and tax disputes. China Investigation Two former employees of Clear Media, an indirect, non-wholly-owned subsidiary of the Company whose ordinary shares are listed on the Hong Kong Stock Exchange, have been convicted in China of certain crimes, including the crime of misappropriation of funds, and sentenced to imprisonment. The Company is not aware of any litigation, claim or assessment pending against the Company in relation to this investigation. 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 investigation in China are not material to the Company’s consolidated financial statements. The Company advised both the SEC and the United States Department of Justice ("DOJ") of the investigation at Clear Media and is cooperating to provide documents, interviews and information to the agencies. Subsequent to the announcement that the Company was considering a strategic review of its stake in Clear Media, in March 2020, Clear Channel Outdoor Holdings received a subpoena from the staff of the SEC and a Grand Jury subpoena from the United States Attorney's Office for the Eastern District of New York, both in connection with the previously disclosed investigations. On March 30, 2020, the Company announced that it had entered into an agreement to sell its 50.91% stake in Clear Media to Ever Harmonic Global Limited ("Ever Harmonic") and tendered its shares to Ever Harmonic on April 28, 2020. Ever Harmonic is a special purpose vehicle wholly owned by a consortium of investors which includes the chief executive officer and an executive director of Clear Media. In connection with the sale of its shares in Clear Media, the Company entered into an Investigation and Litigation Support Agreement with Clear Media and Ever Harmonic that requires Clear Media, if requested by the SEC and/or DOJ, to use reasonable efforts to timely provide relevant factual information to the SEC and/or DOJ, among other obligations. The Clear Media 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 and could be qualitatively or quantitatively material to the Company. Italy Investigation During the three months ended June 30, 2018, the Company identified misstatements associated with VAT obligations in its business in Italy, which resulted in an understatement of its VAT obligation. These misstatements resulted in an understatement of other long-term liabilities of $16.9 million as of December 31, 2017. The effect of these misstatements is reflected in the historical financial statements in the appropriate periods. Upon identification of these misstatements, the Company undertook certain procedures, including a forensic investigation. In addition, the Company voluntarily disclosed the matter and 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 in relation to the transactions under investigation, amounting to approximately $20.4 million , including estimated possible penalties and interest. The Company made payments of $6.9 million and $1.2 million

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Prior to the Separation, under the Corporate Services Agreement between iHeartCommunications and the Company, iHeartCommunications provided management services to the Company. These services were 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 March 31, 2019 , the Company recorded $7.4 million as a component of corporate expenses for these services. Upon consummation of the Separation, the Corporate Services Agreement was terminated, and iHeartMedia, iHeartMedia Management Services, Inc. (“iHM Management Services”), iHeartCommunications and the Company entered into a one-year transition services agreement (the “Transition Services Agreement”), under which iHM Management Service provides, or causes any member of the iHeart Group to provide, the Company with certain administrative and support services and other assistance. For the three months ended March 31, 2020 , the Company recorded $1.7 million as a component of corporate expenses for fees under the Transition Services Agreement. Additionally, in accordance with the Master Agreement with iHeartCommunications, the Company allows iHeartCommunications to use, without charge, Americas’ displays that the Company believes would otherwise be unsold. This arrangement will continue throughout the term of the Transition Services Agreement. The value of services provided under this arrangement was $2.4 million during each of the three months ended March 31, 2020 and 2019 .

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income Tax Expense The Company’s income tax expense for the three months ended March 31, 2020 and 2019 consisted of the following components: (In thousands) Three Months Ended March 31, 2020 2019 Current tax benefit (expense) $ 1,964 $ (71,720 ) Deferred tax benefit (expense) (17,743 ) 13,957 Income tax expense $ (15,779 ) $ (57,763 ) The effective tax rates for the three months ended March 31, 2020 and 2019 were (5.8)% and (51.7)% , respectively. The effective rate in 2020 was primarily impacted by the valuation allowance recorded against current period deferred tax assets resulting from losses and interest expense carryforwards in the U.S. and certain foreign jurisdictions due to uncertainty regarding the Company’s ability to realize those assets in future periods. Additionally, the Company recorded deferred tax expense and an associated deferred tax liability of $44.8 million as a result of entering into an agreement to irrevocably tender to sell its 50.91% stake in Clear Media. As of March 31, 2020, the Company's financial reporting basis in its investment in Clear Media exceeds its tax basis. The deferred tax liability of $44.8 million recorded during the period represents the income tax obligation that is expected to arise in the U.S. and China upon the reversal of the outside basis difference in Clear Media through a sale. On March 27, 2020, the Coronavirus Aid, Relief, and Economics Security Act (“CARES Act”) was signed into law in the U.S. to provide certain relief as a result of the COVID-19 pandemic. The CARES Act, among other things, relaxes the limitation for business interest deductions for 2019 and 2020 by allowing taxpayers to deduct interest up to the sum of 50% of adjusted taxable income (previously 30% of adjusted taxable income under the Tax Cuts and Jobs Act of 2017). Additionally, the CARES Act permits net operating loss carryovers to offset 100% of taxable income for taxable years beginning before 2021. As of March 31, 2020, the CARES Act did not have significant impact on the Company’s effective tax rate. The effective rate for 2019 was primarily impacted by the valuation allowance recorded against deferred tax assets resulting from current period 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.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE The following table presents the computation of net loss per share for the three months ended March 31, 2020 and 2019 : (In thousands, except per share data) Three Months Ended 2020 2019 Numerator: Net loss attributable to the Company – common shares $ (277,491 ) $ (164,167 ) Denominator: Weighted average common shares outstanding – basic 463,465 362,039 Weighted average common shares outstanding – diluted 463,465 362,039 Net loss attributable to the Company per share of common stock: Basic $ (0.60 ) $ (0.45 ) Diluted $ (0.60 ) $ (0.45 ) Outstanding equity awards with respect to 13.4 million shares and 8.2 million shares for the three months ended March 31, 2020 and 2019 , respectively, were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive.

OTHER INFORMATION

OTHER INFORMATION	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
OTHER INFORMATION	OTHER INFORMATION Other Comprehensive Income (Loss) There were no changes in deferred income tax liabilities resulting from adjustments to comprehensive loss during the three months ended March 31, 2020 or 2019 . Restricted Cash and Cash Held for Sale The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts reported in the Consolidated Statement of Cash Flows: (In thousands) March 31, December 31, Cash and cash equivalents in the Balance Sheets $ 371,769 $ 398,858 Cash and cash equivalents included in Assets held for sale 30,869 — Restricted cash included in: Other current assets 3,981 4,116 Assets held for sale 1,106 — Other assets 10,694 14,101 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 418,419 $ 417,075

SEGMENT DATA

SEGMENT DATA	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATA As described in Note 1, the Company changed its presentation of segment information during the first quarter of 2020 to reflect changes in the way the business is managed and resources are allocated by the Company's CODM. Effective January 1, 2020, the Company has two reportable segments – Americas and Europe. The Company's remaining operating segments in China and Latin America, which do not meet the quantitative thresholds to qualify as reportable segments, are disclosed as "Other." Each segment provides outdoor advertising services in its respective geographic region using various digital and traditional display types, consisting primarily of billboards, street furniture displays and transit displays. Additionally, beginning in 2020, Segment Adjusted EBITDA is the profitability metric reported to the Company's CODM for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment Adjusted EBITDA is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring and other costs, which are defined as costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs. Segment information for total assets is not presented as this information is not used by the Company's CODM in measuring segment performance or allocating resources between segments. The following tables present the Company's reportable segment results for the three months ended March 31, 2020 and 2019 . The Company has restated the segment information for prior periods to conform to the 2020 presentation. (In thousands) Three Months Ended March 31, 2020 2019 Revenue Americas $ 295,787 $ 272,722 Europe 211,690 243,895 Other 43,332 70,499 Total $ 550,809 $ 587,116 Capital Expenditures Americas $ 15,817 $ 11,408 Europe 10,095 11,934 Other 6,342 2,885 Corporate 3,640 1,946 Total $ 35,894 $ 28,173 Segment Adjusted EBITDA Americas $ 107,958 $ 91,129 Europe (14,111 ) 16,481 Other (15,187 ) 11,220 Total $ 78,660 $ 118,830 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ 78,660 $ 118,830 Less reconciling items: Corporate expenses (1) 36,338 28,614 Depreciation and amortization 75,753 75,076 Impairment charges 123,137 — Restructuring and other costs 1,824 2,507 Other operating expense, net 6,021 3,522 Interest expense, net 90,142 114,863 Other charges (2) 18,889 6,039 Consolidated net loss before income taxes $ (273,444 ) $ (111,791 ) (1) Corporate expenses include expenses related to 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. (2) Other charges includes loss on extinguishment of debt and other expense, net.

HELD FOR SALE

HELD FOR SALE	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
HELD FOR SALE	HELD FOR SALE On March 30, 2020, the Company entered into an agreement to sell its 50.91% stake in Clear Media, an indirect, non-wholly owned subsidiary of the Company based in China, to Ever Harmonic as part of a proposed voluntary conditional cash offer made by and on behalf of Ever Harmonic (such transaction, the "Clear Media Disposition"). On April 28, 2020, the Company tendered its shares representing its stake in Clear Media to Ever Harmonic for approximately $253 million , and following receipt of the tendered shares, Ever Harmonic declared its voluntary cash general offer unconditional in all respects. The Company expects to receive net cash proceeds of approximately $220 million in respect of the Clear Media Disposition in May 2020. The net assets of Clear Media are presented as held for sale on the Company's Balance Sheet as of March 31, 2020 and are recorded at the lower of their carrying value or fair value less cost to sell. The major categories of assets and liabilities held for sale were: (in thousands) March 31, Assets classified as held for sale: Cash and cash equivalents $ 30,869 Accounts receivable, net 109,460 Property, plant and equipment, net 206,540 Intangible assets, net 15,363 Operating lease right-of-use assets 279,051 Other 37,661 Assets held for sale $ 678,944 Liabilities classified as held for sale: Accounts payable and accrued expenses $ 73,933 Operating lease liabilities 309,161 Other 961 Liabilities held for sale $ 384,055

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Preparation of Interim Financial Statements	Preparation of Interim Financial Statements The consolidated financial statements include the accounts of Clear Channel Outdoor Holdings, Inc. and its subsidiaries, as well as entities for which the Company has a controlling financial interest or is the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. 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. 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 audited consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K, filed on February 27, 2020. Prior to the Company's separation from iHeartMedia, Inc. ("iHeartMedia") and iHeartCommunications, Inc. ("iHeartCommunications") on May 1, 2019 (the "Separation"), the historical financial statements of the Company consisted of the carve-out financial statements of the outdoor businesses of Clear Channel Holdings, Inc. ("CCH"), Clear Channel Outdoor Holdings, Inc. ("CCOH") and its subsidiaries (the "Outdoor Business") and gave effect to allocations of expenses from iHeartMedia to the Company. The carve-out financial statements excluded the portion of the radio businesses previously owned by CCH, which had historically been reported as part of iHeartMedia’s iHM segment prior to the Separation, and amounts attributable to CCH, which was a holding company prior to the Separation with no independent assets or operations. Upon the Separation and the transactions related thereto, the Company’s only assets, liabilities and operations were those of the Outdoor Business. Certain prior period amounts have been reclassified to conform to the 2020 presentation. The Company changed its presentation of segment information during the first quarter of 2020 to reflect changes in the way the business is managed and resources are allocated by the Company's chief operating decision maker ("CODM"). Effective January 1, 2020, there are two
New Accounting Pronouncements Recently and Not Yet Adopted	New Accounting Pronouncements Recently Adopted As of January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Measurement of Credit Losses on Financial Instruments, which changed the methodology used to recognize impairment of the Company’s accounts receivable. Under the ASU, financial assets are presented at the net amount expected to be collected, requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. This is in contrast to previous GAAP, under which credit losses were not recognized until it was probable that a loss had been incurred. The Company adopted the ASU on a modified-retrospective basis through a cumulative-effect adjustment to retained earnings as of January 1, 2020, resulting in a decrease to equity of $7.2 million . This adjustment includes $5.4 million related to Clear Media Limited ("Clear Media"), an indirect, non-wholly owned subsidiary of the Company based in China, for which its assets are presented as held for sale as of March 31, 2020. The Company performed its expected credit loss calculation separately by segment based on historical accounts receivable write-offs. New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain existing exceptions to the general principles in Topic 740. The new guidance is effective for annual and interim periods beginning after December 2020, and early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	The following table shows revenue from contracts with customers, revenue from leases and total revenue, disaggregated by geographical region, for the three months ended March 31, 2020 and 2019 : (In thousands) Revenue from contracts with customers Revenue from leases Total Revenue Three Months Ended March 31, 2020 Americas $ 163,278 $ 132,509 $ 295,787 Europe 187,190 24,500 211,690 Other (1) 39,276 4,056 43,332 Total $ 389,744 $ 161,065 $ 550,809 Three Months Ended March 31, 2019 Americas $ 132,327 $ 140,395 $ 272,722 Europe 203,861 40,034 243,895 Other (1) 64,220 6,279 70,499 Total $ 400,408 $ 186,708 $ 587,116 (1) Other includes the Company's businesses in China and Latin America.
Summary of Contract with Customer, Asset and Liability	The following tables show the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers: Three Months Ended March 31, (In thousands) 2020 2019 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 581,555 $ 367,918 Ending balance $ 375,509 $ 418,916 Deferred revenue from contracts with customers: Beginning balance $ 52,589 $ 39,916 Ending balance $ 57,022 $ 57,073

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 : (In thousands) March 31, December 31, Structures $ 2,294,357 $ 2,832,797 Furniture and other equipment 217,061 234,183 Land, buildings and improvements 149,384 149,889 Construction in progress 59,936 84,289 2,720,738 3,301,158 Less: Accumulated depreciation 1,771,960 2,090,004 Property, plant and equipment, net $ 948,778 $ 1,211,154

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of March 31, 2020 and December 31, 2019 : (In thousands) March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived permits $ 843,849 $ — $ 965,863 $ — Transit, street furniture and other outdoor contractual rights 434,171 (366,112 ) 535,912 (451,021 ) Permanent easements 163,399 — 163,399 — Trademarks 83,569 (7,981 ) 83,569 (5,898 ) Other 5,179 (4,050 ) 5,352 (4,648 ) Total intangible assets $ 1,530,167 $ (378,143 ) $ 1,754,095 $ (461,567 )
Schedule of Goodwill	The following table presents changes in the goodwill balance for the Company's segments during the three months ended March 31, 2020 : (In thousands) Americas Europe Other Consolidated December 31, 2019 (1) $ 507,819 $ 185,641 $ 10,698 $ 704,158 Foreign currency — (5,123 ) (1,013 ) (6,136 ) Balance as of March 31, 2020 $ 507,819 $ 180,518 $ 9,685 $ 698,022 (1) The balance at December 31, 2019 is net of cumulative impairments of $2.6 billion , $191.4 million and $80.7 million for Americas, Europe and Other, respectively.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	Long-term debt outstanding as of March 31, 2020 and December 31, 2019 consisted of the following: (In thousands) March 31, December 31, Term Loan Facility (1) $ 1,990,000 $ 1,995,000 Revolving Credit Facility (2) 150,000 — Receivables-Based Credit Facility — — Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 1,250,000 1,250,000 Clear Channel Worldwide Holdings 9.25% Senior Notes Due 2024 (3) 1,901,525 1,901,525 Other debt 4,091 4,161 Original issue discount (9,250 ) (9,561 ) Long-term debt fees (55,436 ) (57,107 ) Total debt $ 5,230,930 $ 5,084,018 Less: Current portion 20,303 20,294 Total long-term debt $ 5,210,627 $ 5,063,724 (1) In March 2020, the Company paid $5.0 million of the outstanding principal on the term loan facility ("Term Loan Facility") in accordance with the terms of the senior secured credit agreement ("Senior Secured Credit Agreement") governing the senior secured credit facilities (the "Senior Secured Credit Facilities," which consist of the Term Loan Facility and the revolving credit facility (the "Revolving Credit Facility")). (2) On March 24 2020, the Company drew $150.0 million under its Revolving Credit Facility. Because the cash remained on the balance sheet as of March 31, 2020, the draw down did not have an impact on the first lien leverage ratio as of March 31, 2020, which is calculated on a net basis in accordance with the Senior Secured Credit Agreement. The Revolving Credit Facility matures on August 23, 2024. (3) On February 28, 2020, the Company and the guarantors under the Indenture (the "CCWH Senior Notes Indenture") governing the 9.25% Senior Notes due 2024 (the "CCWH Senior Notes") filed a registration statement with the SEC to register the offer to exchange the CCWH Senior Notes and the guarantees thereof for a like principal amount of CCWH Senior Notes and guarantees thereof that have been registered under the Securities Act, in accordance with the deadlines set forth in the Registration Rights Agreement. The registration statement, as amended on April 6, 2020, became effective on April 7, 2020.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Benefit (Expense)	The Company’s income tax expense for the three months ended March 31, 2020 and 2019 consisted of the following components: (In thousands) Three Months Ended March 31, 2020 2019 Current tax benefit (expense) $ 1,964 $ (71,720 ) Deferred tax benefit (expense) (17,743 ) 13,957 Income tax expense $ (15,779 ) $ (57,763 )

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Computation of Earnings Per Share	The following table presents the computation of net loss per share for the three months ended March 31, 2020 and 2019 : (In thousands, except per share data) Three Months Ended 2020 2019 Numerator: Net loss attributable to the Company – common shares $ (277,491 ) $ (164,167 ) Denominator: Weighted average common shares outstanding – basic 463,465 362,039 Weighted average common shares outstanding – diluted 463,465 362,039 Net loss attributable to the Company per share of common stock: Basic $ (0.60 ) $ (0.45 ) Diluted $ (0.60 ) $ (0.45 )

OTHER INFORMATION OTHER INFORMA

OTHER INFORMATION OTHER INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
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 Sheets to the total of the amounts reported in the Consolidated Statement of Cash Flows: (In thousands) March 31, December 31, Cash and cash equivalents in the Balance Sheets $ 371,769 $ 398,858 Cash and cash equivalents included in Assets held for sale 30,869 — Restricted cash included in: Other current assets 3,981 4,116 Assets held for sale 1,106 — Other assets 10,694 14,101 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 418,419 $ 417,075

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Reportable Segment Results	The following tables present the Company's reportable segment results for the three months ended March 31, 2020 and 2019 . The Company has restated the segment information for prior periods to conform to the 2020 presentation. (In thousands) Three Months Ended March 31, 2020 2019 Revenue Americas $ 295,787 $ 272,722 Europe 211,690 243,895 Other 43,332 70,499 Total $ 550,809 $ 587,116 Capital Expenditures Americas $ 15,817 $ 11,408 Europe 10,095 11,934 Other 6,342 2,885 Corporate 3,640 1,946 Total $ 35,894 $ 28,173 Segment Adjusted EBITDA Americas $ 107,958 $ 91,129 Europe (14,111 ) 16,481 Other (15,187 ) 11,220 Total $ 78,660 $ 118,830 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ 78,660 $ 118,830 Less reconciling items: Corporate expenses (1) 36,338 28,614 Depreciation and amortization 75,753 75,076 Impairment charges 123,137 — Restructuring and other costs 1,824 2,507 Other operating expense, net 6,021 3,522 Interest expense, net 90,142 114,863 Other charges (2) 18,889 6,039 Consolidated net loss before income taxes $ (273,444 ) $ (111,791 ) (1) Corporate expenses include expenses related to 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. (2) Other charges includes loss on extinguishment of debt and other expense, net.

HELD FOR SALE (Tables)

HELD FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Major Categories of Assets Held For Sale	The major categories of assets and liabilities held for sale were: (in thousands) March 31, Assets classified as held for sale: Cash and cash equivalents $ 30,869 Accounts receivable, net 109,460 Property, plant and equipment, net 206,540 Intangible assets, net 15,363 Operating lease right-of-use assets 279,051 Other 37,661 Assets held for sale $ 678,944 Liabilities classified as held for sale: Accounts payable and accrued expenses $ 73,933 Operating lease liabilities 309,161 Other 961 Liabilities held for sale $ 384,055

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020segment	Jan. 01, 2020USD ($)	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable segments | segment	2
Cumulative effect adjustment to equity		$ 7,181	$ (14,613)
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment to equity		7,181	$ (14,613)
Disposal Group, Held-for-sale, Not Discontinued Operations | Clear Media Limited | Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment to equity		$ (5,400)

REVENUE - Revenue by Segment an

REVENUE - Revenue by Segment and Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from contracts with customers	$ 389,744	$ 400,408
Revenue from leases	161,065	186,708
Revenue	550,809	587,116
Americas
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from contracts with customers	163,278	132,327
Revenue from leases	132,509	140,395
Revenue	295,787	272,722
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from contracts with customers	187,190	203,861
Revenue from leases	24,500	40,034
Revenue	211,690	243,895
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from contracts with customers	39,276	64,220
Revenue from leases	4,056	6,279
Revenue	$ 43,332	$ 70,499

REVENUE - Schedule of Contract

REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Accounts receivable, net of allowance, from contracts with customers:
Beginning balance	$ 581,555	$ 418,916	$ 367,918
Ending balance	375,509	581,555	418,916
Deferred revenue from contracts with customers:
Beginning balance	52,589	57,073	39,916
Ending balance	$ 57,022	$ 52,589	$ 57,073

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract liabilities, revenue recognized	$ 40.8	$ 28.4
Revenue, remaining performance obligation	$ 109.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	5 years

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,720,738	$ 3,301,158
Less: Accumulated depreciation	1,771,960	2,090,004
Property, plant and equipment, net	948,778	1,211,154
Structures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,294,357	2,832,797
Furniture and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	217,061	234,183
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	149,384	149,889
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 59,936	$ 84,289

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived permits	$ 843,849		$ 965,863
Gross Carrying Amount	1,530,167		1,754,095
Accumulated Amortization	(378,143)		(461,567)
Impairment of indefinite-lived permits	123,137	$ 0	0
Transit, street furniture and other outdoor contractual rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	434,171		535,912
Accumulated Amortization	(366,112)		(451,021)
Permanent easements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	163,399		163,399
Accumulated Amortization	0		0
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	83,569		83,569
Accumulated Amortization	(7,981)		(5,898)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,179		5,352
Accumulated Amortization	$ (4,050)		$ (4,648)

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Beginning balance	$ 704,158
Foreign currency	(6,136)
Ending balance	698,022	$ 704,158
Americas
Goodwill [Line Items]
Beginning balance	507,819
Foreign currency	0
Ending balance	507,819	507,819
Goodwill, cumulative impairment		2,600,000
Europe
Goodwill [Line Items]
Beginning balance	185,641
Foreign currency	(5,123)
Ending balance	180,518	185,641
Goodwill, cumulative impairment		191,400
Other
Goodwill [Line Items]
Beginning balance	10,698
Foreign currency	(1,013)
Ending balance	$ 9,685	10,698
Goodwill, cumulative impairment		$ 80,700

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Mar. 24, 2020	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt		$ 5,230,930	$ 5,230,930		$ 5,084,018
Original issue discount		(9,250)	(9,250)		(9,561)
Long-term debt fees		(55,436)	(55,436)		(57,107)
Less: Current portion		20,303	20,303		20,294
Total long-term debt		5,210,627	5,210,627		5,063,724
Draws on credit facilities			150,000	$ 0
New Revolving Credit Facility
Debt Instrument [Line Items]
Total debt		150,000	150,000		0
Draws on credit facilities	$ 150,000
New Receivables-Based Credit Facility
Debt Instrument [Line Items]
Total debt		0	0		0
Secured Debt | New term loan facility
Debt Instrument [Line Items]
Total debt		1,990,000	1,990,000		1,995,000
Payments of debt		5,000
Secured Debt | CCOH Senior Secured Notes
Debt Instrument [Line Items]
Total debt		$ 1,250,000	$ 1,250,000		1,250,000
Stated interest rate		5.125%	5.125%
Senior Notes | Clear Channel Worldwide Holdings Senior Notes Due 2024
Debt Instrument [Line Items]
Total debt		$ 1,901,525	$ 1,901,525		1,901,525
Stated interest rate		9.25%	9.25%
Unsecured Debt | Other debt
Debt Instrument [Line Items]
Total debt		$ 4,091	$ 4,091		$ 4,161

LONG-TERM DEBT - Letters of Cr

LONG-TERM DEBT - Letters of Credit, Surety Bonds and Guarantees (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Surety bonds
Guarantor Obligations [Line Items]
Guarantee obligations	$ 108,400,000
Bank Guarantees
Guarantor Obligations [Line Items]
Guarantee obligations	28,400,000
Bank guarantees backed by cash collateral
Guarantor Obligations [Line Items]
Guarantee obligations	14,100,000
New Revolving Credit Facility
Guarantor Obligations [Line Items]
Letters of credit outstanding	20,200,000
Excess borrowing capacity	4,800,000
Line of Credit | Revolving Credit Facility | New Receivables-Based Credit Facility
Guarantor Obligations [Line Items]
Letters of credit outstanding	50,600,000
Excess borrowing capacity	74,400,000
Maximum borrowing capacity	125,000,000
Level 1
Guarantor Obligations [Line Items]
Aggregate market value of debt	$ 4,600,000,000	$ 5,400,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 30, 2020	Dec. 31, 2017
Income Tax Examination [Line Items]
Decrease in other long term liabilities from misstatement	$ (167,961)	$ (183,025)
Ministry of Economic Affairs and Finance, Italy
Income Tax Examination [Line Items]
Estimated loss from Italy investigation	$ 20,400
Payment of income tax penalties and interest		$ 1,200	$ 6,900
VAT Obligation
Income Tax Examination [Line Items]
Decrease in other long term liabilities from misstatement					$ 16,900
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Clear Media Limited
Income Tax Examination [Line Items]
Ownership percentage sold	50.91%			50.91%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Component of corporate expenses	$ 36,338	$ 28,614
iHeartCommunications | Corporate Services Agreement
Related Party Transaction [Line Items]
Component of corporate expenses	1,700	7,400
iHeartCommunications | Transition Services Agreement
Related Party Transaction [Line Items]
Revenue from related parties	$ 2,400	$ 2,400

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Current tax benefit (expense)	$ 1,964	$ (71,720)
Deferred tax benefit (expense)	(17,743)	13,957
Income tax expense	$ (15,779)	$ (57,763)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 30, 2020
Operating Loss Carryforwards [Line Items]
Effective tax rate	(5.80%)	(51.70%)
Impairment of intangible assets, deferred income tax	$ 44.8
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Clear Media Limited
Operating Loss Carryforwards [Line Items]
Deferred income taxes recorded from sale	$ 44.8
Ownership percentage sold	50.91%		50.91%

NET LOSS PER SHARE - Computatio

NET LOSS PER SHARE - Computation of Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net loss attributable to the Company – common shares	$ (277,491)	$ (164,167)
Denominator:
Weighted average common shares outstanding - basic (in shares)	463,465	362,039
Weighted average common shares outstanding - diluted (in shares)	463,465	362,039
Net loss attributable to the Company per share of common stock:
Basic (in dollars per share)	$ (0.60)	$ (0.45)
Diluted (in dollars per share)	$ (0.60)	$ (0.45)
Outstanding equity awards not included in computation of diluted earnings per share (in shares)	13,400	8,200

OTHER INFORMATION - Narrative (

OTHER INFORMATION - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Increase (decrease) of pensions on deferred income tax liabilities	$ 0	$ 0

OTHER INFORMATION - Schedule of

OTHER INFORMATION - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Cash and cash equivalents	$ 371,769	$ 398,858
Cash and cash equivalents included in Assets held for sale	30,869	0
Restricted cash included in:
Other current assets	3,981	4,116
Assets held for sale	1,106	0
Other assets	10,694	14,101
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows	$ 418,419	$ 417,075	$ 188,539	$ 202,869

SEGMENT DATA (Details)

SEGMENT DATA (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Segment Reporting Information [Line Items]
Revenue	$ 550,809	$ 587,116
Capital Expenditures	35,894	28,173
Segment Adjusted EBITDA	78,660	118,830
Corporate expenses	36,338	28,614
Depreciation and amortization	75,753	75,076
Impairment charges	123,137	0	$ 0
Restructuring and other costs	1,824	2,507
Other operating expense, net	6,021	3,522
Interest expense, net	90,142	114,863
Other charges	18,889	6,039
Consolidated net loss before income taxes	(273,444)	(111,791)
Operating segments
Segment Reporting Information [Line Items]
Revenue	550,809	587,116
Segment Adjusted EBITDA	78,660	118,830
Operating segments | Americas
Segment Reporting Information [Line Items]
Revenue	295,787	272,722
Capital Expenditures	15,817	11,408
Segment Adjusted EBITDA	107,958	91,129
Operating segments | Europe
Segment Reporting Information [Line Items]
Revenue	211,690	243,895
Capital Expenditures	10,095	11,934
Segment Adjusted EBITDA	(14,111)	16,481
Operating segments | Other
Segment Reporting Information [Line Items]
Revenue	43,332	70,499
Capital Expenditures	6,342	2,885
Segment Adjusted EBITDA	(15,187)	11,220
Corporate and other reconciling items
Segment Reporting Information [Line Items]
Capital Expenditures	3,640	1,946
Corporate expenses	$ 36,338	$ 28,614

HELD FOR SALE (Details)

HELD FOR SALE (Details) - USD ($) $ in Thousands	Apr. 28, 2020	May 31, 2020	Mar. 31, 2020	Mar. 30, 2020	Dec. 31, 2019
Assets classified as held for sale:
Cash and cash equivalents			$ 30,869		$ 0
Clear Media Limited | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage sold				50.91%
Assets classified as held for sale:
Cash and cash equivalents			30,869
Accounts receivable, net			109,460
Property, plant and equipment, net			206,540
Intangible assets, net			15,363
Operating lease right-of-use assets			279,051
Other			37,661
Assets held for sale			678,944
Liabilities classified as held for sale:
Accounts payable and accrued expenses			73,933
Operating lease liabilities			309,161
Other			961
Liabilities held for sale			$ 384,055
Subsequent Event | Clear Media Limited | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale Clear Media	$ 253,000
Forecast | Subsequent Event | Clear Media Limited | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale Clear Media		$ 220,000