Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 04, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
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 | |
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 Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 467,275,942 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001334978 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | CCO | |
Security Exchange Name | NYSE | |
Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
No Trading Symbol Flag | true | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 844,980 | $ 398,858 |
Accounts receivable | 457,189 | 733,471 |
Less: Allowance for credit losses | (27,234) | (23,786) |
Accounts receivable, net | 429,955 | 709,685 |
Prepaid expenses | 52,009 | 60,593 |
Other current assets | 28,002 | 32,755 |
Total Current Assets | 1,354,946 | 1,201,891 |
PROPERTY, PLANT AND EQUIPMENT | ||
Structures, net | 693,809 | 953,545 |
Other property, plant and equipment, net | 204,194 | 257,609 |
INTANGIBLE ASSETS AND GOODWILL | ||
Indefinite-lived permits | 826,528 | 965,863 |
Other intangible assets, net | 297,724 | 326,665 |
Goodwill | 699,873 | 704,158 |
OTHER ASSETS | ||
Operating lease right-of-use assets | 1,652,722 | 1,885,482 |
Other assets | 71,720 | 98,075 |
Total Assets | 5,801,516 | 6,393,288 |
CURRENT LIABILITIES | ||
Accounts payable | 107,801 | 94,588 |
Accrued expenses | 441,711 | 503,939 |
Current operating lease liabilities | 349,122 | 387,882 |
Deferred revenue | 83,421 | 84,035 |
Accrued interest | 48,947 | 89,786 |
Current portion of long-term debt | 21,474 | 20,294 |
Total Current Liabilities | 1,052,476 | 1,180,524 |
NON-CURRENT LIABILITIES | ||
Long-term debt | 5,573,914 | 5,063,724 |
Mandatorily-redeemable preferred stock | 0 | 44,912 |
Non-current operating lease liabilities | 1,354,222 | 1,559,743 |
Deferred tax liability | 382,233 | 416,066 |
Other long-term liabilities | 177,517 | 183,025 |
Total Liabilities | 8,540,362 | 8,447,994 |
Commitments and Contingencies (Note 5) | ||
STOCKHOLDERS’ DEFICIT | ||
Noncontrolling interest | 11,436 | 152,814 |
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized; 468,539,961 shares issued as of September 30, 2020; 466,744,939 shares issued as of December 31, 2019 | 4,685 | 4,667 |
Additional paid-in capital | 3,498,935 | 3,489,593 |
Accumulated deficit | (5,907,417) | (5,349,611) |
Accumulated other comprehensive loss | (343,480) | (349,552) |
Treasury stock (1,314,263 shares held as of September 30, 2020; 504,650 shares held as of December 31, 2019) | (3,005) | (2,617) |
Total Stockholders' Deficit | (2,738,846) | (2,054,706) |
Total Liabilities and Stockholders' Deficit | $ 5,801,516 | $ 6,393,288 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 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) | 468,539,961 | 466,744,939 |
Treasury stock (in shares) | 1,314,263 | 504,650 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 447,505 | $ 653,447 | $ 1,313,220 | $ 1,938,578 |
Operating expenses: | ||||
Direct operating expenses (excludes depreciation and amortization) | 290,610 | 358,156 | 895,432 | 1,069,012 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 106,871 | 129,162 | 330,263 | 386,849 |
Corporate expenses (excludes depreciation and amortization) | 30,719 | 37,535 | 99,722 | 105,056 |
Depreciation and amortization | 62,427 | 76,226 | 204,372 | 231,476 |
Impairment charges | 27,263 | 5,300 | 150,400 | 5,300 |
Other operating income (expense), net | (5,528) | 620 | 58,051 | (1,632) |
Operating income (loss) | (75,913) | 47,688 | (308,918) | 139,253 |
Interest expense, net | 90,551 | 106,776 | 269,435 | 329,610 |
Loss on extinguishment of debt | (5,389) | (96,271) | (5,389) | (101,745) |
Loss on Due from iHeartCommunications | 0 | 0 | 0 | (5,778) |
Other income (expense), net | 6,493 | (26,874) | (16,886) | (36,642) |
Loss before income taxes | (165,360) | (182,233) | (600,628) | (334,522) |
Income tax benefit (expense) | 29,516 | (30,136) | 32,958 | (58,806) |
Consolidated net loss | (135,844) | (212,369) | (567,670) | (393,328) |
Less amount attributable to noncontrolling interest | 93 | 2,929 | (17,044) | (2,924) |
Net loss attributable to the Company | (135,937) | (215,298) | (550,626) | (390,404) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 1,561 | (10,181) | (4,418) | (7,460) |
Reclassification adjustments | 721 | 0 | 721 | 0 |
Other adjustments to comprehensive income (loss), net of tax | 704 | 208 | 685 | 2,800 |
Other comprehensive income (loss) | 2,986 | (9,973) | (3,012) | (4,660) |
Comprehensive loss | (132,951) | (225,271) | (553,638) | (395,064) |
Less amount attributable to noncontrolling interest | 65 | (5,543) | (1,836) | (4,980) |
Comprehensive loss attributable to the Company | $ (133,016) | $ (219,728) | $ (551,802) | $ (390,084) |
Net Income (Loss) Attributable to Parent [Abstract] | ||||
Net income (loss) attributable to the Company per share of common stock (in dollars per share) | $ (0.29) | $ (0.46) | $ (1.19) | $ (0.99) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Non-controlling Interest | Additional Paid-in Capital | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Treasury Stock | Class A Common Shares IssuedCommon Stock | Class B Common Shares IssuedCommon Stock | Common Shares Issued | 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) | $ 14,613 | $ 3,666 | $ 160,362 | $ 3,086,307 | $ (5,000,920) | $ 14,613 | $ (344,489) | $ (6,578) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | (393,328) | (2,924) | (390,404) | ||||||||||
Exercise of stock options and release of stock awards (in shares) | 187,120 | 911,265 | |||||||||||
Exercise of stock options and release of stock awards | (2,085) | 10 | 397 | (2,492) | |||||||||
Share-based compensation | 12,416 | 425 | 11,991 | ||||||||||
Payments to noncontrolling interests | (6,185) | (6,185) | |||||||||||
Recapitalization of equity (in shares) | (51,746,753) | (315,000,000) | 365,618,611 | ||||||||||
Recapitalization of equity | 0 | (11) | (6,575) | 6,586 | |||||||||
Capital contributions | 114,967 | 114,967 | |||||||||||
Distributions | (65,936) | (65,936) | |||||||||||
Issuance of common stock (in shares) | 100,000,000 | ||||||||||||
Issuance of common stock | 333,291 | 1,000 | 332,291 | ||||||||||
Other comprehensive income (loss) | (4,660) | (4,980) | 320 | ||||||||||
Other | (1,662) | (1,672) | 10 | ||||||||||
Ending balance (in shares) at Sep. 30, 2019 | 0 | 0 | 466,529,876 | ||||||||||
Ending balance at Sep. 30, 2019 | (2,100,221) | 4,665 | 145,026 | 3,473,452 | (5,376,711) | (344,169) | (2,484) | ||||||
Beginning balance (in shares) at Dec. 31, 2018 | 51,559,633 | 315,000,000 | |||||||||||
Beginning balance at Dec. 31, 2018 | $ (2,101,652) | 14,613 | $ 3,666 | 160,362 | 3,086,307 | (5,000,920) | 14,613 | (344,489) | (6,578) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 466,744,939 | ||||||||||||
Ending balance at Dec. 31, 2019 | $ (2,054,706) | (7,181) | $ 4,667 | 152,814 | 3,489,593 | (5,349,611) | (7,181) | (349,552) | (2,617) | ||||
Beginning balance (in shares) at Jun. 30, 2019 | 0 | 0 | 366,415,951 | ||||||||||
Beginning balance at Jun. 30, 2019 | (2,214,925) | 3,664 | 145,563 | 3,139,424 | (5,161,413) | (339,739) | (2,424) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | (212,369) | 2,929 | (215,298) | ||||||||||
Exercise of stock options and release of stock awards (in shares) | 113,925 | ||||||||||||
Exercise of stock options and release of stock awards | 43 | 1 | 102 | (60) | |||||||||
Share-based compensation | 2,021 | 386 | 1,635 | ||||||||||
Payments from noncontrolling interests | 3,363 | 3,363 | |||||||||||
Issuance of common stock (in shares) | 100,000,000 | ||||||||||||
Issuance of common stock | 333,291 | 1,000 | 332,291 | ||||||||||
Other comprehensive income (loss) | (9,973) | (5,543) | (4,430) | ||||||||||
Other | (1,672) | (1,672) | |||||||||||
Ending balance (in shares) at Sep. 30, 2019 | 0 | 0 | 466,529,876 | ||||||||||
Ending balance at Sep. 30, 2019 | (2,100,221) | $ 4,665 | 145,026 | 3,473,452 | (5,376,711) | (344,169) | (2,484) | ||||||
Beginning balance (in shares) at Dec. 31, 2019 | 466,744,939 | ||||||||||||
Beginning balance at Dec. 31, 2019 | (2,054,706) | $ (7,181) | $ 4,667 | 152,814 | 3,489,593 | (5,349,611) | $ (7,181) | (349,552) | (2,617) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | (567,670) | (17,044) | (550,626) | ||||||||||
Exercise of stock options and release of stock awards (in shares) | 1,795,022 | ||||||||||||
Exercise of stock options and release of stock awards | (391) | $ 18 | (21) | (388) | |||||||||
Share-based compensation | 9,180 | 9,180 | |||||||||||
Payments to noncontrolling interests | (294) | (294) | |||||||||||
Clear Media divestiture | (114,772) | (122,204) | 183 | 7,249 | |||||||||
Other comprehensive income (loss) | (3,012) | (1,836) | 1 | (1,177) | |||||||||
Ending balance (in shares) at Sep. 30, 2020 | 468,539,961 | ||||||||||||
Ending balance at Sep. 30, 2020 | (2,738,846) | $ 4,685 | 11,436 | 3,498,935 | (5,907,417) | (343,480) | (3,005) | ||||||
Beginning balance (in shares) at Jun. 30, 2020 | 468,367,036 | ||||||||||||
Beginning balance at Jun. 30, 2020 | (2,607,855) | $ 4,684 | 11,424 | 3,496,641 | (5,771,481) | (346,400) | (2,723) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | (135,844) | 93 | (135,937) | ||||||||||
Exercise of stock options and release of stock awards (in shares) | 172,925 | ||||||||||||
Exercise of stock options and release of stock awards | (334) | $ 1 | (53) | (282) | |||||||||
Share-based compensation | 2,297 | (50) | 2,347 | ||||||||||
Payments to noncontrolling interests | (96) | (96) | |||||||||||
Other comprehensive income (loss) | 2,986 | 65 | 1 | 2,920 | |||||||||
Ending balance (in shares) at Sep. 30, 2020 | 468,539,961 | ||||||||||||
Ending balance at Sep. 30, 2020 | $ (2,738,846) | $ 4,685 | $ 11,436 | $ 3,498,935 | $ (5,907,417) | $ (343,480) | $ (3,005) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Consolidated net loss | $ (567,670) | $ (393,328) |
Reconciling items: | ||
Non-cash operating lease expense | 261,014 | 296,377 |
Depreciation and amortization | 204,372 | 231,476 |
Impairment charges | 150,400 | 5,300 |
Loss (gain) on disposal of operating and other assets, net | (69,601) | 1,325 |
Deferred taxes | (49,277) | 11,367 |
Foreign exchange transaction loss | 15,618 | 28,969 |
Credit losses | 15,302 | 4,769 |
Share-based compensation | 9,180 | 12,416 |
Amortization of deferred financing charges and note discounts, net | 8,647 | 7,818 |
Loss on extinguishment of debt | 5,389 | 101,745 |
Loss on Due from iHeartCommunications | 0 | 5,778 |
Other reconciling items, net | (2,860) | (4,978) |
Changes in operating assets and liabilities, net of effects of disposition: | ||
Decrease in accounts receivable | 143,473 | 22,413 |
Decrease (increase) in prepaid expenses | 728 | (26,491) |
Increase in other current assets | (3,365) | (6,662) |
Decrease in other operating assets | 2,696 | 17,570 |
Increase (decrease) in accounts payable | 32,302 | (6,977) |
Increase in accrued expenses | 5,674 | 15,289 |
Decrease in operating lease liabilities | (249,785) | (314,402) |
Increase in deferred revenue | 21,956 | 28,491 |
Increase (decrease) in accrued interest | (37,626) | 28,472 |
Increase (decrease) in other operating liabilities | (12,001) | 2,591 |
Net cash provided by (used for) operating activities | (115,434) | 69,328 |
Cash flows from investing activities: | ||
Proceeds from disposal of assets, net | 218,545 | 3,651 |
Purchases of property, plant and equipment | (89,457) | (136,864) |
Purchases of concession rights | (3,792) | (2,798) |
Other investing activities, net | (1,034) | 1,698 |
Net cash provided by (used for) investing activities | 124,262 | (134,313) |
Cash flows from financing activities: | ||
Draws on credit facilities | 150,000 | 0 |
Proceeds from long-term debt | 375,000 | 5,475,197 |
Payments on long-term debt | (69,517) | (5,710,960) |
Debt issuance costs | (9,423) | (64,051) |
Proceeds from issuance of mandatorily-redeemable preferred stock | 0 | 43,798 |
Net transfers from iHeartCommunications | 0 | 43,399 |
Proceeds from settlement of Due from iHeartCommunications | 0 | 115,798 |
Proceeds from issuance of common stock | 0 | 333,291 |
Other financing activities, net | (1,087) | (10,680) |
Net cash provided by financing activities | 444,973 | 225,792 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (13,307) | (5,209) |
Net increase in cash, cash equivalents and restricted cash | 440,494 | 155,598 |
Cash, cash equivalents and restricted cash at beginning of period | 417,075 | 202,869 |
Cash, cash equivalents and restricted cash at end of period | 857,569 | 358,467 |
Supplemental Disclosures: | ||
Cash paid for interest, including dividends on mandatorily-redeemable preferred stock | 302,097 | 294,927 |
Cash paid for income taxes, net of refunds | $ 11,312 | $ 24,606 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 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. 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, 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 2 for additional details. In March 2020, the World Health Organization categorized coronavirus disease 2019 ("COVID-19") as a pandemic. The duration and severity of the effects of the pandemic remain unknown. In response, the Company has taken and continues to take actions, including cost reduction initiatives such as contract renegotiations, application for governmental aid and reductions in headcount to strengthen its financial position and support the continuity of its platform and operations. • The Company continues to complete contract negotiations with landlords and municipalities to better align fixed site lease expenses with reductions in revenue. Where applicable, the Company has applied the April supplemental Financial Accounting Standards Board ("FASB") staff guidance regarding accounting for rent concessions resulting from COVID-19. During the three and nine months ended September 30, 2020, the Company recognized reductions of rent expense on lease and non-lease contracts due to negotiated rent abatements of $23.8 million and $53.1 million, respectively. Negotiated deferrals of rent payments did not result in a reduction of rent expense. • During the three and nine months ended September 30, 2020, the Company received European governmental support and wage subsidies in response to COVID-19 of $7.2 million and $14.7 million, respectively, which have been recorded as reductions in compensation and rent costs. • During the third quarter of 2020, the Company committed to a restructuring plan to reduce headcount in Europe and Latin America with estimated total charges in a range of approximately $21 million to $24 million. As of September 30, 2020, the Company had incurred total restructuring and other costs pursuant to this plan of $3.3 million recorded in its Europe segment, including $3.1 million within Selling, general and administrative expenses and the rest within Direct operating expenses. As of September 30, 2020, the Company had incurred total restructuring and other costs pursuant to the Latin America portion of the plan of $0.3 million recorded in "Other" within its segment disclosures. In addition, during the third quarter, the Company had incurred $1.7 million in restructuring and other costs pursuant to a separate plan to reduce headcount in its Americas segment. In conjunction with these plans, as of September 30, 2020, the Company incurred $1.9 million in restructuring and other costs that are included within Corporate expenses. Substantially all the plan charges recorded as restructuring and other costs are severance benefits and related costs. The Europe portion of the plan is anticipated to be completed by the end of 2021, the Latin America portion of the plan was substantially completed in the third quarter of 2020, and the Americas segment plan is anticipated to be completed with limited additional charges in the fourth quarter of 2020. 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 assets 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, indicates that the Company 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 these 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. Certain prior period amounts have been reclassified to conform to the 2020 presentation. 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 , and all subsequently issued related amendments, 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"), a former indirect, non-wholly owned subsidiary of the Company based in China that was sold on April 28, 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; however, the Company does not expect the implementation of this ASU to have a material impact on its consolidated financial statements. |
SEGMENT DATA
SEGMENT DATA | 9 Months Ended |
Sep. 30, 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, 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 and nine months ended September 30, 2020 and 2019. The Company has restated the segment information for prior periods to conform to the 2020 presentation. (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue Americas $ 223,715 $ 328,250 $ 719,202 $ 928,114 Europe 216,934 250,440 535,970 784,772 Other (1) 6,856 74,757 58,048 225,692 Total $ 447,505 $ 653,447 $ 1,313,220 $ 1,938,578 Capital Expenditures Americas $ 9,293 $ 19,146 $ 41,189 $ 46,484 Europe 12,067 25,336 31,489 59,761 Other (1) 2,420 13,858 10,805 22,917 Corporate 2,506 2,041 9,766 10,500 Total $ 26,286 $ 60,381 $ 93,249 $ 139,662 Segment Adjusted EBITDA Americas $ 70,716 $ 136,491 $ 225,693 $ 364,367 Europe (8,141) 14,444 (91,071) 77,461 Other (1) (5,650) 18,454 (36,092) 49,815 Total $ 56,925 $ 169,389 $ 98,530 $ 491,643 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ 56,925 $ 169,389 $ 98,530 $ 491,643 Less reconciling items: Corporate expenses (2) 30,719 37,535 99,722 105,056 Depreciation and amortization 62,427 76,226 204,372 231,476 Impairment charges 27,263 5,300 150,400 5,300 Restructuring and other costs (3) 6,901 3,260 11,005 8,926 Other operating (income) expense, net 5,528 (620) (58,051) 1,632 Interest expense, net 90,551 106,776 269,435 329,610 Other charges (4) (1,104) 123,145 22,275 144,165 Consolidated net loss before income taxes $ (165,360) $ (182,233) $ (600,628) $ (334,522) (1) Other includes the Company's operations in Latin America and, for periods prior to the disposition of the Company's stake in Clear Media on April 28, 2020, China. Refer to Note 12 for additional details related to this disposition. (2) 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 and certain restructuring and other costs are recorded in corporate expenses. (3) The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included with the Corporate expenses line item. (4) Other charges includes Loss on extinguishment of debt, Loss on Due from iHeartCommunications, and Other (income) expense, net. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2020 and 2019: (In thousands) Revenue from contracts with customers Revenue from leases Total Revenue Three Months Ended September 30, 2020 Americas $ 109,165 $ 114,550 $ 223,715 Europe 189,342 27,592 216,934 Other (1) 5,366 1,490 6,856 Total $ 303,873 $ 143,632 $ 447,505 Three Months Ended September 30, 2019 Americas $ 178,842 $ 149,408 $ 328,250 Europe 216,322 34,118 250,440 Other (1) 69,468 5,289 74,757 Total $ 464,632 $ 188,815 $ 653,447 Nine Months Ended September 30, 2020 Americas $ 362,346 $ 356,856 $ 719,202 Europe 467,517 68,453 535,970 Other (1) 52,055 5,993 58,048 Total $ 881,918 $ 431,302 $ 1,313,220 Nine Months Ended September 30, 2019 Americas $ 493,695 $ 434,419 $ 928,114 Europe 675,207 109,565 784,772 Other (1) 208,167 17,525 225,692 Total $ 1,377,069 $ 561,509 $ 1,938,578 (1) Other includes the Company's businesses in Latin America and, for periods prior to the disposition of the Company's stake in Clear Media on April 28, 2020, China. Refer to Note 12 for additional details related to this disposition. 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 239,957 $ 509,129 $ 581,555 $ 367,918 Ending balance $ 312,076 $ 519,958 $ 312,076 $ 519,958 Deferred revenue from contracts with customers: Beginning balance $ 47,760 $ 55,164 $ 52,589 $ 39,916 Ending balance $ 50,875 $ 65,784 $ 50,875 $ 65,784 During the three months ended September 30, 2020 and 2019, respectively, the Company recognized $33.3 million and $40.0 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the quarter. During the nine months ended September 30, 2020 and 2019, respectively, the Company recognized $47.4 million and $36.0 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the year. The Company’s contracts with customers generally have terms of one year or less; however, as of September 30, 2020, the Company expects to recognize $96.1 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. Bad debt expense related to receivables from contracts with customers and leases was $3.4 million and $0.4 million during the three months ended September 30, 2020 and 2019, respectively, and $15.3 million and $4.8 million during the nine months ended September 30, 2020 and 2019, respectively. The increase in bad debt expense in 2020 is primarily due to COVID-19. |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding as of September 30, 2020 and December 31, 2019 consisted of the following: (In thousands) September 30, December 31, Term Loan Facility (1) $ 1,980,000 $ 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 International B.V. 6.625% Senior Secured Notes Due 2025 (3) 375,000 — Clear Channel Worldwide Holdings 9.25% Senior Notes Due 2024 (4) 1,901,525 1,901,525 Other debt 6,986 4,161 Original issue discount (8,618) (9,561) Long-term debt fees (59,505) (57,107) Total debt $ 5,595,388 $ 5,084,018 Less: Current portion 21,474 20,294 Total long-term debt $ 5,573,914 $ 5,063,724 (1) The Company paid $5.0 million in each quarter of 2020, for a total of $15.0 million during the nine months ended September 30, 2020, 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 borrowed $150.0 million under its Revolving Credit Facility, which matures on August 23, 2024. The Company repaid $20.0 million of this outstanding balance on October 26, 2020. (3) On August 4, 2020, Clear Channel International B.V. ("CCIBV"), an indirect wholly-owned subsidiary of the Company, issued $375.0 million aggregate principal amount of 6.625% Senior Secured Notes due 2025 (the "CCIBV Senior Secured Notes"). A portion of the proceeds from the CCIBV Senior Secured Notes was used to repay the $53.0 million CCIBV promissory note in full, which was issued by CCIBV on May 15, 2020 in exchange for the Company's Series A Perpetual Preferred Stock (par value of $0.01 and an aggregate liquidation preference of approximately $47 million) (the "preferred stock"). The preferred stock remains outstanding and held by a subsidiary of the Company and is thereby eliminated in consolidation. (4) 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. As a result of the repayment of the CCIBV promissory note described in footnote (3) to the above table, the Company recognized debt extinguishment losses of $5.4 million during the three and nine months ended September 30, 2020. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.4 billion as of September 30, 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. Amendment to Senior Secured Credit Facilities In June 2020, the Company entered into an amendment to the Senior Secured Credit Agreement, thereby suspending the springing financial covenant through June 30, 2021 and delaying the scheduled financial covenant step-down until March 31, 2022. In addition, for all reporting periods through September 30, 2021, the Company is required to maintain minimum cash on hand and availability under the Receivables-Based Credit Facility and Revolving Credit Facility of $150 million. As of September 30, 2020, the Company was in compliance with all covenants contained in the Senior Secured Credit Agreement, as amended. CCIBV Senior Secured Notes On August 4, 2020, CCIBV issued $375.0 million aggregate principal amount of 6.625% Senior Secured Notes due 2025. The CCIBV Senior Secured Notes were issued under an indenture, dated as of August 4, 2020 (the “CCIBV Senior Secured Notes Indenture”), among CCIBV, the Guarantors (as defined below), U.S. Bank National Association as trustee, paying agent, registrar, authentication agent and transfer agent, and U.S. Bank Trustees Limited as security agent. The CCIBV Senior Secured Notes mature on August 1, 2025 and bear interest at a rate of 6.625% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2021. Guarantees and Ranking The CCIBV Senior Secured Notes are guaranteed by certain of CCIBV's existing and future subsidiaries (collectively, the “Guarantors”). The Company does not guarantee the CCIBV Senior Secured Notes. The CCIBV Senior Secured Notes and certain of the guarantees (the “secured guarantees”) are secured by pledges over (i) the capital stock and material bank accounts of CCIBV and certain of its indirect subsidiaries and (ii) the net intercompany balance by and between the parent holding company of CCIBV and CCIBV subject to certain conditions as set forth in the CCIBV Senior Secured Notes Indenture. The CCIBV Senior Secured Notes and secured guarantees rank, in right of payment, pari passu to unsubordinated indebtedness and senior to subordinated indebtedness of CCIBV and the Guarantors, as applicable, and rank, in right of security, senior to unsecured and junior lien indebtedness of CCIBV and the Guarantors, as applicable, to the extent of the value of the assets that constitute collateral. Redemptions CCIBV may redeem the CCIBV Senior Secured Notes at its option, in whole or in part, at any time prior to February 1, 2022, at a price equal to 100% of the principal amount of the CCIBV Senior Secured Notes redeemed, plus a make-whole premium, plus accrued and unpaid interest to the redemption date. CCIBV may redeem the CCIBV Senior Secured Notes, in whole or part, on or after February 1, 2022 at the redemption prices set forth in the CCIBV Senior Secured Notes Indenture plus accrued and unpaid interest to the redemption date. At any time on or before February 1, 2022, CCIBV may elect to redeem up to 40% of the aggregate principal amount of the CCIBV Senior Secured Notes at a redemption price equal to 106.625% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. In addition, during any twelve month period prior to February 1, 2022, CCIBV may redeem up to 10% of the aggregate principal amount of the CCIBV Senior Secured Notes at a redemption price equal to 103% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. Certain Covenants The CCIBV Senior Secured Notes Indenture contains covenants that limit CCIBV's ability and the ability of its restricted subsidiaries to, among other things: (i) pay dividends, redeem stock or make other distributions or investments; (ii) incur additional debt or issue certain preferred stock; (iii) transfer or sell assets; (iv) create liens on assets; (v) engage in certain transactions with affiliates; (vi) create restrictions on dividends or other payments by the restricted subsidiaries; and (vii) merge, consolidate or sell all or substantially all of CCIBV's assets. Letters of Credit, Surety Bonds and Guarantees As of September 30, 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 $67.6 million of letters of credit outstanding under its receivables-based credit facility (the "Receivables-Based Credit Facility"), which had a borrowing base less than its borrowing limit of $125.0 million, limiting excess availability to $16.5 million. 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 September 30, 2020, the Company had $102.3 million and $34.7 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $12.2 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 | 9 Months Ended |
Sep. 30, 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, a former 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 April 28, 2020, the Company tendered the shares representing its 50.91% stake in Clear Media to Ever Harmonic Global Limited ("Ever Harmonic"), a special-purpose vehicle wholly owned by a consortium of investors which includes the chief executive officer and an executive director of Clear Media, and on May 14, 2020, the Company received the final proceeds of the sale. 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. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 and 2019 consisted of the following components: (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Current tax benefit (expense) $ 1,481 $ (3,626) $ (16,319) $ (47,439) Deferred tax benefit (expense) 28,035 (26,510) 49,277 (11,367) Income tax benefit (expense) $ 29,516 $ (30,136) $ 32,958 $ (58,806) The effective tax rates for the three and nine months ended September 30, 2020 were 17.8% and 5.5%, 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 $59.5 million of tax expense as a result of selling its 50.91% stake in Clear Media. The effective tax rates for the three and nine months ended September 30, 2019 were (16.5)% and (17.6)%, respectively. The effective rate in 2019 was primarily impacted by the valuation allowance recorded against 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. 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 September 30, 2020, the CARES Act did not have a significant impact on the Company’s effective tax rate. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The Company’s property, plant and equipment consisted of the following classes of assets as of September 30, 2020 and December 31, 2019: (In thousands) September 30, December 31, Structures $ 2,331,957 $ 2,832,797 Furniture and other equipment 236,152 234,183 Land, buildings and improvements 151,420 149,889 Construction in progress 45,361 84,289 2,764,890 3,301,158 Less: Accumulated depreciation 1,866,887 2,090,004 Property, plant and equipment, net $ 898,003 $ 1,211,154 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019: (In thousands) September 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived permits $ 826,528 $ — $ 965,863 $ — Transit, street furniture and other outdoor 447,412 (384,740) 535,912 (451,021) Permanent easements 163,300 — 163,399 — Trademarks 83,569 (12,147) 83,569 (5,898) Other 1,921 (1,591) 5,352 (4,648) Total intangible assets $ 1,522,730 $ (398,478) $ 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. This testing indicated an impairment of indefinite-lived permits in our Americas segment resulting in a charge of $123.1 million recorded in the three months ended March 31, 2020. The primary estimates and assumptions impacting the impairment were the aforementioned reductions in projected cash flows and an increased discount rate. Additionally, the Company performs its annual impairment test for indefinite-lived intangible assets as of July 1 of each year, as described in the Company's 2019 Annual Report on Form 10-K. Due to continued impacts of COVID-19, the Company also tested its intangible assets for impairment at the end of the third quarter of 2020. The Company recognized impairment charges of $17.5 million and $5.3 million during the third quarters of 2020 and 2019, respectively, related to permits in multiple markets in its Americas segment. Goodwill The following table presents changes in the goodwill balance for the Company's segments during the nine months ended September 30, 2020: (In thousands) Americas Europe Other Consolidated December 31, 2019 (1) $ 507,819 $ 185,641 $ 10,698 $ 704,158 Impairment — — (9,746) (9,746) Foreign currency — 6,413 (952) 5,461 Balance as of September 30, 2020 $ 507,819 $ 192,054 $ — $ 699,873 (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. The Company performs its annual impairment test for goodwill as of July 1 of each year as described in the Company's 2019 Annual Report on Form 10-K. Due to continued negative financial statement impacts of COVID-19, the Company also tested its goodwill for impairment at the end of the third quarter of 2020, resulting in an impairment charge of $9.7 million, representing the entire goodwill balance in the Company's Latin America business. No goodwill impairment was recognized during the nine months ended 2019. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Prior to the Separation on May 1, 2019, 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 four-month period ended April 30, 2019, the Company recorded $10.2 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 transition services agreement (the “Transition Services Agreement”), which ended on August 31, 2020. Under the Transition Services Agreement, iHM Management Services provided, or caused any member of the iHeart Group to provide, the Company with certain administrative and support services and other assistance. For the period from May 1, 2019 through September 30, 2019, the Company recorded $6.5 million as a component of corporate expenses for fees under the Transition Services Agreement, including $3.6 million during the three months ended September 30, 2019. For the three and nine months ended September 30, 2020, the Company recorded $0.1 million and $2.8 million, respectively, as a component of corporate expenses for fees under the Transition Services Agreement. Additionally, in accordance with the Master Agreement with iHeartCommunications, the Company allowed iHeartCommunications to use, without charge, Americas’ displays that the Company believed would otherwise be unsold; however, this arrangement ended when the Transition Services Agreement was terminated. The value of services provided under this arrangement was $2.6 million and $1.5 million during the three months ended September 30, 2020 and 2019, respectively, and $9.2 million and $5.2 million for the nine months ended September 30, 2020 and 2019, respectively. |
NET LOSS PER SHARE
NET LOSS PER SHARE | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2020 and 2019: (In thousands, except per share data) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net loss attributable to the Company – common shares $ (135,937) $ (215,298) $ (550,626) $ (390,404) Denominator: Weighted average common shares outstanding – basic 464,858 463,049 464,268 396,202 Weighted average common shares outstanding – diluted 464,858 463,049 464,268 396,202 Net loss attributable to the Company per share of common stock: Basic $ (0.29) $ (0.46) $ (1.19) $ (0.99) Diluted $ (0.29) $ (0.46) $ (1.19) $ (0.99) Outstanding equity awards of 11.6 million and 9.6 million shares for the three months ended September 30, 2020 and 2019, respectively, and 12.5 million and 8.7 million shares for the nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | |
OTHER INFORMATION | OTHER INFORMATION Other Comprehensive Income (Loss) There were no significant changes in deferred income tax liabilities resulting from adjustments to other comprehensive income (loss) during the three and nine months ended September 30, 2020. For the three and nine months ended September 30, 2019, the impact of pensions on deferred income tax liabilities resulted in an increase in other comprehensive loss of $0.1 million and a decrease in other comprehensive loss of $0.5 million, respectively. Restricted Cash 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 Statements of Cash Flows: (In thousands) September 30, December 31, Cash and cash equivalents in the Balance Sheet $ 844,980 $ 398,858 Restricted cash included in: Other current assets 662 4,116 Other assets 11,927 14,101 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 857,569 $ 417,075 Accrued Expenses The following table discloses the components of “Accrued expenses” as of September 30, 2020 and December 31, 2019: (In thousands) September 30, December 31, Employee-related liabilities $ 109,315 $ 171,463 Rent 182,956 140,247 Accrued taxes 57,907 47,836 Other 91,533 144,393 Total accrued expenses $ 441,711 $ 503,939 Shareholder Rights Plan On May 19, 2020, the Board of Directors adopted a shareholder rights plan to protect the interests of all Company shareholders. Pursuant to the rights plan, one right is issued for each share of common stock as of the close of business on May 29, 2020. The rights will generally become exercisable only if any person or group acquires 10% or more of the Company's common stock. The plan has a 360-day term, expiring on May 14, 2021. Share-Based Compensation On October 20, 2020, the Board of Directors approved grants of 10.1 million restricted stock units ("RSUs") and 3.8 million performance stock units ("PSUs") to certain of its employees. • The RSUs generally vest in three equal annual installments on each of April 1, 2021, April 1, 2022 and April 1, 2023, provided that the recipient is still employed by or providing services to the Company on each vesting date. • The PSUs will vest and become earned based on the achievement of the Company’s total shareholder return relative to the Company’s peer group (the “Relative TSR”) over a performance period commencing on October 1, 2020 and ending on March 31, 2023 (the “Performance Period”). If the Company achieves Relative TSR at the 90th percentile or higher, the PSUs will be earned at 150% of the target number of shares. If the Company achieves Relative TSR at the 60th percentile, the PSU will be earned at 100% of the target number of shares. If the Company achieves Relative TSR at the 30th percentile, the PSUs will be earned at 50% of the target number of shares. To the extent Relative TSR is between vesting levels, the portion of the PSUs that become vested will be determined using straight line interpolation. The PSUs are considered market condition awards pursuant to ASC Topic 260, Earnings Per Share . |
DISPOSITION
DISPOSITION | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITION | DispositionOn April 28, 2020, the Company tendered its 50.91% stake in Clear Media pursuant to a voluntary conditional cash offer made by and on behalf of Ever Harmonic Global Limited, and on May 14, 2020, the Company received $253.1 million in cash proceeds from the sale of its shares in Clear Media. The Company recognized a gain on the sale of Clear Media of $75.2 million in the second quarter of 2020, which is recorded within "Other operating income (expense), net" on the Consolidated Statement of Comprehensive Loss. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 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. |
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 , and all subsequently issued related amendments, 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"), a former indirect, non-wholly owned subsidiary of the Company based in China that was sold on April 28, 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; however, the Company does not expect the implementation of this ASU to have a material impact on its consolidated financial statements. |
Goodwill Impairment | The Company performs its annual impairment test for goodwill as of July 1 of each year as described in the Company's 2019 Annual Report on Form 10-K. |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Results | The following tables present the Company's reportable segment results for the three and nine months ended September 30, 2020 and 2019. The Company has restated the segment information for prior periods to conform to the 2020 presentation. (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue Americas $ 223,715 $ 328,250 $ 719,202 $ 928,114 Europe 216,934 250,440 535,970 784,772 Other (1) 6,856 74,757 58,048 225,692 Total $ 447,505 $ 653,447 $ 1,313,220 $ 1,938,578 Capital Expenditures Americas $ 9,293 $ 19,146 $ 41,189 $ 46,484 Europe 12,067 25,336 31,489 59,761 Other (1) 2,420 13,858 10,805 22,917 Corporate 2,506 2,041 9,766 10,500 Total $ 26,286 $ 60,381 $ 93,249 $ 139,662 Segment Adjusted EBITDA Americas $ 70,716 $ 136,491 $ 225,693 $ 364,367 Europe (8,141) 14,444 (91,071) 77,461 Other (1) (5,650) 18,454 (36,092) 49,815 Total $ 56,925 $ 169,389 $ 98,530 $ 491,643 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ 56,925 $ 169,389 $ 98,530 $ 491,643 Less reconciling items: Corporate expenses (2) 30,719 37,535 99,722 105,056 Depreciation and amortization 62,427 76,226 204,372 231,476 Impairment charges 27,263 5,300 150,400 5,300 Restructuring and other costs (3) 6,901 3,260 11,005 8,926 Other operating (income) expense, net 5,528 (620) (58,051) 1,632 Interest expense, net 90,551 106,776 269,435 329,610 Other charges (4) (1,104) 123,145 22,275 144,165 Consolidated net loss before income taxes $ (165,360) $ (182,233) $ (600,628) $ (334,522) (1) Other includes the Company's operations in Latin America and, for periods prior to the disposition of the Company's stake in Clear Media on April 28, 2020, China. Refer to Note 12 for additional details related to this disposition. (2) 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 and certain restructuring and other costs are recorded in corporate expenses. (3) The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included with the Corporate expenses line item. (4) Other charges includes Loss on extinguishment of debt, Loss on Due from iHeartCommunications, and Other (income) expense, net. |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2020 and 2019: (In thousands) Revenue from contracts with customers Revenue from leases Total Revenue Three Months Ended September 30, 2020 Americas $ 109,165 $ 114,550 $ 223,715 Europe 189,342 27,592 216,934 Other (1) 5,366 1,490 6,856 Total $ 303,873 $ 143,632 $ 447,505 Three Months Ended September 30, 2019 Americas $ 178,842 $ 149,408 $ 328,250 Europe 216,322 34,118 250,440 Other (1) 69,468 5,289 74,757 Total $ 464,632 $ 188,815 $ 653,447 Nine Months Ended September 30, 2020 Americas $ 362,346 $ 356,856 $ 719,202 Europe 467,517 68,453 535,970 Other (1) 52,055 5,993 58,048 Total $ 881,918 $ 431,302 $ 1,313,220 Nine Months Ended September 30, 2019 Americas $ 493,695 $ 434,419 $ 928,114 Europe 675,207 109,565 784,772 Other (1) 208,167 17,525 225,692 Total $ 1,377,069 $ 561,509 $ 1,938,578 (1) Other includes the Company's businesses in Latin America and, for periods prior to the disposition of the Company's stake in Clear Media on April 28, 2020, China. Refer to Note 12 for additional details related to this disposition. |
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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 239,957 $ 509,129 $ 581,555 $ 367,918 Ending balance $ 312,076 $ 519,958 $ 312,076 $ 519,958 Deferred revenue from contracts with customers: Beginning balance $ 47,760 $ 55,164 $ 52,589 $ 39,916 Ending balance $ 50,875 $ 65,784 $ 50,875 $ 65,784 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding as of September 30, 2020 and December 31, 2019 consisted of the following: (In thousands) September 30, December 31, Term Loan Facility (1) $ 1,980,000 $ 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 International B.V. 6.625% Senior Secured Notes Due 2025 (3) 375,000 — Clear Channel Worldwide Holdings 9.25% Senior Notes Due 2024 (4) 1,901,525 1,901,525 Other debt 6,986 4,161 Original issue discount (8,618) (9,561) Long-term debt fees (59,505) (57,107) Total debt $ 5,595,388 $ 5,084,018 Less: Current portion 21,474 20,294 Total long-term debt $ 5,573,914 $ 5,063,724 (1) The Company paid $5.0 million in each quarter of 2020, for a total of $15.0 million during the nine months ended September 30, 2020, 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 borrowed $150.0 million under its Revolving Credit Facility, which matures on August 23, 2024. The Company repaid $20.0 million of this outstanding balance on October 26, 2020. (3) On August 4, 2020, Clear Channel International B.V. ("CCIBV"), an indirect wholly-owned subsidiary of the Company, issued $375.0 million aggregate principal amount of 6.625% Senior Secured Notes due 2025 (the "CCIBV Senior Secured Notes"). A portion of the proceeds from the CCIBV Senior Secured Notes was used to repay the $53.0 million CCIBV promissory note in full, which was issued by CCIBV on May 15, 2020 in exchange for the Company's Series A Perpetual Preferred Stock (par value of $0.01 and an aggregate liquidation preference of approximately $47 million) (the "preferred stock"). The preferred stock remains outstanding and held by a subsidiary of the Company and is thereby eliminated in consolidation. (4) 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) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 and 2019 consisted of the following components: (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Current tax benefit (expense) $ 1,481 $ (3,626) $ (16,319) $ (47,439) Deferred tax benefit (expense) 28,035 (26,510) 49,277 (11,367) Income tax benefit (expense) $ 29,516 $ (30,136) $ 32,958 $ (58,806) |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019: (In thousands) September 30, December 31, Structures $ 2,331,957 $ 2,832,797 Furniture and other equipment 236,152 234,183 Land, buildings and improvements 151,420 149,889 Construction in progress 45,361 84,289 2,764,890 3,301,158 Less: Accumulated depreciation 1,866,887 2,090,004 Property, plant and equipment, net $ 898,003 $ 1,211,154 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019: (In thousands) September 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived permits $ 826,528 $ — $ 965,863 $ — Transit, street furniture and other outdoor 447,412 (384,740) 535,912 (451,021) Permanent easements 163,300 — 163,399 — Trademarks 83,569 (12,147) 83,569 (5,898) Other 1,921 (1,591) 5,352 (4,648) Total intangible assets $ 1,522,730 $ (398,478) $ 1,754,095 $ (461,567) |
Schedule of Goodwill | The following table presents changes in the goodwill balance for the Company's segments during the nine months ended September 30, 2020: (In thousands) Americas Europe Other Consolidated December 31, 2019 (1) $ 507,819 $ 185,641 $ 10,698 $ 704,158 Impairment — — (9,746) (9,746) Foreign currency — 6,413 (952) 5,461 Balance as of September 30, 2020 $ 507,819 $ 192,054 $ — $ 699,873 (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. |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Computation of Earnings Per Share | The following table presents the computation of net loss per share for the three and nine months ended September 30, 2020 and 2019: (In thousands, except per share data) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net loss attributable to the Company – common shares $ (135,937) $ (215,298) $ (550,626) $ (390,404) Denominator: Weighted average common shares outstanding – basic 464,858 463,049 464,268 396,202 Weighted average common shares outstanding – diluted 464,858 463,049 464,268 396,202 Net loss attributable to the Company per share of common stock: Basic $ (0.29) $ (0.46) $ (1.19) $ (0.99) Diluted $ (0.29) $ (0.46) $ (1.19) $ (0.99) |
OTHER INFORMATION (Tables)
OTHER INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 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 Statements of Cash Flows: (In thousands) September 30, December 31, Cash and cash equivalents in the Balance Sheet $ 844,980 $ 398,858 Restricted cash included in: Other current assets 662 4,116 Other assets 11,927 14,101 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 857,569 $ 417,075 |
Schedule of Accrued Expenses | The following table discloses the components of “Accrued expenses” as of September 30, 2020 and December 31, 2019: (In thousands) September 30, December 31, Employee-related liabilities $ 109,315 $ 171,463 Rent 182,956 140,247 Accrued taxes 57,907 47,836 Other 91,533 144,393 Total accrued expenses $ 441,711 $ 503,939 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($)segment | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Number of reportable segments | segment | 2 | ||||||
Non-cash operating lease expense | $ 23,800 | $ 53,100 | |||||
European governmental support and wage subsidies received, COVID-19 | 7,200 | 14,700 | |||||
Cumulative effect from adoption | 2,738,846 | 2,738,846 | $ 2,607,855 | $ 2,054,706 | $ 2,100,221 | $ 2,214,925 | $ 2,101,652 |
Headcount reduction | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Restructuring costs incurred | 1,900 | 1,900 | |||||
Headcount reduction | Europe | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Estimated total restructuring charges | 3,300 | ||||||
Headcount reduction | Europe | Minimum | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Estimated total restructuring charges | 21,000 | ||||||
Headcount reduction | Europe | Maximum | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Estimated total restructuring charges | 24,000 | ||||||
Headcount reduction | Europe | Selling, General and Administrative Expenses | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Estimated total restructuring charges | 3,100 | ||||||
Headcount reduction | Other | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Restructuring costs incurred | 300 | 300 | |||||
Headcount reduction | Americas | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Restructuring costs incurred | 1,700 | 1,700 | |||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cumulative effect from adoption | 7,181 | (14,613) | |||||
Accumulated Deficit | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cumulative effect from adoption | $ 5,907,417 | $ 5,907,417 | $ 5,771,481 | 5,349,611 | $ 5,376,711 | $ 5,161,413 | 5,000,920 |
Accumulated Deficit | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cumulative effect from adoption | 7,181 | $ (14,613) | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Clear Media Limited | Accumulated Deficit | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cumulative effect from adoption | $ 5,400 |
SEGMENT DATA (Details)
SEGMENT DATA (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)segment | Sep. 30, 2019USD ($) | |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 2 | ||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 447,505 | $ 653,447 | $ 1,313,220 | $ 1,938,578 | |
Capital Expenditures | 26,286 | 60,381 | 93,249 | 139,662 | |
Segment Adjusted EBITDA | 56,925 | 169,389 | 98,530 | 491,643 | |
Corporate expenses | 30,719 | 37,535 | 99,722 | 105,056 | |
Depreciation and amortization | 62,427 | 76,226 | 204,372 | 231,476 | |
Impairment charges | 27,263 | $ 123,100 | 5,300 | 150,400 | 5,300 |
Restructuring and other costs | 6,901 | 3,260 | 11,005 | 8,926 | |
Other operating income (expense), net | 5,528 | (620) | (58,051) | 1,632 | |
Interest expense, net | 90,551 | 106,776 | 269,435 | 329,610 | |
Other charges | (1,104) | 123,145 | 22,275 | 144,165 | |
Consolidated net loss before income taxes | (165,360) | (182,233) | (600,628) | (334,522) | |
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Impairment charges | 17,500 | 5,300 | |||
Operating segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 447,505 | 653,447 | 1,313,220 | 1,938,578 | |
Segment Adjusted EBITDA | 56,925 | 169,389 | 98,530 | 491,643 | |
Operating segments | Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 223,715 | 328,250 | 719,202 | 928,114 | |
Capital Expenditures | 9,293 | 19,146 | 41,189 | 46,484 | |
Segment Adjusted EBITDA | 70,716 | 136,491 | 225,693 | 364,367 | |
Operating segments | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 216,934 | 250,440 | 535,970 | 784,772 | |
Capital Expenditures | 12,067 | 25,336 | 31,489 | 59,761 | |
Segment Adjusted EBITDA | (8,141) | 14,444 | (91,071) | 77,461 | |
Operating segments | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 6,856 | 74,757 | 58,048 | 225,692 | |
Capital Expenditures | 2,420 | 13,858 | 10,805 | 22,917 | |
Segment Adjusted EBITDA | (5,650) | 18,454 | (36,092) | 49,815 | |
Corporate and other reconciling items | |||||
Segment Reporting Information [Line Items] | |||||
Capital Expenditures | 2,506 | 2,041 | 9,766 | 10,500 | |
Corporate expenses | $ 30,719 | $ 37,535 | $ 99,722 | $ 105,056 |
REVENUE - Revenue by Segment an
REVENUE - Revenue by Segment and Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | $ 303,873 | $ 464,632 | $ 881,918 | $ 1,377,069 |
Revenue from leases | 143,632 | 188,815 | 431,302 | 561,509 |
Revenue | 447,505 | 653,447 | 1,313,220 | 1,938,578 |
Americas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 109,165 | 178,842 | 362,346 | 493,695 |
Revenue from leases | 114,550 | 149,408 | 356,856 | 434,419 |
Revenue | 223,715 | 328,250 | 719,202 | 928,114 |
Europe | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 189,342 | 216,322 | 467,517 | 675,207 |
Revenue from leases | 27,592 | 34,118 | 68,453 | 109,565 |
Revenue | 216,934 | 250,440 | 535,970 | 784,772 |
Other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue from contracts with customers | 5,366 | 69,468 | 52,055 | 208,167 |
Revenue from leases | 1,490 | 5,289 | 5,993 | 17,525 |
Revenue | $ 6,856 | $ 74,757 | $ 58,048 | $ 225,692 |
REVENUE - Schedule of Contract
REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 |
Accounts receivable, net of allowance, from contracts with customers: | |||||
Beginning balance | $ 239,957 | $ 581,555 | $ 519,958 | $ 509,129 | $ 367,918 |
Ending balance | 312,076 | 239,957 | 581,555 | 519,958 | 509,129 |
Deferred revenue from contracts with customers: | |||||
Beginning balance | 47,760 | 52,589 | 65,784 | 55,164 | 39,916 |
Ending balance | $ 50,875 | $ 47,760 | $ 52,589 | $ 65,784 | $ 55,164 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract liabilities, revenue recognized | $ 33.3 | $ 40 | $ 47.4 | $ 36 |
Revenue, remaining performance obligation | 96.1 | 96.1 | ||
Bad debt expense | $ 3.4 | $ 0.4 | $ 15.3 | $ 4.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, remaining performance obligation, period | 5 years | 5 years |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) - USD ($) | Oct. 26, 2020 | Mar. 24, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Aug. 04, 2020 | May 15, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 5,595,388,000 | $ 5,595,388,000 | $ 5,084,018,000 | |||||||
Original issue discount | (8,618,000) | (8,618,000) | (9,561,000) | |||||||
Long-term debt fees | (59,505,000) | (59,505,000) | (57,107,000) | |||||||
Less: Current portion | 21,474,000 | 21,474,000 | 20,294,000 | |||||||
Total long-term debt | 5,573,914,000 | 5,573,914,000 | 5,063,724,000 | |||||||
Draws on credit facilities | 150,000,000 | $ 0 | ||||||||
Series A Preferred Stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | |||||||||
Preferred stock, liquidation preference | $ 47,000,000 | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | 150,000,000 | 150,000,000 | 0 | |||||||
Draws on credit facilities | $ 150,000,000 | |||||||||
Revolving Credit Facility | Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of lines of credit | $ 20,000,000 | |||||||||
New Receivables-Based Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | 0 | 0 | 0 | |||||||
Secured Debt | Term loan facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | 1,980,000,000 | 1,980,000,000 | 1,995,000,000 | |||||||
Payments of debt | 5,000,000 | $ 5,000,000 | $ 5,000,000 | 15,000,000 | ||||||
Secured Debt | Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 1,250,000,000 | $ 1,250,000,000 | 1,250,000,000 | |||||||
Stated interest rate (as a percent) | 5.125% | 5.125% | ||||||||
Secured Debt | Clear Channel International Senior Secured Notes due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 375,000,000 | $ 375,000,000 | 0 | |||||||
Stated interest rate (as a percent) | 6.625% | 6.625% | 6.625% | |||||||
Principal amount of note | $ 375,000,000 | |||||||||
Senior Notes | Clear Channel Worldwide Holdings Senior Notes Due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 1,901,525,000 | $ 1,901,525,000 | 1,901,525,000 | |||||||
Stated interest rate (as a percent) | 9.25% | 9.25% | ||||||||
Unsecured Debt | Other debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt | $ 6,986,000 | $ 6,986,000 | $ 4,161,000 | |||||||
Promissory Note | Clear Channel International, B.V. Promissory Note Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of note | $ 53,000,000 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Aug. 04, 2020 | Dec. 31, 2019 | |
Guarantor Obligations [Line Items] | ||||||
Loss on debt extinguishment | $ 5,389,000 | $ 96,271,000 | $ 5,389,000 | $ 101,745,000 | ||
Required minimum cash on hand and availability under lines of credit | 150,000,000 | 150,000,000 | ||||
Surety bonds | ||||||
Guarantor Obligations [Line Items] | ||||||
Guarantee obligations | 102,300,000 | 102,300,000 | ||||
Bank Guarantees | ||||||
Guarantor Obligations [Line Items] | ||||||
Guarantee obligations | 34,700,000 | 34,700,000 | ||||
Bank guarantees backed by cash collateral | ||||||
Guarantor Obligations [Line Items] | ||||||
Guarantee obligations | 12,200,000 | 12,200,000 | ||||
Revolving Credit Facility | ||||||
Guarantor Obligations [Line Items] | ||||||
Letters of credit outstanding | 20,200,000 | 20,200,000 | ||||
Excess borrowing capacity | 4,800,000 | 4,800,000 | ||||
Secured Debt | Clear Channel International Senior Secured Notes due 2025 | ||||||
Guarantor Obligations [Line Items] | ||||||
Loss on debt extinguishment | $ 5,400,000 | $ 5,400,000 | ||||
Aggregate principal amount | $ 375,000,000 | |||||
Stated interest rate (as a percent) | 6.625% | 6.625% | 6.625% | |||
Redemption price, percent of aggregate principal amount (as a percent) | 100.00% | |||||
Secured Debt | Clear Channel International Senior Secured Notes due 2025 | On or before February 1, 2022 | ||||||
Guarantor Obligations [Line Items] | ||||||
Redemption price, percent of aggregate principal amount (as a percent) | 106.625% | |||||
Redemption price, percent of principal amount thereof (as a percent) | 40.00% | |||||
Secured Debt | Clear Channel International Senior Secured Notes due 2025 | During any twelve month period prior to February 1, 2022 | ||||||
Guarantor Obligations [Line Items] | ||||||
Redemption price, percent of aggregate principal amount (as a percent) | 103.00% | |||||
Redemption price, percent of principal amount thereof (as a percent) | 10.00% | |||||
Line of Credit | Revolving Credit Facility | New Receivables-Based Credit Facility | ||||||
Guarantor Obligations [Line Items] | ||||||
Letters of credit outstanding | $ 67,600,000 | $ 67,600,000 | ||||
Excess borrowing capacity | 16,500,000 | 16,500,000 | ||||
Maximum borrowing capacity | 125,000,000 | 125,000,000 | ||||
Level 1 | ||||||
Guarantor Obligations [Line Items] | ||||||
Aggregate market value of debt | $ 5,400,000,000 | $ 5,400,000,000 | $ 5,400,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2020USD ($)employee | Apr. 28, 2020 | Mar. 30, 2020 | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | |
Income Tax Examination [Line Items] | |||||
Number of employees convicted | employee | 2 | ||||
Decrease in other long term liabilities from misstatement | $ (177,517) | $ (183,025) | |||
Payment of income tax penalties and interest | 8,100 | ||||
VAT recoverable | 1,700 | ||||
Ministry of Economic Affairs and Finance, Italy | |||||
Income Tax Examination [Line Items] | |||||
Estimated loss from Italy investigation | $ 20,400 | ||||
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% |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Current tax benefit (expense) | $ 1,481 | $ (3,626) | $ (16,319) | $ (47,439) |
Deferred tax benefit (expense) | 28,035 | (26,510) | 49,277 | (11,367) |
Income tax benefit (expense) | $ 29,516 | $ (30,136) | $ 32,958 | $ (58,806) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 28, 2020 | Mar. 30, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||||
Effective tax rate | 17.80% | (16.50%) | 5.50% | (17.60%) | ||
Tax effect from sale of business, total expense | $ 59.5 | |||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Clear Media Limited | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Ownership percentage sold | 50.91% | 50.91% |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,764,890 | $ 3,301,158 |
Less: Accumulated depreciation | 1,866,887 | 2,090,004 |
Property, plant and equipment, net | 898,003 | 1,211,154 |
Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,331,957 | 2,832,797 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 236,152 | 234,183 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 151,420 | 149,889 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 45,361 | $ 84,289 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Indefinite-lived permits | $ 826,528 | $ 826,528 | $ 965,863 | |||
Gross Carrying Amount | 1,522,730 | 1,522,730 | 1,754,095 | |||
Accumulated Amortization | (398,478) | (398,478) | (461,567) | |||
Impairment of indefinite-lived permits | 27,263 | $ 123,100 | $ 5,300 | 150,400 | $ 5,300 | |
Americas | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Impairment of indefinite-lived permits | 17,500 | $ 5,300 | ||||
Transit, street furniture and other outdoor contractual rights | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 447,412 | 447,412 | 535,912 | |||
Accumulated Amortization | (384,740) | (384,740) | (451,021) | |||
Permanent easements | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 163,300 | 163,300 | 163,399 | |||
Accumulated Amortization | 0 | 0 | 0 | |||
Trademarks | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 83,569 | 83,569 | 83,569 | |||
Accumulated Amortization | (12,147) | (12,147) | (5,898) | |||
Other | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 1,921 | 1,921 | 5,352 | |||
Accumulated Amortization | $ (1,591) | $ (1,591) | $ (4,648) |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||||
Beginning balance | $ 704,158 | |||
Foreign currency | 5,461 | |||
Ending balance | $ 699,873 | 699,873 | $ 704,158 | |
Goodwill, cumulative impairment | (9,700) | (9,746) | $ 0 | |
Americas | ||||
Goodwill [Line Items] | ||||
Beginning balance | 507,819 | |||
Foreign currency | 0 | |||
Ending balance | 507,819 | 507,819 | 507,819 | |
Goodwill, cumulative impairment | 0 | (2,600,000) | ||
Europe | ||||
Goodwill [Line Items] | ||||
Beginning balance | 185,641 | |||
Foreign currency | 6,413 | |||
Ending balance | 192,054 | 192,054 | 185,641 | |
Goodwill, cumulative impairment | 0 | (191,400) | ||
Other | ||||
Goodwill [Line Items] | ||||
Beginning balance | 10,698 | |||
Foreign currency | (952) | |||
Ending balance | $ 0 | 0 | 10,698 | |
Goodwill, cumulative impairment | $ (9,746) | $ (80,700) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 5 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Apr. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Related Party Transaction [Line Items] | ||||||
Component of corporate expenses | $ 30,719 | $ 37,535 | $ 99,722 | $ 105,056 | ||
iHeartCommunications | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | 2,600 | 1,500 | 9,200 | $ 5,200 | ||
iHeartCommunications | Corporate Services Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Component of corporate expenses | $ 10,200 | |||||
iHeartCommunications | Transition Services Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Component of corporate expenses | $ 100 | $ 3,600 | $ 6,500 | $ 2,800 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||
Net loss attributable to the Company – common shares | $ (135,937) | $ (215,298) | $ (550,626) | $ (390,404) |
Denominator: | ||||
Weighted average common shares outstanding - basic (in shares) | 464,858 | 463,049 | 464,268 | 396,202 |
Weighted average common shares outstanding - diluted (in shares) | 464,858 | 463,049 | 464,268 | 396,202 |
Net loss attributable to the Company per share of common stock: | ||||
Basic (in dollars per share) | $ (0.29) | $ (0.46) | $ (1.19) | $ (0.99) |
Diluted (in dollars per share) | $ (0.29) | $ (0.46) | $ (1.19) | $ (0.99) |
Outstanding equity awards not included in computation of diluted earnings per share (in shares) | 11,600 | 9,600 | 12,500 | 8,700 |
OTHER INFORMATION - Narrative (
OTHER INFORMATION - Narrative (Details) shares in Millions | Oct. 20, 2020installmentshares | May 19, 2020employee | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Other Income and Expenses [Abstract] | ||||||
Increase (decrease) of pensions on deferred income tax liabilities | $ | $ 0 | $ (100,000) | $ 0 | $ 500,000 | ||
Subsequent Event | Restricted Stock Units (RSUs) | ||||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||||
Shares granted (in shares) | 10.1 | |||||
Number of annual installments | installment | 3 | |||||
Subsequent Event | Performance Stock Units (PSUs) | ||||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||||
Shares granted (in shares) | 3.8 | |||||
Subsequent Event | Performance Stock Units (PSUs) | TSR at 90th percentile or higher | ||||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||||
Relative TSR percentage achieved | 150.00% | |||||
Subsequent Event | Performance Stock Units (PSUs) | TSR at 60th percentile | ||||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||||
Relative TSR percentage achieved | 100.00% | |||||
Subsequent Event | Performance Stock Units (PSUs) | TSR at 30th percentile | ||||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||||
Relative TSR percentage achieved | 50.00% | |||||
Mandatorily Redeemable Preferred Stock | ||||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||||
Number of rights issued per share | employee | 1 | |||||
Percentage of common stock acquired for rights to be exercisable (as a percent) | 10.00% | |||||
Shareholder rights plan, term (in days) | 360 days |
OTHER INFORMATION - Schedule of
OTHER INFORMATION - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Other Income and Expenses [Abstract] | ||||
Cash and cash equivalents | $ 844,980 | $ 398,858 | ||
Restricted cash included in: | ||||
Other current assets | 662 | 4,116 | ||
Other assets | 11,927 | 14,101 | ||
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows | $ 857,569 | $ 417,075 | $ 358,467 | $ 202,869 |
OTHER INFORMATION - Schedule _2
OTHER INFORMATION - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other Income and Expenses [Abstract] | ||
Employee-related liabilities | $ 109,315 | $ 171,463 |
Rent | 182,956 | 140,247 |
Accrued taxes | 57,907 | 47,836 |
Other | 91,533 | 144,393 |
Total accrued expenses | $ 441,711 | $ 503,939 |
DISPOSITION (Details)
DISPOSITION (Details) - Clear Media Limited - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions | May 14, 2020 | Jun. 30, 2020 | Apr. 28, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Ownership percentage sold | 50.91% | ||
Proceeds from sale Clear Media | $ 253.1 | ||
Gain on sale of Clear Media | $ 75.2 |
Uncategorized Items - cco-20200
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201602Member |