Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 06, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 | 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 | 470,833,186 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 642,191 | $ 785,308 |
Accounts receivable, net | 358,500 | 468,329 |
Prepaid expenses | 55,979 | 49,509 |
Other current assets | 31,048 | 31,614 |
Total Current Assets | 1,087,718 | 1,334,760 |
PROPERTY, PLANT AND EQUIPMENT | ||
Structures, net | 650,804 | 688,947 |
Other property, plant and equipment, net | 189,488 | 199,877 |
INTANGIBLE ASSETS AND GOODWILL | ||
Indefinite-lived permits | 707,578 | 826,528 |
Other intangible assets, net | 289,443 | 292,751 |
Goodwill | 701,050 | 709,637 |
OTHER ASSETS | ||
Operating lease right-of-use assets | 1,621,693 | 1,632,664 |
Other assets | 69,069 | 70,109 |
Total Assets | 5,316,843 | 5,755,273 |
CURRENT LIABILITIES | ||
Accounts payable | 96,632 | 101,159 |
Accrued expenses | 398,048 | 444,492 |
Current operating lease liabilities | 347,716 | 343,793 |
Accrued interest | 59,325 | 115,053 |
Deferred revenue | 86,306 | 64,313 |
Current portion of long-term debt | 21,353 | 21,396 |
Total Current Liabilities | 1,009,380 | 1,090,206 |
NON-CURRENT LIABILITIES | ||
Long-term debt | 5,604,322 | 5,550,890 |
Non-current operating lease liabilities | 1,309,173 | 1,341,759 |
Deferred tax liabilities, net | 329,901 | 356,269 |
Other long-term liabilities | 194,693 | 198,751 |
Total Liabilities | 8,447,469 | 8,537,875 |
Commitments and Contingencies (Note 5) | ||
STOCKHOLDERS’ DEFICIT | ||
Noncontrolling interest | 9,633 | 10,855 |
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (469,223,507 shares issued as of March 31, 2021; 468,703,164 shares issued as of December 31, 2020) | 4,692 | 4,687 |
Additional paid-in capital | 3,506,938 | 3,502,991 |
Accumulated deficit | (6,271,887) | (5,939,534) |
Accumulated other comprehensive loss | (376,912) | (358,520) |
Treasury stock (1,364,443 shares held as of March 31, 2021; 1,360,252 shares held as of December 31, 2020) | (3,090) | (3,081) |
Total Stockholders' Deficit | (3,130,626) | (2,782,602) |
Total Liabilities and Stockholders' Deficit | $ 5,316,843 | $ 5,755,273 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 469,223,507 | 468,703,164 |
Treasury stock (in shares) | 1,364,443 | 1,360,252 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 370,908 | $ 550,809 |
Operating expenses: | ||
Direct operating expenses (excludes depreciation and amortization) | 283,290 | 350,269 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 97,570 | 123,704 |
Corporate expenses (excludes depreciation and amortization) | 34,042 | 36,338 |
Depreciation, amortization and impairment charges | 61,852 | 75,753 |
Impairment charges | 118,950 | 123,137 |
Other operating income, net | 117 | 6,021 |
Operating loss | (224,913) | (164,413) |
Interest expense, net | (92,693) | (90,142) |
Loss on extinguishment of debt | (51,101) | 0 |
Other income (expense), net | 6,554 | (18,889) |
Loss before income taxes | (362,153) | (273,444) |
Income tax benefit (expense) | 28,697 | (15,779) |
Consolidated net loss | (333,456) | (289,223) |
Less amount attributable to noncontrolling interest | (1,103) | (11,732) |
Net loss attributable to the Company | $ (332,353) | $ (277,491) |
Net Income (Loss) Attributable to Parent [Abstract] | ||
Net loss attributable to the Company per share of common stock - basic (in dollars per share) | $ (0.71) | $ (0.60) |
Net loss attributable to the Company per share of common stock - diluted (in dollars per share) | $ (0.71) | $ (0.60) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss attributable to the Company | $ (332,353) | $ (277,491) |
Other comprehensive loss: | ||
Foreign currency translation adjustments | (19,346) | (16,421) |
Reclassification adjustments | 944 | 0 |
Other comprehensive loss | (18,402) | (16,421) |
Comprehensive loss | (350,755) | (293,912) |
Less amount attributable to noncontrolling interest | (10) | (2,251) |
Comprehensive loss attributable to the Company | $ (350,745) | $ (291,661) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands | Total | Adoption of ASU 2016-13, Credit Losses | Common Stock | Non-controlling Interest | Additional Paid-in Capital | Accumulated Deficit | Accumulated DeficitAdoption of ASU 2016-13, Credit Losses | Accumulated Other Comprehensive Loss | Treasury Stock |
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 loss | (289,223) | (11,732) | (277,491) | ||||||
Exercise of stock options and release of stock awards (in shares) | 169,203 | ||||||||
Exercise of stock options and release of stock awards | 326 | $ 2 | 38 | 286 | |||||
Share-based compensation | 3,777 | 42 | 3,735 | ||||||
Payments to noncontrolling interests | (118) | (118) | |||||||
Other comprehensive loss | (16,421) | (2,251) | (14,170) | ||||||
Other | 3 | 3 | |||||||
Ending balance (in shares) at Mar. 31, 2020 | 466,914,142 | ||||||||
Ending balance at Mar. 31, 2020 | (2,363,543) | $ 4,669 | 138,755 | 3,493,369 | (5,634,283) | (363,722) | (2,331) | ||
Beginning balance (in shares) at Dec. 31, 2020 | 468,703,164 | ||||||||
Beginning balance at Dec. 31, 2020 | (2,782,602) | $ 4,687 | 10,855 | 3,502,991 | (5,939,534) | (358,520) | (3,081) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (333,456) | (1,103) | (332,353) | ||||||
Exercise of stock options and release of stock awards (in shares) | 520,343 | ||||||||
Exercise of stock options and release of stock awards | (8) | $ 5 | (4) | (9) | |||||
Share-based compensation | 3,951 | 0 | 3,951 | ||||||
Payments to noncontrolling interests | (109) | (109) | |||||||
Other comprehensive loss | (18,402) | (10) | (18,392) | ||||||
Ending balance (in shares) at Mar. 31, 2021 | 469,223,507 | ||||||||
Ending balance at Mar. 31, 2021 | $ (3,130,626) | $ 4,692 | $ 9,633 | $ 3,506,938 | $ (6,271,887) | $ (376,912) | $ (3,090) |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Consolidated net loss | $ (333,456) | $ (289,223) |
Reconciling items: | ||
Depreciation, amortization and impairment charges | 180,802 | 198,890 |
Non-cash operating lease expense | 88,499 | 100,702 |
Loss on extinguishment of debt | 51,101 | 0 |
Foreign exchange transaction loss (gain) | (5,431) | 18,755 |
Deferred taxes | (26,634) | 17,743 |
Other reconciling items, net | 4,860 | 13,147 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 114,998 | 75,232 |
Increase in prepaid expenses and other operating assets | (10,193) | (14,262) |
Decrease in accounts payable and accrued expenses | (40,098) | (36,703) |
Decrease in operating lease liabilities | (106,282) | (115,137) |
Decrease in accrued interest | (55,661) | (56,881) |
Increase in deferred revenue | 11,573 | 9,574 |
Increase (decrease) in other operating liabilities | 1,581 | (20,458) |
Net cash used for operating activities | (124,341) | (98,621) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment and concession rights | (17,918) | (35,894) |
Other investing activities, net | 273 | (50) |
Net cash used for investing activities | (17,645) | (35,944) |
Cash flows from financing activities: | ||
Draws on credit facilities | 0 | 150,000 |
Proceeds from long-term debt | 1,000,000 | 0 |
Payments on long-term debt | (989,014) | (5,070) |
Debt issuance costs | (11,789) | (534) |
Other financing activities, net | (117) | 204 |
Net cash provided by (used for) financing activities | (920) | 144,600 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (880) | (8,691) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (143,786) | 1,344 |
Cash, cash equivalents and restricted cash at beginning of period | 795,061 | 417,075 |
Cash, cash equivalents and restricted cash at end of period | 651,275 | 418,419 |
Supplemental disclosures: | ||
Cash paid for interest | 145,207 | 145,938 |
Cash paid for income taxes, net of refunds | $ 1,103 | $ 8,257 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2021 | |
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. 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 2020 Annual Report on Form 10-K, filed on February 25, 2021. Certain prior period amounts have been reclassified to conform to the 2021 presentation. Recent Developments COVID-19 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 uncertain. 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 2020 supplemental Financial Accounting Standards Board (“FASB”) staff guidance regarding accounting for rent concessions resulting from COVID-19. During the three months ended March 31, 2021, the Company recognized reductions of rent expense on lease and non-lease contracts due to negotiated rent abatements of $22.7 million. Negotiated deferrals of rent payments did not result in a reduction of rent expense. • During the three months ended March 31, 2021, the Company received European governmental support and wage subsidies in response to COVID-19 of $4.7 million, which have been recorded as reductions in compensation and rent costs. • The Company continues to execute upon its restructuring plan to reduce headcount in Europe. During the three months ended March 31, 2021, the Company incurred restructuring and other costs pursuant to this plan of $1.7 million in its Europe segment and $0.9 million related to Corporate operations. Refer to Note 9 to the Company’s Condensed Consolidated Financial Statements for further details. Disposition On April 28, 2020, the Company sold its 50.91% stake in Clear Media Limited (“Clear Media”), a former indirect, non-wholly owned subsidiary of the Company based in China. Use of Estimates 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; defined-benefit plan obligations; the allowance for credit losses; assessment of 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 uncertainty in estimating the expected economic and operational impacts relative to COVID-19 as the situation continues to evolve. 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. New Accounting Pronouncements New Accounting Pronouncements Recently Adopted The Company adopted the guidance under Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes , as of January 1, 2021 on a prospective basis. This update, which simplifies the accounting for income taxes by removing certain existing exceptions to the general principles in Topic 740, does not have a material impact on the Company’s consolidated financial statements or disclosures. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , in order to ease the potential burden of accounting for reference rate reform initiatives, an ongoing effort amongst regulators, standard setters, financial institutions and other market participants to replace the London Interbank Offered Rate (“LIBOR”) with alternative reference rates. The update provides temporary optional expedients and exceptions for applying GAAP contract modification accounting to contracts and other transactions affected by reference rate reform if certain criteria are met and may be applied through December 31, 2022. The Company is currently assessing whether it will use these optional expedients and exceptions but does not currently expect adoption of this guidance to have a material impact on the Company’s consolidated financial statements or disclosures. In March 2021, the ICE Benchmark Administration, LIBOR’s administrator, announced that it will cease publication of certain LIBOR rates after December 31, 2021 and that USD LIBOR rates that do not cease as of this date will continue to be published through June 30, 2023. The Company is evaluating its debt agreements and commercial contracts that may utilize LIBOR as the reference rate and will continue to monitor and assess regulatory developments during the transition period. |
SEGMENT DATA
SEGMENT DATA | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | SEGMENT DATA The Company has two reportable segments, which it believes best reflect how the Company is currently managed – Americas and Europe. The Americas segment consists of operations primarily in the United States (“U.S.”), and the Europe segment consists of operations in Europe and Singapore. The Company’s remaining operating segments do not meet the quantitative thresholds to qualify as reportable segments and are disclosed as “Other.” Each segment provides out-of-home advertising services in its respective geographic region using various digital and traditional display types, consisting primarily of billboards, street furniture displays and transit displays. Segment Adjusted EBITDA is the profitability metric reported to the Company’s Chief Operating Decision Maker (“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 table presents the Company’s reportable segment results for the three months ended March 31, 2021 and 2020: (In thousands) Three Months Ended March 31, 2021 2020 Revenue Americas $ 211,884 $ 295,787 Europe 149,524 211,690 Other (1) 9,500 43,332 Total $ 370,908 $ 550,809 Capital Expenditures Americas $ 5,725 $ 15,817 Europe 8,050 10,095 Other (1) 1,313 6,342 Corporate 2,830 3,640 Total $ 17,918 $ 35,894 Segment Adjusted EBITDA Americas $ 64,220 $ 107,958 Europe (67,629) (14,111) Other (1) (3,825) (15,187) Total $ (7,234) $ 78,660 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ (7,234) $ 78,660 Less reconciling items: Corporate expenses (2) 34,042 36,338 Depreciation and amortization 61,852 75,753 Impairment charges 118,950 123,137 Restructuring and other costs (3) 2,718 1,824 Other operating expense, net 117 6,021 Interest expense, net 92,693 90,142 Other charges (4) 44,547 18,889 Consolidated net loss before income taxes $ (362,153) $ (273,444) (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. (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 and Other income (expense), net. |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2021 | |
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 segment, for the three months ended March 31, 2021 and 2020: (In thousands) Revenue from contracts with customers Revenue from leases Total Revenue Three Months Ended March 31, 2021 Americas (1) $ 94,068 $ 117,816 $ 211,884 Europe 131,678 17,846 149,524 Other (2) 7,630 1,870 9,500 Total $ 233,376 $ 137,532 $ 370,908 Three Months Ended March 31, 2020 Americas (1) $ 163,278 $ 132,509 $ 295,787 Europe 187,190 24,500 211,690 Other (2) 39,276 4,056 43,332 Total $ 389,744 $ 161,065 $ 550,809 (1) Americas total revenue includes revenue from transit displays of $21.4 million and $55.5 million for the three months ended March 31, 2021 and 2020, respectively, including revenue from airport displays of $19.5 million and $51.9 million, respectively. (2) 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. Total revenue for the Company’s Latin America business was $18.5 million for the three months ended March 31, 2020. Revenue from Contracts with Customers The following tables show the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers: Three Months Ended March 31, (In thousands) 2021 2020 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 349,799 $ 581,555 Ending balance $ 243,689 $ 375,509 Deferred revenue from contracts with customers: Beginning balance $ 37,712 $ 52,589 Ending balance $ 46,773 $ 57,022 During the three months ended March 31, 2021 and 2020, respectively, the Company recognized $28.0 million and $40.8 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective year. The Company’s contracts with customers generally have terms of one year or less; however, as of March 31, 2021, the Company expects to recognize $113.9 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. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding as of March 31, 2021 and December 31, 2020 consisted of the following: (In thousands) March 31, December 31, Term Loan Facility (1) $ 1,970,000 $ 1,975,000 Revolving Credit Facility 130,000 130,000 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 375,000 375,000 Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028 (2) 1,000,000 — Clear Channel Worldwide Holdings 9.25% Senior Notes Due 2024 (2) 961,525 1,901,525 Other debt 5,136 6,763 Original issue discount (7,972) (8,296) Long-term debt fees (58,014) (57,706) Total debt $ 5,625,675 $ 5,572,286 Less: Current portion 21,353 21,396 Total long-term debt $ 5,604,322 $ 5,550,890 (1) In March 2021, the Company paid $5.0 million of the outstanding principal on the term loan facility (“Term Loan Facility”) in accordance with the terms of the senior secured credit agreement ("Senior Secured Credit Agreement") governing the senior secured credit facilities, which consist of the Term Loan Facility and the revolving credit facility (“Revolving Credit Facility”). (2) On February 17, 2021, the Company issued $1.0 billion in aggregate principal amount of 7.75% Senior Notes due 2028. On March 4, 2021, the Company used the net proceeds from this issuance to cause Clear Channel Worldwide Holdings, Inc., a subsidiary of the Company, to redeem $940.0 million aggregate principal amount of its 9.25% Senior Notes due 2024 (“CCWH Senior Notes”) at a redemption price equal to 104.625% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. As a result of this partial redemption, the Company recognized a loss on debt extinguishment of $51.1 million during the three months ended March 31, 2021. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.7 billion and $5.6 billion as of March 31, 2021 and December 31, 2020, 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. CCOH 7.75% Senior Notes Due 2028 On February 17, 2021, the Company completed the sale of $1.0 billion in aggregate principal amount of 7.75% Senior Notes due 2028 (the “CCOH Senior Notes”) in a private placement to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the U.S. pursuant to Regulation S under the Securities Act. On the same date, the Company entered into an indenture, dated as of February 17, 2021 (the “Indenture”), by and among the Company, the subsidiaries of the Company acting as guarantors party thereto (collectively, the “Guarantors”), and U.S. Bank National Association, as trustee. The CCOH Senior Notes mature on April 15, 2028 and bear interest at a rate of 7.75% per annum. Interest on the CCOH Senior Notes is payable to the holders thereof semi-annually on April 15 and October 15 of each year, beginning on October 15, 2021. The CCOH Senior Notes are guaranteed on a senior unsecured basis by certain of the Company’s wholly-owned existing and future domestic subsidiaries. The CCOH Senior Notes (i) rank pari passu in right of payment with all existing and future senior indebtedness of the Company; (ii) are senior in right of payment to all of the future subordinated indebtedness of the Company and the Guarantors; (iii) are effectively subordinated to all of the Company’s existing and future indebtedness secured by a lien, to the extent of the value of such collateral; and (iv) are structurally subordinated to any existing and future obligations of any existing or future subsidiaries of the Company that do not guarantee the CCOH Senior Notes, including all of the Company’s foreign subsidiaries. The Company may redeem all or a portion of the CCOH Senior Notes beginning on April 15, 2024 at the redemption prices set forth in the Indenture. Prior to April 15, 2024, the Company may redeem all or a portion of the CCOH Senior Notes at a redemption price equal to 100% of the principal amount of the CCOH Senior Notes plus the “make-whole” premium described in the Indenture. The Company may redeem up to 40% of the aggregate principal amount of the CCOH Senior Notes at any time prior to April 15, 2024 using the net proceeds from certain equity offerings at 107.75% of the principal amount of the CCOH Senior Notes. The Indenture contains covenants that limit the Company’s ability and the ability of its restricted subsidiaries to, among other things: (i) incur or guarantee additional debt or issue certain preferred stock; (ii) redeem, purchase or retire subordinated debt; (iii) make certain investments; (iv) create restrictions on the payment of dividends or other amounts from the Company’s restricted subsidiaries that are not Guarantors; (v) enter into certain transactions with affiliates; (vi) merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of the Company’s assets; (vii) sell certain assets, including capital stock of the Company’s subsidiaries; (viii) designate the Company’s subsidiaries as unrestricted subsidiaries; (ix) pay dividends, redeem or repurchase capital stock or make other restricted payments; and (x) incur certain liens. Letters of Credit, Surety Bonds and Guarantees As of March 31, 2021, the Company had $43.2 million of letters of credit outstanding under its Revolving Credit Facility, resulting in $1.8 million of remaining excess availability. Additionally, the Company had $60.6 million of letters of credit outstanding under its receivables-based credit facility, which had a borrowing base less than its borrowing limit of $125.0 million, limiting excess availability to $24.8 million. Access to availability under these credit facilities is limited by the covenants relating to incurrence of secured indebtedness in the indenture governing the CCWH Senior Notes. Additionally, as of March 31, 2021, the Company had $94.4 million and $32.0 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $8.7 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. 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 May 2021, the Company entered into a second amendment to the Senior Secured Credit Agreement to, among other things, extend the suspended springing financial covenant through December 31, 2021 and further delay the scheduled financial covenant step-down until September 30, 2022. Under the Senior Secured Credit Agreement, as amended, 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 for all reporting periods through March 31, 2022. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
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. In connection with this investigation, the SEC has also requested information regarding the Company’s historical oversight of its business in Italy and the misstatements and related forensic investigation, as described below. The Company is cooperating to provide documents and information responsive to the SEC inquiries and is voluntarily sharing the documents and information with the DOJ. 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 of $16.9 million as of December 31, 2017. 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. In February 2021, the Company negotiated a final settlement with the Italian tax authorities to repay a substantial portion of the VAT previously applied as a credit in relation to the transactions under investigation, amounting to, at current foreign exchange rates, approximately $21.7 million, including penalties and interest. The Company had previously made payments of $8.1 million and applied VAT recoverable of $1.7 million against the outstanding balance. During the first quarter of 2021, the Company paid an additional $3.5 million, with the majority of the residual amount to be paid in quarterly installments over the next four years. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Benefit (Expense) The Company’s income tax benefit (expense) for the three months ended March 31, 2021 and 2020 consisted of the following components: (In thousands) Three Months Ended March 31, 2021 2020 Current tax benefit $ 2,063 $ 1,964 Deferred tax benefit (expense) 26,634 (17,743) Income tax benefit (expense) $ 28,697 $ (15,779) The effective tax rates for the three months ended March 31, 2021 and 2020 were 7.9% and (5.8)%, respectively. The effective tax rate in the first quarter of 2021 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. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020: (In thousands) March 31, December 31, Structures $ 2,354,220 $ 2,378,124 Furniture and other equipment 247,411 244,913 Land, buildings and improvements 149,463 149,992 Construction in progress 35,839 42,366 2,786,933 2,815,395 Less: Accumulated depreciation 1,946,641 1,926,571 Property, plant and equipment, net $ 840,292 $ 888,824 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of March 31, 2021 and December 31, 2020: (In thousands) March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived permits $ 707,578 $ — $ 826,528 $ — Transit, street furniture and other outdoor 453,305 (394,722) 458,316 (398,186) Permanent easements 163,258 — 162,900 — Trademarks 83,569 (16,312) 83,569 (14,229) Other 2,030 (1,685) 2,072 (1,691) Total intangible assets $ 1,409,740 $ (412,719) $ 1,533,385 $ (414,106) The Company performs its annual impairment test for indefinite-lived permits as of July 1 of each year, and more frequently as events or changes in circumstances warrant. The Company tested its indefinite-lived permits for impairment during both the first quarters of 2021 and 2020 due to indicators of impairment, specifically, due to an increase in the discount rate during 2021 and due to expected negative financial statement impacts from COVID-19 during 2020. This testing in both quarters indicated impairment of indefinite-lived permits, resulting in charges of $119.0 million and $123.1 million recorded during the three months ended March 31, 2021 and 2020, respectively. Goodwill The following table presents changes in the goodwill balance for the Company’s segments during the three months ended March 31, 2021: (In thousands) Americas Europe Other Consolidated Balance as of December 31, 2020 (1) $ 507,819 $ 201,818 $ — $ 709,637 Foreign currency — (8,587) — (8,587) Balance as of March 31, 2021 $ 507,819 $ 193,231 $ — $ 701,050 (1) The balance at December 31, 2020 is net of cumulative impairments of $2.6 billion, $191.4 million and $90.4 million for Americas, Europe and Other, respectively. |
COST-SAVINGS INITIATIVES
COST-SAVINGS INITIATIVES | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
COST-SAVINGS INITIATIVES | COST-SAVINGS INITIATIVES During 2020, the Company committed to restructuring plans to reduce headcount in the Americas and Europe segments as well as in Latin America, primarily in response to the impact of COVID-19. The Americas plan and the Latin America portion of the international plan were completed in 2020. In Europe, the Company is continuing to make relevant announcements to employees on a country by country basis and is continuing consultations with the works council, employee representatives, unions and other relevant organizations regarding the intended reduction in force and related cost reduction and restructuring actions. In April 2021, the Company revised its international restructuring plan to reflect delays in implementing the Europe portion of the plan and additional headcount reductions in Europe. The Company expects this revised plan to be substantially complete by the end of the first quarter of 2023 and estimates that total charges for the Europe portion of the international restructuring plan, which includes charges already incurred, will be in a range of approximately $51 million to $56 million. As of March 31, 2021, the Company had incurred a total amount of $10.0 million in costs in its Europe segment in connection with the Europe portion of the restructuring plan, including $1.7 million during the three months ended March 31, 2021. Substantially all charges related to this plan were or are expected to be severance benefits and related costs. The following table presents changes in the liability balances related to these restructuring plans during the three months ended March 31, 2021: (In thousands) Americas Europe Other Corporate Total Balance as of December 31, 2020 $ 2,533 $ 2,455 $ — $ 818 $ 5,806 Costs incurred and charged to Direct operating expenses (1) — 285 — — 285 Costs incurred and charged to Selling, general and administrative expenses (1) — 1,380 — — 1,380 Costs incurred and charged to Corporate expenses — — — 901 901 Costs paid or otherwise settled (1,067) (2,835) — (742) (4,644) Balance as of March 31, 2021 $ 1,466 $ 1,285 $ — $ 977 $ 3,728 (1) Costs are categorized as Restructuring and other costs and are therefore excluded from Segment Adjusted EBITDA. In addition, during the three months ended March 31, 2021, the Company incurred $1.4 million of restructuring costs in Corporate related to termination benefits associated with a cost-savings initiative outside of the aforementioned restructuring plans, which was substantially completed and paid as of March 31, 2021. |
NET LOSS PER SHARE
NET LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
NET LOSS PER SHARE | NET LOSS PER SHARE The following table presents the computation of net loss per share for the three months ended March 31, 2021 and 2020: (In thousands, except per share data) Three Months Ended 2021 2020 Numerator: Net loss attributable to the Company – common shares $ (332,353) $ (277,491) Denominator: Weighted average common shares outstanding – basic 465,865 463,465 Weighted average common shares outstanding – diluted 465,865 463,465 Net loss attributable to the Company per share of common stock: Basic $ (0.71) $ (0.60) Diluted $ (0.71) $ (0.60) Outstanding equity awards of 25.9 million and 13.4 million shares for the three months ended March 31, 2021 and 2020, respectively, were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
OTHER INFORMATION
OTHER INFORMATION | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER INFORMATION | OTHER INFORMATION 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 Condensed Consolidated Statements of Cash Flows: (In thousands) March 31, December 31, Cash and cash equivalents in the Balance Sheet $ 642,191 $ 785,308 Restricted cash included in: Other current assets 1,170 1,433 Other assets 7,914 8,320 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 651,275 $ 795,061 Accounts Receivable and Allowance for Credit Losses The following table discloses the components of “Accounts receivable, net,” as reported in the Consolidated Balance Sheets: (In thousands) March 31, December 31, Accounts receivable $ 388,171 $ 500,372 Less: Allowance for credit losses (29,671) (32,043) Accounts receivable, net $ 358,500 $ 468,329 Credit loss expense related to accounts receivable was $(0.7) million and $3.7 million during the three months ended March 31, 2021 and 2020, respectively. Other Comprehensive Loss |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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. 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 2020 Annual Report on Form 10-K, filed on February 25, 2021. Certain prior period amounts have been reclassified to conform to the 2021 presentation. |
Use of Estimates | Use of Estimates 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; defined-benefit plan obligations; the allowance for credit losses; assessment of 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 uncertainty in estimating the expected economic and operational impacts relative to COVID-19 as the situation continues to evolve. 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. |
New Accounting Pronouncements Recently and Not Yet Adopted | New Accounting Pronouncements Recently Adopted The Company adopted the guidance under Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes , as of January 1, 2021 on a prospective basis. This update, which simplifies the accounting for income taxes by removing certain existing exceptions to the general principles in Topic 740, does not have a material impact on the Company’s consolidated financial statements or disclosures. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , in order to ease the potential burden of accounting for reference rate reform initiatives, an ongoing effort amongst regulators, standard setters, financial institutions and other market participants to replace the London Interbank Offered Rate (“LIBOR”) with alternative reference rates. The update provides temporary optional expedients and exceptions for applying GAAP contract modification accounting to contracts and other transactions affected by reference rate reform if certain criteria are met and may be applied through December 31, 2022. The Company is currently assessing whether it will use these optional expedients and exceptions but does not currently expect adoption of this guidance to have a material impact on the Company’s consolidated financial statements or disclosures. In March 2021, the ICE Benchmark Administration, LIBOR’s administrator, announced that it will cease publication of certain LIBOR rates after December 31, 2021 and that USD LIBOR rates that do not cease as of this date will continue to be published through June 30, 2023. The Company is evaluating its debt agreements and commercial contracts that may utilize LIBOR as the reference rate and will continue to monitor and assess regulatory developments during the transition period. |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Results | The following table presents the Company’s reportable segment results for the three months ended March 31, 2021 and 2020: (In thousands) Three Months Ended March 31, 2021 2020 Revenue Americas $ 211,884 $ 295,787 Europe 149,524 211,690 Other (1) 9,500 43,332 Total $ 370,908 $ 550,809 Capital Expenditures Americas $ 5,725 $ 15,817 Europe 8,050 10,095 Other (1) 1,313 6,342 Corporate 2,830 3,640 Total $ 17,918 $ 35,894 Segment Adjusted EBITDA Americas $ 64,220 $ 107,958 Europe (67,629) (14,111) Other (1) (3,825) (15,187) Total $ (7,234) $ 78,660 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ (7,234) $ 78,660 Less reconciling items: Corporate expenses (2) 34,042 36,338 Depreciation and amortization 61,852 75,753 Impairment charges 118,950 123,137 Restructuring and other costs (3) 2,718 1,824 Other operating expense, net 117 6,021 Interest expense, net 92,693 90,142 Other charges (4) 44,547 18,889 Consolidated net loss before income taxes $ (362,153) $ (273,444) (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. (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 and Other income (expense), net. |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 segment, for the three months ended March 31, 2021 and 2020: (In thousands) Revenue from contracts with customers Revenue from leases Total Revenue Three Months Ended March 31, 2021 Americas (1) $ 94,068 $ 117,816 $ 211,884 Europe 131,678 17,846 149,524 Other (2) 7,630 1,870 9,500 Total $ 233,376 $ 137,532 $ 370,908 Three Months Ended March 31, 2020 Americas (1) $ 163,278 $ 132,509 $ 295,787 Europe 187,190 24,500 211,690 Other (2) 39,276 4,056 43,332 Total $ 389,744 $ 161,065 $ 550,809 (1) Americas total revenue includes revenue from transit displays of $21.4 million and $55.5 million for the three months ended March 31, 2021 and 2020, respectively, including revenue from airport displays of $19.5 million and $51.9 million, respectively. (2) 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. Total revenue for the Company’s Latin America business was $18.5 million for the three months ended March 31, 2020. |
Summary of Contract with Customer, Asset and Liability | The following tables show the Company’s beginning and ending accounts receivable and deferred revenue balances from contracts with customers: Three Months Ended March 31, (In thousands) 2021 2020 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 349,799 $ 581,555 Ending balance $ 243,689 $ 375,509 Deferred revenue from contracts with customers: Beginning balance $ 37,712 $ 52,589 Ending balance $ 46,773 $ 57,022 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding as of March 31, 2021 and December 31, 2020 consisted of the following: (In thousands) March 31, December 31, Term Loan Facility (1) $ 1,970,000 $ 1,975,000 Revolving Credit Facility 130,000 130,000 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 375,000 375,000 Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028 (2) 1,000,000 — Clear Channel Worldwide Holdings 9.25% Senior Notes Due 2024 (2) 961,525 1,901,525 Other debt 5,136 6,763 Original issue discount (7,972) (8,296) Long-term debt fees (58,014) (57,706) Total debt $ 5,625,675 $ 5,572,286 Less: Current portion 21,353 21,396 Total long-term debt $ 5,604,322 $ 5,550,890 (1) In March 2021, the Company paid $5.0 million of the outstanding principal on the term loan facility (“Term Loan Facility”) in accordance with the terms of the senior secured credit agreement ("Senior Secured Credit Agreement") governing the senior secured credit facilities, which consist of the Term Loan Facility and the revolving credit facility (“Revolving Credit Facility”). (2) On February 17, 2021, the Company issued $1.0 billion in aggregate principal amount of 7.75% Senior Notes due 2028. On March 4, 2021, the Company used the net proceeds from this issuance to cause Clear Channel Worldwide Holdings, Inc., a subsidiary of the Company, to redeem $940.0 million aggregate principal amount of its 9.25% Senior Notes due 2024 (“CCWH Senior Notes”) at a redemption price equal to 104.625% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. As a result of this partial redemption, the Company recognized a loss on debt extinguishment of $51.1 million during the three months ended March 31, 2021. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Benefit (Expense) | The Company’s income tax benefit (expense) for the three months ended March 31, 2021 and 2020 consisted of the following components: (In thousands) Three Months Ended March 31, 2021 2020 Current tax benefit $ 2,063 $ 1,964 Deferred tax benefit (expense) 26,634 (17,743) Income tax benefit (expense) $ 28,697 $ (15,779) |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following classes of assets as of March 31, 2021 and December 31, 2020: (In thousands) March 31, December 31, Structures $ 2,354,220 $ 2,378,124 Furniture and other equipment 247,411 244,913 Land, buildings and improvements 149,463 149,992 Construction in progress 35,839 42,366 2,786,933 2,815,395 Less: Accumulated depreciation 1,946,641 1,926,571 Property, plant and equipment, net $ 840,292 $ 888,824 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets as of March 31, 2021 and December 31, 2020: (In thousands) March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived permits $ 707,578 $ — $ 826,528 $ — Transit, street furniture and other outdoor 453,305 (394,722) 458,316 (398,186) Permanent easements 163,258 — 162,900 — Trademarks 83,569 (16,312) 83,569 (14,229) Other 2,030 (1,685) 2,072 (1,691) Total intangible assets $ 1,409,740 $ (412,719) $ 1,533,385 $ (414,106) |
Schedule of Goodwill | The following table presents changes in the goodwill balance for the Company’s segments during the three months ended March 31, 2021: (In thousands) Americas Europe Other Consolidated Balance as of December 31, 2020 (1) $ 507,819 $ 201,818 $ — $ 709,637 Foreign currency — (8,587) — (8,587) Balance as of March 31, 2021 $ 507,819 $ 193,231 $ — $ 701,050 (1) The balance at December 31, 2020 is net of cumulative impairments of $2.6 billion, $191.4 million and $90.4 million for Americas, Europe and Other, respectively. |
COST-SAVINGS INITIATIVES (Table
COST-SAVINGS INITIATIVES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table presents changes in the liability balances related to these restructuring plans during the three months ended March 31, 2021: (In thousands) Americas Europe Other Corporate Total Balance as of December 31, 2020 $ 2,533 $ 2,455 $ — $ 818 $ 5,806 Costs incurred and charged to Direct operating expenses (1) — 285 — — 285 Costs incurred and charged to Selling, general and administrative expenses (1) — 1,380 — — 1,380 Costs incurred and charged to Corporate expenses — — — 901 901 Costs paid or otherwise settled (1,067) (2,835) — (742) (4,644) Balance as of March 31, 2021 $ 1,466 $ 1,285 $ — $ 977 $ 3,728 (1) Costs are categorized as Restructuring and other costs and are therefore excluded from Segment Adjusted EBITDA. |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Computation of Earnings Per Share | The following table presents the computation of net loss per share for the three months ended March 31, 2021 and 2020: (In thousands, except per share data) Three Months Ended 2021 2020 Numerator: Net loss attributable to the Company – common shares $ (332,353) $ (277,491) Denominator: Weighted average common shares outstanding – basic 465,865 463,465 Weighted average common shares outstanding – diluted 465,865 463,465 Net loss attributable to the Company per share of common stock: Basic $ (0.71) $ (0.60) Diluted $ (0.71) $ (0.60) |
OTHER INFORMATION (Tables)
OTHER INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 Condensed Consolidated Statements of Cash Flows: (In thousands) March 31, December 31, Cash and cash equivalents in the Balance Sheet $ 642,191 $ 785,308 Restricted cash included in: Other current assets 1,170 1,433 Other assets 7,914 8,320 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 651,275 $ 795,061 |
Schedule of Accounts Receivable, Net | The following table discloses the components of “Accounts receivable, net,” as reported in the Consolidated Balance Sheets: (In thousands) March 31, December 31, Accounts receivable $ 388,171 $ 500,372 Less: Allowance for credit losses (29,671) (32,043) Accounts receivable, net $ 358,500 $ 468,329 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2021 | Apr. 28, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Non-cash operating lease expense | $ 22,700 | ||
European governmental support and wage subsidies received, COVID-19 | 4,700 | ||
Costs incurred | $ 10,000 | ||
Corporate Expenses | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Costs incurred | 901 | ||
Europe | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Costs incurred | 1,700 | ||
Europe | Corporate Expenses | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Costs incurred | 0 | ||
Corporate | Corporate Expenses | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Costs incurred | $ 901 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Clear Media Limited | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Ownership percentage sold | 50.91% |
SEGMENT DATA (Details)
SEGMENT DATA (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 2 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 370,908 | $ 550,809 |
Capital Expenditures | 17,918 | 35,894 |
Segment Adjusted EBITDA | (7,234) | 78,660 |
Corporate expenses | 34,042 | 36,338 |
Depreciation, amortization and impairment charges | 61,852 | 75,753 |
Impairment charges | 118,950 | 123,137 |
Restructuring and other costs | 2,718 | 1,824 |
Other operating income, net | 117 | 6,021 |
Interest expense, net | 92,693 | 90,142 |
Other charges | 44,547 | 18,889 |
Consolidated net loss before income taxes | (362,153) | (273,444) |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 370,908 | 550,809 |
Segment Adjusted EBITDA | (7,234) | 78,660 |
Operating segments | Americas | ||
Segment Reporting Information [Line Items] | ||
Revenue | 211,884 | 295,787 |
Capital Expenditures | 5,725 | 15,817 |
Segment Adjusted EBITDA | 64,220 | 107,958 |
Operating segments | Europe | ||
Segment Reporting Information [Line Items] | ||
Revenue | 149,524 | 211,690 |
Capital Expenditures | 8,050 | 10,095 |
Segment Adjusted EBITDA | (67,629) | (14,111) |
Operating segments | Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 9,500 | 43,332 |
Capital Expenditures | 1,313 | 6,342 |
Segment Adjusted EBITDA | (3,825) | (15,187) |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | 2,830 | 3,640 |
Corporate expenses | $ 34,042 | $ 36,338 |
REVENUE - Revenue by Segment an
REVENUE - Revenue by Segment and Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue from contracts with customers | $ 233,376 | $ 389,744 |
Revenue from leases | 137,532 | 161,065 |
Revenue | 370,908 | 550,809 |
Americas | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue from contracts with customers | 94,068 | 163,278 |
Revenue from leases | 117,816 | 132,509 |
Revenue | 211,884 | 295,787 |
Americas | Transit Displays | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue | 21,400 | 55,500 |
Americas | Airport Displays | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue | 19,500 | 51,900 |
Europe | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue from contracts with customers | 131,678 | 187,190 |
Revenue from leases | 17,846 | 24,500 |
Revenue | 149,524 | 211,690 |
Other | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue from contracts with customers | 7,630 | 39,276 |
Revenue from leases | 1,870 | 4,056 |
Revenue | $ 9,500 | 43,332 |
Latin America | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenue | $ 18,500 |
REVENUE - Schedule of Contract
REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Accounts receivable, net of allowance, from contracts with customers: | |||
Beginning balance | $ 349,799 | $ 375,509 | $ 581,555 |
Ending balance | 243,689 | 349,799 | 375,509 |
Deferred revenue from contracts with customers: | |||
Beginning balance | 37,712 | 57,022 | 52,589 |
Ending balance | $ 46,773 | $ 37,712 | $ 57,022 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities, revenue recognized | $ 28 | $ 40.8 |
Revenue, remaining performance obligation | $ 113.9 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, period | 5 years |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) - USD ($) | Mar. 04, 2021 | Feb. 17, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||
Total debt | $ 5,625,675,000 | $ 5,625,675,000 | $ 5,572,286,000 | |||
Original issue discount | (7,972,000) | (7,972,000) | (8,296,000) | |||
Long-term debt fees | (58,014,000) | (58,014,000) | (57,706,000) | |||
Less: Current portion | 21,353,000 | 21,353,000 | 21,396,000 | |||
Total long-term debt | 5,604,322,000 | 5,604,322,000 | 5,550,890,000 | |||
Loss on extinguishment of debt | (51,101,000) | $ 0 | ||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 130,000,000 | 130,000,000 | 130,000,000 | |||
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 | 1,970,000,000 | 1,970,000,000 | 1,975,000,000 | |||
Payments of debt | 5,000,000 | |||||
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 | 375,000,000 | |||
Stated interest rate (as a percent) | 6.625% | 6.625% | ||||
Senior Notes | Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 1,000,000,000 | $ 1,000,000,000 | 0 | |||
Stated interest rate (as a percent) | 7.75% | 7.75% | ||||
Principal amount of note | $ 1,000,000,000 | |||||
Redemption price, percent of aggregate principal amount (as a percent) | 100.00% | |||||
Senior Notes | Clear Channel Worldwide Holdings Senior Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 961,525,000 | $ 961,525,000 | 1,901,525,000 | |||
Stated interest rate (as a percent) | 9.25% | 9.25% | ||||
Redemption of senior notes | $ 940,000,000 | |||||
Redemption price, percent of aggregate principal amount (as a percent) | 104.625% | |||||
Unsecured Debt | Other debt | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 5,136,000 | $ 5,136,000 | $ 6,763,000 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) | Feb. 17, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | May 10, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | |||||
Loss on debt extinguishment | $ 51,101,000 | $ 0 | |||
Subsequent Event | |||||
Guarantor Obligations [Line Items] | |||||
Minimum required cash on hand | $ 150,000,000 | ||||
Surety bonds | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee obligations | 94,400,000 | ||||
Bank Guarantees | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee obligations | 32,000,000 | ||||
Bank guarantees backed by cash collateral | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee obligations | 8,700,000 | ||||
Revolving Credit Facility | |||||
Guarantor Obligations [Line Items] | |||||
Letters of credit outstanding | 43,200,000 | ||||
Excess borrowing capacity | $ 1,800,000 | ||||
Senior Notes | Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028 | |||||
Guarantor Obligations [Line Items] | |||||
Aggregate principal amount | $ 1,000,000,000 | ||||
Stated interest rate (as a percent) | 7.75% | ||||
Redemption price, percent of aggregate principal amount (as a percent) | 100.00% | ||||
Senior Notes | Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028 | Any time prior to April 15, 2024 | |||||
Guarantor Obligations [Line Items] | |||||
Redemption price, percent of aggregate principal amount (as a percent) | 107.75% | ||||
Debt instrument, redemption percentage allowed | 40.00% | ||||
Line of Credit | Revolving Credit Facility | New Receivables-Based Credit Facility | |||||
Guarantor Obligations [Line Items] | |||||
Letters of credit outstanding | $ 60,600,000 | ||||
Excess borrowing capacity | 24,800,000 | ||||
Maximum borrowing capacity | 125,000,000 | ||||
Level 1 | |||||
Guarantor Obligations [Line Items] | |||||
Aggregate market value of debt | $ 5,700,000,000 | $ 5,600,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2021USD ($) | Mar. 31, 2021USD ($)employee | Dec. 31, 2020USD ($) | Apr. 28, 2020 | Dec. 31, 2017USD ($) | |
Income Tax Examination [Line Items] | |||||
Number of employees convicted | employee | 2 | ||||
Decrease in other long term liabilities from misstatement | $ (194,693) | $ (198,751) | |||
VAT Obligation | |||||
Income Tax Examination [Line Items] | |||||
Decrease in other long term liabilities from misstatement | $ 16,900 | ||||
VAT Obligation | Ministry of Economic Affairs and Finance, Italy | |||||
Income Tax Examination [Line Items] | |||||
Estimated loss from Italy investigation | $ 21,700 | ||||
Payment of income tax penalties and interest | $ 3,500 | 8,100 | |||
VAT recoverable | $ 1,700 | ||||
Payment period for residual amount | 4 years | ||||
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% |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Current tax benefit | $ 2,063 | $ 1,964 |
Deferred tax benefit (expense) | 26,634 | (17,743) |
Income tax benefit (expense) | $ 28,697 | $ (15,779) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Apr. 28, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Effective tax rate (as a percent) | 7.90% | (5.80%) | |
Tax effect from sale of business, total expense | $ 44.8 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Clear Media Limited | |||
Operating Loss Carryforwards [Line Items] | |||
Ownership percentage sold | 50.91% |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,786,933 | $ 2,815,395 |
Less: Accumulated depreciation | 1,946,641 | 1,926,571 |
Property, plant and equipment, net | 840,292 | 888,824 |
Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,354,220 | 2,378,124 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 247,411 | 244,913 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 149,463 | 149,992 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 35,839 | $ 42,366 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived permits | $ 707,578 | $ 826,528 | |
Gross Carrying Amount | 1,409,740 | 1,533,385 | |
Accumulated Amortization | (412,719) | (414,106) | |
Impairment of indefinite-lived permits | 118,950 | $ 123,137 | |
Permits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite-lived permits | 119,000 | $ 123,100 | |
Transit, street furniture and other outdoor contractual rights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 453,305 | 458,316 | |
Accumulated Amortization | (394,722) | (398,186) | |
Permanent easements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 163,258 | 162,900 | |
Accumulated Amortization | 0 | 0 | |
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 83,569 | 83,569 | |
Accumulated Amortization | (16,312) | (14,229) | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2,030 | 2,072 | |
Accumulated Amortization | $ (1,685) | $ (1,691) |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Goodwill | ||
Beginning balance | $ 709,637 | |
Foreign currency | (8,587) | |
Ending balance | 701,050 | $ 709,637 |
Americas | ||
Goodwill | ||
Beginning balance | 507,819 | |
Foreign currency | 0 | |
Ending balance | 507,819 | 507,819 |
Goodwill, cumulative impairment | 2,600,000 | |
Europe | ||
Goodwill | ||
Beginning balance | 201,818 | |
Foreign currency | (8,587) | |
Ending balance | 193,231 | 201,818 |
Goodwill, cumulative impairment | 191,400 | |
Other | ||
Goodwill | ||
Beginning balance | 0 | |
Foreign currency | 0 | |
Ending balance | $ 0 | 0 |
Goodwill, cumulative impairment | $ 90,400 |
COST-SAVINGS INITIATIVES (Detai
COST-SAVINGS INITIATIVES (Details) $ in Thousands | 3 Months Ended | 15 Months Ended |
Mar. 31, 2021USD ($) | Mar. 31, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | ||
Balance as of December 31, 2020 | $ 5,806 | |
Costs incurred | $ 10,000 | |
Costs paid or otherwise settled | (4,644) | |
Balance as of March 31, 2021 | 3,728 | 3,728 |
Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected total cost | 51,000 | 51,000 |
Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected total cost | 56,000 | 56,000 |
Americas | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of December 31, 2020 | 2,533 | |
Costs paid or otherwise settled | (1,067) | |
Balance as of March 31, 2021 | 1,466 | 1,466 |
Europe | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of December 31, 2020 | 2,455 | |
Costs incurred | 1,700 | |
Costs paid or otherwise settled | (2,835) | |
Balance as of March 31, 2021 | 1,285 | 1,285 |
Other | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of December 31, 2020 | 0 | |
Costs paid or otherwise settled | 0 | |
Balance as of March 31, 2021 | 0 | 0 |
Corporate | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of December 31, 2020 | 818 | |
Costs paid or otherwise settled | (742) | |
Balance as of March 31, 2021 | 977 | $ 977 |
Corporate | Termination benefits | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 1,400 | |
Operating Expense | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 285 | |
Operating Expense | Americas | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 0 | |
Operating Expense | Europe | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 285 | |
Operating Expense | Other | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 0 | |
Operating Expense | Corporate | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 0 | |
Selling, General and Administrative Expenses | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 1,380 | |
Selling, General and Administrative Expenses | Americas | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 0 | |
Selling, General and Administrative Expenses | Europe | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 1,380 | |
Selling, General and Administrative Expenses | Other | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 0 | |
Selling, General and Administrative Expenses | Corporate | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 0 | |
Corporate Expenses | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 901 | |
Corporate Expenses | Americas | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 0 | |
Corporate Expenses | Europe | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 0 | |
Corporate Expenses | Other | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | 0 | |
Corporate Expenses | Corporate | ||
Restructuring Reserve [Roll Forward] | ||
Costs incurred | $ 901 |
NET LOSS PER SHARE - Computatio
NET LOSS PER SHARE - Computation of Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net loss attributable to the Company – common shares | $ (332,353) | $ (277,491) |
Denominator: | ||
Weighted average common shares outstanding - basic (in shares) | 465,865 | 463,465 |
Weighted average common shares outstanding - diluted (in shares) | 465,865 | 463,465 |
Net loss attributable to the Company per share of common stock: | ||
Basic (in dollars per share) | $ (0.71) | $ (0.60) |
Diluted (in dollars per share) | $ (0.71) | $ (0.60) |
Outstanding equity awards not included in computation of diluted earnings per share (in shares) | 25,900 | 13,400 |
OTHER INFORMATION - Schedule of
OTHER INFORMATION - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Other Income and Expenses [Abstract] | ||||
Cash and cash equivalents | $ 642,191 | $ 785,308 | ||
Restricted cash included in: | ||||
Other current assets | 1,170 | 1,433 | ||
Other assets | 7,914 | 8,320 | ||
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows | $ 651,275 | $ 795,061 | $ 418,419 | $ 417,075 |
OTHER INFORMATION - Schedule _2
OTHER INFORMATION - Schedule of Accounts Receivable and Allowance For Credit Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Income and Expenses [Abstract] | ||
Accounts receivable | $ 388,171 | $ 500,372 |
Less: Allowance for credit losses | (29,671) | (32,043) |
Accounts receivable, net | $ 358,500 | $ 468,329 |
OTHER INFORMATION - Narrative (
OTHER INFORMATION - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Bad debt expense | $ (700,000) | $ 3,700,000 |
Increase (decrease) of pensions on deferred income tax liabilities | $ 0 | $ 0 |
Uncategorized Items - cco-20210
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201613Member |