Clear Channel Outdoor (CCO) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-32663
Entity Registrant Name	CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0318078
Entity Address, Address Line One	4830 North Loop 1604 West,
Entity Address, Address Line Two	Suite 111
Entity Address, City or Town	San Antonio,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78249
City Area Code	(210)
Local Phone Number	547-8800
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CCO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding (in shares)		476,151,123
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001334978
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 314,616	$ 410,767
Accounts receivable, net	584,831	643,116
Prepaid expenses	55,773	54,180
Other current assets	27,312	26,458
Total Current Assets	982,532	1,134,521
PROPERTY, PLANT AND EQUIPMENT
Structures, net	577,524	622,738
Other property, plant and equipment, net	199,769	204,508
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived permits	707,643	717,666
Other intangible assets, net	259,952	271,448
Goodwill	684,361	698,704
OTHER ASSETS
Operating lease right-of-use assets	1,561,364	1,567,468
Other assets	81,042	82,302
Total Assets	5,054,187	5,299,355
CURRENT LIABILITIES
Accounts payable	90,397	108,567
Accrued expenses	438,233	523,364
Current operating lease liabilities	298,462	316,692
Accrued interest	69,853	66,444
Deferred revenue	98,680	76,712
Current portion of long-term debt	21,051	21,165
Total Current Liabilities	1,016,676	1,112,944
NON-CURRENT LIABILITIES
Long-term debt	5,575,769	5,583,788
Non-current operating lease liabilities	1,310,405	1,310,917
Deferred tax liabilities, net	342,410	324,579
Other long-term liabilities	151,177	161,097
Total Liabilities	8,396,437	8,493,325
Commitments and Contingencies
STOCKHOLDERS’ DEFICIT
Noncontrolling interest	11,289	11,060
Common stock, par value $0.01 per share: 2,350,000,000 shares authorized (482,887,254 shares issued as of June 30, 2022; 474,480,862 shares issued as of December 31, 2021)	4,829	4,745
Additional paid-in capital	3,533,873	3,522,367
Accumulated deficit	(6,528,881)	(6,373,349)
Accumulated other comprehensive loss	(345,474)	(350,950)
Treasury stock (6,759,177 shares held as of June 30, 2022; 3,671,788 shares held as of December 31, 2021)	(17,886)	(7,843)
Total Stockholders' Deficit	(3,342,250)	(3,193,970)
Total Liabilities and Stockholders' Deficit	$ 5,054,187	$ 5,299,355

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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)	482,887,254	474,480,862
Treasury stock (in shares)	6,759,177	3,671,788

CONSOLIDATED STATEMENTS OF LOSS

CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue		$ 643,380	$ 531,082	$ 1,169,068	$ 901,990
Operating expenses:
Direct operating expenses	[1]	331,325	306,224	652,527	589,514
Selling, general and administrative expenses	[1]	118,294	112,865	227,251	210,435
Corporate expenses	[1]	39,081	37,728	82,726	71,770
Depreciation and amortization		60,577	62,567	120,984	124,419
Impairment charges		21,805	0	21,805	118,950
Other operating expense (income), net		1,367	(1,740)	(3,544)	(1,623)
Operating income (loss)		70,931	13,438	67,319	(211,475)
Interest expense, net		(86,594)	(90,242)	(169,392)	(182,935)
Loss on extinguishment of debt		0	(51,656)	0	(102,757)
Other income (expense), net		(26,235)	3,631	(32,234)	10,185
Loss before income taxes		(41,898)	(124,829)	(134,307)	(486,982)
Income tax benefit (expense)		(23,419)	428	(20,739)	29,125
Consolidated net loss		(65,317)	(124,401)	(155,046)	(457,857)
Less amount attributable to noncontrolling interest		347	179	486	(924)
Net loss attributable to the Company		$ (65,664)	$ (124,580)	$ (155,532)	$ (456,933)
Net loss attributable to the Company per share of common stock - basic (in dollars per share)		$ (0.14)	$ (0.27)	$ (0.33)	$ (0.98)
Net loss attributable to the Company per share of common stock - diluted (in dollars per share)		$ (0.14)	$ (0.27)	$ (0.33)	$ (0.98)
[1]Excludes depreciation and amortization

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss attributable to the Company	$ (65,664)	$ (124,580)	$ (155,532)	$ (456,933)
Other comprehensive income (loss):
Foreign currency translation adjustments	1,194	1,426	5,459	(17,920)
Reclassification adjustments	0	0	0	944
Other comprehensive income (loss)	1,194	1,426	5,459	(16,976)
Comprehensive loss	(64,470)	(123,154)	(150,073)	(473,909)
Less amount attributable to noncontrolling interest	(11)	3	(17)	(7)
Comprehensive loss attributable to the Company	$ (64,459)	$ (123,157)	$ (150,056)	$ (473,902)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Non-controlling Interest	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock
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 income (loss)	(457,857)		(924)		(456,933)
Exercise of stock options and release of stock awards (in shares)		5,132,253
Exercise of stock options and release of stock awards	(3,089)	$ 51		(50)			(3,090)
Share-based compensation	8,457			8,457
Payments to noncontrolling interests	(155)		(155)
Other comprehensive income (loss)	(16,976)		(7)			(16,969)
Ending balance (in shares) at Jun. 30, 2021		473,835,417
Ending balance at Jun. 30, 2021	(3,252,222)	$ 4,738	9,769	3,511,398	(6,396,467)	(375,489)	(6,171)
Beginning balance (in shares) at Mar. 31, 2021		469,223,507
Beginning balance at Mar. 31, 2021	(3,130,626)	$ 4,692	9,633	3,506,938	(6,271,887)	(376,912)	(3,090)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(124,401)		179		(124,580)
Exercise of stock options and release of stock awards (in shares)		4,611,910
Exercise of stock options and release of stock awards	(3,081)	$ 46		(46)			(3,081)
Share-based compensation	4,506			4,506
Payments to noncontrolling interests	(46)		(46)
Other comprehensive income (loss)	1,426		3			1,423
Ending balance (in shares) at Jun. 30, 2021		473,835,417
Ending balance at Jun. 30, 2021	(3,252,222)	$ 4,738	9,769	3,511,398	(6,396,467)	(375,489)	(6,171)
Beginning balance (in shares) at Dec. 31, 2021		474,480,862
Beginning balance at Dec. 31, 2021	(3,193,970)	$ 4,745	11,060	3,522,367	(6,373,349)	(350,950)	(7,843)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(155,046)		486		(155,532)
Exercise of stock options and release of stock awards (in shares)		8,406,392
Exercise of stock options and release of stock awards	(10,043)	$ 84		(84)			(10,043)
Share-based compensation	11,590			11,590
Payments to noncontrolling interests	(240)		(240)
Other comprehensive income (loss)	5,459		(17)			5,476
Ending balance (in shares) at Jun. 30, 2022		482,887,254
Ending balance at Jun. 30, 2022	(3,342,250)	$ 4,829	11,289	3,533,873	(6,528,881)	(345,474)	(17,886)
Beginning balance (in shares) at Mar. 31, 2022		475,023,448
Beginning balance at Mar. 31, 2022	(3,274,931)	$ 4,750	10,994	3,527,076	(6,463,217)	(346,679)	(7,855)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(65,317)		347		(65,664)
Exercise of stock options and release of stock awards (in shares)		7,863,806
Exercise of stock options and release of stock awards	(10,031)	$ 79		(79)			(10,031)
Share-based compensation	6,876			6,876
Payments to noncontrolling interests	(41)		(41)
Other comprehensive income (loss)	1,194		(11)			1,205
Ending balance (in shares) at Jun. 30, 2022		482,887,254
Ending balance at Jun. 30, 2022	$ (3,342,250)	$ 4,829	$ 11,289	$ 3,533,873	$ (6,528,881)	$ (345,474)	$ (17,886)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Consolidated net loss	$ (155,046)	$ (457,857)
Reconciling items:
Depreciation, amortization and impairment charges	142,789	243,369
Non-cash operating lease expense	168,148	185,284
Loss on extinguishment of debt	0	102,757
Deferred taxes	17,719	(28,104)
Gain on disposal of operating and other assets, net	(13,710)	(2,051)
Foreign exchange transaction loss (gain)	34,241	(8,685)
Other reconciling items, net	14,854	6,836
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	45,522	(578)
Increase in prepaid expenses and other operating assets	(16,716)	(7,600)
Decrease in accounts payable and accrued expenses	(59,058)	(31,592)
Decrease in operating lease liabilities	(181,735)	(202,948)
Increase (decrease) in accrued interest	3,555	(35,284)
Increase in deferred revenue	14,902	5,482
Increase (decrease) in other operating liabilities	3,774	(1,273)
Net cash provided by (used for) operating activities	19,239	(232,244)
Cash flows from investing activities:
Capital expenditures	(81,108)	(49,766)
Asset acquisitions	(24,255)	(1,510)
Proceeds from disposal of assets	20,430	3,640
Other investing activities, net	(121)	524
Net cash used for investing activities	(85,054)	(47,112)
Cash flows from financing activities:
Proceeds from long-term debt	0	2,085,570
Payments on long-term debt	(10,658)	(2,000,276)
Debt issuance costs	0	(24,417)
Taxes paid related to net share settlement of equity awards	(10,043)	(3,090)
Other financing activities, net	(240)	(155)
Net cash provided by (used for) financing activities	(20,941)	57,632
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8,388)	(44)
Net decrease in cash, cash equivalents and restricted cash	(95,144)	(221,768)
Cash, cash equivalents and restricted cash at beginning of period	419,971	795,061
Cash, cash equivalents and restricted cash at end of period	324,827	573,293
Supplemental disclosures:
Cash paid for interest	161,334	211,982
Cash paid for income taxes, net of refunds	$ 2,442	$ 1,732

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
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 in which the Company has a controlling financial interest or for which the Company 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 (the “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 2021 Annual Report on Form 10-K, filed with the SEC on February 24, 2022. 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; measurement of compensation cost for bonus and other compensation plans; and litigation accruals. Asset Acquisitions During the six months ended June 30, 2022, the Company completed several acquisitions of out-of-home advertising assets, which included digital billboard structures, land, indefinite-lived permits and permanent easements, for total cash consideration of $24.3 million. New Accounting Pronouncements Not Yet Adopted Reference Rate Reform For the last several years, there has been an ongoing effort amongst regulators, standard setters, financial institutions and other market participants to replace interbank offered rates, including the London Interbank Offered Rate (“LIBOR”), with alternative reference rates. In the United States (“U.S.”), the Alternative Reference Rates Committee has formally recommended forward-looking Secured Overnight Financing Rate term rates as the replacement for USD LIBOR, while various other risk-free rates have been selected to replace LIBOR for other currencies. After December 31, 2021, the ICE Benchmark Administration, LIBOR’s administrator, ceased publication of certain LIBOR rates, and the remaining USD LIBOR rates will be published through June 30, 2023. The Company will continue to work with the administrative agents of its Senior Secured Credit Facilities and Receivables-Based Credit Facility to agree on replacement rates but does not expect the replacement of LIBOR to result in a material impact on its consolidated financial statements. In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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. 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 assessing whether it will use these optional expedients and exceptions but does not expect adoption of this guidance to have a material impact on the Company’s consolidated financial statements or disclosures. The Company will continue to monitor and assess regulatory developments during the transition period.

SEGMENT DATA

SEGMENT DATA	6 Months Ended
	Jun. 30, 2022
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 U.S., and the Europe segment consists of operations in Europe and Singapore. The Company’s remaining operating segment, Latin America, does not meet the quantitative threshold to qualify as a reportable segment and is disclosed as “Other” herein. 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 the Company’s segments. The following table presents the Company’s reportable segment results for the three and six months ended June 30, 2022 and 2021: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue Americas $ 346,132 $ 271,620 $ 641,271 $ 483,504 Europe 280,347 247,124 497,419 396,648 Other 16,901 12,338 30,378 21,838 Total $ 643,380 $ 531,082 $ 1,169,068 $ 901,990 Capital Expenditures Americas $ 30,224 $ 18,406 $ 48,036 $ 24,131 Europe 11,529 9,256 26,734 17,306 Other 235 907 1,106 2,220 Corporate 3,311 3,279 5,232 6,109 Total $ 45,299 $ 31,848 $ 81,108 $ 49,766 Segment Adjusted EBITDA Americas $ 148,754 $ 127,221 $ 259,090 $ 191,441 Europe 44,522 1,744 30,768 (65,885) Other 1,710 (921) 1,091 (4,746) Total $ 194,986 $ 128,044 $ 290,949 $ 120,810 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ 194,986 $ 128,044 $ 290,949 $ 120,810 Less reconciling items: Corporate expenses (1) 39,081 37,728 82,726 71,770 Depreciation and amortization 60,577 62,567 120,984 124,419 Impairment charges 21,805 — 21,805 118,950 Restructuring and other costs (2) 1,225 16,051 1,659 18,769 Other operating expense (income), net 1,367 (1,740) (3,544) (1,623) Interest expense, net 86,594 90,242 169,392 182,935 Other reconciling items (3) 26,235 48,025 32,234 92,572 Consolidated net loss before income taxes $ (41,898) $ (124,829) $ (134,307) $ (486,982) (1) Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments and certain restructuring and other costs are recorded in corporate expenses. (2) The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included within the Corporate expenses line item. (3) Other reconciling items includes Loss on extinguishment of debt and Other income (expense), net.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUEThe 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 and six months ended June 30, 2022 and 2021: (In thousands) Revenue from contracts with customers Revenue from leases Total Revenue Three Months Ended June 30, 2022 Americas (1) $ 173,876 $ 172,256 $ 346,132 Europe 257,000 23,347 280,347 Other 13,495 3,406 16,901 Total $ 444,371 $ 199,009 $ 643,380 Three Months Ended June 30, 2021 Americas (1) $ 121,904 $ 149,716 $ 271,620 Europe 218,177 28,947 247,124 Other 10,225 2,113 12,338 Total $ 350,306 $ 180,776 $ 531,082 Six Months Ended June 30, 2022 Americas (1) $ 321,756 $ 319,515 $ 641,271 Europe 453,882 43,537 497,419 Other 24,111 6,267 30,378 Total $ 799,749 $ 369,319 $ 1,169,068 Six Months Ended June 30, 2021 Americas (1) $ 215,972 $ 267,532 $ 483,504 Europe 349,855 46,793 396,648 Other 17,855 3,983 21,838 Total $ 583,682 $ 318,308 $ 901,990 (1) Americas total revenue for the three months ended June 30, 2022 and 2021 includes revenue from transit displays of $65.1 million and $27.0 million, respectively, including revenue from airport displays of $61.1 million and $24.6 million, respectively. Americas total revenue for the six months ended June 30, 2022 and 2021 includes revenue from transit displays of $124.1 million and $48.4 million, respectively, including revenue from airport displays of $117.0 million and $44.1 million, respectively. 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 June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 390,049 $ 243,689 $ 492,706 $ 349,799 Ending balance $ 433,626 $ 346,306 $ 433,626 $ 346,306 Deferred revenue from contracts with customers: Beginning balance $ 56,955 $ 46,773 $ 42,016 $ 37,712 Ending balance $ 54,617 $ 50,067 $ 54,617 $ 50,067 During the three months ended June 30, 2022 and 2021, respectively, the Company recognized $45.0 million and $36.8 million of revenue that was included in the deferred revenue from contracts with customers balance at the beginning of the respective quarter. During the six months ended June 30, 2022 and 2021, respectively, the Company recognized $35.9 million and $34.5 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 June 30, 2022, the Company expects to recognize $89.8 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration of greater than one year, with the majority of this amount to be recognized over the next five years.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt outstanding as of June 30, 2022 and December 31, 2021 consisted of the following: (In thousands) June 30, December 31, Term Loan Facility (1) $ 1,945,000 $ 1,955,000 Revolving Credit Facility — — Receivables-Based Credit Facility — — Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 1,250,000 1,250,000 Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028 1,000,000 1,000,000 Clear Channel Outdoor Holdings 7.5% Senior Notes Due 2029 1,050,000 1,050,000 Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025 375,000 375,000 Other debt (2) 35,270 39,006 Original issue discount (6,294) (6,976) Long-term debt fees (52,156) (57,077) Total debt 5,596,820 5,604,953 Less: Current portion 21,051 21,165 Total long-term debt $ 5,575,769 $ 5,583,788 (1) During the six months ended June 30, 2022, the Company paid $10.0 million of the outstanding principal on the Term Loan Facility in accordance with the terms of the senior secured credit agreement (the "Senior Secured Credit Agreement") governing the Senior Secured Credit Facilities, which consist of the Term Loan Facility and the Revolving Credit Facility. (2) Other debt includes finance leases and various borrowings utilized for general operating purposes, including a state-guaranteed loan with a third-party lender of €30.0 million, or approximately $31.4 million at current exchange rates. In April 2022, as permitted under the terms of the loan agreement, the Company elected to extend the loan’s maturity date to June 29, 2027, with quarterly principal repayments of €1.875 million due beginning in September 2023. This loan did not originally bear interest, but effective June 29, 2022, the annual interest rate is 0.7%. Additionally, in June 2022, the Company paid a fee relating to the state guarantee equal to 0.5% of the outstanding amount of the loan. Effective June 29, 2022, the annual cost of the state guarantee will be 1.0% of the outstanding loan amount through June 29, 2024 and 2.0% of the outstanding loan amount for the remainder of the loan term. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.7 billion and $5.9 billion as of June 30, 2022 and December 31, 2021, respectively. Under the fair value hierarchy established by ASC 820-10-35, the inputs used to determine the market value of the Company’s debt are classified as Level 1. As of June 30, 2022, the Company was in compliance with all covenants contained in its debt agreements. Letters of Credit, Surety Bonds and Guarantees As of June 30, 2022, the Company had $43.2 million of letters of credit outstanding under its Revolving Credit Facility, resulting in $131.8 million of remaining excess availability. Additionally, as of June 30, 2022, the Company had $43.5 million of letters of credit outstanding under its Receivables-Based Credit Facility, resulting in $81.5 million of excess availability. As of June 30, 2022, the Company had $84.9 million and $27.7 million of surety bonds and bank guarantees outstanding, respectively, a portion of which was supported by $8.8 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	6 Months Ended
	Jun. 30, 2022
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, in each case 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 disputes, governmental fines, intellectual property claims and tax disputes. China Investigation Two former employees of Clear Media Limited (“Clear Media”), a former indirect, non-wholly-owned subsidiary of the Company, have been convicted in China of certain crimes, including the crime of misappropriation of Clear Media funds, and sentenced to imprisonment. The Company is not aware of any litigation, claim or assessment pending against the Company in relation to this proceeding. The Company advised both the SEC and the U.S. Department of Justice (the "DOJ") of the investigation of Clear Media and is cooperating to provide documents, interviews and information to these 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, Inc. received a subpoena from the staff of the SEC and a Grand Jury subpoena from the U.S. 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 required Clear Media, if requested by the SEC and/or the DOJ, to use reasonable efforts to timely provide relevant factual information to the SEC and/or the DOJ, among other obligations. The Litigation Support Agreement expired in March 2022. In connection with its 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. The Company is cooperating to provide documents and information responsive to the SEC’s inquiries and is voluntarily sharing the documents and information with the DOJ. The SEC and DOJ 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. As previously disclosed, the Company is meeting with these agencies to engage in discussions about potential resolution of these matters, including potential settlement. Based on the discussions to date, the Company recorded an estimated liability during the first quarter of 2022 to account for a potential resolution of these matters. However, at this time, the Company cannot predict the eventual scope, duration or outcome of these discussions, including whether a settlement will be reached, the amount of any potential monetary payments or the scope of injunctive or other relief, the results of which may be materially adverse to the Company, its financial condition and its results of operations. At this time, the Company is unable to reasonably estimate, or provide any assurance regarding, the amount of any potential loss in excess of the amount accrued relating to this investigation.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income Tax Benefit (Expense) The Company’s income tax benefit (expense) for the three and six months ended June 30, 2022 and 2021 consisted of the following components: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Current tax benefit (expense) $ (3,951) $ (1,042) $ (3,020) $ 1,021 Deferred tax benefit (expense) (19,468) 1,470 (17,719) 28,104 Income tax benefit (expense) $ (23,419) $ 428 $ (20,739) $ 29,125

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: (In thousands) June 30, December 31, Structures $ 2,315,653 $ 2,356,245 Furniture and other equipment 244,306 251,084 Land, buildings and improvements 148,638 146,064 Construction in progress 51,938 54,361 Property, plant and equipment, gross 2,760,535 2,807,754 Less: Accumulated depreciation (1,983,242) (1,980,508) Property, plant and equipment, net $ 777,293 $ 827,246

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: (In thousands) June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived permits $ 707,643 $ — $ 717,666 $ — Transit, street furniture and other outdoor contractual rights 428,623 (385,904) 446,976 (397,778) Permanent easements 160,273 — 161,079 — Trademarks 83,569 (26,725) 83,569 (22,560) Other 1,213 (1,097) 1,307 (1,145) Total intangible assets $ 1,381,321 $ (413,726) $ 1,410,597 $ (421,483) The Company performs its annual impairment test for indefinite-lived intangible assets as of July 1 of each year and more frequently as events or changes in circumstances warrant, as described in the Company's 2021 Annual Report on Form 10-K. Due to rising interest rates and inflation, the Company tested certain of its indefinite-lived permits for impairment during the second quarter of 2022, resulting in an impairment charge of $21.8 million during the three and six months ended June 30, 2022. The Company also tested its indefinite-lived permits for impairment during the first quarter of 2021 due to an increase in the discount rate, resulting in an impairment charge of $119.0 million during the six months ended June 30, 2021. Goodwill The following table presents changes in the goodwill balance for the Company’s segments during the six months ended June 30, 2022: (In thousands) Americas Europe Other Consolidated Balance as of December 31, 2021 (1) $ 507,819 $ 190,885 $ — $ 698,704 Foreign currency — (14,343) — (14,343) Balance as of June 30, 2022 $ 507,819 $ 176,542 $ — $ 684,361 (1) The balance at December 31, 2021 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	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
COST-SAVINGS INITIATIVES	COST-SAVINGS INITIATIVES Restructuring Plan to Reduce Headcount During 2020, the Company committed to a restructuring plan to reduce headcount in its Europe segment, upon which it continued to execute through the fourth quarter of 2021 when the impacted employees were terminated. During the first quarter of 2022, it was determined that actual costs would be less than previously estimated due to former employees no longer being eligible for severance upon finding alternative employment in accordance with the terms of the restructuring plan, resulting in a net reversal of costs during the period. Remaining costs associated with this restructuring plan are not expected to be significant. The following table presents net costs incurred (reversed) in the Company’s Europe segment in connection with this restructuring plan during the three and six months ended June 30, 2022 and 2021 and since the plan was initiated: (In thousands) Three Months Ended June 30, Six Months Ended June 30, Total to date 2022 2021 2022 2021 June 30, Costs incurred (reversed) in Europe segment, net: Direct operating expenses (1) $ 196 $ 8,850 $ (153) $ 9,135 $ 16,544 Selling, general and administrative expenses (1) 416 6,696 533 8,076 22,995 Total charges, net $ 612 $ 15,546 $ 380 $ 17,211 $ 39,539 (1) Costs are categorized as Restructuring and other costs and are therefore excluded from Segment Adjusted EBITDA. Additionally, the Company recognized corporate costs related to this restructuring plan of $0.2 million and $1.1 million during the three and six months ended June 30, 2021, respectively. During the three and six months ended June 30, 2022, the Company reversed $0.5 million of these costs. As of June 30, 2022, the total liability related to this restructuring plan was $12.6 million, which the Company expects to pay this year, although payments may be made through the end of the second quarter of 2023 in accordance with the terms of the restructuring plan. The following table presents changes in this liability balance during the six months ended June 30, 2022: (In thousands) Europe Corporate Total Liability balance as of December 31, 2021 $ 23,860 $ 456 $ 24,316 Costs incurred (reversed), net (1) 380 (456) (76) Costs paid or otherwise settled (11,621) — (11,621) Liability balance as of June 30, 2022 $ 12,619 $ — $ 12,619 (1) Substantially all costs related to this restructuring plan were severance benefits and related costs. Other Restructuring Costs In addition, the Company has incurred restructuring costs associated with various other cost-savings initiatives outside of the aforementioned restructuring plan, primarily related to one-time termination benefits, including corporate costs of $1.3 million and $0.1 million during the three months ended June 30, 2022 and 2021, respectively, and $2.2 million and $1.5 million during the six months ended June 30, 2022 and 2021, respectively. The Company also incurred additional restructuring costs in Europe of $0.1 million and $0.3 million during the three and six months ended June 30, 2022, respectively. As of June 30, 2022, the total remaining liability related to these other cost-savings initiatives was approximately $2.5 million and is expected to be paid through the first half of 2023.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021: (In thousands, except per share data) Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator: Net loss attributable to the Company – common shares $ (65,664) $ (124,580) $ (155,532) $ (456,933) Denominator: Weighted average common shares outstanding – basic 475,125 468,847 472,859 467,364 Weighted average common shares outstanding – diluted 475,125 468,847 472,859 467,364 Net loss attributable to the Company per share of common stock: Basic $ (0.14) $ (0.27) $ (0.33) $ (0.98) Diluted $ (0.14) $ (0.27) $ (0.33) $ (0.98) Outstanding equity awards of 23.7 million and 22.6 million shares for the three months ended June 30, 2022 and 2021, respectively, and 25.7 million and 24.3 million for the six months ended June 30, 2022 and 2021, 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	6 Months Ended
	Jun. 30, 2022
Other Income and Expenses [Abstract]
OTHER INFORMATION	OTHER INFORMATION Restricted Cash The following table reconciles cash and cash equivalents reported in the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows: (In thousands) June 30, December 31, Cash and cash equivalents in the Balance Sheet $ 314,616 $ 410,767 Restricted cash included in: Other current assets 1,637 1,685 Other assets 8,574 7,519 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 324,827 $ 419,971 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) June 30, December 31, Accounts receivable $ 606,397 $ 666,888 Less: Allowance for credit losses (21,566) (23,772) Accounts receivable, net $ 584,831 $ 643,116 Credit loss expense (reversal) related to accounts receivable was $0.5 million and $(2.3) million during the three months ended June 30, 2022 and 2021, respectively, and $0.8 million and $(3.0) million during the six months ended June 30, 2022 and 2021, respectively. 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 six months ended June 30, 2022 and 2021. Share-Based Compensation On May 4, 2022, the Compensation Committee of the Company’s Board of Directors approved grants of 5.2 million restricted stock units (“RSUs”) and 1.8 million performance stock units (“PSUs”) to certain of its employees. • The RSUs generally vest in three equal annual installments on each of April 1, 2023, April 1, 2024 and April 1, 2025, provided that the recipient is still employed by, or providing services to, the Company on each such 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 April 1, 2022 and ending on March 31, 2025 (the “Performance Period”). If the Company achieves Relative TSR at the 90 th percentile or higher, the PSUs will be earned at 150% of the target number of shares; if the Company achieves Relative TSR at the 60 th percentile, the PSUs will be earned at 100% of the target number of shares; if the Company achieves Relative TSR at the 30 th percentile, the PSUs will be earned at 50% of the target number of shares; and if the Company achieves Relative TSR below the 30 th percentile, no PSUs will be earned. To the extent Relative TSR is between achievement levels, the portion of the PSUs that is earned will be determined using straight-line interpolation. Notwithstanding the foregoing, to the extent the Company’s absolute total shareholder return over the Performance Period is less than 0%, the maximum payout shall not be greater than 100% of the target number of shares. The PSUs are considered market-condition awards pursuant to ASC Topic 260, Earnings Per Share .

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2022
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 in which the Company has a controlling financial interest or for which the Company 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 (the “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 2021 Annual Report on Form 10-K, filed with the SEC on February 24, 2022.
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; measurement of compensation cost for bonus and other compensation plans; and litigation accruals.
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted Reference Rate Reform For the last several years, there has been an ongoing effort amongst regulators, standard setters, financial institutions and other market participants to replace interbank offered rates, including the London Interbank Offered Rate (“LIBOR”), with alternative reference rates. In the United States (“U.S.”), the Alternative Reference Rates Committee has formally recommended forward-looking Secured Overnight Financing Rate term rates as the replacement for USD LIBOR, while various other risk-free rates have been selected to replace LIBOR for other currencies. After December 31, 2021, the ICE Benchmark Administration, LIBOR’s administrator, ceased publication of certain LIBOR rates, and the remaining USD LIBOR rates will be published through June 30, 2023. The Company will continue to work with the administrative agents of its Senior Secured Credit Facilities and Receivables-Based Credit Facility to agree on replacement rates but does not expect the replacement of LIBOR to result in a material impact on its consolidated financial statements. In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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. 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 assessing whether it will use these optional expedients and exceptions but does not expect adoption of this guidance to have a material impact on the Company’s consolidated financial statements or disclosures. The Company will continue to monitor and assess regulatory developments during the transition period. ASU 2021-10 In November 2021, the FASB issued ASU 2021-10, Disclosures by Business Entities about Government Assistance , which requires disclosures that increase the transparency of certain transactions with governments. The amendments in this ASU are effective for annual periods beginning after December 15, 2021 and may be applied prospectively or retrospectively. The Company does not expect to be materially impacted by the implementation of this ASU.

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Reportable Segment Results	The following table presents the Company’s reportable segment results for the three and six months ended June 30, 2022 and 2021: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue Americas $ 346,132 $ 271,620 $ 641,271 $ 483,504 Europe 280,347 247,124 497,419 396,648 Other 16,901 12,338 30,378 21,838 Total $ 643,380 $ 531,082 $ 1,169,068 $ 901,990 Capital Expenditures Americas $ 30,224 $ 18,406 $ 48,036 $ 24,131 Europe 11,529 9,256 26,734 17,306 Other 235 907 1,106 2,220 Corporate 3,311 3,279 5,232 6,109 Total $ 45,299 $ 31,848 $ 81,108 $ 49,766 Segment Adjusted EBITDA Americas $ 148,754 $ 127,221 $ 259,090 $ 191,441 Europe 44,522 1,744 30,768 (65,885) Other 1,710 (921) 1,091 (4,746) Total $ 194,986 $ 128,044 $ 290,949 $ 120,810 Reconciliation of Segment Adjusted EBITDA to Consolidated Net Loss Before Income Taxes Segment Adjusted EBITDA $ 194,986 $ 128,044 $ 290,949 $ 120,810 Less reconciling items: Corporate expenses (1) 39,081 37,728 82,726 71,770 Depreciation and amortization 60,577 62,567 120,984 124,419 Impairment charges 21,805 — 21,805 118,950 Restructuring and other costs (2) 1,225 16,051 1,659 18,769 Other operating expense (income), net 1,367 (1,740) (3,544) (1,623) Interest expense, net 86,594 90,242 169,392 182,935 Other reconciling items (3) 26,235 48,025 32,234 92,572 Consolidated net loss before income taxes $ (41,898) $ (124,829) $ (134,307) $ (486,982) (1) Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments and certain restructuring and other costs are recorded in corporate expenses. (2) The restructuring and other costs line item in this reconciliation excludes those restructuring and other costs related to corporate functions, which are included within the Corporate expenses line item. (3) Other reconciling items includes Loss on extinguishment of debt and Other income (expense), net.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2022
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 and six months ended June 30, 2022 and 2021: (In thousands) Revenue from contracts with customers Revenue from leases Total Revenue Three Months Ended June 30, 2022 Americas (1) $ 173,876 $ 172,256 $ 346,132 Europe 257,000 23,347 280,347 Other 13,495 3,406 16,901 Total $ 444,371 $ 199,009 $ 643,380 Three Months Ended June 30, 2021 Americas (1) $ 121,904 $ 149,716 $ 271,620 Europe 218,177 28,947 247,124 Other 10,225 2,113 12,338 Total $ 350,306 $ 180,776 $ 531,082 Six Months Ended June 30, 2022 Americas (1) $ 321,756 $ 319,515 $ 641,271 Europe 453,882 43,537 497,419 Other 24,111 6,267 30,378 Total $ 799,749 $ 369,319 $ 1,169,068 Six Months Ended June 30, 2021 Americas (1) $ 215,972 $ 267,532 $ 483,504 Europe 349,855 46,793 396,648 Other 17,855 3,983 21,838 Total $ 583,682 $ 318,308 $ 901,990 (1) Americas total revenue for the three months ended June 30, 2022 and 2021 includes revenue from transit displays of $65.1 million and $27.0 million, respectively, including revenue from airport displays of $61.1 million and $24.6 million, respectively. Americas total revenue for the six months ended June 30, 2022 and 2021 includes revenue from transit displays of $124.1 million and $48.4 million, respectively, including revenue from airport displays of $117.0 million and $44.1 million, respectively.
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 June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Accounts receivable, net of allowance, from contracts with customers: Beginning balance $ 390,049 $ 243,689 $ 492,706 $ 349,799 Ending balance $ 433,626 $ 346,306 $ 433,626 $ 346,306 Deferred revenue from contracts with customers: Beginning balance $ 56,955 $ 46,773 $ 42,016 $ 37,712 Ending balance $ 54,617 $ 50,067 $ 54,617 $ 50,067

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	Long-term debt outstanding as of June 30, 2022 and December 31, 2021 consisted of the following: (In thousands) June 30, December 31, Term Loan Facility (1) $ 1,945,000 $ 1,955,000 Revolving Credit Facility — — Receivables-Based Credit Facility — — Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027 1,250,000 1,250,000 Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028 1,000,000 1,000,000 Clear Channel Outdoor Holdings 7.5% Senior Notes Due 2029 1,050,000 1,050,000 Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025 375,000 375,000 Other debt (2) 35,270 39,006 Original issue discount (6,294) (6,976) Long-term debt fees (52,156) (57,077) Total debt 5,596,820 5,604,953 Less: Current portion 21,051 21,165 Total long-term debt $ 5,575,769 $ 5,583,788 (1) During the six months ended June 30, 2022, the Company paid $10.0 million of the outstanding principal on the Term Loan Facility in accordance with the terms of the senior secured credit agreement (the "Senior Secured Credit Agreement") governing the Senior Secured Credit Facilities, which consist of the Term Loan Facility and the Revolving Credit Facility. (2) Other debt includes finance leases and various borrowings utilized for general operating purposes, including a state-guaranteed loan with a third-party lender of €30.0 million, or approximately $31.4 million at current exchange rates. In April 2022, as permitted under the terms of the loan agreement, the Company elected to extend the loan’s maturity date to June 29, 2027, with quarterly principal repayments of €1.875 million due beginning in September 2023. This loan did not originally bear interest, but effective June 29, 2022, the annual interest rate is 0.7%. Additionally, in June 2022, the Company paid a fee relating to the state guarantee equal to 0.5% of the outstanding amount of the loan. Effective June 29, 2022, the annual cost of the state guarantee will be 1.0% of the outstanding loan amount through June 29, 2024 and 2.0% of the outstanding loan amount for the remainder of the loan term.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Benefit (Expense)	The Company’s income tax benefit (expense) for the three and six months ended June 30, 2022 and 2021 consisted of the following components: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Current tax benefit (expense) $ (3,951) $ (1,042) $ (3,020) $ 1,021 Deferred tax benefit (expense) (19,468) 1,470 (17,719) 28,104 Income tax benefit (expense) $ (23,419) $ 428 $ (20,739) $ 29,125

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: (In thousands) June 30, December 31, Structures $ 2,315,653 $ 2,356,245 Furniture and other equipment 244,306 251,084 Land, buildings and improvements 148,638 146,064 Construction in progress 51,938 54,361 Property, plant and equipment, gross 2,760,535 2,807,754 Less: Accumulated depreciation (1,983,242) (1,980,508) Property, plant and equipment, net $ 777,293 $ 827,246

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: (In thousands) June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived permits $ 707,643 $ — $ 717,666 $ — Transit, street furniture and other outdoor contractual rights 428,623 (385,904) 446,976 (397,778) Permanent easements 160,273 — 161,079 — Trademarks 83,569 (26,725) 83,569 (22,560) Other 1,213 (1,097) 1,307 (1,145) Total intangible assets $ 1,381,321 $ (413,726) $ 1,410,597 $ (421,483)
Schedule of Goodwill	The following table presents changes in the goodwill balance for the Company’s segments during the six months ended June 30, 2022: (In thousands) Americas Europe Other Consolidated Balance as of December 31, 2021 (1) $ 507,819 $ 190,885 $ — $ 698,704 Foreign currency — (14,343) — (14,343) Balance as of June 30, 2022 $ 507,819 $ 176,542 $ — $ 684,361 (1) The balance at December 31, 2021 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)	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table presents net costs incurred (reversed) in the Company’s Europe segment in connection with this restructuring plan during the three and six months ended June 30, 2022 and 2021 and since the plan was initiated: (In thousands) Three Months Ended June 30, Six Months Ended June 30, Total to date 2022 2021 2022 2021 June 30, Costs incurred (reversed) in Europe segment, net: Direct operating expenses (1) $ 196 $ 8,850 $ (153) $ 9,135 $ 16,544 Selling, general and administrative expenses (1) 416 6,696 533 8,076 22,995 Total charges, net $ 612 $ 15,546 $ 380 $ 17,211 $ 39,539 (1) Costs are categorized as Restructuring and other costs and are therefore excluded from Segment Adjusted EBITDA.
Schedule of Restructuring Reserve by Type of Cost	The following table presents changes in this liability balance during the six months ended June 30, 2022: (In thousands) Europe Corporate Total Liability balance as of December 31, 2021 $ 23,860 $ 456 $ 24,316 Costs incurred (reversed), net (1) 380 (456) (76) Costs paid or otherwise settled (11,621) — (11,621) Liability balance as of June 30, 2022 $ 12,619 $ — $ 12,619 (1) Substantially all costs related to this restructuring plan were severance benefits and related costs.

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Computation of Earnings Per Share	The following table presents the computation of net loss per share for the three and six months ended June 30, 2022 and 2021: (In thousands, except per share data) Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator: Net loss attributable to the Company – common shares $ (65,664) $ (124,580) $ (155,532) $ (456,933) Denominator: Weighted average common shares outstanding – basic 475,125 468,847 472,859 467,364 Weighted average common shares outstanding – diluted 475,125 468,847 472,859 467,364 Net loss attributable to the Company per share of common stock: Basic $ (0.14) $ (0.27) $ (0.33) $ (0.98) Diluted $ (0.14) $ (0.27) $ (0.33) $ (0.98)

OTHER INFORMATION (Tables)

OTHER INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
Other Income and Expenses [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table reconciles cash and cash equivalents reported in the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows: (In thousands) June 30, December 31, Cash and cash equivalents in the Balance Sheet $ 314,616 $ 410,767 Restricted cash included in: Other current assets 1,637 1,685 Other assets 8,574 7,519 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 324,827 $ 419,971
Schedule of 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) June 30, December 31, Accounts receivable $ 606,397 $ 666,888 Less: Allowance for credit losses (21,566) (23,772) Accounts receivable, net $ 584,831 $ 643,116

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Payments for asset acquisitions	$ 24,255	$ 1,510

SEGMENT DATA (Details)

SEGMENT DATA (Details) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment					2
Segment Reporting Information [Line Items]
Revenue		$ 643,380	$ 531,082		$ 1,169,068	$ 901,990
Capital Expenditures		45,299	31,848		81,108	49,766
Segment Adjusted EBITDA		194,986	128,044		290,949	120,810
Corporate expenses	[1]	39,081	37,728		82,726	71,770
Depreciation and amortization		60,577	62,567		120,984	124,419
Impairment charges		21,805	0		21,805	118,950
Restructuring and other costs		1,225	16,051		1,659	18,769
Other operating expense (income), net		1,367	(1,740)		(3,544)	(1,623)
Interest expense, net		86,594	90,242		169,392	182,935
Other reconciling items		26,235	48,025		32,234	92,572
Consolidated net loss before income taxes		(41,898)	(124,829)		(134,307)	(486,982)
Americas
Segment Reporting Information [Line Items]
Impairment charges		21,800		$ 119,000	21,800
Operating segments
Segment Reporting Information [Line Items]
Revenue		643,380	531,082		1,169,068	901,990
Segment Adjusted EBITDA		194,986	128,044		290,949	120,810
Operating segments | Americas
Segment Reporting Information [Line Items]
Revenue		346,132	271,620		641,271	483,504
Capital Expenditures		30,224	18,406		48,036	24,131
Segment Adjusted EBITDA		148,754	127,221		259,090	191,441
Operating segments | Europe
Segment Reporting Information [Line Items]
Revenue		280,347	247,124		497,419	396,648
Capital Expenditures		11,529	9,256		26,734	17,306
Segment Adjusted EBITDA		44,522	1,744		30,768	(65,885)
Other
Segment Reporting Information [Line Items]
Revenue		16,901	12,338		30,378	21,838
Capital Expenditures		235	907		1,106	2,220
Segment Adjusted EBITDA		1,710	(921)		1,091	(4,746)
Corporate
Segment Reporting Information [Line Items]
Capital Expenditures		3,311	3,279		5,232	6,109
Corporate expenses		$ 39,081	$ 37,728		$ 82,726	$ 71,770
[1]Excludes depreciation and amortization

REVENUE - Revenue by Segment an

REVENUE - Revenue by Segment and Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from contracts with customers	$ 444,371	$ 350,306	$ 799,749	$ 583,682
Revenue from leases	199,009	180,776	369,319	318,308
Revenue	643,380	531,082	1,169,068	901,990
Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	643,380	531,082	1,169,068	901,990
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from contracts with customers	13,495	10,225	24,111	17,855
Revenue from leases	3,406	2,113	6,267	3,983
Revenue	16,901	12,338	30,378	21,838
Americas | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from contracts with customers	173,876	121,904	321,756	215,972
Revenue from leases	172,256	149,716	319,515	267,532
Revenue	346,132	271,620	641,271	483,504
Europe | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue from contracts with customers	257,000	218,177	453,882	349,855
Revenue from leases	23,347	28,947	43,537	46,793
Revenue	280,347	247,124	497,419	396,648
Transit Displays | Americas | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	65,100	27,000	124,100	48,400
Airport Displays | Americas | Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 61,100	$ 24,600	$ 117,000	$ 44,100

REVENUE - Schedule of Contract

REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021
Accounts receivable, net of allowance, from contracts with customers:
Beginning balance	$ 390,049	$ 492,706	$ 346,306	$ 243,689	$ 349,799
Ending balance	433,626	390,049	492,706	346,306	243,689
Deferred revenue from contracts with customers:
Beginning balance	56,955	42,016	50,067	46,773	37,712
Ending balance	$ 54,617	$ 56,955	$ 42,016	$ 50,067	$ 46,773

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities, revenue recognized	$ 45	$ 36.8	$ 35.9	$ 34.5
Revenue, remaining performance obligation	$ 89.8		$ 89.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
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) $ in Thousands, € in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Jun. 29, 2022	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Total debt		$ 5,596,820			$ 5,604,953
Original issue discount		(6,294)			(6,976)
Long-term debt fees		(52,156)			(57,077)
Less: Current portion		21,051			21,165
Total long-term debt		$ 5,575,769			5,583,788
State guarantee, fee, COVID-19, year one (as a percent)		0.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt		$ 0			0
Receivables-Based Credit Facility
Debt Instrument [Line Items]
Total debt		0			0
State Guaranteed Loan | Europe
Debt Instrument [Line Items]
Stated interest rate (as a percent)				0.70%
Unsecured loan received, COVID-19		31,400	€ 30
Principal repayments	$ 1,875
State guarantee, fee, years one and two (as a percent)				1%
State guarantee, fee, after year two (as a percent)				2%
Secured Debt | Term loan facility
Debt Instrument [Line Items]
Total debt		1,945,000			1,955,000
Payments of debt		10,000
Secured Debt | Clear Channel Outdoor Holdings 5.125% Senior Secured Notes Due 2027
Debt Instrument [Line Items]
Total debt		$ 1,250,000			1,250,000
Stated interest rate (as a percent)		5.125%
Secured Debt | Clear Channel International B.V. 6.625% Senior Secured Notes Due 2025
Debt Instrument [Line Items]
Total debt		$ 375,000			375,000
Stated interest rate (as a percent)		6.625%
Senior Notes | Clear Channel Outdoor Holdings 7.75% Senior Notes Due 2028
Debt Instrument [Line Items]
Total debt		$ 1,000,000			1,000,000
Stated interest rate (as a percent)		7.75%
Senior Notes | Clear Channel Outdoor Holdings 7.5% Senior Notes Due 2029
Debt Instrument [Line Items]
Total debt		$ 1,050,000			1,050,000
Stated interest rate (as a percent)		7.50%
Unsecured Debt | Other debt
Debt Instrument [Line Items]
Total debt		$ 35,270			$ 39,006

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Surety bonds
Guarantor Obligations [Line Items]
Guarantee obligations	$ 84.9
Bank Guarantees
Guarantor Obligations [Line Items]
Guarantee obligations	27.7
Bank guarantees backed by cash collateral
Guarantor Obligations [Line Items]
Guarantee obligations	8.8
Revolving Credit Facility
Guarantor Obligations [Line Items]
Letters of credit outstanding	43.2
Excess borrowing capacity	131.8
Receivables-Based Credit Facility | Revolving Credit Facility | Line of Credit
Guarantor Obligations [Line Items]
Letters of credit outstanding	43.5
Excess borrowing capacity	81.5
Level 1
Guarantor Obligations [Line Items]
Aggregate market value of debt	$ 4,700	$ 5,900

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - employee	6 Months Ended
	Jun. 30, 2022	Apr. 28, 2020
Income Tax Examination [Line Items]
Number of employees convicted	2
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Current tax benefit (expense)	$ (3,951)	$ (1,042)	$ (3,020)	$ 1,021
Deferred tax benefit (expense)	(19,468)	1,470	(17,719)	28,104
Income tax benefit (expense)	$ (23,419)	$ 428	$ (20,739)	$ 29,125

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	(55.90%)	0.30%	(15.40%)	6%

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,760,535	$ 2,807,754
Less: Accumulated depreciation	(1,983,242)	(1,980,508)
Property, plant and equipment, net	777,293	827,246
Structures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,315,653	2,356,245
Furniture and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	244,306	251,084
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	148,638	146,064
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 51,938	$ 54,361

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived permits	$ 707,643			$ 707,643		$ 717,666
Gross Carrying Amount	1,381,321			1,381,321		1,410,597
Accumulated Amortization	(413,726)			(413,726)		(421,483)
Impairment of indefinite-lived permits	21,805	$ 0		21,805	$ 118,950
Americas
Finite-Lived Intangible Assets [Line Items]
Impairment of indefinite-lived permits	21,800		$ 119,000	21,800
Transit, street furniture and other outdoor contractual rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	428,623			428,623		446,976
Accumulated Amortization	(385,904)			(385,904)		(397,778)
Permanent easements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	160,273			160,273		161,079
Accumulated Amortization	0			0		0
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	83,569			83,569		83,569
Accumulated Amortization	(26,725)			(26,725)		(22,560)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,213			1,213		1,307
Accumulated Amortization	$ (1,097)			$ (1,097)		$ (1,145)

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Goodwill
Beginning balance	$ 698,704
Foreign currency	(14,343)
Ending balance	684,361
Americas
Goodwill
Beginning balance	507,819
Foreign currency	0
Ending balance	507,819
Goodwill, cumulative impairment		$ 2,600,000
Europe
Goodwill
Beginning balance	190,885
Foreign currency	(14,343)
Ending balance	176,542
Goodwill, cumulative impairment		191,400
Other
Goodwill
Beginning balance	0
Foreign currency	0
Ending balance	$ 0
Goodwill, cumulative impairment		$ 90,400

COST-SAVINGS INITIATIVES - Net

COST-SAVINGS INITIATIVES - Net Costs Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Plan to Reduce Headcount
Restructuring Cost and Reserve [Line Items]
Estimated total restructuring charges			$ (76)
Europe
Restructuring Cost and Reserve [Line Items]
Estimated total restructuring charges	$ 612	$ 15,546
Europe | Restructuring Plan to Reduce Headcount
Restructuring Cost and Reserve [Line Items]
Estimated total restructuring charges			380	$ 17,211
Restructuring costs incurred	39,539		39,539
Direct operating expenses | Europe
Restructuring Cost and Reserve [Line Items]
Estimated total restructuring charges	196	8,850
Direct operating expenses | Europe | Restructuring Plan to Reduce Headcount
Restructuring Cost and Reserve [Line Items]
Estimated total restructuring charges			(153)	9,135
Restructuring costs incurred	16,544		16,544
Selling, general and administrative expenses | Europe
Restructuring Cost and Reserve [Line Items]
Estimated total restructuring charges	416	$ 6,696
Selling, general and administrative expenses | Europe | Restructuring Plan to Reduce Headcount
Restructuring Cost and Reserve [Line Items]
Estimated total restructuring charges			533	$ 8,076
Restructuring costs incurred	$ 22,995		$ 22,995

COST-SAVINGS INITIATIVES - Narr

COST-SAVINGS INITIATIVES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Restructuring Plan to Reduce Headcount
Restructuring Cost and Reserve [Line Items]
Restructuring charges (reversals)			$ (76)
Restructuring reserve	$ 12,619		12,619		$ 24,316
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	2,500		2,500
Corporate | Restructuring Plan to Reduce Headcount
Restructuring Cost and Reserve [Line Items]
Restructuring charges (reversals)	(500)	$ 200	(456)	$ 1,100
Restructuring reserve	0		0		456
Corporate | Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges (reversals)	1,300	100	2,200	1,500
Europe
Restructuring Cost and Reserve [Line Items]
Restructuring charges (reversals)	612	$ 15,546
Europe | Restructuring Plan to Reduce Headcount
Restructuring Cost and Reserve [Line Items]
Restructuring charges (reversals)			380	$ 17,211
Restructuring reserve	12,619		12,619		$ 23,860
Europe | Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges (reversals)	$ 100		$ 300

COST-SAVINGS INITIATIVES - Chan

COST-SAVINGS INITIATIVES - Change in Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Plan to Reduce Headcount
Restructuring Reserve [Roll Forward]
Beginning balance			$ 24,316
Costs reversed, net			(76)
Costs paid or otherwise settled			(11,621)
Ending balance	$ 12,619		12,619
Europe
Restructuring Reserve [Roll Forward]
Costs reversed, net	612	$ 15,546
Europe | Restructuring Plan to Reduce Headcount
Restructuring Reserve [Roll Forward]
Beginning balance			23,860
Costs reversed, net			380	$ 17,211
Costs paid or otherwise settled			(11,621)
Ending balance	12,619		12,619
Corporate | Restructuring Plan to Reduce Headcount
Restructuring Reserve [Roll Forward]
Beginning balance			456
Costs reversed, net	(500)	$ 200	(456)	$ 1,100
Costs paid or otherwise settled			0
Ending balance	$ 0		$ 0

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss attributable to the Company – common shares	$ (65,664)	$ (124,580)	$ (155,532)	$ (456,933)
Denominator:
Weighted average common shares outstanding - basic (in shares)	475,125	468,847	472,859	467,364
Weighted average common shares outstanding - diluted (in shares)	475,125	468,847	472,859	467,364
Net loss attributable to the Company per share of common stock:
Basic (in dollars per share)	$ (0.14)	$ (0.27)	$ (0.33)	$ (0.98)
Diluted (in dollars per share)	$ (0.14)	$ (0.27)	$ (0.33)	$ (0.98)
Outstanding equity awards not included in computation of diluted earnings per share (in shares)	23,700	22,600	25,700	24,300

OTHER INFORMATION - Schedule of

OTHER INFORMATION - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Cash and cash equivalents in the Balance Sheet	$ 314,616	$ 410,767
Restricted cash included in:
Other current assets	1,637	1,685
Other assets	8,574	7,519
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows	$ 324,827	$ 419,971	$ 573,293	$ 795,061

OTHER INFORMATION - Schedule _2

OTHER INFORMATION - Schedule of Accounts Receivable and Allowance For Credit Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Accounts receivable	$ 606,397	$ 666,888
Less: Allowance for credit losses	(21,566)	(23,772)
Accounts receivable, net	$ 584,831	$ 643,116

OTHER INFORMATION - Narrative (

OTHER INFORMATION - Narrative (Details) shares in Millions		3 Months Ended		6 Months Ended
	May 04, 2022 installment shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Credit loss expense (reversal) | $		$ 500,000	$ (2,300,000)	$ 800,000	$ (3,000,000)
Increase (decrease) of pensions on deferred income tax liabilities | $		$ 0	$ 0	$ 0	$ 0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares	5.2
Number of vesting installments | installment	3
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares	1.8
Performance Stock Units (PSUs) | TSR at 90th percentile or higher
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR percentage achieved	150%
Performance Stock Units (PSUs) | TSR at 60th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR percentage achieved	100%
Performance Stock Units (PSUs) | TSR at 30th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR percentage achieved	50%
Performance Stock Units (PSUs) | Share-based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR percentage achieved	100%
Total shareholder return percentage	0%