Guarantor Subsidiaries [Text Block] | NOTE 10 – GUARANTOR SUBSIDIARIES The Company and certain of the Company’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee on a joint and several basis certain of the outstanding indebtedness of Clear Channel Worldwide Holdings, Inc. ("CCWH" or the “Subsidiary Issuer”). The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d): (In thousands) June 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 905 $ - $ - $ 138,473 $ (9,495) $ 129,883 Accounts receivable, net of allowance - - 213,532 498,330 - 711,862 Intercompany receivables - 249,683 1,711,541 9,208 (1,970,432) - Prepaid expenses 1,340 - 64,807 77,345 - 143,492 Other current assets (485) (451) 56,633 14,796 - 70,493 Total Current Assets 1,760 249,232 2,046,513 738,152 (1,979,927) 1,055,730 Structures, net - - 1,006,154 536,207 - 1,542,361 Other property, plant and equipment, net - - 154,366 113,220 - 267,586 Indefinite-lived intangibles - - 1,055,728 10,250 - 1,065,978 Other intangibles, net - - 313,943 68,897 - 382,840 Goodwill - - 571,932 235,528 - 807,460 Due from iHeartCommunications 936,931 - - - - 936,931 Intercompany notes receivable 182,026 4,934,845 - 958 (5,117,829) - Other assets 178,516 766,569 1,227,842 49,676 (2,093,131) 129,472 Total Assets $ 1,299,233 $ 5,950,646 $ 6,376,478 $ 1,752,888 $ (9,190,887) $ 6,188,358 Accounts payable $ - $ - $ 17,522 $ 61,651 $ (9,495) $ 69,678 Intercompany payable 1,711,541 - 258,891 - (1,970,432) - Accrued expenses - 3,199 85,993 375,133 - 464,325 Deferred income - - 60,874 71,681 - 132,555 Current portion of long-term debt - - 60 2,513 - 2,573 Total Current Liabilities 1,711,541 3,199 423,340 510,978 (1,979,927) 669,131 Long-term debt - 4,919,126 1,046 7,825 - 4,927,997 Intercompany notes payable - - 5,033,296 84,533 (5,117,829) - Deferred tax liability 772 1,367 610,419 5,513 - 618,071 Other long-term liabilities - - 129,799 106,705 - 236,504 Total shareholders' equity (deficit) (413,080) 1,026,954 178,578 1,037,334 (2,093,131) (263,345) Total Liabilities and Shareholders' Equity $ 1,299,233 $ 5,950,646 $ 6,376,478 $ 1,752,888 $ (9,190,887) $ 6,188,358 (In thousands) December 31, 2014 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 905 $ - $ - $ 205,259 $ (19,960) $ 186,204 Accounts receivable, net of allowance - - 202,771 495,040 - 697,811 Intercompany receivables - 259,510 1,731,448 8,056 (1,999,014) - Prepaid expenses 1,299 - 64,922 67,820 - 134,041 Other current assets - 6,850 21,485 33,558 - 61,893 Total Current Assets 2,204 266,360 2,020,626 809,733 (2,018,974) 1,079,949 Structures, net - - 1,049,684 564,515 - 1,614,199 Other property, plant and equipment, net - - 172,809 118,643 - 291,452 Indefinite-lived intangibles - - 1,055,728 11,020 - 1,066,748 Other intangibles, net - - 322,550 89,514 - 412,064 Goodwill - - 571,932 245,180 - 817,112 Due from iHeartCommunications 947,806 - - - - 947,806 Intercompany notes receivable 182,026 4,927,517 - - (5,109,543) - Other assets 264,839 793,626 1,287,717 50,568 (2,263,669) 133,081 Total Assets $ 1,396,875 $ 5,987,503 $ 6,481,046 $ 1,889,173 $ (9,392,186) $ 6,362,411 Accounts payable $ - $ - $ 27,866 $ 68,009 $ (19,960) $ 75,915 Intercompany payable 1,731,448 - 267,566 - (1,999,014) - Accrued expenses 467 3,475 103,243 436,633 - 543,818 Deferred income - - 44,363 50,272 - 94,635 Current portion of long-term debt - - 55 3,406 - 3,461 Total Current Liabilities 1,731,915 3,475 443,093 558,320 (2,018,974) 717,829 Long-term debt - 4,918,822 1,077 10,569 - 4,930,468 Intercompany notes payable - - 5,035,279 74,264 (5,109,543) - Deferred tax liability 772 85 607,841 11,557 - 620,255 Other long-term liabilities - - 128,855 105,945 - 234,800 Total shareholders' equity (deficit) (335,812) 1,065,121 264,901 1,128,518 (2,263,669) (140,941) Total Liabilities and Shareholders' Equity $ 1,396,875 $ 5,987,503 $ 6,481,046 $ 1,889,173 $ (9,392,186) $ 6,362,411 (In thousands) Three Months Ended June 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 301,915 $ 420,904 $ - $ 722,819 Operating expenses: Direct operating expenses - - 126,404 245,938 - 372,342 Selling, general and administrative expenses - - 48,969 83,553 - 132,522 Corporate expenses 3,239 - 15,826 11,089 - 30,154 Depreciation and amortization - - 49,256 44,149 - 93,405 Other operating income (expense), net (118) - (269) 1,046 - 659 Operating income (loss) (3,357) - 61,191 37,221 - 95,055 Interest (income) expense, net 6 88,081 410 59 - 88,556 Interest income on Due from iHeartCommunications 15,049 - - - - 15,049 Intercompany interest income 4,024 85,113 15,227 - (104,364) - Intercompany interest expense 15,049 - 89,137 178 (104,364) - Equity in earnings (loss) of nonconsolidated affiliates 24,634 20,877 12,851 (755) (57,958) (351) Other income (expense), net 936 3,440 20,635 14,840 (24,575) 15,276 Income (loss) before income taxes 26,231 21,349 20,357 51,069 (82,533) 36,473 Income tax benefit (expense) (246) (9,577) 4,277 (21,641) - (27,187) Consolidated net income (loss) 25,985 11,772 24,634 29,428 (82,533) 9,286 Less amount attributable to noncontrolling interest - - - 7,876 - 7,876 Net income (loss) attributable to the Company $ 25,985 $ 11,772 $ 24,634 $ 21,552 $ (82,533) $ 1,410 Other comprehensive (loss), net of tax: Foreign currency translation adjustments - (3,440) 134 6,206 - 2,900 Unrealized holding gain on marketable securities - - - (133) - (133) Other adjustments to comprehensive loss - - - - - - Equity in subsidiary comprehensive income 7,827 10,981 7,693 - (26,501) - Comprehensive loss 33,812 19,313 32,461 27,625 (109,034) 4,177 Less amount attributable to noncontrolling interest - - - (5,060) - (5,060) Comprehensive loss attributable to the Company $ 33,812 $ 19,313 $ 32,461 $ 32,685 $ (109,034) $ 9,237 (In thousands) Three Months Ended June 30, 2014 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 295,190 $ 486,015 $ - $ 781,205 Operating expenses: Direct operating expenses - - 123,377 289,767 - 413,144 Selling, general and administrative expenses - - 48,493 91,778 - 140,271 Corporate expenses 2,769 - 16,016 14,548 - 33,333 Depreciation and amortization - - 47,466 51,260 - 98,726 Other operating income (expense), net (142) - 814 (425) - 247 Operating income (loss) (2,911) - 60,652 38,237 - 95,978 Interest (income) expense, net (2) 88,069 430 (285) - 88,212 Interest income on Due from iHeartCommunications 15,227 - - - - 15,227 Intercompany interest income 3,883 85,210 15,437 - (104,530) - Intercompany interest expense 15,227 - 89,093 210 (104,530) - Loss on marketable securities - - - - - - Equity in earnings (loss) of nonconsolidated affiliates 48,365 27,708 27,500 (33) (103,213) 327 Other income (expense), net 2,074 - (307) 10,216 - 11,983 Income (loss) before income taxes 51,413 24,849 13,759 48,495 (103,213) 35,303 Income tax benefit (expense) (376) 898 34,607 (10,309) - 24,820 Consolidated net income (loss) 51,037 25,747 48,366 38,186 (103,213) 60,123 Less amount attributable to noncontrolling interest - - - 9,086 - 9,086 Net income (loss) attributable to the Company $ 51,037 $ 25,747 $ 48,366 $ 29,100 $ (103,213) $ 51,037 Other comprehensive (loss), net of tax: Foreign currency translation adjustments - - 1,084 (13,109) - (12,025) Unrealized holding gain on marketable securities - - - (405) - (405) Other adjustments to comprehensive loss - - - - - - Equity in subsidiary comprehensive income (11,876) (13,530) (12,960) - 38,366 - Comprehensive loss 39,161 12,217 36,490 15,586 (64,847) 38,607 Less amount attributable to noncontrolling interest - - - (554) - (554) Comprehensive loss attributable to the Company $ 39,161 $ 12,217 $ 36,490 $ 16,140 $ (64,847) $ 39,161 (In thousands) Six Months Ended June 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 558,626 $ 779,236 $ - $ 1,337,862 Operating expenses: Direct operating expenses - - 250,014 485,299 - 735,313 Selling, general and administrative expenses - - 95,958 163,694 - 259,652 Corporate expenses 6,492 - 29,507 22,908 - 58,907 Depreciation and amortization - - 97,688 89,811 - 187,499 Other operating income (expense), net (220) - (6,955) 2,390 - (4,785) Operating income (loss) (6,712) - 78,504 19,914 - 91,706 Interest expense 12 176,161 975 824 - 177,972 Interest income on Due from iHeartCommunications 30,302 - - - - 30,302 Intercompany interest income 8,025 170,209 30,553 - (208,787) - Intercompany interest expense 30,302 - 178,234 251 (208,787) - Equity in earnings (loss) of nonconsolidated affiliates (10,032) 15,729 8,894 (788) (13,632) 171 Other income (expense), net 1,683 3,440 21,249 33,417 (24,575) 35,214 Income (loss) before income taxes (7,048) 13,217 (40,009) 51,468 (38,207) (20,579) Income tax benefit (expense) (485) (8,583) 29,977 (23,997) - (3,088) Consolidated net income (loss) (7,533) 4,634 (10,032) 27,471 (38,207) (23,667) Less amount attributable to noncontrolling interest - - - 8,441 - 8,441 Net income (loss) attributable to the Company $ (7,533) $ 4,634 $ (10,032) $ 19,030 $ (38,207) $ (32,108) Other comprehensive (loss), net of tax: Foreign currency translation adjustments - (3,440) (7,026) (68,121) - (78,587) Unrealized holding gain on marketable securities - - - 689 - 689 Other adjustments to comprehensive loss - - - (1,154) - (1,154) Equity in subsidiary comprehensive income (76,291) (39,361) (69,265) - 184,917 - Comprehensive loss (83,824) (38,167) (86,323) (49,556) 146,710 (111,160) Less amount attributable to noncontrolling interest - - - (2,761) - (2,761) Comprehensive loss attributable to the Company $ (83,824) $ (38,167) $ (86,323) $ (46,795) $ 146,710 $ (108,399) (In thousands) Six Months Ended June 30, 2014 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 543,687 $ 872,769 $ - $ 1,416,456 Operating expenses: Direct operating expenses - - 243,137 551,520 - 794,657 Selling, general and administrative expenses - - 96,131 177,090 - 273,221 Corporate expenses 6,054 - 32,729 25,247 - 64,030 Depreciation and amortization - - 94,544 102,923 - 197,467 Other operating income (expense), net (270) - 3,303 (132) - 2,901 Operating income (loss) (6,324) - 80,449 15,857 - 89,982 Interest (income) expense, net (7) 176,130 957 393 - 177,473 Interest income on Due from iHeartCommunications 29,900 - - - - 29,900 Intercompany interest income 7,743 170,425 30,337 - (208,505) - Intercompany interest expense 29,900 - 178,168 437 (208,505) - Loss on marketable securities - - - - - - Equity in earnings (loss) of nonconsolidated affiliates (48,788) (21) (480) (1,292) 50,172 (409) Other income (expense), net 2,074 - 3,874 7,932 - 13,880 Income (loss) before income taxes (45,288) (5,726) (64,945) 21,667 50,172 (44,120) Income tax benefit (expense) (545) 1,806 16,157 (9,543) - 7,875 Consolidated net income (loss) (45,833) (3,920) (48,788) 12,124 50,172 (36,245) Less amount attributable to noncontrolling interest - - - 9,588 - 9,588 Net loss attributable to the Company $ (45,833) $ (3,920) $ (48,788) $ 2,536 $ 50,172 $ (45,833) Other comprehensive loss, net of tax: Foreign currency translation adjustments - 21 2,012 (18,595) - (16,562) Unrealized holding gain on marketable securities - - - 679 - 679 Other adjustments to comprehensive loss - - - - - - Equity in subsidiary comprehensive income (12,432) (14,521) (14,444) - 41,397 - Comprehensive loss (58,265) (18,420) (61,220) (15,380) 91,569 (61,716) Less amount attributable to noncontrolling interest - - - (3,451) - (3,451) Comprehensive income (loss) attributable to the Company $ (58,265) $ (18,420) $ (61,220) $ (11,929) $ 91,569 $ (58,265) (In thousands) Six Months Ended June 30, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (7,533) $ 4,634 $ (10,032) $ 27,471 $ (38,207) $ (23,667) Reconciling items: Impairment charges - - - - - - Depreciation and amortization - - 97,688 89,811 - 187,499 Deferred taxes - 1,282 10,390 (5,361) - 6,311 Provision for doubtful accounts - - 1,845 3,299 - 5,144 Share-based compensation - - 2,568 1,161 - 3,729 Gain on sale of operating and fixed assets - - (212) (2,390) - (2,602) Amortization of deferred financing charges and note discounts, net - 304 4,040 - - 4,344 Other reconciling items, net 10,032 (19,169) (8,891) (31,381) 13,632 (35,777) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: (Increase) decrease in accounts receivable - - (12,604) (28,317) - (40,921) Increase (decrease) in accrued expenses 17 7,025 (45,418) (21,109) - (59,485) Increase (decrease) in accounts payable - - (10,346) (2,658) 10,465 (2,539) Increase (decrease) in deferred income - - 16,513 24,227 - 40,740 Changes in other operating assets and liabilities (41) 3,425 (20,484) (11,217) - (28,317) Net cash provided by (used for) operating activities 2,475 (2,499) 25,057 43,536 (14,110) 54,459 Cash flows from investing activities: Purchases of property, plant and equipment - - (25,968) (64,065) - (90,033) Proceeds from disposal of assets - - 993 1,136 - 2,129 Purchases of other operating assets - - (401) (452) - (853) Decrease in intercompany notes receivable, net - (7,327) (2,502) - 9,829 - Dividends from subsidiaries - - - - - - Change in other, net - - (911) (1,032) 907 (1,036) Net cash provided by (used for) investing activities - (7,327) (28,789) (64,413) 10,736 (89,793) Cash flows from financing activities: Draws on credit facilities - - - - - - Payments on credit facilities - - - (2,638) - (2,638) Payments on long-term debt - - (27) - - (27) Net transfers to iHeartCommunications 10,875 - - - - 10,875 Dividends and other payments to noncontrolling interests - - - (28,099) - (28,099) Dividends paid - - - (24,575) 24,575 - Decrease in intercompany notes payable, net - - - 9,829 (9,829) - Intercompany funding (16,176) 9,826 3,760 2,590 - - Change in other, net 2,826 - (1) 907 (907) 2,825 Net cash provided by (used for) financing activities (2,475) 9,826 3,732 (41,986) 13,839 (17,064) Effect of exchange rate changes on cash - - - (3,923) - (3,923) Net decrease in cash and cash equivalents - - - (66,786) 10,465 (56,321) Cash and cash equivalents at beginning of year 905 - - 205,259 (19,960) 186,204 Cash and cash equivalents at end of year $ 905 $ - $ - $ 138,473 $ (9,495) $ 129,883 (In thousands) Six Months Ended June 30, 2014 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (45,833) $ (3,920) $ (48,788) $ 12,124 $ 50,172 $ (36,245) Reconciling items: Depreciation and amortization - - 94,544 102,923 - 197,467 Deferred taxes 11 - (24,520) (3,214) - (27,723) Provision for doubtful accounts - - 1,485 2,658 - 4,143 Share-based compensation - - 2,738 1,512 - 4,250 (Gain) loss on sale of operating and fixed assets 270 - (3,303) 132 - (2,901) Amortization of deferred financing charges and note discounts, net - 3,709 616 - - 4,325 Other reconciling items, net 48,788 21 432 (13,281) (50,172) (14,212) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: (Increase) decrease in accounts receivable - - (11,199) (22,658) - (33,857) Increase in accrued expenses (191) (2,473) (11,880) (15,527) - (30,071) Decrease in accounts payable - 21 (5,339) (13,177) - (18,495) Increase (decrease) in deferred income - - 18,823 24,454 - 43,277 Changes in other operating assets and liabilities (270) - 9,027 (18,189) - (9,432) Net cash provided by operating activities 2,775 (2,642) 22,636 57,757 - 80,526 Cash flows from investing activities: Purchases of property, plant and equipment - - (29,771) (63,196) - (92,967) Proceeds from disposal of assets - - 6,267 621 - 6,888 Purchases of other operating assets - - (369) 194 - (175) Decrease in intercompany notes receivable, net - - - - - - Dividends from subsidiaries - - - - - - Change in other, net - 15,230 (10) (1,295) (15,230) (1,305) Net cash provided by (used for) investing activities - 15,230 (23,883) (63,676) (15,230) (87,559) Cash flows from financing activities: Draws on credit facilities - - - 820 - 820 Payments on credit facilities - - - (1,675) - (1,675) Payments on long-term debt - - (23) - - (23) Net transfers to iHeartCommunications (71,045) - - - - (71,045) Payments to repurchase of noncontrolling interests - - - - - - Dividends and other payments to noncontrolling interests - - - (9,673) - (9,673) Decrease in intercompany notes payable, net - - - (15,230) 15,230 - Intercompany funding 19,508 (12,588) 2,591 (9,511) - - Change in other, net 698 - (3) - - 695 Net cash used for financing activities (50,839) (12,588) 2,565 (35,269) 15,230 (80,901) Effect of exchange rate changes on cash - - - (637) - (637) Net increase (decrease) in cash and cash equivalents (48,064) - 1,318 (41,825) - (88,571) Cash and cash equivalents at beginning of year 83,185 - 5,885 225,475 - 314,545 Cash and cash equivalents at end of year $ 35,121 $ - $ 7,203 $ 183,650 $ - $ 225,974 |