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) March 31, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 330,026 $ - $ 7,022 $ 152,593 $ - $ 489,641 Accounts receivable, net of allowance - - 185,420 440,293 - 625,713 Intercompany receivables - 470,441 2,489,586 7,595 (2,967,622) - Prepaid expenses 2,825 - 65,492 79,955 - 148,272 Assets held for sale 55,159 55,159 Other current assets - - 5,824 34,294 - 40,118 Total Current Assets 332,851 470,441 2,808,503 714,730 (2,967,622) 1,358,903 Structures, net - - 815,441 534,958 - 1,350,399 Other property, plant and equipment, net - - 117,846 109,850 - 227,696 Indefinite-lived intangibles - - 951,692 9,848 - 961,540 Other intangibles, net - - 269,090 64,812 - 333,902 Goodwill - - 505,479 244,449 - 749,928 Due from iHeartCommunications 640,089 - - - - 640,089 Intercompany notes receivable 182,026 5,105,392 - - (5,287,418) - Other assets 242,051 298,292 1,173,371 60,286 (1,657,073) 116,927 Total Assets $ 1,397,017 $ 5,874,125 $ 6,641,422 $ 1,738,933 $ (9,912,113) $ 5,739,384 Accounts payable $ - $ - $ 6,391 $ 77,460 $ - $ 83,851 Intercompany payable 2,489,586 - 478,036 - (2,967,622) - Accrued expenses 1,621 2,241 84,236 370,552 - 458,650 Deferred income - - 48,998 70,094 - 119,092 Current portion of long-term debt - - 67 4,527 - 4,594 Total Current Liabilities 2,491,207 2,241 617,728 522,633 (2,967,622) 666,187 Long-term debt - 4,879,758 997 227,866 - 5,108,621 Intercompany notes payable - - 5,028,225 259,193 (5,287,418) - Deferred tax liability 772 1,367 652,769 6,028 - 660,936 Other long-term liabilities 2,724 - 130,587 110,749 - 244,060 Total shareholders' equity (deficit) (1,097,686) 990,759 211,116 612,464 (1,657,073) (940,420) Total Liabilities and Shareholders' Equity (Deficit) $ 1,397,017 $ 5,874,125 $ 6,641,422 $ 1,738,933 $ (9,912,113) $ 5,739,384 (In thousands) December 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash and cash equivalents $ 218,701 $ - $ 18,455 $ 175,587 $ - $ 412,743 Accounts receivable, net of allowance - - 210,252 487,331 - 697,583 Intercompany receivables - 461,549 1,921,025 8,003 (2,390,577) - Prepaid expenses 1,423 3,433 62,039 60,835 - 127,730 Assets held for sale - - 295,075 - - 295,075 Other current assets - - 1,823 32,743 - 34,566 Total Current Assets 220,124 464,982 2,508,669 764,499 (2,390,577) 1,567,697 Structures, net - - 868,586 523,294 - 1,391,880 Other property, plant and equipment, net - - 129,339 106,767 - 236,106 Indefinite-lived intangibles - - 962,074 9,253 - 971,327 Other intangibles, net - - 272,307 70,557 - 342,864 Goodwill - - 522,750 235,825 - 758,575 Due from iHeartCommunications 930,799 - - - - 930,799 Intercompany notes receivable 182,026 5,107,392 - - (5,289,418) - Other assets 78,341 307,054 1,214,311 45,393 (1,537,559) 107,540 Total Assets $ 1,411,290 $ 5,879,428 $ 6,478,036 $ 1,755,588 $ (9,217,554) $ 6,306,788 Accounts payable $ - $ - $ 12,124 $ 88,086 $ - $ 100,210 Intercompany payable 1,915,287 - 475,290 - (2,390,577) - Accrued expenses 953 (707) 108,480 398,939 - 507,665 Dividends payable 217,017 - - - - 217,017 Deferred income - - 37,471 53,940 - 91,411 Current portion of long-term debt - - 65 4,245 - 4,310 Total Current Liabilities 2,133,257 (707) 633,430 545,210 (2,390,577) 920,613 Long-term debt - 4,877,578 1,014 227,921 - 5,106,513 Intercompany notes payable - - 5,032,499 256,919 (5,289,418) - Deferred tax liability 772 1,367 599,541 7,230 - 608,910 Other long-term liabilities 1,587 - 133,227 105,605 - 240,419 Total shareholders' equity (deficit) (724,326) 1,001,190 78,325 612,703 (1,537,559) (569,667) Total Liabilities and Shareholders' Equity (Deficit) $ 1,411,290 $ 5,879,428 $ 6,478,036 $ 1,755,588 $ (9,217,554) $ 6,306,788 (In thousands) Three Months Ended March 31, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 253,079 $ 337,642 $ - $ 590,721 Operating expenses: Direct operating expenses - - 120,460 223,234 - 343,694 Selling, general and administrative expenses - - 48,727 78,074 - 126,801 Corporate expenses 3,339 - 14,433 10,467 - 28,239 Depreciation and amortization - - 44,550 40,845 - 85,395 Other operating income (expense), net (116) - 289,897 (5,007) - 284,774 Operating income (loss) (3,455) - 314,806 (19,985) - 291,366 Interest (income) expense, net (330) 88,078 436 5,689 - 93,873 Interest income on Due from iHeartCommunications 12,713 - - - - 12,713 Intercompany interest income 4,033 85,451 13,203 - (102,687) - Intercompany interest expense 12,713 - 89,484 490 (102,687) - Equity in earnings (loss) of nonconsolidated affiliates 138,901 (33,187) (38,509) (777) (66,843) (415) Other income, net 629 - (1,322) (5,110) - (5,803) Income (loss) before income taxes 140,438 (35,814) 198,258 (32,051) (66,843) 203,988 Income tax (benefit) expense (338) 958 (59,309) (4,223) - (62,912) Consolidated net income (loss) 140,100 (34,856) 138,949 (36,274) (66,843) 141,076 Less amount attributable to noncontrolling interest - - 48 928 - 976 Net income (loss) attributable to the Company $ 140,100 $ (34,856) $ 138,901 $ (37,202) $ (66,843) $ 140,100 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments - - (5,664) 32,928 - 27,264 Unrealized holding loss on marketable securities - - - (36) - (36) Equity in subsidiary comprehensive income 24,809 24,425 30,473 - (79,707) - Comprehensive income (loss) 164,909 (10,431) 163,710 (4,310) (146,550) 167,328 Less amount attributable to noncontrolling interest - - - 2,419 - 2,419 Comprehensive income (loss) attributable to the Company $ 164,909 $ (10,431) $ 163,710 $ (6,729) $ (146,550) $ 164,909 (In thousands) Three Months Ended March 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ - $ - $ 256,711 $ 358,332 $ - $ 615,043 Operating expenses: Direct operating expenses - - 123,610 239,361 - 362,971 Selling, general and administrative expenses - - 46,989 80,141 - 127,130 Corporate expenses 3,253 - 13,681 11,819 - 28,753 Depreciation and amortization - - 48,432 45,662 - 94,094 Other operating income (expense), net (102) - (6,686) 1,344 - (5,444) Operating income (loss) (3,355) - 17,313 (17,307) - (3,349) Interest (income) expense, net 6 88,080 565 765 - 89,416 Interest income on Due from iHeartCommunications 15,253 - - - - 15,253 Intercompany interest income 4,001 85,096 15,326 - (104,423) - Intercompany interest expense 15,253 - 89,097 73 (104,423) - Equity in earnings (loss) of nonconsolidated affiliates (34,666) (5,148) (3,957) (33) 44,326 522 Other income (expense), net 747 - 614 18,577 - 19,938 Income (loss) before income taxes (33,279) (8,132) (60,366) 399 44,326 (57,052) Income tax benefit (expense) (239) 994 25,700 (2,356) - 24,099 Consolidated net income (loss) (33,518) (7,138) (34,666) (1,957) 44,326 (32,953) Less amount attributable to noncontrolling interest - - - 565 - 565 Net income (loss) attributable to the Company $ (33,518) $ (7,138) $ (34,666) $ (2,522) $ 44,326 $ (33,518) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments - - (7,160) (74,327) - (81,487) Unrealized holding gain on marketable securities - - - 822 - 822 Other adjustments to comprehensive loss - - - (1,154) - (1,154) Equity in subsidiary comprehensive income (84,118) (50,342) (76,958) - 211,418 - Comprehensive loss (117,636) (57,480) (118,784) (77,181) 255,744 (115,337) Less amount attributable to noncontrolling interest - - - 2,299 - 2,299 Comprehensive loss attributable to the Company $ (117,636) $ (57,480) $ (118,784) $ (79,480) $ 255,744 $ (117,636) (In thousands) Three Months Ended March 31, 2016 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ 140,100 $ (34,856) $ 138,949 $ (36,274) $ (66,843) $ 141,076 Reconciling items: Depreciation and amortization - - 44,550 40,845 - 85,395 Deferred taxes - - 53,227 (578) - 52,649 Provision for doubtful accounts - - 1,497 521 - 2,018 Share-based compensation - - 1,031 1,354 - 2,385 Gain on sale of operating and fixed assets - - (290,091) 4,572 - (285,519) Amortization of deferred financing charges and note discounts, net - 1,873 308 432 - 2,613 Other reconciling items, net (138,901) 33,187 43,466 777 66,843 5,372 Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Decrease in accounts receivable - - 25,782 54,251 - 80,033 (Increase) decrease in prepaids and other current assets (1,402) - 377 (18,306) - (19,331) Increase (decrease) in accrued expenses (615) 6,381 (29,009) (37,708) - (60,951) Decrease in accounts payable - - (5,741) (12,449) - (18,190) Increase in deferred income - - 11,277 13,874 - 25,151 Changes in other operating assets and liabilities - - 2,830 639 - 3,469 Net cash provided by (used for) operating activities $ (818) $ 6,585 $ (1,547) $ 11,950 $ - $ 16,170 Cash flows from investing activities: Purchases of property, plant and equipment - - (11,023) (36,179) - (47,202) Proceeds from disposal of assets - - 351,470 235,220 - 586,690 Purchases of other operating assets - - (1,357) (216) - (1,573) Decrease in intercompany notes receivable, net - 2,000 - - (2,000) - Dividends from subsidiaries - - 234,554 - (234,554) - Change in other, net - - 1 (14,372) - (14,371) Net cash provided by investing activities $ - $ 2,000 $ 573,645 $ 184,453 $ (236,554) $ 523,544 Cash flows from financing activities: Payments on credit facilities - - - (577) - (577) Payments on long-term debt - - (15) (502) - (517) Net transfers to iHeartCommunications 290,711 - - - - 290,711 Dividends and other payments to noncontrolling interests - - - (789) - (789) Dividends paid (754,217) - - (234,554) 234,554 (754,217) Increase (decrease) in intercompany notes payable, net - - (3,781) 1,781 2,000 - Intercompany funding 576,608 (8,585) (579,735) 11,712 - - Change in other, net (959) - - (120) - (1,079) Net cash provided by (used for) financing activities 112,143 (8,585) (583,531) (223,049) 236,554 (466,468) Effect of exchange rate changes on cash - - - 3,652 - 3,652 Net increase (decrease) in cash and cash equivalents 111,325 - (11,433) (22,994) - 76,898 Cash and cash equivalents at beginning of year 218,701 - 18,455 175,587 - 412,743 Cash and cash equivalents at end of year $ 330,026 $ - $ 7,022 $ 152,593 $ - $ 489,641 (In thousands) Three Months Ended March 31, 2015 Parent Subsidiary Guarantor Non-Guarantor Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Consolidated net income (loss) $ (33,518) $ (7,138) $ (34,666) $ (1,957) $ 44,326 $ (32,953) Reconciling items: Depreciation and amortization - - 48,432 45,662 - 94,094 Deferred taxes - - 6,411 (1,674) - 4,737 Provision for doubtful accounts - - 834 1,691 - 2,525 Share-based compensation - - 1,300 625 - 1,925 Gain on sale of operating and fixed assets - - (11) (1,344) - (1,355) Amortization of deferred financing charges and note discounts, net - 1,863 308 - - 2,171 Other reconciling items, net 34,666 5,148 1,000 (17,169) (44,326) (20,681) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: (Increase) decrease in accounts receivable - - 8,820 25,275 - 34,095 (Increase) decrease in prepaids and other current assets (1,530) - (33,883) (20,696) - (56,109) Increase (decrease) in accrued expenses (228) (1,270) (19,725) (38,352) - (59,575) Increase (decrease) in accounts payable - - (19,049) 3,451 19,960 4,362 Increase (decrease) in deferred income - - 16,297 23,461 - 39,758 Changes in other operating assets and liabilities - - (3,714) 442 - (3,272) Net cash provided by (used for) operating activities $ (610) $ (1,397) $ (27,646) $ 19,415 $ 19,960 $ 9,722 Cash flows from investing activities: Purchases of property, plant and equipment - - (12,759) (29,056) - (41,815) Proceeds from disposal of assets - - 454 484 - 938 Purchases of other operating assets - - (20) (9) - (29) Decrease in intercompany notes receivable, net - - (2,518) - 2,518 - Change in other, net - - (907) - 907 - Net cash provided by (used for) investing activities $ - $ - $ (15,750) $ (28,581) $ 3,425 $ (40,906) Cash flows from financing activities: Payments on credit facilities - - - (1,859) - (1,859) Payments on long-term debt - - (13) - - (13) Net transfers to iHeartCommunications 61,485 - - - - 61,485 Dividends and other payments to noncontrolling interests - - - (2,119) - (2,119) Decrease in intercompany notes payable, net - - - 2,518 (2,518) - Intercompany funding (61,525) 1,397 62,851 (2,723) - - Change in other, net 650 - - 907 (907) 650 Net cash used for financing activities 610 1,397 62,838 (3,276) (3,425) 58,144 Effect of exchange rate changes on cash - - - (5,884) - (5,884) Net decrease in cash and cash equivalents - - 19,442 (18,326) 19,960 21,076 Cash and cash equivalents at beginning of year 905 - - 205,259 (19,960) 186,204 Cash and cash equivalents at end of year $ 905 $ - $ 19,442 $ 186,933 $ - $ 207,280 |