Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Entity Registrant Name | iHeartMedia, Inc. | ||
Entity Central Index Key | 1,400,891 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Trading Symbol | IHRTQ | ||
Entity Public Float | $ 3.1 | ||
Common Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 31,471,208 | ||
Common Class B | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 555,556 | ||
Common Class C | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 58,967,502 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 406,493 | $ 267,109 |
Accounts receivable, net of allowance of $50,808 in 2018 and $48,450 in 2017 | 1,575,170 | 1,508,370 |
Prepaid expenses | 195,266 | 209,330 |
Other current assets | 58,088 | 82,538 |
Total Current Assets | 2,235,017 | 2,067,347 |
PROPERTY, PLANT AND EQUIPMENT | ||
Structures, net | 1,053,016 | 1,180,882 |
Other property, plant and equipment, net | 738,124 | 703,832 |
INTANGIBLE ASSETS AND GOODWILL | ||
Indefinite-lived intangibles - licenses | 2,417,915 | 2,451,813 |
Indefinite-lived intangibles - permits | 971,163 | 977,152 |
Other intangibles, net | 453,284 | 550,056 |
Goodwill | 4,118,756 | 4,051,082 |
OTHER ASSETS | ||
Other assets | 282,240 | 278,267 |
Total Assets | 12,269,515 | 12,260,431 |
CURRENT LIABILITIES | ||
Accounts payable | 163,149 | 163,449 |
Accrued expenses | 826,865 | 769,128 |
Accrued interest | 3,108 | 268,102 |
Deferred income | 208,195 | 181,551 |
Current portion of long-term debt | 46,332 | 14,972,367 |
Total Current Liabilities | 1,247,649 | 16,354,597 |
Long-term debt | 5,277,108 | 5,676,814 |
Deferred income taxes | 335,015 | 962,725 |
Other long-term liabilities | 489,829 | 610,639 |
Liabilities subject to compromise | 16,480,256 | 0 |
Commitments and contingent liabilities (Note 7) | ||
STOCKHOLDERS’ DEFICIT | ||
Noncontrolling interest | 30,868 | 41,191 |
Additional paid-in capital | 2,074,632 | 2,072,566 |
Accumulated deficit | (13,345,346) | (13,142,001) |
Accumulated other comprehensive loss | (318,030) | (313,718) |
Cost of shares (805,982 in 2018 and 610,991 in 2017) held in treasury | (2,558) | (2,474) |
Total Stockholders' Deficit | (11,560,342) | (11,344,344) |
Total Liabilities and Stockholders' Deficit | 12,269,515 | 12,260,431 |
Common Class A | ||
STOCKHOLDERS’ DEFICIT | ||
Common Stock | 32 | 32 |
Common Class B | ||
STOCKHOLDERS’ DEFICIT | ||
Common Stock | 1 | 1 |
Common Class C | ||
STOCKHOLDERS’ DEFICIT | ||
Common Stock | 59 | 59 |
Common Class D | ||
STOCKHOLDERS’ DEFICIT | ||
Common Stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for receivables | $ 50,808 | $ 48,450 |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 32,292,944 | 32,626,168 |
Common Class B | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 555,556 | 555,556 |
Common Class C | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 58,967,502 | 58,967,502 |
Common Class D | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 0 | 0 |
Treasury Stock | ||
Class of Stock [Line Items] | ||
Treasury stock, shares | 805,982 | 610,991 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||||||||||
Revenue | $ 1,772,525 | $ 1,582,765 | $ 1,600,842 | $ 1,369,648 | $ 1,713,161 | $ 1,536,757 | $ 1,589,637 | $ 1,328,876 | $ 6,325,780 | $ 6,168,431 | $ 6,251,000 |
Operating expenses: | |||||||||||
Direct operating expenses (excludes depreciation and amortization) | 663,688 | 630,264 | 636,641 | 602,355 | 656,219 | 623,741 | 616,221 | 572,543 | 2,532,948 | 2,468,724 | 2,395,037 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 514,269 | 457,757 | 451,490 | 472,987 | 505,131 | 438,796 | 447,509 | 450,786 | 1,896,503 | 1,842,222 | 1,726,118 |
Corporate expenses (excludes depreciation and amortization) | 94,665 | 84,193 | 79,626 | 78,734 | 78,411 | 77,967 | 77,158 | 78,362 | 337,218 | 311,898 | 341,072 |
Depreciation and amortization | 111,125 | 120,700 | 147,644 | 151,434 | 157,645 | 149,749 | 147,795 | 146,106 | 530,903 | 601,295 | 635,227 |
Impairment charges | 0 | 40,922 | 0 | 0 | 2,568 | 7,631 | 0 | 0 | 40,922 | 10,199 | 8,000 |
Other operating income (expense), net | (1,556) | (1,637) | (289) | (3,286) | 10,919 | (13,215) | 6,916 | 31,084 | (6,768) | 35,704 | 353,556 |
Operating income (loss) | 387,222 | 247,292 | 285,152 | 60,852 | 324,106 | 225,658 | 307,870 | 112,163 | 980,518 | 969,797 | 1,499,102 |
Interest expense (excludes contractual interest of $1,189,132 for the year ended December 31, 2018) | 97,679 | 99,255 | 107,600 | 418,397 | 475,317 | 470,250 | 463,232 | 455,337 | 722,931 | 1,864,136 | 1,850,119 |
Equity in earnings (loss) of nonconsolidated affiliates | 729 | 172 | (38) | 157 | (615) | (2,238) | 240 | (242) | 1,020 | (2,855) | (16,733) |
Gain on extinguishment of debt | 0 | 0 | 0 | 100 | 1,271 | 0 | 0 | 0 | 100 | 1,271 | 157,556 |
Other expense, net | (23,352) | (6,182) | (28,279) | (1,063) | (6,517) | 50 | 1,647 | (15,374) | (58,876) | (20,194) | (86,009) |
Reorganization items, net | 42,849 | 52,475 | 68,740 | 192,055 | 0 | 0 | 0 | 0 | 356,119 | 0 | 0 |
Income (loss) before income taxes | 224,071 | 89,552 | 80,495 | (550,406) | (157,072) | (246,780) | (153,475) | (358,790) | (156,288) | (916,117) | (296,203) |
Income tax benefit (expense) | 837 | (17,769) | (146,785) | 117,366 | 507,549 | (2,051) | (17,408) | (30,684) | (46,351) | 457,406 | 49,631 |
Consolidated net income (loss) | 224,908 | 71,783 | (66,290) | (433,040) | 350,477 | (248,831) | (170,883) | (389,474) | (202,639) | (458,711) | (246,572) |
Less amount attributable to noncontrolling interest | 10,003 | 1,705 | 3,609 | (16,046) | (68,265) | 1,659 | 5,591 | 364 | (729) | (60,651) | 55,484 |
Net income (loss) attributable to the Company | $ 214,905 | $ 70,078 | $ (69,899) | $ (416,994) | $ 418,742 | $ (250,490) | $ (176,474) | $ (389,838) | (201,910) | (398,060) | (302,056) |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | (15,924) | 43,851 | 22,932 | ||||||||
Other adjustments to comprehensive income (loss) | (1,498) | 6,306 | (12,390) | ||||||||
Reclassification adjustments | 2,962 | 5,441 | 46,730 | ||||||||
Other comprehensive income (loss) | (14,460) | 55,598 | 57,272 | ||||||||
Comprehensive income (loss) | (216,370) | (342,462) | (244,784) | ||||||||
Less amount attributable to noncontrolling interest | (8,713) | 13,847 | (1,787) | ||||||||
Comprehensive income (loss) attributable to the Company | $ (207,657) | $ (356,309) | $ (242,997) | ||||||||
Net loss attributable to the Company per common share: | |||||||||||
Basic (in dollars per share) | $ 2.51 | $ 0.82 | $ (0.82) | $ (4.89) | $ 4.92 | $ (2.94) | $ (2.08) | $ (4.60) | $ (2.36) | $ (4.68) | $ (3.57) |
Weighted average common shares outstanding - Basic (in shares) | 85,412 | 84,967 | 84,569 | ||||||||
Diluted (in dollars per share) | $ 2.51 | $ 0.82 | $ (0.82) | $ (4.89) | $ 4.88 | $ (2.94) | $ (2.08) | $ (4.60) | $ (2.36) | $ (4.68) | $ (3.57) |
Weighted average common shares outstanding - Diluted (in shares) | 85,412 | 84,967 | 84,569 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||
Contractual interest | $ 376,300 | $ 372,600 | $ 373,900 | $ 66,300 | $ 1,189,132 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands | Total | Common Stock | Common StockClass C Shares | Common StockClass B Shares | Common StockClass A Shares | Non- controlling Interest | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | |
Beginning balance (in shares) at Dec. 31, 2015 | [1] | 58,967,502 | 555,556 | 30,295,457 | |||||||
Beginning balance at Dec. 31, 2015 | $ (10,617,494) | $ 90 | $ 171,763 | $ 2,068,983 | $ (12,441,885) | $ (414,528) | $ (1,917) | ||||
Increase Decrease In Stockholders Equity | |||||||||||
Consolidated net income (loss) | (246,572) | 55,484 | (302,056) | ||||||||
Issuance of restricted stock (in shares) | [1] | 1,206,991 | |||||||||
Issuance of restricted stock | (1,565) | 1 | (1,366) | (1) | (199) | ||||||
Amortization of share-based compensation | 13,133 | 10,291 | 2,842 | ||||||||
Purchases of additional noncontrolling interest | 0 | 1,224 | (1,224) | ||||||||
Disposal of noncontrolling interest | (36,846) | (36,846) | |||||||||
Dividend declared and paid to noncontrolling interests | (70,412) | (70,412) | |||||||||
Other | 623 | 623 | 3 | (3) | |||||||
Other comprehensive income (loss) | 57,272 | (1,787) | 59,059 | ||||||||
Ending balance (in shares) at Dec. 31, 2016 | [1] | 58,967,502 | 555,556 | 31,502,448 | |||||||
Ending balance at Dec. 31, 2016 | (10,901,861) | 91 | 128,974 | 2,070,603 | (12,743,941) | (355,469) | (2,119) | ||||
Increase Decrease In Stockholders Equity | |||||||||||
Consolidated net income (loss) | (458,711) | (60,651) | (398,060) | ||||||||
Issuance of restricted stock (in shares) | [1] | 1,123,720 | |||||||||
Issuance of restricted stock | (1,823) | 1 | (1,468) | (1) | (355) | ||||||
Amortization of share-based compensation | 12,078 | 9,590 | 2,488 | ||||||||
Purchases of additional noncontrolling interest | (1,227) | (703) | (524) | ||||||||
Disposal of noncontrolling interest | (2,439) | (2,439) | |||||||||
Dividend declared and paid to noncontrolling interests | (46,151) | (46,151) | |||||||||
Other | 192 | 192 | |||||||||
Other comprehensive income (loss) | 55,598 | 13,847 | 41,751 | ||||||||
Ending balance (in shares) at Dec. 31, 2017 | [1] | 58,967,502 | 555,556 | 32,626,168 | |||||||
Ending balance at Dec. 31, 2017 | (11,344,344) | 92 | 41,191 | 2,072,566 | (13,142,001) | (313,718) | (2,474) | ||||
Increase Decrease In Stockholders Equity | |||||||||||
Consolidated net income (loss) | (202,639) | (729) | (201,910) | ||||||||
Issuance of restricted stock (in shares) | [1] | (333,224) | |||||||||
Issuance of restricted stock | (797) | (713) | (84) | ||||||||
Amortization of share-based compensation | 10,583 | 8,517 | 2,066 | ||||||||
Dividend declared and paid to noncontrolling interests | (8,742) | (8,742) | |||||||||
Other | 57 | 57 | (1,435) | 1,435 | |||||||
Other comprehensive income (loss) | (14,460) | (8,713) | (5,747) | ||||||||
Ending balance (in shares) at Dec. 31, 2018 | [1] | 58,967,502 | 555,556 | 32,292,944 | |||||||
Ending balance at Dec. 31, 2018 | $ (11,560,342) | $ 92 | $ 30,868 | $ 2,074,632 | $ (13,345,346) | $ (318,030) | $ (2,558) | ||||
[1] | The Company's Class D Common Stock is not presented in the data above as there were no shares issued and outstanding in 2018, 2017 and 2016, respectively. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Consolidated net loss | $ (202,639) | $ (458,711) | $ (246,572) |
Reconciling items: | |||
Impairment charges | 40,922 | 10,199 | 8,000 |
Depreciation and amortization | 530,903 | 601,295 | 635,227 |
Deferred taxes | 18,038 | (488,190) | (97,416) |
Provision for doubtful accounts | 28,429 | 38,944 | 27,390 |
Amortization of deferred financing charges and note discounts, net | 22,601 | 57,474 | 69,951 |
Non-cash Reorganization items, net | 252,392 | 0 | 0 |
Share-based compensation | 10,583 | 12,078 | 13,133 |
Gain on disposal of operating and other assets | (131) | (44,461) | (365,710) |
Equity in (earnings) loss of nonconsolidated affiliates | (1,020) | 2,855 | 16,733 |
Gain on extinguishment of debt | (100) | (1,271) | (157,556) |
Barter and trade income | (15,733) | (42,210) | (38,323) |
Other reconciling items, net | 36,860 | (23,576) | 84,350 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
Increase in accounts receivable | (110,062) | (149,347) | (14,469) |
(Increase) decrease in prepaid expenses and other current assets | 22 | (28,377) | (3,114) |
Increase (decrease) in accrued expenses | 40,075 | 4,133 | (2,862) |
Increase in accounts payable | 38,265 | 15,736 | 3,065 |
Increase in accrued interest | 304,729 | 41,006 | 20,809 |
Increase (decrease) in deferred income | 19,892 | (26,533) | 23,661 |
Changes in other operating assets and liabilities | (47,354) | (12,254) | 7,938 |
Net cash provided by (used for) operating activities | 966,672 | (491,210) | (15,765) |
Cash flows from investing activities: | |||
Purchases of other investments | (892) | (1,068) | (6,450) |
Proceeds from sale of other investments | 18,969 | 628 | 5,367 |
Purchases of businesses | (74,272) | 0 | (500) |
Purchases of property, plant and equipment | (296,324) | (291,966) | (314,717) |
Proceeds from disposal of assets | 10,422 | 82,987 | 856,981 |
Purchases of other operating assets | (2,138) | (1,213) | (4,414) |
Change in other, net | (1,243) | (4,060) | (2,771) |
Net cash provided by (used for) investing activities | (345,478) | (214,692) | 533,496 |
Cash flows from financing activities: | |||
Draws on revolving credit facilities | 143,332 | 100,000 | 100,000 |
Payments on revolving credit facilities | (258,308) | (25,909) | (2,100) |
Proceeds from long-term debt | 0 | 156,000 | 6,856 |
Payments on long-term debt | (365,001) | (9,946) | (421,263) |
Dividends and other payments to noncontrolling interests | (9,421) | (46,477) | (89,631) |
Change in other, net | (2,401) | (22,333) | (12,093) |
Net cash provided by (used for) financing activities | (491,799) | 151,335 | (418,231) |
Effect of exchange rate changes on cash | (10,361) | 10,141 | (5,639) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 119,034 | (544,426) | 93,861 |
Cash, cash equivalents and restricted cash at beginning of period | 311,300 | 855,726 | 761,865 |
Cash, cash equivalents and restricted cash at end of period | 430,334 | 311,300 | 855,726 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash paid during the year for interest | 397,984 | 1,772,405 | 1,764,776 |
Cash paid during the year for taxes | 34,203 | 35,505 | 44,844 |
Cash paid for Reorganization items, net | $ 103,727 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business iHeartMedia, Inc. (the “Company,” "iHeartMedia," "we" or "us") was formed in May 2007 by private equity funds sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. (together, the “Sponsors”) for the purpose of acquiring the business of iHeartCommunications, Inc., a Texas company (“iHeartCommunications”). The acquisition was completed on July 30, 2008 pursuant to the Agreement and Plan of Merger, dated November 16, 2006, as amended on April 18, 2007, May 17, 2007 and May 13, 2008 (the “Merger Agreement”). The Company’s reportable segments are iHeartMedia (“iHM”), Americas outdoor advertising (“Americas outdoor”), and International outdoor advertising (“International outdoor”). The iHM segment provides media and entertainment services via broadcast and digital delivery. The Americas outdoor and International outdoor segments provide outdoor advertising services in their respective geographic regions using various digital and traditional display types. Included in the “Other” category is the Company’s media representation business, Katz Media Group, which is ancillary to its other businesses. During the first quarter of 2018, the Company reevaluated its segment reporting and determined that its Latin America operations should be managed by its International outdoor leadership team. As such, beginning January 1, 2018, our Latin American operations has been included in our International outdoor segment. Accordingly, the Company has recast the corresponding segment disclosures for prior periods to include Latin America within the International outdoor segment. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the Company are accounted for using the equity method of accounting. All significant intercompany accounts have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the 2018 presentation. The Company is the beneficiary of two trusts created to comply with Federal Communications Commission (“FCC”) ownership rules. The radio stations owned by the trusts are managed by independent trustees. The trustees are marketing these stations for sale, and the stations will have to be sold unless any stations may be owned by the Company under then-current FCC rules, in which case the trusts will be terminated with respect to such stations. The trust agreements stipulate that the Company must fund any operating shortfalls of the trust activities, and any excess cash flow generated by the trusts is distributed to the Company. The Company is also the beneficiary of proceeds from the sale of stations held in the trusts. The Company consolidates the trusts in accordance with ASC 810-10, which requires an enterprise involved with variable interest entities to perform an analysis to determine whether the enterprise’s variable interest or interests give it a controlling financial interest in the variable interest entity, as the trusts were determined to be a variable interest entity and the Company is the primary beneficiary under the trusts. Immaterial Corrections to Prior Periods During the three months ended June 30, 2018, the Company identified misstatements associated with VAT obligations in its International Outdoor segment which resulted in an understatement of the Company's VAT obligation. The Company evaluated the effects of these misstatements on prior periods’ consolidated financial statements, individually and in the aggregate, in accordance with the guidance in SEC Staff Bulletins ("SAB") 99, Materiality, SAB 108, Considering the Effects of Prior year Misstatements when Quantifying Misstatements in the Current Year Financial Statements and Accounting Standards Codification 250, Accounting Changes and Error Corrections , and concluded that no prior period is materially misstated. However, the Company has determined to revise the Company's consolidated financial statements for the VAT misstatements, as well as other previously identified immaterial errors, for the prior periods presented herein. A summary of the effect of the corrections on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2017 and 2016 is as follows: Year Ended December 31, 2017 (In thousands) As Reported Correction Revised Revenue $ 6,170,994 $ (2,563 ) $ 6,168,431 Direct operating expenses (excludes depreciation and amortization) 2,461,722 7,002 2,468,724 Selling, general and administrative expenses (excludes depreciation and amortization) 1,851,646 (9,424 ) 1,842,222 Operating income 969,938 (141 ) 969,797 Interest expense 1,865,584 (1,448 ) 1,864,136 Loss before income taxes (917,424 ) 1,307 (916,117 ) Consolidated net loss (460,018 ) 1,307 (458,711 ) Less amount attributable to noncontrolling interest (66,127 ) 5,476 (60,651 ) Net loss attributable to the Company (393,891 ) (4,169 ) (398,060 ) Foreign currency translation adjustments 45,661 (1,810 ) 43,851 Other comprehensive income 57,408 (1,810 ) 55,598 Comprehensive loss (336,483 ) (5,979 ) (342,462 ) Less amount attributable to noncontrolling interest 14,092 (245 ) 13,847 Comprehensive loss attributable to the Company (350,575 ) (5,734 ) (356,309 ) Basic loss per share (4.64 ) (0.04 ) (4.68 ) Diluted loss per share (4.64 ) (0.04 ) (4.68 ) Year Ended December 31, 2016 (In thousands) As Reported Correction Revised Revenue $ 6,260,062 $ (9,062 ) $ 6,251,000 Direct operating expenses (excludes depreciation and amortization) 2,398,776 (3,739 ) 2,395,037 Selling, general and administrative expenses (excludes depreciation and amortization) 1,725,899 219 1,726,118 Operating income 1,504,644 (5,542 ) 1,499,102 Interest expense 1,849,982 137 1,850,119 Loss before income taxes (290,524 ) (5,679 ) (296,203 ) Income tax benefit 50,474 (843 ) 49,631 Consolidated net loss (240,050 ) (6,522 ) (246,572 ) Less amount attributable to noncontrolling interest 56,312 (828 ) 55,484 Net loss attributable to the Company (296,362 ) (5,694 ) (302,056 ) Foreign currency translation adjustments 21,983 949 22,932 Other comprehensive income 56,323 949 57,272 Comprehensive loss (240,039 ) (4,745 ) (244,784 ) Less amount attributable to noncontrolling interest (2,208 ) 421 (1,787 ) Comprehensive loss attributable to the Company (237,831 ) (5,166 ) (242,997 ) Basic loss per share (3.50 ) (0.07 ) (3.57 ) Diluted loss per share (3.50 ) (0.07 ) (3.57 ) Voluntary Filing under Chapter 11 On March 14, 2018 , the Company, iHeartCommunications and certain of the Company's direct and indirect domestic subsidiaries (collectively, the "Debtors") filed voluntary petitions for relief (the "Chapter 11 Cases") under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"), in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Bankruptcy Court"). Clear Channel Outdoor Holdings, Inc. (“CCOH”) and its direct and indirect subsidiaries did not file voluntary petitions for reorganization under the Bankruptcy Code and are not Debtors in the Chapter 11 Cases. The Chapter 11 Cases are being administered under the caption In re: iHeartMedia, Inc. , et. al, Case No. 18-31274 (MI). The Debtors continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. iHeartCommunications, which is a Debtor in the Chapter 11 Cases, provides the day-to-day cash management services for CCOH’s cash activities and balances in the U.S. pursuant to the Corporate Services Agreement between iHeartCommunications and CCOH, and is continuing to do so during the Chapter 11 Cases pursuant to a cash management order approved by the Bankruptcy Court. CCOH does not have any material committed external sources of capital other than iHeartCommunications. iHeartCommunications' filing of the Chapter 11 Cases constituted an event of default that accelerated its obligations under its debt agreements. Due to the Chapter 11 Cases, however, the creditors’ ability to exercise remedies under iHeartCommunications' debt agreements were stayed as of March 14, 2018 , the date of the Chapter 11 petition filing, and continue to be stayed. The Company has applied Accounting Standards Codification (“ASC”) 852 - Reorganizations in preparing the consolidated financial statements. ASC 852 requires the financial statements, for periods subsequent to the commencement of the Chapter 11 Cases, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain charges incurred during 2018 related to the bankruptcy proceedings, including unamortized long-term debt fees and discounts associated with debt classified as liabilities subject to compromise, are recorded as Reorganization items, net. In addition, pre-petition Debtor obligations that may be impacted by the Chapter 11 Cases have been classified on the Consolidated Balance Sheet at December 31, 2018 as Liabilities subject to compromise. These liabilities are reported at the amounts the Company anticipates will be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts. See below for more information regarding Reorganization items. ASC 852 requires certain additional reporting for financial statements prepared between the bankruptcy filing date and the date of emergence from bankruptcy, including: • Reclassification of Debtor pre-petition liabilities that are unsecured, under-secured or where it cannot be determined that the liabilities are fully secured, to a separate line item in the Consolidated Balance Sheet called, "Liabilities subject to compromise"; and • Segregation of Reorganization items, net as a separate line in the Consolidated Statement of Comprehensive Loss, outside of income from continuing operations. Debtor-In-Possession In general, as debtors-in-possession under the Bankruptcy Code, the Debtors are authorized to continue to operate as an ongoing business, but may not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. Pursuant to first day motions filed with the Bankruptcy Court, the Bankruptcy Court authorized the Debtors to conduct their business activities in the ordinary course, including, among other things and subject to the terms and conditions of such orders, authorizing the Debtors to: (i) pay employees’ wages and related obligations; (ii) continue to operate their cash management system in a form substantially similar to prepetition practice; (iii) use cash collateral on an interim basis; (iv) continue to honor certain obligations related to on-air talent, station affiliates and royalty obligations; (v) continue to maintain certain customer programs; (vi) pay taxes in the ordinary course; (vii) continue our surety bond program; and (viii) maintain their insurance program in the ordinary course. Automatic Stay Subject to certain specific exceptions under the Bankruptcy Code, the Chapter 11 Cases automatically stayed most judicial or administrative actions against the Debtors and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. Absent an order from the Bankruptcy Court, substantially all of the Debtors’ pre-petition liabilities are subject to settlement under the Bankruptcy Code. See Note 13, Condensed Combined Debtor-In-Possession Financial Information . Executory Contracts Subject to certain exceptions, under the Bankruptcy Code, the Debtors may assume, amend or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the Debtors from performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Generally, the assumption of an executory contract or unexpired lease requires the Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Accordingly, any description of an executory contract or unexpired lease with the Debtors in this document, including where applicable a quantification of the Company’s obligations under any such executory contract or unexpired lease of the Debtors, is qualified by any overriding rejection rights the Company has under the Bankruptcy Code. Potential Claims The Debtors have filed with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of each of the Debtors, subject to the assumptions filed in connection therewith. These schedules and statements may be subject to further amendment or modification after filing. Certain holders of pre-petition claims that are not governmental units were required to file proofs of claim by the deadline for general claims, which was on June 29, 2018 (the “Bar Date”). The Debtors' have received approximately 4,300 proofs of claim as of February 28, 2019 for an amount of approximately $808.4 billion . Such amount includes duplicate claims across multiple debtor legal entities. These claims will be reconciled to amounts recorded in the Company's accounting records. Differences in amounts recorded and claims filed by creditors will be investigated and resolved, including through the filing of objections with the Bankruptcy Court, where appropriate. The Bankruptcy Court does not allow for claims that have been acknowledged as duplicates. Approximately 1,500 claims totaling approximately $7.0 billion have been disallowed, modified or withdrawn and the Debtors have filed additional claim objections with the Bankruptcy Court for approximately 180 claims totaling approximately $9.9 million in additional reductions and modifications. The Company may ask the Bankruptcy Court to disallow claims that the Company believes have been later amended or superseded, are without merit, are overstated or should be disallowed for other reasons. In addition, as a result of this process, the Company may identify additional liabilities that will need to be recorded or reclassified to Liabilities subject to compromise. In light of the substantial number of claims filed, and expected to be filed, the claims resolution process may take considerable time to complete and likely will continue after the Debtors emerge from bankruptcy. Reorganization Items, Net The Debtors have incurred and will continue to incur significant costs associated with the reorganization, including the write-off of original issue discount and deferred long-term debt fees on debt subject to compromise, costs of debtor-in-possession refinancing, legal and professional fees. The amount of these charges, which since the Petition Date are being expensed as incurred, are expected to significantly affect the Company’s results of operations. In accordance with applicable guidance, costs associated with the bankruptcy proceedings have been recorded as Reorganization items, net within the Company's accompanying Consolidated Statements of Comprehensive Income (Loss) for the twelve months ended December 31, 2018. See Note 16, Reorganization Items, Net . Financial Statement Classification of Liabilities Subject to Compromise The accompanying Consolidated Balance Sheet as of December 31, 2018 includes amounts classified as Liabilities subject to compromise, which represent liabilities the Company anticipates will be allowed as claims in the Chapter 11 Cases. These amounts represent the Debtors’ current estimate of known or potential obligations to be resolved in connection with the Chapter 11 Cases, and may differ from actual future settlement amounts paid. Differences between liabilities estimated and claims filed, or to be filed, will be investigated and resolved in connection with the claims resolution process. The Company will continue to evaluate these liabilities throughout the Chapter 11 process and adjust amounts as necessary. Such adjustments may be material. See Note 15, Liabilities Subject to Compromise . Plan of Reorganization On April 28, 2018, the Debtors filed a plan of reorganization (as amended, the “Plan of Reorganization”) and a related disclosure statement (as amended, the “Disclosure Statement”) with the Bankruptcy Court. Thereafter, the Debtors filed a second, third and fourth amended Plan of Reorganization and amended versions of the Disclosure Statement. On September 20, 2018, the Bankruptcy Court entered an order approving the Disclosure Statement and related solicitation and notice procedures for voting on the Plan of Reorganization. On October 10, 2018, the Debtors filed a fifth amended Plan of Reorganization and the Disclosure Statement Supplement. On October 18, 2018, the Bankruptcy Court entered an order approving the Disclosure Statement Supplement and the continued solicitation of holders of general unsecured claims for voting on the Plan of Reorganization. The deadline for holders of claims and interests to vote on the Plan of Reorganization was November 16, 2018. More than 90% of the votes cast by holders of claims and interests entitled to vote thereon accepted the Plan of Reorganization. On December 16, 2018, the Debtors, CCOH, GAMCO Asset Management, Inc., and Norfolk County Retirement System entered into the CCOH Separation Settlement (as defined below) resolving all claims, objections, and other causes of action that have been or could be asserted by or on behalf of CCOH, GAMCO Asset Management, Inc., and/or Norfolk County Retirement System by and among the Debtors, CCOH, GAMCO Asset Management, Inc., certain individual defendants in the GAMCO Asset Management, Inc. action and/or the Norfolk County Retirement System action, and the private equity sponsor defendants in such actions. In connection with the CCOH Separation Settlement, on December 17, 2018, the Debtors filed a modified fifth amended Plan of Reorganization. On January 10, 2019, hearings commenced to consider confirmation of the Plan of Reorganization, with further hearings to consider confirmation scheduled for January 17 and 22, 2019. On January 17, 2019, the Debtors came to agreement on the terms of the Legacy Plan Settlement (as defined below) with Wilmington Savings Fund Society, FSB (“WSFS”), solely in its capacity as successor indenture trustee to the 6.875% Senior Notes due 2018 and 7.25% Senior Notes due 2027 (together with the 5.50% Senior Notes due 2016, the “Legacy Notes”), and not in its individual capacity, and certain consenting Legacy Noteholders of all issues related to confirmation of our plan of reorganization, and on January 21, 2019 and January 22, 2019, the Debtors filed further modified versions of the fifth amended Plan of Reorganization. On January 22, 2019, the Bankruptcy Court entered an order confirming the Plan of Reorganization. The Plan of Reorganization contemplates a restructuring of the Debtors that will reduce iHeartCommunications’ debt from approximately $16 billion to $5.75 billion , and will result in the Separation of CCOH from the Company, creating two independent companies. Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. The Company’s ability to continue as a going concern is contingent upon the Company’s ability to successfully implement the Company’s Plan of Reorganization, among other factors. As a result of the Chapter 11 Cases, the realization of assets and the satisfaction of liabilities are subject to uncertainty. As discussed above, the Company's Plan of Reorganization was confirmed on January 22, 2019. The Plan of Reorganization could materially change the amounts and classifications of assets and liabilities reported in the consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the Chapter 11 Cases. As a result of our financial condition, the defaults under our debt agreements, and the risks and uncertainties surrounding our ability or the timing to consummate the Plan of Reorganization, substantial doubt exists that we will be able to continue as a going concern. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Accounts Receivable Accounts receivable are recorded when the Company has an unconditional right to payment, either because it has satisfied a performance obligation prior to receiving payment from the customer or has a non-cancelable contract that has been billed in advance in accordance with the Company’s normal billing terms. Accounts receivable are recorded at the invoiced amount, net of reserves for sales allowances and allowances for doubtful accounts. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of accounts receivable for each business unit, adjusted for relative improvements or deteriorations in the agings and changes in current economic conditions. The Company believes its concentration of credit risk is limited due to the large number and the geographic diversification of its customers. Business Combinations The Company accounts for its business combinations under the acquisition method of accounting. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Various acquisition agreements may include contingent purchase consideration based on performance requirements of the investee. The Company accounts for these payments in conformity with the provisions of ASC 805-20-30, which establish the requirements related to recognition of certain assets and liabilities arising from contingencies. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives, which are as follows: Buildings and improvements – 10 to 39 years Structures – 3 to 20 years Towers, transmitters and studio equipment – 5 to 20 years Furniture and other equipment – 2 to 20 years Leasehold improvements – shorter of economic life or lease term assuming renewal periods, if appropriate For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. The Company tests for possible impairment of property, plant, and equipment whenever events and circumstances indicate that depreciable assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. Leases Most of the Company’s outdoor advertising structures are located on leased land. Americas outdoor land leases are typically paid in advance for periods ranging from one to 12 months. International outdoor land leases are paid both in advance and in arrears, for periods ranging up to 12 months. Most international street furniture display faces are operated through contracts with municipalities, which typically have terms ranging from 1 to 15 years. The leased land and street furniture contracts can include a percent of revenue to be paid along with a base rent payment. Prepaid land leases are recorded as an asset and expensed ratably over the related rental term and rent payments in arrears are recorded as an accrued liability. The Company has entered into leases for tower sites for most of its broadcasting locations. Tower site leases are typically paid monthly in advance, and have 30 -year lease terms including annual rent escalations. Most tower site leases are operating leases, and operating lease expense is recognized straight-line based on the minimum lease payments for each lease. Intangible Assets The Company’s indefinite-lived intangible assets include FCC broadcast licenses in its iHM segment and billboard permits in its Americas outdoor advertising segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annually. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a dramatic change in the manner for which the asset is intended to be used indicate that the carrying amount of the asset may not be recoverable. The Company performs its annual impairment test for its FCC licenses and permits using a direct valuation technique as prescribed in ASC 805-20-S99. The Company engages a third party valuation firm to assist the Company in the development of these assumptions and the Company’s determination of the fair value of its FCC licenses and permits. Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets include primarily transit and street furniture contracts, talent and representation contracts, customer and advertiser relationships, and site-leases, all of which are amortized over the respective lives of the agreements, or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Goodwill At least annually, the Company performs its impairment test for each reporting unit’s goodwill. The Company uses a discounted cash flow model to determine if the carrying value of the reporting unit, including goodwill, is less than the fair value of the reporting unit. The Company identified its reporting units in accordance with ASC 350-20-55. The U.S. radio markets are aggregated into a single reporting unit and the Company’s U.S. outdoor advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test. The Company also determined that within its Americas segment and its International outdoor segment each country constitutes a separate reporting unit. The Company concluded no goodwill impairment was required in 2018 . The Company recognized goodwill impairment of $1.6 million in 2017 related to one of our International outdoor markets. The Company recognized goodwill impairment of $7.3 million in 2016 related to one market in the Company's International outdoor segment. Nonconsolidated Affiliates In general, investments in which the Company owns 20% to 50% of the common stock or otherwise exercises significant influence over the investee are accounted for under the equity method. The Company does not recognize gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statement of operations as a component of “Equity in earnings (loss) of nonconsolidated affiliates” for any decline in value that is determined to be other-than-temporary. The Company recognized other-than-temporary impairment of $15.0 million on an equity investment for the year ended December 31, 2016, which was recorded in "Equity in loss of nonconsolidated affiliates." Other Investments Effective January 1, 2018, we adopted Accounting Standards Update ("ASU") 2016-01 Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which requires us to measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in earnings. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Prior to the adoption of ASU 2016-01, marketable equity securities not accounted for under the equity method were classified as available-for-sale. For equity securities classified as available-for-sale, realized gains and losses were included in net income. Unrealized gains and losses on equity securities classified as available-for-sale were recognized in accumulated other comprehensive income (loss) ("AOCI"), net of tax. Equity securities without readily determinable fair values were recorded at cost. The Company concluded that impairments existed at December 31, 2018 , 2017 and 2016 and recorded noncash impairment charges of $14.4 million , $4.2 million and $14.8 million during 2018 , 2017 and 2016 , respectively. Such charge is recorded on the statement of comprehensive loss in “Other expense, net”. Financial Instruments Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued liabilities, and short- |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES The Company generates revenue from several sources: • The primary source of revenue in the iHM segment is the sale of advertising on the Company’s radio stations, its iHeartRadio mobile application and website, station websites, and live events. This segment also generates revenues from programming talent, network syndication, traffic and weather data, and other miscellaneous transactions. • The Americas outdoor and International outdoor segments generate revenue primarily from the sale of advertising space on printed and digital out-of-home advertising displays. • The Company also generates revenue through contractual commissions realized from the sale of national spot and online advertising on behalf of clients of its full-service media representation business, Katz Media, which is reported in the Company’s Other segment. Certain of the revenue transactions in the Americas outdoor and International outdoor segments are considered leases, for accounting purposes, as the agreements convey to customers the right to use the Company’s advertising structures for a stated period of time. In order for a transaction with a customer to qualify as a lease, the arrangement must be dependent on the use of a specified advertising structure, and the customer must have almost exclusive use of that structure during the term of the arrangement. Therefore, arrangements that do not involve the use of a specified advertising structure, where the Company can substitute the advertising structure that is used to display the customer’s advertisement, or where the advertising structure displays advertisements for multiple customers throughout the day are not leases. The Company accounts for revenue from leases, which are all classified as operating leases, in accordance with the lease accounting guidance ( Topic 840 ). All of the Company’s revenue transactions that do not qualify as a lease are accounted for as revenue from contracts with customers ( Topic 606 ). Disaggregation of Revenue The following table shows, by segment, revenue from contracts with customers disaggregated by geographical region, revenue from leases and total revenue for the years ended December 31, 2018 , 2017 and 2016 : (In thousands) iHM Americas Outdoor (1) International Outdoor (1) Other Eliminations Consolidated Year Ended December 31, 2018 Revenue from contracts with customers: United States $ 3,408,563 $ 462,614 $ — $ 174,435 $ (1,851 ) $ 4,043,761 Other Americas 4,416 2,693 53,186 — — 60,295 Europe 9,953 — 856,479 — — 866,432 Asia-Pacific and other 11,229 — 11,943 — — 23,172 Total 3,434,161 465,307 921,608 174,435 (1,851 ) 4,993,660 Revenue from leases 2,794 724,041 610,749 — (5,464 ) 1,332,120 Revenue, total $ 3,436,955 $ 1,189,348 $ 1,532,357 $ 174,435 $ (7,315 ) $ 6,325,780 Year Ended December 31, 2017 Revenue from contracts with customers: United States $ 3,413,716 $ 429,475 $ — $ 143,684 $ (1,961 ) $ 3,984,914 Other Americas 3,368 10,927 57,738 — — 72,033 Europe 9,705 — 772,056 — — 781,761 Asia-Pacific and other 11,872 578 9,966 — — 22,416 Total 3,438,661 440,980 839,760 143,684 (1,961 ) 4,861,124 Revenue from leases 4,302 720,079 587,883 — (4,957 ) 1,307,307 Revenue, total $ 3,442,963 $ 1,161,059 $ 1,427,643 $ 143,684 $ (6,918 ) $ 6,168,431 Year Ended December 31, 2016 Revenue from contracts with customers: United States $ 3,374,866 $ 418,378 $ — $ 171,593 $ (1,093 ) $ 3,963,744 Other Americas 3,279 19,191 47,313 — — 69,783 Europe 9,417 — 715,431 — — 724,848 Asia-Pacific and other 11,374 842 117,251 — — 129,467 Total 3,398,936 438,411 879,995 171,593 (1,093 ) 4,887,842 Revenue from leases 4,104 748,769 612,647 — (2,362 ) 1,363,158 Revenue, total $ 3,403,040 $ 1,187,180 $ 1,492,642 $ 171,593 $ (3,455 ) $ 6,251,000 (1) Due to a re-evaluation of the Company’s segment reporting in 2018 , its operations in Latin America are included in the International outdoor segment results for all periods presented. See Note 1, Summary of Significant Accounting Policies . All of the Company’s advertising structures are used to generate revenue. Such revenue may be classified as revenue from contracts with customers or revenue from leases depending on the terms of the contract, as previously described. Revenue from Contracts with Customers The following tables show the changes in the Company’s contract balances from contracts with customers for the years ended December 31, 2018 and 2017 and provide a reconciliation of the ending balances to the Consolidated Balance Sheets: Year Ended December 31, (In thousands) 2018 2017 Accounts receivable from contracts with customers: Beginning balance, net of allowance $ 1,195,145 $ 1,067,382 Additions, net of collections, and other 66,232 162,668 Bad debt, net of recoveries (1) (24,598 ) (34,905 ) Ending balance, net of allowance 1,236,779 1,195,145 Accounts receivable from leases, net of allowance 338,391 313,225 Total accounts receivable, net of allowance $ 1,575,170 $ 1,508,370 (1) Bad debt, net of recoveries, related to accounts receivable from contracts with customers was $20.3 million during the year ended December 31, 2016 . Year Ended December 31, (In thousands) 2018 2017 Deferred revenue from contracts with customers: Beginning balance $ 184,000 $ 193,913 Revenue recognized, included in beginning balance (1) (142,346 ) (147,698 ) Additions, net of revenue recognized during period, and other 146,950 137,785 Ending balance 188,604 184,000 Deferred revenue from leases 49,703 38,027 Total deferred revenue 238,307 222,027 Less: Non-current portion, included in other long-term liabilities 30,112 40,476 Total deferred revenue, current portion $ 208,195 $ 181,551 (1) Revenue recognized during the year ended December 31, 2016 that was included in the balance of deferred revenue from contracts with customers at the beginning of that year was $149.6 million . The Company’s contracts with customers generally have a term of one year or less; however, as of December 31, 2018 , the Company expects to recognize $298.7 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 substantially all of this amount to be recognized over the next five years . Commissions related to the Company’s media representation business have been excluded from this amount as they are contingent upon future sales. As part of the transition to the new revenue standard, the Company is not required to disclose information about remaining performance obligations for periods prior to the date of initial application. Revenue from Leases As of December 31, 2018 , the Company’s future minimum rentals under non-cancelable operating leases were as follows: (In thousands) 2019 $ 317,860 2020 36,552 2021 18,075 2022 10,740 2023 3,877 Thereafter 15,477 Total minimum future rentals $ 402,581 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL Acquisitions During the fourth quarter of 2018, the Company acquired Stuff Media LLC and Jelli, Inc. for aggregate consideration of $120.3 million , of which $74.3 million was paid in cash in the fourth quarter of 2018 and $46.0 million , plus imputed interest, will be paid in cash in the fourth quarter of 2019. The assets acquired as part of these transactions consisted of $27.0 million in fixed assets and $35.2 million in intangible assets, consisting primarily of technology and content, along with $77.3 million in goodwill. Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of December 31, 2018 and 2017 , respectively: (In thousands) December 31, December 31, 2018 2017 Land, buildings and improvements $ 572,904 $ 562,702 Structures 2,835,411 2,864,442 Towers, transmitters and studio equipment 365,991 356,664 Furniture and other equipment 793,756 707,163 Construction in progress 116,839 74,810 4,684,901 4,565,781 Less: accumulated depreciation 2,893,761 2,681,067 Property, plant and equipment, net $ 1,791,140 $ 1,884,714 The Company recognized an impairment of $2.6 million during the year ended December 31, 2017 in relation to advertising assets that were no longer usable in one country in the Company's International outdoor segment. Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses and billboard permits. FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the “Act”). The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no serious violations of either the Communications Act of 1934 or the FCC’s rules and regulations by the licensee, and there have been no other serious violations which taken together constitute a pattern of abuse. The licenses may be renewed indefinitely at little or no cost. The Company does not believe that the technology of wireless broadcasting will be replaced in the foreseeable future. The Company’s billboard permits are granted for the right to operate an advertising structure at the specified location as long as the structure is in compliance with the laws and regulations of each jurisdiction. The Company’s permits are located on owned land, leased land or land for which we have acquired permanent easements. In cases where the Company’s permits are located on leased land, the leases typically have initial terms of between 10 and 20 years and renew indefinitely, with rental payments generally escalating at an inflation-based index. If the Company loses its lease, the Company will typically obtain permission to relocate the permit or bank it with the municipality for future use. Due to significant differences in both business practices and regulations, billboards in the International outdoor segment are subject to long-term, finite contracts unlike the Company’s permits in the United States and Canada. Accordingly, there are no indefinite-lived intangible assets in the International outdoor segment. Annual Impairment Test to Indefinite-lived Intangible Assets The Company performs its annual impairment test on indefinite-lived intangible assets as of July 1 of each year. The impairment tests for indefinite-lived intangible assets consist of a comparison between the fair value of the indefinite-lived intangible asset at the market level with its carrying amount. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized equal to that excess. After an impairment loss is recognized, the adjusted carrying amount of the indefinite-lived asset is its new accounting basis. The fair value of the indefinite-lived asset is determined using the direct valuation method as prescribed in ASC 805-20-S99. Under the direct valuation method, the fair value of the indefinite-lived assets is calculated at the market level as prescribed by ASC 350-30-35. The Company engaged a third-party valuation firm, to assist it in the development of the assumptions and the Company’s determination of the fair value of its indefinite-lived intangible assets. The application of the direct valuation method attempts to isolate the income that is properly attributable to the indefinite-lived intangible asset alone (that is, apart from tangible and identified intangible assets and goodwill). It is based upon modeling a hypothetical “greenfield” build-up to a “normalized” enterprise that, by design, lacks inherent goodwill and whose only other assets have essentially been paid for (or added) as part of the build-up process. The Company forecasts revenue, expenses, and cash flows over a ten -year period for each of its markets in its application of the direct valuation method. The Company also calculates a “normalized” residual year which represents the perpetual cash flows of each market. The residual year cash flow was capitalized to arrive at the terminal value of the licenses in each market. Under the direct valuation method, it is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flow model which results in value that is directly attributable to the indefinite-lived intangible assets. The key assumptions using the direct valuation method are market revenue growth rates, market share, profit margin, duration and profile of the build-up period, estimated start-up capital costs and losses incurred during the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average FCC license or billboard permit within a market. During 2018 , the Company recognized an impairment charge of $33.1 million related to FCC licenses in several markets and an impairment charge of $7.8 million related to billboard permits in one market. During 2017 , the Company recognized an impairment charge of $6.0 million related to FCC licenses in one market. During 2016 , the Company recognized an impairment charge of $0.7 million related to FCC licenses in one market. Other Intangible Assets Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets primarily include transit and street furniture contracts, talent and representation contracts, customer and advertiser relationships, and site-leases and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of December 31, 2018 and 2017 , respectively: (In thousands) December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 528,185 $ (440,228 ) $ 548,918 $ (440,284 ) Customer / advertiser relationships 1,249,128 (1,208,056 ) 1,226,314 (1,133,251 ) Talent contracts 164,933 (148,578 ) 161,962 (138,728 ) Representation contracts 77,508 (70,829 ) 77,507 (62,753 ) Permanent easements 163,317 — 162,920 — Other 382,897 (244,993 ) 372,292 (224,841 ) Total $ 2,565,968 $ (2,112,684 ) $ 2,549,913 $ (1,999,857 ) Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2018 , 2017 and 2016 was $130.9 million , $197.2 million , and $222.6 million , respectively. As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets: (In thousands) 2019 $ 49,470 2020 43,291 2021 37,702 2022 32,675 2023 24,844 Annual Impairment Test to Goodwill The Company performs its annual impairment test on goodwill as of July 1 of each year. Each of the U.S. radio markets and outdoor advertising markets are components of the Company. The U.S. radio markets are aggregated into a single reporting unit and the U.S. outdoor advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test using the guidance in ASC 350-20-55. The Company also determined that each country within its Americas outdoor segment and International outdoor segment constitutes a separate reporting unit. The goodwill impairment test is a two-step process. The first step, used to screen for potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. If applicable, the second step, used to measure the amount of the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Each of the Company’s reporting units is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit and discounting such cash flows to their present value using a risk-adjusted discount rate. Terminal values were also estimated and discounted to their present value. Assessing the recoverability of goodwill requires the Company to make estimates and assumptions about sales, operating margins, growth rates and discount rates based on its budgets, business plans, economic projections, anticipated future cash flows and marketplace data. There are inherent uncertainties related to these factors and management’s judgment in applying these factors. The Company recognized no goodwill impairment of during the year ended December 31, 2018 . The Company recognized goodwill impairment of $1.6 million during the year ended December 31, 2017 related to one market in the Company's International outdoor segment. The Company recognized goodwill impairment of $7.3 million during the year ended December 31, 2016 related to one market in the Company's International outdoor segment. The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments: (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Consolidated Balance as of December 31, 2016 $ 3,288,481 $ 505,478 $ 190,785 $ 81,831 $ 4,066,575 Impairment — — (1,591 ) — (1,591 ) Acquisitions 2,442 2,252 — — 4,694 Dispositions (35,715 ) — (1,817 ) — (37,532 ) Foreign currency — — 18,847 — 18,847 Assets held for sale — 89 — — 89 Balance as of December 31, 2017 $ 3,255,208 $ 507,819 $ 206,224 $ 81,831 $ 4,051,082 Acquisitions 77,320 — — — 77,320 Dispositions (1,606 ) — — — (1,606 ) Foreign currency — — (8,040 ) — (8,040 ) Balance as of December 31, 2018 $ 3,330,922 $ 507,819 $ 198,184 $ 81,831 $ 4,118,756 The balance at December 31, 2016 is net of cumulative impairments of $3.5 billion , $2.6 billion , $270.5 million and $212.0 million in the Company’s iHM, Americas outdoor, International outdoor and Other segments, respectively. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Investments [Abstract] | |
INVESTMENTS | INVESTMENTS The following table summarizes the Company's investments in nonconsolidated affiliates and other securities: (In thousands) Notes Receivable Equity Method Investments Other Investments Marketable Equity Securities Total Investments Balance at December 31, 2016 $ 132 $ 14,477 $ 71,666 $ 1,715 $ 87,990 Cash contributions — 2,248 — — 2,248 Acquisitions 13,602 10,361 11,560 — 35,523 Equity in loss — (2,855 ) — — (2,855 ) Disposals (188 ) — (628 ) — (816 ) Foreign currency translation adjustment — 145 380 243 768 Distributions received — (775 ) — — (775 ) Impairment of investments (671 ) — (4,202 ) — (4,873 ) Unrealized holding loss on marketable securities — — — (414 ) (414 ) Other 917 794 — — 1,711 Balance at December 31, 2017 $ 13,792 $ 24,395 $ 78,776 $ 1,544 $ 118,507 Cash advances — 1,051 — — 1,051 Acquisitions 15,076 3,732 4,550 — 23,358 Equity in earnings — 1,020 — — 1,020 Disposals (728 ) (33 ) (28,826 ) — (29,587 ) Foreign currency translation adjustment — (29 ) (256 ) (67 ) (352 ) Distributions received — (2,500 ) — — (2,500 ) Impairment of investments (2,064 ) — (14,370 ) — (16,434 ) Fair value adjustments — — 4,389 (571 ) 3,818 Balance at December 31, 2018 $ 26,076 $ 27,636 $ 44,263 $ 906 $ 98,881 Equity method investments in the table above are not consolidated, but are accounted for under the equity method of accounting, whereby the Company records its investments in these entities in the balance sheet as “Other assets.” The Company's interests in their operations are recorded in the statement of comprehensive loss as “ Equity in earnings (loss) of nonconsolidated affiliates .” Other investments include various investments in companies for which there is no readily determinable market value. During 2018, the Company recorded $20.8 million in its iHM segment for investments made in twelve private companies in exchange for advertising services and cash. One of these investments is being accounted for under the equity method of accounting, six of these investments are being accounted for at amortized cost and five of these investments are notes receivable that are convertible into equity. During 2017, the Company recorded $34.7 million in its iHM segment for investments made in thirteen private companies in exchange for advertising services and cash. Two of these investments are being accounted for under the equity method of accounting, six of these investments are being accounted for at amortized cost and five of these investments are notes receivable that are convertible into equity. The Company recognized barter revenue of $10.8 million in the year ended December 31, 2018 and $35.2 million in the year ended December 31, 2017, in connection with these investments as services were provided. The Company recognized a non-cash impairment of $11.9 million on one of the other investments for the year ended December 31, 2018 , which was recorded in “Other expense, net.” The Company recognized a net gain of $4.4 million related to the sale of its investment in Jelli, Inc., which the Company acquired during the fourth quarter of 2018 (see Note 3). The gain is included within Other expense, net. Marketable Equity Securities ASC 820-10-35 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s marketable equity securities are measured at fair value on each reporting date. The marketable equity securities are measured at fair value using quoted prices in active markets. Due to the fact that the inputs used to measure the marketable equity securities at fair value are observable, the Company has categorized the fair value measurements of the securities as Level 1. As of December 31, 2018 and 2017 , the Company held $0.9 million and $1.5 million , respectively, in marketable equity securities, which are included within Other Assets. |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATION | ASSET RETIREMENT OBLIGATION The Company’s asset retirement obligation is reported in “Other long-term liabilities” with the current portion recorded in “Accrued liabilities” and relates to its obligation to dismantle and remove outdoor advertising displays from leased land and to reclaim the site to its original condition upon the termination or non-renewal of a lease or contract. When the liability is recorded, the cost is capitalized as part of the related long-lived assets’ carrying value. Due to the high rate of lease renewals over a long period of time, the calculation assumes that all related assets will be removed at some period over the next 55 years. An estimate of third-party cost information is used with respect to the dismantling of the structures and the reclamation of the site. The interest rate used to calculate the present value of such costs over the retirement period is based on an estimated risk adjusted credit rate for the same period. The following table presents the activity related to the Company’s asset retirement obligation: (In thousands) Years Ended December 31, 2018 2017 Beginning balance $ 47,984 $ 42,491 Adjustment due to changes in estimates 1,297 2,317 Accretion of liability 3,273 3,555 Liabilities settled (3,389 ) (2,880 ) Foreign Currency (1,394 ) 2,501 Ending balance 47,771 47,984 Less: current portion 445 891 Long-term portion of asset retirement obligation (1) $ 47,326 $ 47,093 (1) Balance as of December 31, 2018 includes $3.3 million , which has been reclassified to Liabilities subject to compromise. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT In connection with the Company's Chapter 11 Cases, the indebtedness of the Debtors was reclassified to current liabilities at December 31, 2017 and has been reclassified to Liabilities subject to compromise at December 31, 2018 . The Plan of Reorganization contemplates a restructuring of the Debtors that is expected to reduce iHeartCommunications’ debt to approximately $5.75 billion . Outstanding debt at December 31, 2018 and 2017 consisted of the following: (In thousands) December 31, December 31, 2018 2017 Senior Secured Credit Facilities $ — $ 6,300,000 Receivables Based Credit Facility Due 2020 (1) — 405,000 Debtors-in-Possession Facility (1) — — Priority Guarantee Notes — 6,570,361 CCO Receivables Based Credit Facility Due 2023 (2) — — Other Secured Subsidiary Debt (3) 3,882 8,522 Total Consolidated Secured Debt 3,882 13,283,883 14.0% Senior Notes Due 2021 — 1,763,925 Legacy Notes (4) — 475,000 10.0% Senior Notes Due 2018 (5) — 47,482 Subsidiary Senior Notes (6) 5,300,000 5,300,000 Other Subsidiary Debt 46,105 24,615 Purchase accounting adjustments and original issue discount (7) (739 ) (136,653 ) Long-term debt fees (7) (25,808 ) (109,071 ) Liabilities subject to compromise (8) 15,149,477 — Total debt, prior to reclassification to Liabilities subject to compromise 20,472,917 20,649,181 Less: current portion 46,332 14,972,367 Less: Amounts reclassified to Liabilities subject to compromise 15,149,477 — Total long-term debt $ 5,277,108 $ 5,676,814 (1) On June 14, 2018 (the “DIP Closing Date”), iHeartCommunications refinanced its receivables-based credit facility with the new $450.0 million debtors-in-possession credit facility (the "DIP Facility"), which matures on the earlier of the emergence date from the Chapter 11 Cases or June 14, 2019. The DIP Facility also includes a feature to convert into an exit facility at emergence, upon meeting certain conditions. The DIP Facility accrues interest at LIBOR plus 2.25% . At closing, iHeartCommunications drew $125.0 million on the DIP Facility. On June 14, 2018, the Company used proceeds from the DIP Facility and cash on hand to repay the outstanding $306.4 million and $74.3 million term loan and revolving credit commitments, respectively, of the iHeartCommunications receivables-based credit facility. Long-term debt fees incurred in relation to the DIP Facility were expensed as incurred and are reflected within Reorganization items, net in the Company's Consolidated Statement of Comprehensive Income (Loss). On August 16, 2018 and September 17, 2018, the Company repaid $100.0 million and $25.0 million , respectively, of the amount drawn under the DIP Facility. As of December 31, 2018 , the Company had a borrowing limit of $450.0 million under iHeartCommunications' DIP Facility, had no outstanding borrowings, had $70.2 million of outstanding letters of credit and had an availability block requirement of $37.5 million , resulting in $342.3 million of excess availability. (2) On June 1, 2018, a subsidiary of the Company's Outdoor advertising subsidiary, Clear Channel Outdoor, Inc. ("CCO"), refinanced CCOH's senior revolving credit facility and replaced it with a receivables-based credit facility that provided for revolving credit commitments of up to $75.0 million . On June 29, 2018, CCO entered into an amendment providing for a $50.0 million incremental increase of the facility, bringing the aggregate revolving credit commitments to $125.0 million . The facility has a five -year term, maturing in 2023. As of December 31, 2018 , the facility had $94.4 million of letters of credit outstanding and a borrowing limit of $125.0 million , resulting in $30.6 million of excess availability. Certain additional restrictions, including a springing financial covenant, take effect at decreased levels of excess availability. (3) Other secured subsidiary debt matures at various dates from 2019 through 2045. (4) iHeartCommunications' Legacy Notes, all of which were issued prior to the acquisition of iHeartCommunications by the Company in 2008, consist of $175.0 million of 6.875% Senior Notes due 2018 that matured on June 15, 2018, $300.0 million of 7.25% Senior Notes due 2027 that mature in 2027 and $57.1 million of 5.50% Senior Notes due 2016 held by a subsidiary of the Company that remain outstanding but are eliminated for purposes of consolidation of the Company’s financial statements. (5) On January 4, 2018, a subsidiary of iHeartCommunications repurchased $5.4 million aggregate principal amount of 10.0% Senior Notes due 2018 that were held by unaffiliated third parties for $5.3 million in cash. On January 16, 2018, iHeartCommunications repaid the remaining balance of $42.1 million aggregate principal amount of 10.0% Senior Notes due 2018 at maturity. (6) On February 4, 2019, Clear Channel Worldwide Holdings, Inc., a subsidiary of CCOH (“CCWH”), delivered a conditional notice of redemption calling all of its outstanding $275.0 million aggregate principal amount of 7.625% Series A Senior Subordinated Notes due 2020 (the “Series A CCWH Subordinated Notes”) and $1,925.0 million aggregate principal amount of 7.625% Series B Senior Subordinated Notes due 2020 (the “Series B CCWH Subordinated Notes” and together with the Series A CCWH Subordinated Notes, the “CCWH Subordinated Notes”) for redemption on March 6, 2019. The redemption was conditioned on the closing of the offering of $2,235.0 million of newly-issued 9.25% Senior Subordinated Notes due 2024 (the "New CCWH Subordinated Notes"). At the closing of such offering on February 12, 2019, CCWH deposited with the trustee for the CCWH Subordinated Notes a portion of the proceeds from the new notes in an amount sufficient to pay and discharge the principal amount outstanding, plus accrued and unpaid interest on the CCWH Subordinated Notes to, but not including, the redemption date. CCWH irrevocably instructed the trustee to apply such funds to the full payment of the CCWH Subordinated Notes on the redemption date. Concurrently therewith, CCWH elected to satisfy and discharge the indentures governing the CCWH Subordinated Notes in accordance with their terms and the trustee acknowledged such discharge and satisfaction. As a result of the satisfaction and discharge of the indentures, CCWH and the guarantors of the CCWH Subordinated Notes have been released from their remaining obligations under the indentures and the CCWH Subordinated Notes. (7) As a result of the Company's Chapter 11 Cases, the Company expensed $67.1 million of deferred long-term debt fees and $131.1 million of original issue discount to Reorganization items, net, in the Consolidated Statement of Comprehensive Loss for the year ended December 31, 2018 . (8) In connection with the Company's Chapter 11 Cases, the $6.3 billion outstanding under the Senior Secured Credit Facilities, the $1,999.8 million outstanding under the 9.0% Priority Guarantee Notes due 2019, the $1,750.0 million outstanding under the 9.0% Priority Guarantee Notes due 2021, the $870.5 million of 11.25% Priority Guarantee Notes due 2021, the $1,000.0 million outstanding under the 9.0% Priority Guarantee Notes due 2022, the $950.0 million outstanding under the 10.625% Priority Guarantee Notes due 2023, $6.1 million outstanding Other Secured Subsidiary debt, the $1,781.6 million outstanding under the 14.0% Senior Notes due 2021, the $475.0 million outstanding under the Legacy Notes and $16.5 million outstanding Other Subsidiary Debt have been reclassified to Liabilities subject to compromise in the Company's Consolidated Balance Sheet as of December 31, 2018 . As of the Petition Date, the Company ceased making principal and interest payments, and ceased accruing interest expense in relation to long-term debt reclassified as Liabilities subject to compromise. The Company’s weighted average interest rate at December 31, 2018 and 2017 was 9.2% and 8.9% , respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $14.0 billion and $15.4 billion at December 31, 2018 and 2017 , respectively. Under the fair value hierarchy established by ASC 820-10-35, the fair market value of the Company’s debt is classified as either Level 1 or Level 2. On March 14, 2018 , the Company and certain of the Company's direct and indirect domestic subsidiaries, not including CCOH or any of its subsidiaries, filed voluntary petitions for relief under Chapter 11, in the Bankruptcy Court. The filing of the voluntary petitions triggered an event of default under the Company's debt agreements. As a result, $14.7 billion in aggregate principal amount outstanding on the Company's long-term debt was classified as current as of December 31, 2017 . Debtors-in-Possession Facility On June 14, 2018, iHeartCommunications, an indirect subsidiary of the Company, entered into the DIP Facility, as parent borrower, with iHeartMedia Capital I, LLC (“Holdings”), as guarantor, certain Debtor subsidiaries of iHeartCommunications named therein, as subsidiary borrowers (the “Subsidiary Borrowers”), Citibank, N.A., as a lender and administrative agent (the "DIP Administrative Agent"), the swing line lenders and letter of credit issuers named therein and the other lenders from time to time party thereto. Size and Availability The DIP Credit Agreement provides for a first-out asset-based revolving credit facility in the aggregate principal amount of up to $450 million , with amounts available from time to time (including in respect of letters of credit) equal to the lesser of (i) the borrowing base, which equals 90.0% of the eligible accounts receivable of iHeartCommunications and the subsidiary guarantors, subject to customary reserves and eligibility criteria, and (ii) the aggregate revolving credit commitments. As of the DIP Closing Date, the aggregate revolving credit commitments were $450.0 million . Subject to certain conditions, iHeartCommunications may at any time request one or more increases in the amount of revolving credit commitments, in minimum amounts of $10.0 million and in an aggregate maximum amount of $100.0 million . The proceeds from the DIP Facility were made available on the DIP Closing Date, and were used in combination with cash on hand to fully pay off and terminate iHeartCommunications’ asset-based credit facility and all commitments thereunder governed by the credit agreement, dated as of November 30, 2017, by and among iHeartCommunications, Holdings, the Subsidiary Borrowers, and the lenders and issuing banks from time to time party thereto and TPG Specialty Lending, Inc., as administrative agent and collateral agent. Interest Rate and Fees Borrowings under the DIP Credit Agreement bear interest at a rate per annum equal to the applicable rate plus, at iHeartCommunications’ option, either (1) a base rate determined by reference to the highest of (a) the rate announced from time to time by the Administrative Agent at its principal office, (b) the Federal Funds rate plus 0.50% , and (c) the Eurocurrency rate for an interest period of one month plus 1.00% or (2) a Eurocurrency rate that is the greater of (a) 1.00% , and (b) the quotient of (i) the ICE LIBOR rate, or if such rate is not available, the rate determined by the DIP Administrative Agent, and (ii) one minus the maximum rate at which reserves are required to be maintained for Eurocurrency liabilities. The applicable rate for borrowings under the DIP Credit Agreement is 2.25% with respect to Eurocurrency rate loans and 1.25% with respect to base rate loans. In addition to paying interest on outstanding principal under the DIP Credit Agreement, iHeartCommunications is required to pay a commitment fee of 0.50% per annum to the lenders under the DIP Credit Agreement in respect of the unutilized revolving commitments thereunder. iHeartCommunications must also pay a letter of credit fee equal to 2.25% per annum. Maturity Borrowings under the DIP Credit Agreement will mature, and lending commitments thereunder will terminate, upon the earliest to occur of: (a) June 14, 2019 (the “Scheduled Termination Date”) (provided that to the extent the Consummation Date (as defined below) has not occurred solely as a result of failure to obtain necessary regulatory approvals, the Scheduled Termination Date shall be September 16, 2019) and (b) the date of the substantial consummation (as defined in the Bankruptcy Code) of the Plan of Reorganization (the “Consummation Date”); provided, that if the DIP Facility is converted into an exit facility as described under “Conversion to Exit Facility” below, then the borrowings will mature on the maturity date set forth in the credit agreement governing such exit facility. Prepayments If at any time (a) the revolving credit exposures exceed the revolving credit commitments (this clause (a), the “Excess”) or (b) the lesser of the borrowing base and the aggregate revolving credit commitments minus $37.5 million minus the aggregate revolving credit exposures (the clause (b), the “Excess Availability”), is for any reason less than $0 , iHeartCommunications will be required to repay all revolving loans outstanding, and cash collateralize letters of credit in an aggregate amount equal to such Excess or until Excess Availability is not less than $0 , as applicable. iHeartCommunications may voluntarily repay, without premium or penalty, outstanding amounts under the revolving credit facility at any time. Guarantees and Security The facility is guaranteed by, subject to certain exceptions, Holdings and iHeartCommunications’ Debtor subsidiaries. All obligations under the DIP Credit Agreement, and the guarantees of those obligations, are secured by a perfected first priority senior priming lien on all of iHeartCommunications’ and all of the subsidiary guarantors’ accounts receivable and related proceeds thereof, subject to certain exceptions. Certain Covenants and Events of Default The DIP Credit Agreement includes negative covenants that, subject to significant exceptions, limit iHeartCommunications’ ability and the ability of its restricted subsidiaries to, among other things: • incur additional indebtedness; • create liens on assets; • engage in mergers, consolidations, liquidations and dissolutions; • sell assets; • pay dividends and distributions or repurchase iHeartCommunications' capital stock; • make investments, loans, or advances; • prepay certain junior indebtedness; • engage in certain transactions with affiliates; • amend material agreements governing certain junior indebtedness; and • change lines of business. The DIP Credit Agreement includes certain customary representations and warranties, affirmative covenants and events of default, including but not limited to, payment defaults, breach of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain bankruptcy-related events, certain events under ERISA, material judgments and a change of control. If an event of default occurs, the lenders under the DIP Credit Agreement will be entitled to take various actions, including the acceleration of all amounts due under the DIP Credit Agreement and all actions permitted to be taken under the loan documents or applicable law, subject to the terms of the DIP Order. Conversion to Exit Facility Upon the satisfaction or waiver of the conditions set forth in the DIP Credit Agreement, the DIP Facility may convert into an exit facility on substantially the terms set forth in an exhibit to the DIP Credit Agreement. Senior Secured Credit Facilities As of December 31, 2018 and 2017 , iHeartCommunications had senior secured credit facilities consisting of: (In thousands) December 31, December 31, Maturity Date 2018 2017 Term Loan D 1/30/2019 $ 5,000,000 $ 5,000,000 Term Loan E 7/30/2019 1,300,000 1,300,000 Total Senior Secured Credit Facilities $ 6,300,000 $ 6,300,000 iHeartCommunications is the primary borrower under the senior secured credit facilities, and certain of its domestic restricted subsidiaries are co-borrowers under a portion of the term loan facilities. Interest Rate and Fees Borrowings under iHeartCommunications' senior secured credit facilities bear interest at a rate equal to an applicable margin plus, at iHeartCommunications' option, either (i) a base rate determined by reference to the higher of (A) the prime lending rate publicly announced by the administrative agent or (B) the Federal funds effective rate from time to time plus 0.50% , or (ii) a Eurocurrency rate determined by reference to the costs of funds for deposits for the interest period relevant to such borrowing adjusted for certain additional costs. The margin percentages applicable to the term loan facilities are the following percentages per annum: • with respect to loans under the term loan D, (i) 5.75% in the case of base rate loans and (ii) 6.75% in the case of Eurocurrency rate loans; and • with respect to loans under the term loan E, (i) 6.50% in the case of base rate loans and (ii) 7.50% in the case of Eurocurrency rate loans. The margin percentages are subject to adjustment based upon iHeartCommunications' leverage ratio. Collateral and Guarantees The senior secured credit facilities are guaranteed by iHeartCommunications and each of iHeartCommunications' existing and future material wholly-owned domestic restricted subsidiaries, subject to certain exceptions. All obligations under the senior secured credit facilities, and the guarantees of those obligations, are secured, subject to permitted liens, including prior liens permitted by the indenture governing iHeartCommunications' Legacy Notes, and other exceptions, by: • a lien on the capital stock of iHeartCommunications ; • 100% of the capital stock of any future material wholly-owned domestic license subsidiary that is not a “Restricted Subsidiary” under the indenture governing iHeartCommunications' Legacy Notes; • certain assets that do not constitute “principal property” (as defined in the indenture governing iHeartCommunications' Legacy Notes); • certain specified assets of iHeartCommunications and the guarantors that constitute “principal property” (as defined in the indenture governing iHeartCommunications' Legacy Notes) securing obligations under the senior secured credit facilities up to the maximum amount permitted to be secured by such assets without requiring equal and ratable security under the indenture governing iHeartCommunications' Legacy Notes; and • a lien on the accounts receivable and related assets securing iHeartCommunications' receivables-based credit facility that is junior to the lien securing iHeartCommunications' obligations under such credit facility. Certain Covenants The senior secured credit facilities include negative covenants that, subject to significant exceptions, limit iHeartCommunications' ability and the ability of its restricted subsidiaries to, among other things: • incur additional indebtedness; • create liens on assets; • engage in mergers, consolidations, liquidations and dissolutions; • sell assets; • pay dividends and distributions or repurchase iHeartCommunications' capital stock; • make investments, loans, or advances; • prepay certain junior indebtedness; • engage in certain transactions with affiliates; • amend material agreements governing certain junior indebtedness; and • change lines of business. Priority Guarantee Notes As of December 31, 2018 and 2017 , iHeartCommunications had outstanding 9.0% Priority Guarantee Notes due 2019, 9.0% Priority Guarantee Notes due 2021, 11.25% Priority Guarantee Notes due 2021, 9.0% Priority Guarantee Notes due 2022 and 10.625% Priority Guarantee Notes due 2023 (collectively, the “Priority Guarantee Notes”) (net of $180.8 million principal amount held by a subsidiary of iHeartCommunications ) consisting of: (In thousands) December 31, December 31, Maturity Date Interest Rate Interest Payment Terms 2018 2017 9.0% Priority Guarantee Notes due 2019 12/15/2019 9.0% Payable semi-annually in arrears on June 15 and December 15 of each year $ 1,999,815 $ 1,999,815 9.0% Priority Guarantee Notes due 2021 3/1/2021 9.0% Payable semi-annually in arrears on March 1 and September 1 of each year 1,750,000 1,750,000 11.25% Priority Guarantee Notes due 2021 3/1/2021 11.25% Payable semi-annually in arrears on March 1 and September 1 of each year 870,546 870,546 9.0% Priority Guarantee Notes due 2022 9/15/2022 9.0% Payable semi-annually in arrears on March 15 and September 15 of each year 1,000,000 1,000,000 10.625% Priority Guarantee Notes due 2023 3/15/2023 10.625% Payable semi-annually in arrears on March 15 and September 15 of each year 950,000 950,000 Total Priority Guarantee Notes $ 6,570,361 $ 6,570,361 Guarantees and Security The Priority Guarantee Notes are iHeartCommunications' senior obligations and are fully and unconditionally guaranteed, jointly and severally, on a senior basis by the guarantors named in the indentures. The Priority Guarantee Notes and the guarantors’ obligations under the guarantees are secured by (i) a lien on (a) the capital stock of iHeartCommunications and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing certain of iHeartCommunications' Legacy Notes), in each case equal in priority to the liens securing the obligations under iHeartCommunications' senior secured credit facilities, subject to certain exceptions, and (ii) a lien on the accounts receivable and related assets securing iHeartCommunications' receivables-based credit facility junior in priority to the lien securing iHeartCommunications' obligations thereunder, subject to certain exceptions. In addition to the collateral granted to secure the Priority Guarantee Notes, the collateral agent and the trustee for the 9% Priority Guarantee Notes due 2019 entered into an agreement with the administrative agent for the lenders under the senior secured credit facilities to turn over to the trustee under the 9% Priority Guarantee Notes due 2019, for the benefit of the holders of the 9% Priority Guarantee Notes due 2019, a pro rata share of any recovery received on account of the principal properties, subject to certain terms and conditions. Redemptions iHeartCommunications may redeem the Priority Guarantee Notes at its option, in whole or in part, at redemption prices set forth in the indentures, plus accrued and unpaid interest to the redemption dates. Certain Covenants The indentures governing the Priority Guarantee Notes contain covenants that limit iHeartCommunications' ability and the ability of its restricted subsidiaries to, among other things: (i) pay dividends, redeem stock or make other distributions or investments; (ii) incur additional debt or issue certain preferred stock; (iii) modify any of iHeartCommunications' existing senior notes; (iv) transfer or sell assets; (v) engage in certain transactions with affiliates; (vi) create restrictions on dividends or other payments by the restricted subsidiaries; and (vii) merge, consolidate or sell substantially all of iHeartCommunications' assets. The indentures contain covenants that limit the Company’s and iHeartCommunications' ability and the ability of their restricted subsidiaries to, among other things: (i) create liens on assets and (ii) materially impair the value of the security interests taken with respect to the collateral for the benefit of the notes collateral agent and the holders of the Priority Guarantee Notes. The indentures also provide for customary events of default. 14.0% Senior Notes due 2021 As of December 31, 2018 , iHeartCommunications had outstanding approximately $1,781.6 million of aggregate principal amount of 14.0% Senior Notes due 2021 (net of $453.9 million principal amount held by a subsidiary of iHeartCommunications ). The 14.0% Senior Notes due 2021 mature on February 1, 2021. Interest on the 14.0% Senior Notes due 2021 is payable semi-annually on February 1 and August 1 of each year. Interest on the 14.0% Senior Notes due 2021 will be paid at the rate of (i) 12.0% per annum in cash and (ii) 2.0% per annum through the issuance of payment-in-kind notes (the “PIK Notes”). Any PIK Notes issued in certificated form will be dated as of the applicable interest payment date and will bear interest from and after such date. All PIK Notes issued will mature on February 1, 2021 and have the same rights and benefits as the 14.0% Senior Notes due 2021. The 14.0% Senior Notes due 2021 are fully and unconditionally guaranteed on a senior basis by the guarantors named in the indenture governing such notes. The guarantee is structurally subordinated to all existing and future indebtedness and other liabilities of any subsidiary of the applicable subsidiary guarantor that is not also a guarantor of the 14.0% Senior Notes due 2021. The guarantees are subordinated to the guarantees of iHeartCommunications' senior secured credit facilities and certain other permitted debt, but rank equal to all other senior indebtedness of the guarantors. iHeartCommunications may redeem the 14.0% Senior Notes due 2021, in whole or in part, within certain dates, at the redemption prices set forth in the indenture plus accrued and unpaid interest to the redemption date. The indenture governing the 14.0% Senior Notes due 2021 contains covenants that limit iHeartCommunications' ability and the ability of its restricted subsidiaries to, among other things: (i) incur additional indebtedness or issue certain preferred stock; (ii) pay dividends on, or make distributions in respect of, iHeartCommunications' capital stock or repurchase iHeartCommunications' capital stock; (iii) make certain investments or other restricted payments; (iv) sell certain assets; (v) create liens or use assets as security in other transactions; (vi) merge, consolidate or transfer or dispose of substantially all of iHeartCommunications' assets; (vii) engage in transactions with affiliates; and (viii) designate iHeartCommunications' subsidiaries as unrestricted subsidiaries. Legacy Notes As of December 31, 2018 and 2017 , iHeartCommunications had outstanding Legacy Notes (net of $57.1 million aggregate principal amount held by a subsidiary of iHeartCommunications ) consisting of: (In thousands) December 31, December 31, 2018 2017 6.875% Senior Notes Due 2018 175,000 175,000 7.25% Senior Notes Due 2027 300,000 300,000 Total Legacy Notes $ 475,000 $ 475,000 In December 2016, iHeartCommunications repaid at maturity $192.9 million of 5.5% Senior Notes due 2016 and did not pay $57.1 million of the notes held by a subsidiary of the Company. The $57.1 million of aggregate principal amount remains outstanding and is eliminated for purposes of consolidation of the Company’s financial statements. These Legacy Notes were the obligations of iHeartCommunications prior to the merger in 2008. The Legacy Notes are senior, unsecured obligations that are effectively subordinated to iHeartCommunications' secured indebtedness to the extent of the value of iHeartCommunications' assets securing such indebtedness and are not guaranteed by any of iHeartCommunications' subsidiaries and, as a result, are structurally subordinated to all indebtedness and other liabilities of iHeartCommunications' subsidiaries. The Legacy Notes rank equally in right of payment with all of iHeartCommunications' existing and future senior indebtedness and senior in right of payment to all existing and future subordinated indebtedness. 10.0% Senior Notes due 2018 On January 4, 2018, iHeartCommunications repurchased $5.4 million aggregate principal amount of 10.0% Senior Notes due 2018 that were held by unaffiliated third parties for $5.3 million in cash. On January 16, 2018, iHeartCommunications repaid the remaining balance of $42.1 million aggregate principal amount of 10.0% Senior Notes due 2018 that were held by unaffiliated third parties for $42.1 million in cash. CCO Receivables Based Credit Facility Due 2023 On June 1, 2018, (the "Closing Date"), CCO, a subsidiary Company's Outdoor advertising subsidiary, entered into a Credit Agreement as parent borrower, with certain of its subsidiaries named therein (the “CCO Subsidiary Borrowers”), as subsidiary borrowers, Deutsche Bank AG New York Branch as administrative agent (the “CCO Facility Administrative Agent”) and swing line lender, and the other lenders from time to time party thereto. The Credit Agreement governs CCO’s new asset-based revolving credit facility and replaced the CCOH's prior credit agreement, which was terminated on the Closing Date. Size and Availability The Credit Agreement provides for an asset-based revolving credit facility, with amounts available from time to time (including in respect of letters of credit) equal to the lesser of (i) the borrowing base, which equals 85.0% of the eligible accounts receivable of CCO and the subsidiary borrowers, subject to customary eligibility criteria minus any reserves, and (ii) the aggregate revolving credit commitments. As of the Closing Date, the aggregate revolving credit commitments were $75.0 million . On June 29, 2018, CCO entered into an amendment providing for a $50.0 million incremental increase of the facility, bringing the aggregate revolving credit commitments to $125.0 million . On the Closing Date, the revolving credit facility was used to replace and terminate the commitments under the Prior Credit Agreement, dated as of August 22, 2013 (the “Prior Credit Agreement”) and to replace the letters of credit outstanding under the Prior Credit Agreement. As of December 31, 2018 , the facility had $94.4 million of letters of credit outstanding and a borrowing limit of $125.0 million , resulting in $30.6 million of excess availability. Certain additional restrictions, including a springing financial covenant, take effect at decreased levels of excess availability. Interest Rate and Fees Borrowings under the Credit Agreement bear interest at a rate per annum equal to the Applicable Rate plus, at CCO’s option, either (1) a base rate determined by reference to the highest of (a) the Federal Funds Rate plus 0.50% , (b) the rate of interest in effect for such date as publicly announced from time to time by the CCO Facility Administrative Agent as its “prime rate” and (c) the Eurocurrency rate that would be calculated as of such day in respect of a proposed Eurocurrency rate loan with a one-month interest period plus 1.00% , or (2) a Eurocurrency rate that is equal to the LIBOR rate as published by Reuters two business days prior to the commencement of the interest period. The Applicable Rate for borrowings under the Credit Agreement is 1.00% with respect to base rate loans and 2.00% with respect to Eurocurrency loans. In addition to paying interest on outstanding principal under the Credit Agreement, CCO is required to pay a commitment fee of 0.375% per annum to the lenders under the Credit Agreement in respect of the unutilized revolving commitments thereunder. CCO must also pay a letter of credit fee for each issued letter of credit equal to 2.00% per annum times the daily maximum amount then available to be drawn under such letter of credit. Maturity Borrowings under the Credit Agreement will mature, and lending commitments thereunder will terminate, on the earlier of (a) June 1, 2023 and (b) 90 days prior to the maturity date of any indebtedness of CCOH or any of its direct or indirect subsidiaries in an aggregate principal amount outstanding in excess of $250,000,000 (other than the 8.75% Senior Notes due 2020 issued by Clear Channel International, B.V. ("CCIBV")). Prepayments If at any time, the outstanding amount under the revolving credit facility exceeds the lesser of (i) the aggregate amount committed by the revolving credit lenders and (ii) the borrowing base, CCO will be required to prepay first, any protective advances and second, any outstanding revolving loans and swing line loans and/or cash collateralize letters of credit in an aggregate amount equal to such excess, as applicable. Subject to customary exceptions and restrictions, CCO may voluntarily repay outstanding amounts under the Credit Agreement at any time without premium or penalty. Any voluntary prepayments CCO makes will not reduce commitments under the Credit Agreement. Guarantees and Security The facility is guaranteed by the CCO Subsidiary Borrowers. All obligations under the Credit Agreement, and the guarantees of those obligations, are secured by a perfected security interest in all of CCO’s and the CCO Subsidiary Borrowers’ accounts receivable and related assets and proceeds thereof. Certain Covenants and Events of Default If borro |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments and Contingencies The Company accounts for its rentals that include renewal options, annual rent escalation clauses, minimum franchise payments and maintenance related to displays under the guidance in ASC 840. The Company considers its non-cancelable contracts that enable it to display advertising on buses, bus shelters, trains, etc. to be leases in accordance with the guidance in ASC 840-10. These contracts may contain minimum annual franchise payments which generally escalate each year. The Company accounts for these minimum franchise payments on a straight-line basis. If the rental increases are not scheduled in the lease, such as an increase based on subsequent changes in the index or rate, those rents are considered contingent rentals and are recorded as expense when accruable. Other contracts may contain a variable rent component based on revenue. The Company accounts for these variable components as contingent rentals and records these payments as expense when accruable. No single contract or lease is material to the Company’s operations. The Company accounts for annual rent escalation clauses included in the lease term on a straight-line basis under the guidance in ASC 840-20-25. The Company considers renewal periods in determining its lease terms if at inception of the lease there is reasonable assurance the lease will be renewed. Expenditures for maintenance are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. Non-cancelable contracts that provide the lessor with a right to fulfill the arrangement with property, plant and equipment not specified within the contract are not a lease and have been included within non-cancelable contracts within the table below. The Company leases office space, certain broadcasting facilities, equipment and the majority of the land occupied by its outdoor advertising structures under long-term operating leases. The Company accounts for these leases in accordance with the policies described above. The Company’s contracts with municipal bodies or private companies relating to street furniture, billboards, transit and malls generally require the Company to build bus stops, kiosks and other public amenities or advertising structures during the term of the contract. The Company generally owns these structures and is generally allowed to advertise on them for the remaining term of the contract. Once the Company has built the structure, the cost is capitalized and expensed over the shorter of the economic life of the asset or the remaining life of the contract. In addition, the Company has commitments relating to required purchases of property, plant and equipment under certain street furniture contracts. Certain of the Company’s contracts contain penalties for not fulfilling its commitments related to its obligations to build bus stops, kiosks and other public amenities or advertising structures. Historically, any such penalties have not materially impacted the Company’s financial position or results of operations. As of December 31, 2018 , the Company's future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, capital expenditure commitments and employment/talent contracts consist of the following: (In thousands) Capital Non-Cancelable Non-Cancelable Expenditure Employment/Talent Operating Leases Contracts Commitments Contracts 2019 $ 636,556 $ 333,559 $ 24,322 $ 74,432 2020 533,097 249,239 7,408 75,502 2021 460,179 203,519 11,103 46,603 2022 370,303 139,785 4,179 13,993 2023 287,005 105,408 6,431 — Thereafter 2,154,999 308,057 7,909 — Total $ 4,442,139 $ 1,339,567 $ 61,352 $ 210,530 Rent expense charged to operations for the years ended December 31, 2018 , 2017 and 2016 was $1.2 billion , $1.1 billion and $1.1 billion , respectively. In various areas in which the Company operates, outdoor advertising is the object of restrictive and, in some cases, prohibitive zoning and other regulatory provisions, either enacted or proposed. The impact to the Company of loss of displays due to governmental action has been somewhat mitigated by Federal and state laws mandating compensation for such loss and constitutional restraints. The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations. Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of its litigation arises in the following contexts: commercial disputes; defamation matters; employment and benefits related claims; governmental fines; intellectual property claims; and tax disputes. Chapter 11 Cases iHeartCommunications' filing of the Chapter 11 Cases constitutes an event of default that accelerated its obligations under its debt agreements. Due to the Chapter 11 Cases, however, the creditors' ability to exercise remedies under iHeartCommunications' debt agreements were stayed as of March 14, 2018, the date of the Chapter 11 petition filing, and continue to be stayed. On March 21, 2018, WSFS, solely in its capacity as successor indenture trustee to the Legacy Notes, and not in its individual capacity, filed an adversary proceeding against the Company in the Chapter 11 Cases. In the complaint, WSFS alleged, among other things, that the "springing lien" provisions of the indentures governing the Priority Guarantee Notes indentures and the security agreements with respect to the Priority Guarantee Notes amounted to "hidden encumbrances" on the Company's property, to which the holders of the 6.875% Senior Notes due 2018 and 7.25% Senior Notes due 2027 were entitled to "equal and ratable" treatment. On March 26, 2018, Delaware Trust Co. ("Delaware Trust"), in its capacity as successor indenture trustee to the 14.0% Senior Notes due 2021, filed a motion to intervene as a plaintiff in the adversary proceeding filed by WSFS. In the complaint, Delaware Trust alleged, among other things, that the indenture governing the 14.0% Senior Notes due 2021 also has its own "negative pledge" covenant, and, therefore, to the extent the relief sought by WSFS in its adversary proceeding is warranted, the holders of the 14.0% Senior Notes due 2021 are also entitled to the same "equal and ratable" liens on the same property. On April 6, 2018, the Company filed a motion to dismiss the adversary proceeding and a hearing on such motion was held on May 7, 2018. We answered the complaint and completed discovery. The trial was held on October 24, 2018. On January 15, 2019, the Bankruptcy Court entered judgment in the Company's favor denying all relief sought by WSFS and all other parties. Pursuant to a settlement (the “Legacy Plan Settlement”) with WSFS and certain consenting Legacy Noteholders of all issues related to confirmation of the Company's plan of reorganization, upon the Company's confirmed plan of reorganization becoming effective, this adversary proceeding shall be deemed withdrawn and/or dismissed, with respect to all parties thereto, with prejudice and in its entirety. On October 9, 2018, WSFS, solely in its capacity as successor indenture trustee to the 6.875% Senior Notes due 2018 and 7.25% Senior Notes due 2027, and not in its individual capacity, filed an adversary proceeding against Clear Channel Holdings Inc. (“CCH”) and certain shareholders of iHeartMedia. The named shareholder defendants are Bain Capital LP; Thomas H. Lee Partners L.P.; Abrams Capital L.P. ("Abrams"); and Highfields Capital Management L.P. ("Highfields"). In the complaint, WSFS alleged, among other things, that the shareholder defendants engaged in a “pattern of inequitable and bad faith conduct, including the abuse of their insider positions to benefit themselves at the expense of third-party creditors including particularly the Legacy Noteholders.” The complaint asks the court to grant relief in the form of equitable subordination of the shareholder defendants’ term loan, Priority Guarantee Notes and 14.0% Senior Notes due 2021 claims to any and all claims of the Legacy Noteholders. In addition, the complaint seeks to have any votes to accept the Fourth Amended Plan of Reorganization by Abrams and Highfields on account of their 14.0% Senior Notes due 2021 claims, and any votes to accept the Fourth Amended Plan of Reorganization by the defendant CCH on account of its junior notes claims, to be designated and disqualified. The Court held a pre-trial conference and oral argument on October 18, 2018. Pursuant to the Legacy Plan Settlement, upon the Company's confirmed Plan of Reorganization becoming effective, this adversary proceeding shall be deemed withdrawn and/or dismissed, with respect to all parties thereto, with prejudice and in its entirety. Stockholder Litigation On May 9, 2016, a stockholder of CCOH filed a derivative lawsuit in the Court of Chancery of the State of Delaware, captioned GAMCO Asset Management Inc. v. iHeartMedia Inc. et al., C.A. No. 12312-VCS. The complaint names as defendants the Company, iHeartCommunications , Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. (together, the "Sponsor Defendants"), the Company's private equity sponsors and majority owners, and the members of CCOH's board of directors. CCOH also is named as a nominal defendant. The complaint alleges that CCOH has been harmed by the intercompany agreements with iHeartCommunications , CCOH’s lack of autonomy over its own cash and the actions of the defendants in serving the interests of the Company, iHeartCommunications and the Sponsor Defendants to the detriment of CCOH and its minority stockholders. Specifically, the complaint alleges that the defendants have breached their fiduciary duties by causing CCOH to: (i) continue to loan cash to iHeartCommunications under the intercompany note at below-market rates; (ii) abandon its growth and acquisition strategies in favor of transactions that would provide cash to the Company and iHeartCommunications ; (iii) issue new debt in Clear Channel International B.V.’s (“CCIBV”), an international subsidiary of ours, offering of 8.75% Senior Notes due 2020 (the "CCIBV Note Offering") to provide cash to the Company and iHeartCommunications through a dividend; and (iv) effect the sales of certain outdoor markets in the U.S. (the "Outdoor Asset Sales") allegedly to provide cash to the Company and iHeartCommunications through a dividend. The complaint also alleges that the Company, iHeartCommunications and the Sponsor Defendants aided and abetted the directors' breaches of their fiduciary duties. The complaint further alleges that the Company, iHeartCommunications and the Sponsor Defendants were unjustly enriched as a result of these transactions and that these transactions constituted a waste of corporate assets for which the defendants are liable to CCOH. The plaintiff is seeking, among other things, a ruling that the defendants breached their fiduciary duties to CCOH and that the Company, iHeartCommunications and the Sponsor Defendants aided and abetted the CCOH board of directors' breaches of fiduciary duty, rescission of payments made by CCOH to iHeartCommunications and its affiliates pursuant to dividends declared in connection with the CCIBV Note Offering and Outdoor Asset Sales, and an order requiring the Company, iHeartCommunications and the Sponsor Defendants to disgorge all profits they have received as a result of the alleged fiduciary misconduct. On July 20, 2016, the defendants filed a motion to dismiss plaintiff's verified stockholder derivative complaint for failure to state a claim upon which relief can be granted. On November 23, 2016, the Court granted defendants’ motion to dismiss all claims brought by the plaintiff. On December 19, 2016, the plaintiff filed a notice of appeal of the ruling. The oral hearing on the appeal was held on October 11, 2017. On October 12, 2017, the Supreme Court of Delaware affirmed the lower court's ruling, dismissing the case. On December 29, 2017, another stockholder of CCOH filed a derivative lawsuit in the Court of Chancery of the State of Delaware, captioned Norfolk County Retirement System, v. iHeartMedia, Inc., et al., C.A. No. 2017-0930-JRS. The complaint names as defendants the Company, iHeartCommunications , the Sponsor Defendants, and the members of CCOH's board of directors. CCOH is named as a nominal defendant. The complaint alleges that CCOH has been harmed by the CCOH board of directors' November 2017 decision to extend the maturity date of the intercompany revolving note (the “Third Amendment”) at what the complaint describes as far-below-market interest rates. Specifically, the complaint alleges that (i) the Company and Sponsor defendants breached their fiduciary duties by exploiting their position of control to require CCOH to enter the Third Amendment on terms unfair to CCOH; (ii) the CCOH board of directors breached their duty of loyalty by approving the Third Amendment and elevating the interests of the Company, iHeartCommunications and the Sponsor Defendants over the interests of CCOH and its minority unaffiliated stockholders; and (iii) the terms of the Third Amendment could not have been agreed to in good faith and represent a waste of corporate assets by the CCOH board of directors. The complaint further alleges that the Company, iHeartCommunications and the Sponsor defendants were unjustly enriched as a result of the unfairly favorable terms of the Third Amendment. The plaintiff sought, among other things, a ruling that the defendants breached their fiduciary duties to CCOH, a modification of the Third Amendment to bear a commercially reasonable rate of interest, and an order requiring disgorgement of all profits, benefits and other compensation obtained by defendants as a result of the alleged breaches of fiduciary duties. On March 7, 2018, the defendants filed a motion to dismiss plaintiff's verified derivative complaint for failure to state a claim upon which relief can be granted. On March 16, 2018, the Company filed a Notice of Suggestion of Pendency of Bankruptcy and Automatic Stay of Proceedings. On May 4, 2018, plaintiff filed its response to the motion to dismiss. On June 26, 2018, the defendants filed a reply brief in further support of their motion to dismiss. Oral argument on the motion to dismiss was held on September 20, 2018. We are awaiting a ruling by the Court. On August 27, 2018, the same stockholder of CCOH that had filed a derivative lawsuit against the Company and others in 2016 (GAMCO Asset Management Inc.) filed a putative class action lawsuit in the Court of Chancery of the State of Delaware, captioned GAMCO Asset Management, Inc. v. Hendrix, et al., C.A. No. 2018-0633-JRS. The complaint names as defendants the Sponsor Defendants and the members of CCOH’s board of directors. The complaint alleges that minority shareholders in CCOH during the period November 8, 2017 to March 14, 2018 were harmed by decisions of the CCOH board of directors and the intercompany note committee of the board of directors relating to the Intercompany Note (as defined below). Specifically, the complaint alleges that (i) the members of the intercompany note committee breached their fiduciary duties by not demanding payment under the Intercompany Note and issuing a simultaneous dividend after a threshold tied to the Company’s liquidity had been reached; (ii) the CCOH Board breached their fiduciary duties by approving the Third Amendment rather than allowing the Intercompany Note to expire; (iii) the CCOH Board breached their fiduciary duties by not demanding payment under the Intercompany Note and issuing a simultaneous dividend after a threshold tied to the Company’s liquidity had been reached; (iv) the Sponsor Defendants breached their fiduciary duties by not directing the CCOH Board to permit the Intercompany Note to expire and to declare a dividend. The complaint further alleges that the Sponsor Defendants aided and abetted the Board’s alleged breach of fiduciary duties. The plaintiff seeks, among other things, a ruling that the CCOH Board, the intercompany note committee, and the Sponsor Defendants breached their fiduciary duties and that the Sponsor Defendants aided and abetted the Board’s breach of fiduciary duty; and an award of damages, together with pre- and post-judgment interests, to the putative class of minority shareholders. On December 16, 2018, the Debtors, CCOH, GAMCO Asset Management, Inc., and Norfolk County Retirement System entered into a settlement (the “CCOH Separation Settlement”) of all claims, objections, and other causes of action that have been or could be asserted by or on behalf of CCOH, GAMCO Asset Management, Inc., and/or Norfolk County Retirement System by and among the Debtors, CCOH, GAMCO Asset Management, Inc., certain individual defendants in the GAMCO Asset Management, Inc. action and/or the Norfolk County Retirement System action, and the private equity sponsor defendants in such actions. The CCOH Separation Settlement provides for the consensual separation of the Debtors and CCOH, including approximately $149.0 million of recovery to CCOH on account of its claim against iHeartCommunications in the Chapter 11 cases, a $200 million unsecured revolving line of credit from certain of the Debtors to CCOH for a period of up to three years, the transfer of certain of the Debtors’ intellectual property to CCOH, the waiver by the Debtors of the setoff for the value of the transferred intellectual property, mutual releases, the termination of the cash sweep under the existing Corporate Services Agreement, the termination of any agreements or licenses requiring royalty payments from CCOH to the Debtors for trademarks or other intellectual property, the waiver of any post-petition amounts owed by CCOH relating to such trademarks or other intellectual property, and the execution of a new transition services agreement and other separation documents. The CCOH Separation Settlement was approved by the Bankruptcy Court and the United States District Court for the Southern District of Texas on January 22, 2019. China Investigation Several employees of Clear Media Limited, an indirect, non-wholly-owned subsidiary of the Company whose ordinary shares are listed on the Hong Kong Stock Exchange, are subject to an ongoing police investigation in China for misappropriation of funds. The Company is not aware of any litigation, claim or assessment pending against the Company in this investigation or otherwise. Based on information known to date, the Company believes any contingent liabilities arising from potential misconduct that has been or may be identified by the investigation in China are not material to the Company’s consolidated financial statements. The effect of the misappropriation of funds is reflected in these financial statements in the appropriate periods. The Company advised both the United States Securities and Exchange Commission and the United States Department of Justice of the investigation at Clear Media Limited and is cooperating to provide information in response to inquiries from the agencies. The Clear Media Limited investigation could implicate the books and records, internal controls and anti-bribery provisions of the U.S. Foreign Corrupt Practices Act, which statute and regulations provide for potential monetary penalties as well as criminal and civil sanctions. It is possible that monetary penalties and other sanctions could be assessed on the Company in connection with this matter. The nature and amount of any monetary penalty or other sanctions cannot reasonably be estimated at this time. Italy Investigation During the three months ended June 30 2018, the Company identified misstatements associated with VAT obligations in its business in Italy, which resulted in an understatement of its VAT obligation. These misstatements resulted in an understatement of other long-term liabilities of $16.9 million as of December 31, 2017. The effect of these misstatements is reflected in the historical financial statements in the appropriate periods. Upon identification of these misstatements, the Company undertook certain procedures, including a forensic investigation, which is ongoing. In addition, the Company voluntarily disclosed the matter and preliminary findings to the Italian tax authorities in order to commence a discussion on the appropriate calculation of the VAT position. The current expectation is that the Company may have to repay to the Italian tax authority a substantial portion of the VAT previously applied as a credit in relation to the transactions under investigation, amounting to approximately $17 million , including estimated possible penalties and interest. The Company made a payment of approximately $8.6 million during the fourth quarter of 2018 and expects to pay the remainder during the first half of 2019. The ultimate amount to be paid may differ from the estimates, and such differences may be material. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES On December 22, 2017, the U.S. government enacted the Tax Act. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and created new U.S. taxes on certain foreign earnings. To account for the reduction in the U.S. federal corporate income tax rate, we remeasured our deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future, generally 21%, which resulted in the recording of a provisional deferred tax benefit of $510.1 million during 2017. To determine the impact from the one-time transition tax on accumulated foreign earnings, we analyzed our cumulative foreign earnings and profits in accordance with the rules provided in the Tax Act and determined that no transition tax was due as a result of the net accumulated deficit in our foreign earnings and profits. As of December 31, 2018, we have completed our accounting for all of the enactment-date income tax effects of the Tax Act and determined that no material adjustments were required to our provisional amounts recorded as of December 31, 2017. Significant components of the provision for income tax benefit (expense) are as follows: (In thousands) Years Ended December 31, 2018 2017 2016 Current - Federal $ 1 $ (2,136 ) $ (190 ) Current - foreign (18,535 ) (30,132 ) (44,687 ) Current - state (9,779 ) 1,484 (2,908 ) Total current expense (28,313 ) (30,784 ) (47,785 ) Deferred - Federal (4,397 ) 491,239 38,715 Deferred - foreign (6,531 ) (2,560 ) 56,036 Deferred - state (7,110 ) (489 ) 2,665 Total deferred benefit (expense) (18,038 ) 488,190 97,416 Income tax benefit (expense) $ (46,351 ) $ 457,406 $ 49,631 Current tax expense of $28.3 million was recorded for 2018 as compared to a current tax expense of $30.8 million for 2017 . The current tax expense recorded in 2018 was primarily related to foreign income taxes on operating profits generated in certain foreign jurisdictions during the period. The decrease in current tax expense when compared to 2017 was primarily attributable to a decrease in foreign tax expense which resulted primarily from a decrease in foreign earnings in certain jurisdictions during 2018 . Current tax expense for state increased in 2018 primarily as a result of increased operating profits in certain state jurisdictions during the period. Current tax expense of $30.8 million was recorded for 2017 as compared to a current tax expense of $47.8 million for 2016 . The current tax expense recorded in 2017 was primarily related to foreign income taxes on operating profits generated in certain foreign jurisdictions during the period. The decrease in current tax expense when compared to 2016 was primarily attributable to a decrease in foreign tax expense which resulted primarily from a decrease in foreign earnings in certain jurisdictions during 2017. Deferred tax expense of $18.0 million was recorded for 2018 compared with deferred tax benefit of $488.2 million for 2017 . The decrease in deferred tax benefit during 2018 was primarily attributed to the $510.1 million provisional deferred tax benefit recorded in connection with the remeasurement of our U.S. deferred tax balances upon the enactment of the Tax Act described above in 2017. Deferred tax benefit of $488.2 million was recorded for 2017 compared with deferred tax benefit of $97.4 million for 2016 . The increase in deferred tax benefit during 2017 was primarily attributed to the $510.1 million provisional deferred tax benefit recorded in connection with the remeasurement of our U.S. deferred tax balances upon the enactment of the Tax Act described above. In addition, the change in foreign deferred tax benefit recorded primarily related to the $43.3 million deferred tax benefit recorded in 2016 for the release of valuation allowance against certain net operating loss carryforwards in France. Significant components of the Company's deferred tax liabilities and assets as of December 31, 2018 and 2017 are as follows: (In thousands) 2018 2017 Deferred tax liabilities: Intangibles and fixed assets $ 1,167,903 $ 1,285,330 Long-term debt 259,324 — Investments 2,733 16,484 Other 15,605 9,868 Total deferred tax liabilities 1,445,565 1,311,682 Deferred tax assets: Accrued expenses 101,207 105,823 Long-term debt — 49,767 Net operating loss carryforwards 985,403 1,106,319 Interest expense carryforwards 347,843 — Bad debt reserves 12,820 11,731 Other 28,574 27,654 Total gross deferred tax assets 1,475,847 1,301,294 Less: Valuation allowance 1,010,223 952,337 Total deferred tax assets 465,624 348,957 Net deferred tax liabilities $ 979,941 $ 962,725 Net deferred tax liabilities includes $644.9 million of deferred tax liabilities included in Liabilities subject to compromise at December 31, 2018 . The deferred tax liability related to intangibles and fixed assets primarily relates to the difference in book and tax basis of acquired FCC licenses, billboard permits and tax deductible goodwill created from the Company’s various stock acquisitions. In accordance with ASC 350-10, Intangibles—Goodwill and Other , the Company does not amortize FCC licenses and billboard permits. As a result, this deferred tax liability will not reverse over time unless the Company recognizes future impairment charges related to its FCC licenses, permits and tax deductible goodwill or sells its FCC licenses or permits. As the Company continues to amortize its tax basis in its FCC licenses, permits and tax deductible goodwill, the deferred tax liability will increase over time. The Company’s net foreign deferred tax assets for the periods ending December 31, 2018 and 2017 were $45.0 million and $50.7 million , respectively. At December 31, 2018 , the Company had recorded net operating loss carryforwards (tax effected) for federal and state income tax purposes of approximately $858.3 million , expiring in various amounts through 2037. The Tax Act amended Section 163(j) of the Internal Revenue Code, thereby establishing new rules governing a U.S. taxpayer’s ability to deduct interest expense beginning in 2018. Section 163(j), as amended, generally limits the deduction for business interest expense to thirty percent of adjusted taxable income, and provides that any disallowed interest expense may be carried forward indefinitely. In applying the new rules under Section 163(j), the Company recorded an interest expense limitation and carryforward deferred tax asset for federal and state purposes of $347.8 million as of December 31, 2018. The Company expects to realize the benefits of a portion of its deferred tax assets based upon expected future taxable income from deferred tax liabilities that reverse in the relevant federal and state jurisdictions and carryforward periods. As of December 31, 2018 , the Company had recorded a valuation allowance of $893.0 million against a portion of these U.S. federal and state deferred tax assets which it does not expect to realize. After considering the deferred tax adjustments in connection with the utilization of net operating losses and the creation of interest limitation carryforwards the Company's U.S. federal and state deferred tax valuation allowance increased by $61.5 million during the current period. In addition, the Company recorded a net reduction of $7.8 million in valuation allowance against its foreign deferred tax assets during the year ended December 31, 2018 . At December 31, 2018 , the Company had recorded $127.1 million (tax-effected) of deferred tax assets for foreign net operating loss carryforwards, which are offset in part by an associated valuation allowance of $79.3 million . Additional deferred tax valuation allowance of $38.0 million offsets other foreign deferred tax assets that are not expected to be realized. Realization of these foreign deferred tax assets is dependent upon the Company’s ability to generate future taxable income in appropriate tax jurisdictions and carryforward periods. Due to the Company’s evaluation of all available evidence, including significant negative evidence of cumulative losses in these jurisdictions, the Company continues to record valuation allowances on the foreign deferred tax assets that are not expected to be realized. The Company expects to realize its remaining gross deferred tax assets based upon its assessment of deferred tax liabilities that will reverse in the same carryforward period and jurisdiction and are of the same character as the net operating loss carryforwards and temporary differences that give rise to the deferred tax assets. Any deferred tax liabilities associated with acquired FCC licenses, billboard permits and tax-deductible goodwill intangible assets are not relied upon as a source of future taxable income, as these intangible assets have an indefinite life. At December 31, 2018 , net deferred tax liabilities include a deferred tax asset of $10.5 million relating to stock-based compensation expense under ASC 718-10, Compensation—Stock Compensation . Full realization of this deferred tax asset requires stock options to be exercised at a price equaling or exceeding the sum of the grant price plus the fair value of the option at the grant date and restricted stock to vest at a price equaling or exceeding the fair market value at the grant date. Accordingly, there can be no assurance that the stock price of the Company’s common stock will rise to levels sufficient to realize the entire deferred tax benefit currently reflected in its balance sheet. Loss before income taxes: (In thousands) Years Ended December 31, 2018 2017 2016 US $ (134,893 ) $ (952,436 ) $ (349,876 ) Foreign (21,395 ) 36,319 53,673 Total loss before income taxes $ (156,288 ) $ (916,117 ) $ (296,203 ) The reconciliation of income tax computed at the U.S. federal statutory tax rates to the recorded income tax benefit (expense) is: Years Ended December 31, (In thousands) 2018 2017 2016 Amount Percent Amount Percent Amount Percent Income tax benefit at statutory rates $ 32,821 21.0 % $ 320,641 35.0 % $ 103,670 35.0 % State income taxes, net of federal tax effect 21,137 13.5 % 7,667 0.8 % 6,372 2.2 % Foreign income taxes (29,559 ) (18.9 )% (19,981 ) (2.2 )% (24,307 ) (8.2 )% Nondeductible items (5,400 ) (3.5 )% (6,659 ) (0.7 )% (5,760 ) (1.9 )% Changes in valuation allowance and other estimates (64,913 ) (41.5 )% (350,407 ) (38.2 )% (31,229 ) (10.6 )% U.S. tax reform — — % 510,064 55.6 % — — % Other, net (437 ) (0.3 )% (3,919 ) (0.4 )% 885 0.3 % Income tax benefit (expense) $ (46,351 ) (29.7 )% $ 457,406 49.9 % $ 49,631 16.8 % The Company’s effective tax rate for the year ended December 31, 2018 is (29.7)% . The effective tax rate for 2018 was primarily impacted by $61.5 million of deferred tax expense attributed to the valuation allowance recorded against federal and state deferred tax assets generated in the current period due to the uncertainty of the ability to realize those assets in future periods. In addition, losses in certain foreign jurisdictions were not benefited primarily due to the uncertainty of the ability to utilize those losses in future periods. A tax benefit was recorded for the year ended December 31, 2017 of 49.9% . The effective tax benefit rate for 2017 was impacted by the effects of U.S. corporate tax reform which resulted in a provisional tax benefit of $510.1 million recorded in connection with the reduction in the U.S. federal corporate tax rate. In partial offset to this tax benefit, the Company recorded tax expense of $387.7 million in connection with the valuation allowance recorded against federal and state deferred tax assets generated in the current period due to the uncertainty of the ability to realize those assets in future periods. A tax benefit was recorded for the year ended December 31, 2016 of 16.8% . The effective tax benefit rate for 2016 was impacted by the $43.3 million deferred tax benefit recorded in connection with the release of valuation allowance in France, which was offset by $54.7 million of tax expense attributable to the sale of our outdoor business in Australia. Additionally, the 2016 effective tax benefit rate was impacted by the $31.8 million valuation allowance recorded against a portion of current period federal and state deferred tax assets due to the uncertainty of the ability to realize those assets in future periods. The Company provides for any related tax liability on undistributed earnings that the Company does not intend to be indefinitely reinvested outside the United States and that would become taxable upon remittance within our foreign structure. The Company has not provided U.S. federal income taxes for temporary differences with respect to investments in our foreign subsidiaries, which at December 31, 2018 currently result in tax basis amounts greater than the financial reporting basis. If any excess cash held by our foreign subsidiaries were needed to fund operations in the U.S., we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes. The Company continues to record interest and penalties related to unrecognized tax benefits in current income tax expense. The total amount of interest accrued at December 31, 2018 and 2017 was $53.8 million and $48.6 million , respectively. The total amount of unrecognized tax benefits including accrued interest and penalties at December 31, 2018 and 2017 was $135.3 million and $136.3 million , respectively, of which $112.2 million and $110.1 million is included in “Other long-term liabilities” and $1.3 million and $0.0 million is included in “Accrued expenses” on the Company’s consolidated balance sheets, respectively. In addition, $21.8 million and $26.2 million of unrecognized tax benefits are recorded net with the Company’s deferred tax assets for its net operating losses as opposed to being recorded in “Other long-term liabilities” at December 31, 2018 and 2017 , respectively. The total amount of unrecognized tax benefits at December 31, 2018 and 2017 that, if recognized, would impact the effective income tax rate is $73.6 million and $71.6 million , respectively. (In thousands) Years Ended December 31, Unrecognized Tax Benefits 2018 2017 Balance at beginning of period $ 87,665 $ 98,804 Increases for tax position taken in the current year 7,109 7,366 Increases for tax positions taken in previous years 1,007 2,291 Decreases for tax position taken in previous years (7,120 ) (5,307 ) Decreases due to settlements with tax authorities — (225 ) Decreases due to lapse of statute of limitations (7,159 ) (15,264 ) Balance at end of period $ 81,502 $ 87,665 The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. During 2018 the Company settled several state and local tax and foreign tax examinations resulting is a reduction of unrecognized tax benefits of $7.1 million , excluding interest. In addition, during 2018 the statute of limitations for certain tax years expired in the U.S., certain states, the United Kingdom and other jurisdictions resulting in the reduction to unrecognized tax benefits of $7.2 million , excluding interest. During 2017, the Company settled all outstanding U.S. federal income tax matters for tax years 2011 and 2012, which resulted in a reduction of unrecognized tax benefits of $4.7 million . In addition, during 2017 the statute of limitations for certain tax years expired in the U.S., certain states, the United Kingdom and other jurisdictions resulting in the reduction to unrecognized tax benefits of $15.3 million , excluding interest. All federal income tax matters through 2014 are closed. The majority of all material state, local, and foreign income tax matters have been concluded for years through 2011. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
STOCKHOLDERS' DEFICIT | STOCKHOLDERS’ DEFICIT The Company reports its noncontrolling interests in consolidated subsidiaries as a component of equity separate from the Company’s equity. The following table shows the changes in stockholders' deficit attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest: (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2018 $ (11,385,535 ) $ 41,191 $ (11,344,344 ) Net loss (201,910 ) (729 ) (202,639 ) Dividends and other payments to noncontrolling interests — (8,742 ) (8,742 ) Share-based compensation 2,066 8,517 10,583 Foreign currency translation adjustments (7,161 ) (8,763 ) (15,924 ) Other adjustments to comprehensive loss (1,250 ) (248 ) (1,498 ) Reclassifications adjustments 2,664 298 2,962 Other, net (84 ) (656 ) (740 ) Balances as of December 31, 2018 $ (11,591,210 ) $ 30,868 $ (11,560,342 ) (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2017 $ (11,030,835 ) $ 128,974 $ (10,901,861 ) Net loss (398,060 ) (60,651 ) (458,711 ) Dividends and other payments to noncontrolling interests — (46,151 ) (46,151 ) Purchase of additional noncontrolling interests (524 ) (703 ) (1,227 ) Disposal of noncontrolling interests — (2,439 ) (2,439 ) Share-based compensation 2,488 9,590 12,078 Foreign currency translation adjustments 31,244 12,607 43,851 Unrealized holding loss on marketable securities (370 ) (44 ) (414 ) Other adjustments to comprehensive loss 6,013 707 6,720 Reclassifications adjustments 4,864 577 5,441 Other, net (355 ) (1,276 ) (1,631 ) Balances as of December 31, 2017 $ (11,385,535 ) $ 41,191 $ (11,344,344 ) Stock Registration On June 24, 2015, we registered 4,000,000 shares of the Company’s Class A common stock, par value $0.001 per share, for offer or sale under our 2015 Executive Long-Term Incentive Plan. On July 27, 2015, the Board of Directors approved the issuance of 1,253,831 restricted shares to certain key individuals pursuant to our 2015 Executive Long-term Incentive Plan. Dividends During the fourth quarter of 2016, CCOH sold its outdoor business in Australia for cash proceeds of $195.7 million , net of cash retained by the purchaser and closing costs. On February 9, 2017, CCOH declared a special dividend of $282.5 million using a portion of the cash proceeds from the sales of certain nonstrategic U.S. outdoor markets and of our Australia outdoor business. On February 23, 2017, we received 89.9% of the dividend, or approximately $254.0 million , with the remaining 10.1% , or approximately $28.5 million , paid to public stockholders of CCOH. On September 14, 2017, (i) CCOH provided notice of its intent to make a demand (the “First Demand”) for repayment on October 5, 2017 of $25.0 million outstanding under the Intercompany Note, and (ii) the board of directors of CCOH declared a special cash dividend, which was paid on October 5, 2017 to CCOH’s Class A and Class B stockholders of record at the closing of business on October 2, 2017, in an aggregate amount equal to $25.0 million , funded with the proceeds of the First Demand. The Company received approximately 89.5% , or approximately $22.4 million , of the proceeds of the dividend through its wholly-owned subsidiaries. The remaining approximately 10.5% of the proceeds of the dividend, or approximately $2.6 million , was paid to the public stockholders of CCOH. On October 11, 2017, (i) CCOH provided notice of its intent to make a demand (the “Second Demand”) for repayment on October 31, 2017 of $25.0 million outstanding under the Intercompany Note, and (ii) the board of directors of CCOH declared a special cash dividend, which was paid on October 31, 2017 to CCOH’s Class A and Class B stockholders of record at the closing of business on October 26, 2017, in an aggregate amount equal to $25.0 million , funded with the proceeds of the Second Demand. The Company received approximately 89.5% , or approximately $22.4 million , of the proceeds of the dividend through its wholly-owned subsidiaries. The remaining approximately 10.5% of the proceeds of the dividend, or approximately $2.6 million , was paid to the public stockholders of CCOH. On January 5, 2018, (i) CCOH provided notice of its intent to make a demand (the "Demand") for repayment on January 24, 2018 of $30.0 million outstanding under the Intercompany Note, and (ii) the board of directors of CCOH declared a special cash dividend, which was paid on January 24, 2018 to CCOH’s Class A and Class B stockholders of record at the closing of business on January 19, 2018, in an aggregate amount equal to $30.0 million , funded with the proceeds of the Demand. The Company received approximately 89.5% , or approximately $26.8 million , of the proceeds of the dividend through its wholly-owned subsidiaries. The remaining approximately 10.5% of the proceeds of the dividend, or approximately $3.2 million , was paid to the public stockholders of CCOH. Share-Based Compensation Stock Options Prior to the merger, iHeartCommunications granted options to purchase its common stock to its employees and directors and its affiliates under its various equity incentive plans typically at no less than the fair value of the underlying stock on the date of grant. These options were granted for a term not exceeding ten years and were forfeited, except in certain circumstances, in the event the employee or director terminated his or her employment or relationship with iHeartCommunications or one of its affiliates. Prior to acceleration, if any, in connection with the merger, these options vested over a period of up to five years. All equity incentive plans contained anti-dilutive provisions that permitted an adjustment of the number of shares of iHeartCommunications' common stock represented by each option for any change in capitalization. The Company has granted options to purchase its shares of Class A common stock to certain key executives under its equity incentive plan at no less than the fair value of the underlying stock on the date of grant. These options are granted for a term not to exceed ten years and are forfeited, except in certain circumstances, in the event the executive terminates his or her employment or relationship with the Company or one of its affiliates. Approximately three-fourths of the options outstanding at December 31, 2016 vest based solely on continued service over a period of up to five years with the remainder becoming eligible to vest over a period of up to five years if certain predetermined performance targets are met. The equity incentive plan contains antidilutive provisions that permit an adjustment for any change in capitalization. The Company accounts for its share-based payments using the fair value recognition provisions of ASC 718-10. The fair value of the portion of options that vest based on continued service is estimated on the grant date using a Black-Scholes option-pricing model and the fair value of the remaining options which contain vesting provisions subject to service, market and performance conditions is estimated on the grant date using a Monte Carlo model. Expected volatilities were based on historical volatility of peer companies’ stock, including the Company , over the expected life of the options. The expected life of the options granted represents the period of time that the options granted are expected to be outstanding. The Company used historical data to estimate option exercises and employee terminations within the valuation model. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods equal to the expected life of the option. The Company does not estimate forfeitures at grant date, but rather has elected to account for forfeitures when they occur. No options were granted during the years ended December 31, 2018 , 2017 and 2016 . The following table presents a summary of the Company's stock options outstanding at and stock option activity during the year ended December 31, 2018 ("Price" reflects the weighted average exercise price per share): (In thousands, except per share data) Options Price Weighted Average Remaining Contractual Term Outstanding, January 1, 2018 2,092 $ 35.09 2.6 years Granted — Exercised — Forfeited (529 ) 35.60 Expired (872 ) 35.88 Outstanding, December 31, 2017 (1) 691 33.70 2.8 years Exercisable 677 33.47 2.8 years Expected to Vest 14 44.87 2.1 years (1) Non-cash compensation expense has not been recorded with respect to 0.1 million shares as the vesting of these options is subject to performance conditions that have not yet been determined probable to meet. A summary of the Company's unvested options and changes during the year ended December 31, 2018 is presented below: (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2018 543 $ 19.61 Granted — Vested (1) — Forfeited (529 ) 18.94 Unvested, December 31, 2018 14 44.87 (1) The total fair value of the options vested during the years ended December 31, 2018 , 2017 and 2016 was $0.0 million , $0.0 million and $0.2 million , respectively. Restricted Stock Awards The Company has granted restricted stock awards to certain of its employees and affiliates under its equity incentive plan. The restricted stock awards are restricted in transferability for a term of up to five years. Restricted stock awards are forfeited, except in certain circumstances, in the event the employee terminates his or her employment or relationship with the Company prior to the lapse of the restriction. Dividends or distributions paid in respect of unvested restricted stock awards will be held by the Company and paid to the recipients of the restricted stock awards upon vesting of the shares. The following table presents a summary of the Company's restricted stock outstanding and restricted stock activity as of and during the year ended December 31, 2018 (“Price” reflects the weighted average share price at the date of grant): (In thousands, except per share data) Awards Price Outstanding, January 1, 2018 6,219 $ 3.81 Granted 70 0.52 Vested (restriction lapsed) (627 ) 4.26 Forfeited (403 ) 3.39 Outstanding, December 31, 2018 5,259 3.74 CCOH Share-Based Awards CCOH Stock Options The Company’s subsidiary, CCOH, has granted options to purchase shares of its Class A common stock to employees and directors of CCOH and its affiliates under its equity incentive plan at no less than the fair market value of the underlying stock on the date of grant. These options are granted for a term not exceeding ten years and are forfeited, except in certain circumstances, in the event the employee or director terminates his or her employment or relationship with CCOH or one of its affiliates. These options vest solely on continued service over a period of up to five years. The equity incentive stock plan contains anti-dilutive provisions that permit an adjustment for any change in capitalization. The fair value of each option awarded on CCOH common stock is estimated on the date of grant using a Black-Scholes option-pricing model. Expected volatilities are based on historical volatility of CCOH’s stock over the expected life of the options. The expected life of options granted represents the period of time that options granted are expected to be outstanding. CCOH uses historical data to estimate option exercises and employee terminations within the valuation model. CCOH does not estimate forfeitures at grant date, but rather has elected to account for forfeitures when they occur. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods equal to the expected life of the option. The following assumptions were used to calculate the fair value of CCOH’s options on the date of grant: Years Ended December 31, 2018 2017 2016 Expected volatility 44% 42% 42% – 44% Expected life in years 6.3 6.3 6.3 Risk-free interest rate 2.76% 2.12% 1.12% – 1.41% Dividend yield —% —% —% The following table presents a summary of CCOH’s stock options outstanding at and stock option activity during the year ended December 31, 2018 : (In thousands, except per share data) Options Price (3) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2018 4,110 $ 6.10 4.1 years $ 2,378 Granted (1) 1 5.10 Exercised (2) (31 ) 2.37 Forfeited (26 ) 6.56 Expired (809 ) 10.73 Outstanding, December 31, 2018 3,245 4.97 3.8 years $ 2,938 Exercisable 2,822 5.10 3.4 years $ 2,915 Expected to vest 423 4.15 6.6 years $ 23 (1) The weighted average grant date fair value of CCOH options granted during the years ended December 31, 2018 , 2017 and 2016 was $2.39 , $2.04 and $2.82 per share, respectively. (2) Cash received from option exercises during the years ended December 31, 2018 , 2017 and 2016 was $0.1 million , $0.2 million and $0.6 million , respectively. The total intrinsic value of the options exercised during the years ended December 31, 2018 , 2017 and 2016 was $0.1 million , $0.2 million and $0.4 million , respectively. (3) Reflects the weighted average exercise price per share. A summary of CCOH’s unvested options at and changes during the year ended December 31, 2018 is presented below: (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2018 718 $ 4.19 Granted 1 2.39 Vested (1) (274 ) 4.28 Forfeited (22 ) 3.90 Unvested, December 31, 2018 423 4.15 (1) The total fair value of CCOH options vested during the years ended December 31, 2018 , 2017 and 2016 was $1.2 million , $1.6 million and $2.7 million , respectively. CCOH Restricted Stock Awards CCOH has also granted both restricted stock and restricted stock unit awards to its employees and affiliates under its equity incentive plan. The restricted stock awards represent shares of Class A common stock that hold a legend which restricts their transferability for a term of up to five years. The restricted stock units represent the right to receive shares upon vesting, which is generally over a period of up to five years. Both restricted stock awards and restricted stock units are forfeited, except in certain circumstances, in the event the employee terminates his or her employment or relationship with CCOH prior to the lapse of the restriction. The following table presents a summary of CCOH’s restricted stock and restricted stock units outstanding at and activity during the year ended December 31, 2018 ("Price" reflects the weighted average share price at the date of grant): (In thousands, except per share data) Awards Price Outstanding, January 1, 2018 3,900 $ 5.61 Granted 2,054 5.37 Vested (restriction lapsed) (592 ) 8.09 Forfeited (229 ) 5.64 Outstanding, December 31, 2018 5,133 5.23 Share-Based Compensation Cost The share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the vesting period. Share-based compensation payments are recorded in corporate expenses and were $10.6 million , $12.1 million and $13.1 million , during the years ended December 31, 2018 , 2017 and 2016 , respectively. The tax benefit related to the share-based compensation expense for the years ended December 31, 2018 , 2017 and 2016 was $2.6 million , $4.2 million and $5.0 million , respectively. As of December 31, 2018 , there was $17.5 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on service conditions. This cost is expected to be recognized over a weighted average period of approximately three years. In addition, as of December 31, 2018 , there was $15.1 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on market, performance and service conditions. This cost will be recognized when it becomes probable that the performance condition will be satisfied. Loss per Share The following table presents the computation of loss per share for the years ended December 31, 2018 , 2017 and 2016 : (In thousands, except per share data) Years Ended December 31, 2018 2017 2016 NUMERATOR: Net loss attributable to the Company – common shares $ (201,910 ) $ (398,060 ) $ (302,056 ) DENOMINATOR: Weighted average common shares outstanding – basic 85,412 84,967 84,569 Stock options and restricted stock (1) : — — — Weighted average common shares outstanding – diluted 85,412 84,967 84,569 Net loss attributable to the Company per common share: Basic $ (2.36 ) $ (4.68 ) $ (3.57 ) Diluted $ (2.36 ) $ (4.68 ) $ (3.57 ) (1) Outstanding stock options and restricted shares of 7.2 million , 8.3 million and 7.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. In December 2016, the Board of Directors and the Company's stockholders holding a majority of the votes entitled to be cast by all outstanding common stock of the Company approved a Fourth Amended and Restated Certificate of Incorporation (the "New Charter"), and the New Charter became effective on January 26, 2017 following the mailing of an Information Statement on Schedule 14C to the Company's stockholders. The New Charter authorizes the issuance of 200,000,000 shares of a new class of non-voting Class D Common Stock, par value $0.001 per share (the "Class D Common Stock"). The shares of Class D Common Stock authorized by the New Charter may be issued without further approval from the Company's stockholders. The New Charter also authorizes the issuance of 150,000,000 shares of "blank check" preferred stock, par value $0.001 per share (the "Preferred Stock"). The Board of Directors has the authority to establish one or more series of Preferred Stock and fix relative rights and preferences of any series of Preferred Stock, without any further approval from the Company's stockholders. |
EMPLOYEE STOCK AND SAVINGS PLAN
EMPLOYEE STOCK AND SAVINGS PLANS | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
EMPLOYEE STOCK AND SAVINGS PLANS | EMPLOYEE STOCK AND SAVINGS PLANS iHeartCommunications has various 401(k) savings and other plans for the purpose of providing retirement benefits for substantially all employees. Under these plans, an employee can make pre-tax contributions and iHeartCommunications will match a portion of such an employee’s contribution. Employees vest in these iHeartCommunications matching contributions based upon their years of service to iHeartCommunications . Contributions of $27.0 million , $29.0 million and $30.9 million to these plans for the years ended December 31, 2018 , 2017 and 2016 , respectively, were expensed. iHeartCommunications offers a non-qualified deferred compensation plan for a select group of management or highly compensated employees, under which such employees were able to make an annual election to defer up to 50% of their annual salary and up to 80% of their bonus before taxes. iHeartCommunications suspended all salary and bonus deferrals and company matching contributions to the deferred compensation plan on January 1, 2010. iHeartCommunications accounts for the plan in accordance with the provisions of ASC 710-10. Matching credits on amounts deferred may be made in iHeartCommunications' sole discretion and iHeartCommunications retains ownership of all assets until distributed. Participants in the plan have the opportunity to allocate their deferrals and any iHeartCommunications matching credits among different investment options, the performance of which is used to determine the amounts to be paid to participants under the plan. In accordance with the provisions of ASC 710-10, the assets and liabilities of the non-qualified deferred compensation plan are presented in “Other assets” and “Other long-term liabilities” in the accompanying consolidated balance sheets, respectively. The asset and liability under the deferred compensation plan at December 31, 2018 was approximately $11.2 million recorded in “Other assets” and $11.2 million recorded in “Liabilities subject to compromise”, respectively. The asset and liability under the deferred compensation plan at December 31, 2017 was approximately $12.1 million recorded in “Other assets” and $12.1 million recorded in “Other long-term liabilities”, respectively. |
OTHER INFORMATION
OTHER INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
OTHER INFORMATION | OTHER INFORMATION The following table discloses the components of "Other income (expense)" for the years ended December 31, 2018 , 2017 and 2016 , respectively: (In thousands) Years Ended December 31, 2018 2017 2016 Foreign exchange gain (loss) $ (33,084 ) $ 29,223 $ (69,880 ) Loss on investments, net (1,276 ) (4,872 ) (12,907 ) Other (24,516 ) (44,545 ) (3,222 ) Total other income (expense), net $ (58,876 ) $ (20,194 ) $ (86,009 ) Other income (expense), net for the years ended December 31, 2018 and 2017 includes $23.1 million and $41.8 million , respectively, in expenses incurred in connection with negotiations with lenders and other activities related to our capital structure. The following table discloses the increase (decrease) in other comprehensive income (loss) related to deferred income tax liabilities for the years ended December 31, 2018 , 2017 and 2016 , respectively: (In thousands) Years Ended December 31, 2018 2017 2016 Pension adjustments and other $ 730 $ (314 ) $ (1,044 ) Total (increase) decrease in deferred tax liabilities $ 730 $ (314 ) $ (1,044 ) The following table discloses the components of “Other current assets” as of December 31, 2018 and 2017 , respectively: (In thousands) As of December 31, 2018 2017 Inventory $ 18,416 $ 22,470 Deposits 6,278 7,516 Restricted cash 7,649 26,096 Other 25,745 26,456 Total other current assets $ 58,088 $ 82,538 During 2017, CCOH established a separate bi-lateral letter of credit facility to issue additional letters of credit to be supported by cash collateral posted by the Company. As of December 31, 2017, the amount of letters of credit issued under this facility totaled $24.7 million and was backed by cash collateral of $25.4 million , which is classified as Restricted cash. On June 1, 2018, a subsidiary of the Company's Outdoor advertising subsidiary, CCO, refinanced CCOH's senior revolving credit facility and replaced it with a receivables-based credit facility and the letters of credit that previously were supported by cash collateral were transferred to the receivables-based credit facility. The following table discloses the components of “Other assets” as of December 31, 2018 and 2017 , respectively: (In thousands) As of December 31, 2018 2017 Investments in, and advances to, nonconsolidated affiliates $ 27,636 $ 24,395 Other investments 45,169 80,320 Notes receivable 26,076 13,792 Prepaid expenses 7,105 3,423 Deposits 27,860 24,686 Prepaid rent 78,400 68,991 Non-qualified plan assets 11,200 12,116 Restricted cash 16,192 18,095 Other 42,602 32,449 Total other assets $ 282,240 $ 278,267 The following table discloses the components of “Other long-term liabilities” as of December 31, 2018 and 2017 , respectively: (In thousands) As of December 31, 2018 2017 Unrecognized tax benefits $ 112,237 $ 110,054 Asset retirement obligation 43,981 47,093 Non-qualified plan liabilities — 12,116 Deferred income 154,583 171,869 Deferred rent 109,385 177,334 Employee related liabilities 48,432 52,212 Other 21,211 39,961 Total other long-term liabilities $ 489,829 $ 610,639 The following table discloses the components of “Accumulated other comprehensive loss,” net of tax, as of December 31, 2018 and 2017 , respectively: (In thousands) As of December 31, 2018 2017 Cumulative currency translation adjustment $ (288,413 ) $ (283,746 ) Cumulative unrealized gain on securities — 1,058 Cumulative other adjustments (29,617 ) (31,030 ) Total accumulated other comprehensive loss $ (318,030 ) $ (313,718 ) |
SEGMENT DATA
SEGMENT DATA | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | SEGMENT DATA The Company’s reportable segments, which it believes best reflect how the Company is currently managed, are iHM, Americas outdoor advertising and International outdoor advertising. Revenue and expenses earned and charged between segments are recorded at estimated fair value and eliminated in consolidation. The iHM segment provides media and entertainment services via broadcast and digital delivery and also includes the Company’s events and national syndication businesses. The Americas outdoor advertising segment consists of operations primarily in the United States. The International outdoor advertising segment primarily includes operations in Europe, Asia and Latin America. The Other category includes the Company’s media representation business that is ancillary to the Company’s other businesses. Corporate includes infrastructure and support, including information technology, human resources, legal, finance and administrative functions for each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded in corporate expense. During the first quarter of 2018, the Company revised its segment reporting, as discussed in Note 1. (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Corporate and other reconciling items Eliminations Consolidated Year Ended December 31, 2018 Revenue $ 3,436,955 $ 1,189,348 $ 1,532,357 $ 174,435 $ — $ (7,315 ) $ 6,325,780 Direct operating expenses 1,062,373 524,659 946,009 — — (93 ) 2,532,948 Selling, general and administrative expenses 1,271,152 199,688 323,230 105,779 — (3,346 ) 1,896,503 Corporate expenses — — — — 341,094 (3,876 ) 337,218 Depreciation and amortization 177,775 166,806 148,199 13,502 24,621 — 530,903 Impairment charges — — — — 40,922 — 40,922 Other operating expense, net — — — — (6,768 ) — (6,768 ) Operating income (loss) $ 925,655 $ 298,195 $ 114,919 $ 55,154 $ (413,405 ) $ — $ 980,518 Intersegment revenues $ 160 $ 7,155 $ — $ — $ — $ — $ 7,315 Segment assets $ 7,356,222 $ 2,782,662 $ 1,568,346 $ 168,498 $ 393,993 $ (206 ) $ 12,269,515 Capital expenditures $ 75,377 $ 76,867 $ 129,962 $ 2,980 $ 11,138 $ — $ 296,324 Share-based compensation expense $ — $ — $ — $ — $ 10,583 $ — $ 10,583 Year Ended December 31, 2017 Revenue $ 3,442,963 $ 1,161,059 $ 1,427,643 $ 143,684 $ — $ (6,918 ) $ 6,168,431 Direct operating expenses 1,059,123 527,536 882,231 — — (166 ) 2,468,724 Selling, general and administrative expenses 1,245,741 197,390 301,823 100,322 — (3,054 ) 1,842,222 Corporate expenses — — — — 315,596 (3,698 ) 311,898 Depreciation and amortization 233,757 179,119 141,812 14,967 31,640 — 601,295 Impairment charges — — — — 10,199 — 10,199 Other operating income, net — — — — 35,704 — 35,704 Operating income (loss) $ 904,342 $ 257,014 $ 101,777 $ 28,395 $ (321,731 ) $ — $ 969,797 Intersegment revenues $ — $ 6,918 $ — $ — $ — $ — $ 6,918 Segment assets $ 7,318,941 $ 2,850,303 $ 1,568,388 $ 167,493 $ 355,528 $ (222 ) $ 12,260,431 Capital expenditures $ 58,057 $ 70,936 $ 150,036 $ 890 $ 12,047 $ — $ 291,966 Share-based compensation expense $ — $ — $ — $ — $ 12,078 $ — $ 12,078 Year Ended December 31, 2016 Revenue $ 3,403,040 $ 1,187,180 $ 1,492,642 $ 171,593 $ — $ (3,455 ) $ 6,251,000 Direct operating expenses 975,463 528,769 889,550 1,255 — — 2,395,037 Selling, general and administrative expenses 1,102,998 203,427 311,994 109,623 — (1,924 ) 1,726,118 Corporate expenses — — — — 342,603 (1,531 ) 341,072 Depreciation and amortization 243,964 175,438 162,974 17,304 35,547 — 635,227 Impairment charges — — — — 8,000 — 8,000 Other operating income, net — — — — 353,556 — 353,556 Operating income (loss) $ 1,080,615 $ 279,546 $ 128,124 $ 43,411 $ (32,594 ) $ — $ 1,499,102 Intersegment revenues $ — $ 3,455 $ — $ — $ — $ — $ 3,455 Segment assets $ 7,392,872 $ 3,046,369 $ 1,460,884 $ 237,435 $ 714,445 $ (216 ) $ 12,851,789 Capital expenditures $ 73,221 $ 78,289 $ 146,900 $ 2,460 $ 13,847 $ — $ 314,717 Share-based compensation expense $ — $ — $ — $ — $ 13,133 $ — $ 13,133 Revenue of $1.6 billion , $1.5 billion and $1.6 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2018 , 2017 and 2016 , respectively. Revenue of $4.8 billion , $4.7 billion and $4.7 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2018 , 2017 and 2016 , respectively. Identifiable long-lived assets of $566.1 million , $598.6 million and $540.4 million derived from the Company’s foreign operations are included in the Segment assets data above for the years ended December 31, 2018 , 2017 and 2016 , respectively. Identifiable long-lived assets of $1.2 billion , $1.3 billion and $1.4 billion derived from the Company’s U.S. operations are included in the Segment assets data above for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended March 31, Three Months Ended June 30, Three Months Ended September 30, Three Months Ended December 31, 2018 2017 2018 2017 2018 2017 2018 2017 Revenue $ 1,369,648 $ 1,328,876 $ 1,600,842 $ 1,589,637 $ 1,582,765 $ 1,536,757 $ 1,772,525 $ 1,713,161 Operating expenses: Direct operating expenses 602,355 572,543 636,641 616,221 630,264 623,741 663,688 656,219 Selling, general and administrative expenses 472,987 450,786 451,490 447,509 457,757 438,796 514,269 505,131 Corporate expenses 78,734 78,362 79,626 77,158 84,193 77,967 94,665 78,411 Depreciation and amortization 151,434 146,106 147,644 147,795 120,700 149,749 111,125 157,645 Impairment charges — — — — 40,922 7,631 — 2,568 Other operating income (expense), net (3,286 ) 31,084 (289 ) 6,916 (1,637 ) (13,215 ) (1,556 ) 10,919 Operating income 60,852 112,163 285,152 307,870 247,292 225,658 387,222 324,106 Interest expense (1) 418,397 455,337 107,600 463,232 99,255 470,250 97,679 475,317 Equity in earnings (loss) of nonconsolidated affiliates 157 (242 ) (38 ) 240 172 (2,238 ) 729 (615 ) Gain on extinguishment of debt 100 — — — — — — 1,271 Other income (expense), net (1,063 ) (15,374 ) (28,279 ) 1,647 (6,182 ) 50 (23,352 ) (6,517 ) Reorganization items, net 192,055 — 68,740 — 52,475 — 42,849 — Income (loss) before income taxes (550,406 ) (358,790 ) 80,495 (153,475 ) 89,552 (246,780 ) 224,071 (157,072 ) Income tax benefit (expense) 117,366 (30,684 ) (146,785 ) (17,408 ) (17,769 ) (2,051 ) 837 507,549 Consolidated net income (loss) (433,040 ) (389,474 ) (66,290 ) (170,883 ) 71,783 (248,831 ) 224,908 350,477 Less amount attributable to noncontrolling interest (16,046 ) 364 3,609 5,591 1,705 1,659 10,003 (68,265 ) Net income (loss)attributable to the Company $ (416,994 ) $ (389,838 ) $ (69,899 ) $ (176,474 ) $ 70,078 $ (250,490 ) $ 214,905 $ 418,742 Net income (loss) to the Company per common share: Basic $ (4.89 ) $ (4.60 ) $ (0.82 ) $ (2.08 ) $ 0.82 $ (2.94 ) $ 2.51 $ 4.92 Diluted $ (4.89 ) $ (4.60 ) $ (0.82 ) $ (2.08 ) $ 0.82 $ (2.94 ) $ 2.51 $ 4.88 The Company's Class A common shares are quoted for trading on the OTC / Pink Sheets Bulletin Board under the symbol IHRT. (1) Excludes contractual interest of $66.3 million , $373.9 million , $372.6 million and $376.3 million for the three months ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively. |
CERTAIN RELATIONSHIPS AND RELAT
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS iHeartCommunications is a party to a management agreement with certain affiliates of Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. (together, the “Sponsors”) and certain other parties pursuant to which such affiliates of the Sponsors will provide management and financial advisory services until 2018 . These agreements require management fees to be paid to such affiliates of the Sponsors for such services at a rate not greater than $15.0 million per year, plus reimbursable expenses. In connection with the Reorganization, the Company is not recognizing management fees following the Petition Date. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized management fees and reimbursable expenses of $2.9 million , $15.2 million and $15.3 million , respectively. Stock Purchases On August 9, 2010, iHeartCommunications announced that its board of directors approved a stock purchase program under which iHeartCommunications or its subsidiaries could purchase up to an aggregate of $100.0 million of the Company's Class A common stock and/or the Class A common stock of CCOH. The stock purchase program did not have a fixed expiration date and could be modified, suspended or terminated at any time at iHeartCommunications' discretion. As of December 31, 2014, an aggregate $34.2 million was available under this program. In January 2015, CC Finco, LLC (“CC Finco”), an indirect wholly-owned subsidiary of the Company, purchased 2,000,000 shares of CCOH’s Class A common stock for $20.4 million . On April 2, 2015, CC Finco purchased an additional 2,172,946 shares of CCOH’s Class A common stock for $22.2 million . As a result of this purchase, the stock purchase program concluded. The purchase of shares in excess of the amount available under the stock purchase program was separately approved by the board of directors. As of December 31, 2018 , iHeartCommunications and its subsidiaries held 10,726,917 shares of CCOH's Class A Common Stock and all of CCOH's Class B common stock, which collectively represented 89.1% of the outstanding shares of CCOH’s common stock on a fully-diluted basis, assuming the conversion of all of CCOH’s Class B common stock into Class A common stock. On December 3, 2015, CCH contributed 100,000,000 shares of CCOH’s Class B Common Stock to Broader Media, LLC, an indirect wholly-owned subsidiary of the Company, as a capital contribution, to provide greater flexibility in support of future financing transactions, share dispositions and other similar transactions. |
LIABILITIES SUBJECT TO COMPROMI
LIABILITIES SUBJECT TO COMPROMISE | 12 Months Ended |
Dec. 31, 2018 | |
Reorganizations [Abstract] | |
LIABILITIES SUBJECT TO COMPROMISE | LIABILITIES SUBJECT TO COMPROMISE As discussed in Note 1, "Basis of Presentation", since the Petition Date, the Company has been operating as debtor in possession under the jurisdiction of the Bankruptcy Court and in accordance with provisions of the Bankruptcy Code. On the accompanying Consolidated Balance Sheets, the caption “Liabilities subject to compromise” reflects the expected allowed amount of the pre-petition claims that are not fully secured and that have at least a possibility of not being repaid at the full claim amount. Liabilities subject to compromise at December 31, 2018 consisted of the following: (In thousands) December 31, 2018 Accounts payable $ 32,807 Accrued expenses 23,277 Deferred taxes 644,926 Other long-term liabilities 87,096 Accounts payable, accrued and other liabilities 788,106 Debt subject to compromise 15,149,477 Accrued interest on debt subject to compromise 542,673 Long-term debt and accrued interest 15,692,150 Total liabilities subject to compromise $ 16,480,256 Determination of the value at which liabilities will ultimately be settled cannot be made until the Bankruptcy Court approves the Plan of Reorganization and it becomes effective. The Company will continue to evaluate the amount and classification of its pre-petition liabilities. Any additional liabilities that are subject to compromise will be recognized accordingly, and the aggregate amount of liabilities subject to compromise may change. REORGANIZATION ITEMS, NET Reorganization items incurred as a result of the Chapter 11 Cases are presented separately in the accompanying statements of operations for the year ended December 31, 2018 and were as follows: (In thousands) Year Ended December 31, 2018 Write-off of deferred long-term debt fees $ 67,079 Write-off of original issue discount on debt subject to compromise 131,100 Debtor-in-possession refinancing costs 10,546 Loss on Liabilities subject to compromise settlement 275 Professional fees and other bankruptcy related costs 147,119 Reorganization items, net $ 356,119 Professional fees included in Reorganization items, net represent fees for post-petition expenses related to the Chapter 11 Cases. As of December 31, 2018 , $47.5 million of Reorganization items, net were unpaid and accrued in Accounts Payable and Accrued Expenses in the accompanying Consolidated Balance Sheet. Reorganization items, net of $6.7 million relating to the Debtor-in-possession financing costs were netted against the $125.0 million proceeds received from issuance of the DIP Facility. CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION The financial statements below represent the condensed combined financial statements of the Debtors. The results of the Company’s Non-Filing Entities, which are comprised primarily of the Company's Americas outdoor and International outdoor segments, are not included in these condensed combined financial statements. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the Non-Filing Entities have not been eliminated in the Debtors’ financial statements. Debtors' Balance Sheet (In thousands) December 31, 2018 CURRENT ASSETS Cash and cash equivalents $ 178,924 Accounts receivable, net of allowance of $26,347 866,088 Prepaid expenses 98,836 Other current assets 24,576 Total Current Assets 1,168,424 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net 501,677 INTANGIBLE ASSETS AND GOODWILL Indefinite-lived intangibles - licenses 2,409,411 Other intangibles, net 196,741 Goodwill 3,412,753 OTHER ASSETS Other assets 63,203 Total Assets $ 7,752,209 CURRENT LIABILITIES Accounts payable $ 49,129 Intercompany payable 2,894 Accrued expenses 296,149 Accrued interest 766 Deferred income 120,328 Current portion of long-term debt 46,105 Total Current Liabilities 515,371 Other long-term liabilities 229,640 Liabilities subject to compromise 1 17,511,976 EQUITY (DEFICIT) Equity (Deficit) (10,504,778 ) Total Liabilities and Equity (Deficit) $ 7,752,209 1 In connection with the cash management arrangements with CCOH, the Company maintains an intercompany revolving promissory note payable by the Company to CCOH (the "Intercompany Note"), which matures on May 15, 2019. Liabilities subject to compromise include the principal amount outstanding under the Intercompany Note, which totals $1,031.7 million as of December 31, 2018 . Debtors' Statements of Operations (In thousands) Year Ended Revenue $ 3,577,742 Operating expenses: Direct operating expenses (excludes depreciation and amortization) 1,056,315 Selling, general and administrative expenses (excludes depreciation and amortization) 1,356,108 Corporate expenses (excludes depreciation and amortization) 188,937 Depreciation and amortization 210,914 Impairment charges 33,151 Other operating expense, net (9,260 ) Operating income 723,057 Interest expense, net 1 357,181 Equity in loss of nonconsolidated affiliates (140 ) Gain on extinguishment of debt 5,667 Dividend income 2 28,564 Other expense, net (22,776 ) Reorganization items, net 356,119 Income before income taxes 21,072 Income tax expense (13,056 ) Net income $ 8,016 1 Includes interest incurred during the year ended December 31, 2018 in relation to the pre-petition and post-petition Intercompany Notes. 2 Consists of cash dividends received from Non-Debtor entities during the year ended December 31, 2018 . Debtors' Statement of Cash Flows (In thousands) Year Ended December 31, 2018 Cash flows from operating activities: Consolidated net income $ 8,016 Reconciling items: Impairment charges 33,151 Depreciation and amortization 210,914 Deferred taxes 3,643 Provision for doubtful accounts 21,003 Amortization of deferred financing charges and note discounts, net 11,871 Non-cash Reorganization items, net 252,392 Share-based compensation 2,066 Loss on disposal of operating and other assets 3,224 Equity in loss of nonconsolidated affiliates 140 Gain on extinguishment of debt (5,667 ) Barter and trade income (10,873 ) Other reconciling items, net (273 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable (35,771 ) Increase in prepaid expenses and other current assets (2,034 ) Increase in accrued expenses 14,782 Increase in accounts payable 8,962 Increase in accrued interest 303,495 Decrease in deferred income (14,963 ) Changes in other operating assets and liabilities (25,483 ) Net cash provided by operating activities 778,595 Cash flows from investing activities: Purchases of businesses (74,272 ) Purchases of property, plant and equipment (85,012 ) Proceeds from disposal of assets 642 Purchases of other operating assets (305 ) Change in other, net (132 ) Net cash used for investing activities (159,079 ) Cash flows from financing activities: Draws on credit facilities 143,332 Payments on credit facilities (258,308 ) Payments on long-term debt (358,911 ) Net transfers to related parties (65,666 ) Change in other, net (79 ) Net cash used for financing activities (539,632 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — Net increase in cash, cash equivalents and restricted cash 79,884 Cash, cash equivalents and restricted cash at beginning of period 102,468 Cash, cash equivalents and restricted cash at end of period $ 182,352 |
REORGANIZATION ITEMS, NET
REORGANIZATION ITEMS, NET | 12 Months Ended |
Dec. 31, 2018 | |
Reorganizations [Abstract] | |
REORGANIZATION ITEMS, NET | LIABILITIES SUBJECT TO COMPROMISE As discussed in Note 1, "Basis of Presentation", since the Petition Date, the Company has been operating as debtor in possession under the jurisdiction of the Bankruptcy Court and in accordance with provisions of the Bankruptcy Code. On the accompanying Consolidated Balance Sheets, the caption “Liabilities subject to compromise” reflects the expected allowed amount of the pre-petition claims that are not fully secured and that have at least a possibility of not being repaid at the full claim amount. Liabilities subject to compromise at December 31, 2018 consisted of the following: (In thousands) December 31, 2018 Accounts payable $ 32,807 Accrued expenses 23,277 Deferred taxes 644,926 Other long-term liabilities 87,096 Accounts payable, accrued and other liabilities 788,106 Debt subject to compromise 15,149,477 Accrued interest on debt subject to compromise 542,673 Long-term debt and accrued interest 15,692,150 Total liabilities subject to compromise $ 16,480,256 Determination of the value at which liabilities will ultimately be settled cannot be made until the Bankruptcy Court approves the Plan of Reorganization and it becomes effective. The Company will continue to evaluate the amount and classification of its pre-petition liabilities. Any additional liabilities that are subject to compromise will be recognized accordingly, and the aggregate amount of liabilities subject to compromise may change. REORGANIZATION ITEMS, NET Reorganization items incurred as a result of the Chapter 11 Cases are presented separately in the accompanying statements of operations for the year ended December 31, 2018 and were as follows: (In thousands) Year Ended December 31, 2018 Write-off of deferred long-term debt fees $ 67,079 Write-off of original issue discount on debt subject to compromise 131,100 Debtor-in-possession refinancing costs 10,546 Loss on Liabilities subject to compromise settlement 275 Professional fees and other bankruptcy related costs 147,119 Reorganization items, net $ 356,119 Professional fees included in Reorganization items, net represent fees for post-petition expenses related to the Chapter 11 Cases. As of December 31, 2018 , $47.5 million of Reorganization items, net were unpaid and accrued in Accounts Payable and Accrued Expenses in the accompanying Consolidated Balance Sheet. Reorganization items, net of $6.7 million relating to the Debtor-in-possession financing costs were netted against the $125.0 million proceeds received from issuance of the DIP Facility. CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION The financial statements below represent the condensed combined financial statements of the Debtors. The results of the Company’s Non-Filing Entities, which are comprised primarily of the Company's Americas outdoor and International outdoor segments, are not included in these condensed combined financial statements. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the Non-Filing Entities have not been eliminated in the Debtors’ financial statements. Debtors' Balance Sheet (In thousands) December 31, 2018 CURRENT ASSETS Cash and cash equivalents $ 178,924 Accounts receivable, net of allowance of $26,347 866,088 Prepaid expenses 98,836 Other current assets 24,576 Total Current Assets 1,168,424 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net 501,677 INTANGIBLE ASSETS AND GOODWILL Indefinite-lived intangibles - licenses 2,409,411 Other intangibles, net 196,741 Goodwill 3,412,753 OTHER ASSETS Other assets 63,203 Total Assets $ 7,752,209 CURRENT LIABILITIES Accounts payable $ 49,129 Intercompany payable 2,894 Accrued expenses 296,149 Accrued interest 766 Deferred income 120,328 Current portion of long-term debt 46,105 Total Current Liabilities 515,371 Other long-term liabilities 229,640 Liabilities subject to compromise 1 17,511,976 EQUITY (DEFICIT) Equity (Deficit) (10,504,778 ) Total Liabilities and Equity (Deficit) $ 7,752,209 1 In connection with the cash management arrangements with CCOH, the Company maintains an intercompany revolving promissory note payable by the Company to CCOH (the "Intercompany Note"), which matures on May 15, 2019. Liabilities subject to compromise include the principal amount outstanding under the Intercompany Note, which totals $1,031.7 million as of December 31, 2018 . Debtors' Statements of Operations (In thousands) Year Ended Revenue $ 3,577,742 Operating expenses: Direct operating expenses (excludes depreciation and amortization) 1,056,315 Selling, general and administrative expenses (excludes depreciation and amortization) 1,356,108 Corporate expenses (excludes depreciation and amortization) 188,937 Depreciation and amortization 210,914 Impairment charges 33,151 Other operating expense, net (9,260 ) Operating income 723,057 Interest expense, net 1 357,181 Equity in loss of nonconsolidated affiliates (140 ) Gain on extinguishment of debt 5,667 Dividend income 2 28,564 Other expense, net (22,776 ) Reorganization items, net 356,119 Income before income taxes 21,072 Income tax expense (13,056 ) Net income $ 8,016 1 Includes interest incurred during the year ended December 31, 2018 in relation to the pre-petition and post-petition Intercompany Notes. 2 Consists of cash dividends received from Non-Debtor entities during the year ended December 31, 2018 . Debtors' Statement of Cash Flows (In thousands) Year Ended December 31, 2018 Cash flows from operating activities: Consolidated net income $ 8,016 Reconciling items: Impairment charges 33,151 Depreciation and amortization 210,914 Deferred taxes 3,643 Provision for doubtful accounts 21,003 Amortization of deferred financing charges and note discounts, net 11,871 Non-cash Reorganization items, net 252,392 Share-based compensation 2,066 Loss on disposal of operating and other assets 3,224 Equity in loss of nonconsolidated affiliates 140 Gain on extinguishment of debt (5,667 ) Barter and trade income (10,873 ) Other reconciling items, net (273 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable (35,771 ) Increase in prepaid expenses and other current assets (2,034 ) Increase in accrued expenses 14,782 Increase in accounts payable 8,962 Increase in accrued interest 303,495 Decrease in deferred income (14,963 ) Changes in other operating assets and liabilities (25,483 ) Net cash provided by operating activities 778,595 Cash flows from investing activities: Purchases of businesses (74,272 ) Purchases of property, plant and equipment (85,012 ) Proceeds from disposal of assets 642 Purchases of other operating assets (305 ) Change in other, net (132 ) Net cash used for investing activities (159,079 ) Cash flows from financing activities: Draws on credit facilities 143,332 Payments on credit facilities (258,308 ) Payments on long-term debt (358,911 ) Net transfers to related parties (65,666 ) Change in other, net (79 ) Net cash used for financing activities (539,632 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — Net increase in cash, cash equivalents and restricted cash 79,884 Cash, cash equivalents and restricted cash at beginning of period 102,468 Cash, cash equivalents and restricted cash at end of period $ 182,352 |
CONDENSED COMBINED DEBTOR-IN-PO
CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Reorganizations [Abstract] | |
CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION | LIABILITIES SUBJECT TO COMPROMISE As discussed in Note 1, "Basis of Presentation", since the Petition Date, the Company has been operating as debtor in possession under the jurisdiction of the Bankruptcy Court and in accordance with provisions of the Bankruptcy Code. On the accompanying Consolidated Balance Sheets, the caption “Liabilities subject to compromise” reflects the expected allowed amount of the pre-petition claims that are not fully secured and that have at least a possibility of not being repaid at the full claim amount. Liabilities subject to compromise at December 31, 2018 consisted of the following: (In thousands) December 31, 2018 Accounts payable $ 32,807 Accrued expenses 23,277 Deferred taxes 644,926 Other long-term liabilities 87,096 Accounts payable, accrued and other liabilities 788,106 Debt subject to compromise 15,149,477 Accrued interest on debt subject to compromise 542,673 Long-term debt and accrued interest 15,692,150 Total liabilities subject to compromise $ 16,480,256 Determination of the value at which liabilities will ultimately be settled cannot be made until the Bankruptcy Court approves the Plan of Reorganization and it becomes effective. The Company will continue to evaluate the amount and classification of its pre-petition liabilities. Any additional liabilities that are subject to compromise will be recognized accordingly, and the aggregate amount of liabilities subject to compromise may change. REORGANIZATION ITEMS, NET Reorganization items incurred as a result of the Chapter 11 Cases are presented separately in the accompanying statements of operations for the year ended December 31, 2018 and were as follows: (In thousands) Year Ended December 31, 2018 Write-off of deferred long-term debt fees $ 67,079 Write-off of original issue discount on debt subject to compromise 131,100 Debtor-in-possession refinancing costs 10,546 Loss on Liabilities subject to compromise settlement 275 Professional fees and other bankruptcy related costs 147,119 Reorganization items, net $ 356,119 Professional fees included in Reorganization items, net represent fees for post-petition expenses related to the Chapter 11 Cases. As of December 31, 2018 , $47.5 million of Reorganization items, net were unpaid and accrued in Accounts Payable and Accrued Expenses in the accompanying Consolidated Balance Sheet. Reorganization items, net of $6.7 million relating to the Debtor-in-possession financing costs were netted against the $125.0 million proceeds received from issuance of the DIP Facility. CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION The financial statements below represent the condensed combined financial statements of the Debtors. The results of the Company’s Non-Filing Entities, which are comprised primarily of the Company's Americas outdoor and International outdoor segments, are not included in these condensed combined financial statements. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the Non-Filing Entities have not been eliminated in the Debtors’ financial statements. Debtors' Balance Sheet (In thousands) December 31, 2018 CURRENT ASSETS Cash and cash equivalents $ 178,924 Accounts receivable, net of allowance of $26,347 866,088 Prepaid expenses 98,836 Other current assets 24,576 Total Current Assets 1,168,424 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net 501,677 INTANGIBLE ASSETS AND GOODWILL Indefinite-lived intangibles - licenses 2,409,411 Other intangibles, net 196,741 Goodwill 3,412,753 OTHER ASSETS Other assets 63,203 Total Assets $ 7,752,209 CURRENT LIABILITIES Accounts payable $ 49,129 Intercompany payable 2,894 Accrued expenses 296,149 Accrued interest 766 Deferred income 120,328 Current portion of long-term debt 46,105 Total Current Liabilities 515,371 Other long-term liabilities 229,640 Liabilities subject to compromise 1 17,511,976 EQUITY (DEFICIT) Equity (Deficit) (10,504,778 ) Total Liabilities and Equity (Deficit) $ 7,752,209 1 In connection with the cash management arrangements with CCOH, the Company maintains an intercompany revolving promissory note payable by the Company to CCOH (the "Intercompany Note"), which matures on May 15, 2019. Liabilities subject to compromise include the principal amount outstanding under the Intercompany Note, which totals $1,031.7 million as of December 31, 2018 . Debtors' Statements of Operations (In thousands) Year Ended Revenue $ 3,577,742 Operating expenses: Direct operating expenses (excludes depreciation and amortization) 1,056,315 Selling, general and administrative expenses (excludes depreciation and amortization) 1,356,108 Corporate expenses (excludes depreciation and amortization) 188,937 Depreciation and amortization 210,914 Impairment charges 33,151 Other operating expense, net (9,260 ) Operating income 723,057 Interest expense, net 1 357,181 Equity in loss of nonconsolidated affiliates (140 ) Gain on extinguishment of debt 5,667 Dividend income 2 28,564 Other expense, net (22,776 ) Reorganization items, net 356,119 Income before income taxes 21,072 Income tax expense (13,056 ) Net income $ 8,016 1 Includes interest incurred during the year ended December 31, 2018 in relation to the pre-petition and post-petition Intercompany Notes. 2 Consists of cash dividends received from Non-Debtor entities during the year ended December 31, 2018 . Debtors' Statement of Cash Flows (In thousands) Year Ended December 31, 2018 Cash flows from operating activities: Consolidated net income $ 8,016 Reconciling items: Impairment charges 33,151 Depreciation and amortization 210,914 Deferred taxes 3,643 Provision for doubtful accounts 21,003 Amortization of deferred financing charges and note discounts, net 11,871 Non-cash Reorganization items, net 252,392 Share-based compensation 2,066 Loss on disposal of operating and other assets 3,224 Equity in loss of nonconsolidated affiliates 140 Gain on extinguishment of debt (5,667 ) Barter and trade income (10,873 ) Other reconciling items, net (273 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable (35,771 ) Increase in prepaid expenses and other current assets (2,034 ) Increase in accrued expenses 14,782 Increase in accounts payable 8,962 Increase in accrued interest 303,495 Decrease in deferred income (14,963 ) Changes in other operating assets and liabilities (25,483 ) Net cash provided by operating activities 778,595 Cash flows from investing activities: Purchases of businesses (74,272 ) Purchases of property, plant and equipment (85,012 ) Proceeds from disposal of assets 642 Purchases of other operating assets (305 ) Change in other, net (132 ) Net cash used for investing activities (159,079 ) Cash flows from financing activities: Draws on credit facilities 143,332 Payments on credit facilities (258,308 ) Payments on long-term debt (358,911 ) Net transfers to related parties (65,666 ) Change in other, net (79 ) Net cash used for financing activities (539,632 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — Net increase in cash, cash equivalents and restricted cash 79,884 Cash, cash equivalents and restricted cash at beginning of period 102,468 Cash, cash equivalents and restricted cash at end of period $ 182,352 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Allowance for Doubtful Accounts (In thousands) Charges Balance at to Costs, Write-off Balance Beginning Expenses of Accounts at End of Description of period and other Receivable Other (1) Period Year ended December 31, 2016 $ 34,889 $ 27,390 $ 27,898 $ (499 ) $ 33,882 Year ended December 31, 2017 $ 33,882 $ 38,944 $ 25,800 $ 1,424 $ 48,450 Year ended December 31, 2018 $ 48,450 $ 28,429 $ 25,116 $ (955 ) $ 50,808 (1) Primarily foreign currency adjustments and acquisition and/or divestiture activity. Deferred Tax Asset Valuation Allowance (In thousands) Charges Balance at to Costs, Balance Beginning Expenses at end of Description of Period and other (1) Reversal (2) Adjustments (3) Period Year ended December 31, 2016 $ 944,576 $ 109,285 $ (49,577 ) $ (14,360 ) $ 989,924 Year ended December 31, 2017 $ 989,924 $ 319,429 $ (12,155 ) $ (344,861 ) $ 952,337 Year ended December 31, 2018 $ 952,337 $ 71,799 $ (2,835 ) $ (11,078 ) $ 1,010,223 (1) During 2016 , 2017 and 2018 , the Company recorded valuation allowances on deferred tax assets attributable to net operating losses in certain foreign jurisdictions. In addition, during 2016 , 2017 and 2018 the Company recorded a valuation allowance of $61.5 million , $387.7 million and $61.5 million , respectively, on a portion of its deferred tax assets attributable to federal and state net operating loss carryforwards due to the uncertainty of the ability to utilize those losses in future periods. (2) During 2016 , 2017 and 2018 , the Company realized the tax benefits associated with certain foreign deferred tax assets, primarily related to foreign loss carryforwards, on which a valuation allowance was previously recorded. The associated valuation allowance was reversed in the period in which, based on the weight of available evidence, it is more-likely-than-not that the deferred tax asset will be realized. During 2016, the Company released valuation allowances in France in the amount of $43.3 million . (3) During 2016 , 2017 and 2018 , the Company adjusted certain valuation allowances as a result of changes in tax rates in certain jurisdictions, as a result of the expiration of carryforward periods for net operating loss carryforwards, and as a result of foreign exchange rate movements. During 2017, the Company adjusted the carrying value of its U.S. federal deferred tax balance due to the U.S. federal tax reform bill that was enacted in 2017. The tax bill reduced the U.S. federal corporate tax rate to 21% and resulted in a reduction to the valuation allowance balance of $336.3 million during the period. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the Company are accounted for using the equity method of accounting. All significant intercompany accounts have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded when the Company has an unconditional right to payment, either because it has satisfied a performance obligation prior to receiving payment from the customer or has a non-cancelable contract that has been billed in advance in accordance with the Company’s normal billing terms. Accounts receivable are recorded at the invoiced amount, net of reserves for sales allowances and allowances for doubtful accounts. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of accounts receivable for each business unit, adjusted for relative improvements or deteriorations in the agings and changes in current economic conditions. The Company believes its concentration of credit risk is limited due to the large number and the geographic diversification of its customers. |
Business Combinations | Business Combinations The Company accounts for its business combinations under the acquisition method of accounting. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Various acquisition agreements may include contingent purchase consideration based on performance requirements of the investee. The Company accounts for these payments in conformity with the provisions of ASC 805-20-30, which establish the requirements related to recognition of certain assets and liabilities arising from contingencies. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives, which are as follows: Buildings and improvements – 10 to 39 years Structures – 3 to 20 years Towers, transmitters and studio equipment – 5 to 20 years Furniture and other equipment – 2 to 20 years Leasehold improvements – shorter of economic life or lease term assuming renewal periods, if appropriate For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. The Company tests for possible impairment of property, plant, and equipment whenever events and circumstances indicate that depreciable assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. |
Leases | Leases Most of the Company’s outdoor advertising structures are located on leased land. Americas outdoor land leases are typically paid in advance for periods ranging from one to 12 months. International outdoor land leases are paid both in advance and in arrears, for periods ranging up to 12 months. Most international street furniture display faces are operated through contracts with municipalities, which typically have terms ranging from 1 to 15 years. The leased land and street furniture contracts can include a percent of revenue to be paid along with a base rent payment. Prepaid land leases are recorded as an asset and expensed ratably over the related rental term and rent payments in arrears are recorded as an accrued liability. The Company has entered into leases for tower sites for most of its broadcasting locations. Tower site leases are typically paid monthly in advance, and have 30 -year lease terms including annual rent escalations. Most tower site leases are operating leases, and operating lease expense is recognized straight-line based on the minimum lease payments for each lease. |
Intangible Assets | Intangible Assets The Company’s indefinite-lived intangible assets include FCC broadcast licenses in its iHM segment and billboard permits in its Americas outdoor advertising segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annually. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a dramatic change in the manner for which the asset is intended to be used indicate that the carrying amount of the asset may not be recoverable. The Company performs its annual impairment test for its FCC licenses and permits using a direct valuation technique as prescribed in ASC 805-20-S99. The Company engages a third party valuation firm to assist the Company in the development of these assumptions and the Company’s determination of the fair value of its FCC licenses and permits. Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets include primarily transit and street furniture contracts, talent and representation contracts, customer and advertiser relationships, and site-leases, all of which are amortized over the respective lives of the agreements, or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. |
Goodwill | Goodwill At least annually, the Company performs its impairment test for each reporting unit’s goodwill. The Company uses a discounted cash flow model to determine if the carrying value of the reporting unit, including goodwill, is less than the fair value of the reporting unit. The Company identified its reporting units in accordance with ASC 350-20-55. The U.S. radio markets are aggregated into a single reporting unit and the Company’s U.S. outdoor advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test. |
Nonconsolidated Affiliates | Nonconsolidated Affiliates In general, investments in which the Company owns 20% to 50% of the common stock or otherwise exercises significant influence over the investee are accounted for under the equity method. The Company does not recognize gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statement of operations as a component of “Equity in earnings (loss) of nonconsolidated affiliates” for any decline in value that is determined to be other-than-temporary. |
Other Investments | Other Investments Effective January 1, 2018, we adopted Accounting Standards Update ("ASU") 2016-01 Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which requires us to measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in earnings. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Prior to the adoption of ASU 2016-01, marketable equity securities not accounted for under the equity method were classified as available-for-sale. For equity securities classified as available-for-sale, realized gains and losses were included in net income. Unrealized gains and losses on equity securities classified as available-for-sale were recognized in accumulated other comprehensive income (loss) ("AOCI"), net of tax. Equity securities without readily determinable fair values were recorded at cost. |
Financial Instruments | Financial Instruments Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued liabilities, and short-term borrowings approximated their fair values at December 31, 2018 and 2017 . |
Income Taxes | Income Taxes |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when or as it satisfies a performance obligation by transferring a promised good or service to a customer. Where third-parties are involved in the provision of goods and services to a customer, revenue is recognized at the gross amount of consideration the Company expects to receive if the Company controls the promised good or service before it is transferred to the customer; otherwise, revenue is recognized at the net amount the Company retains. The Company receives payments from customers based on billing schedules that are established in its contracts, and deferred revenue is recorded when payment is received from a customer before the Company has satisfied the performance obligation or a non-cancelable contract has been billed in advance in accordance with the Company’s normal billing terms. The primary source of revenue in the iHM segment is the sale of advertising on the Company’s broadcast radio stations, its iHeartRadio mobile application and website, station websites, and national and local live events. Revenues for advertising spots are recognized at the point in time when the advertisement is broadcast or streamed, while revenues for online display advertisements are recognized over time based on impressions delivered or time elapsed, depending upon the terms of the contract. Revenues for event sponsorships are recognized over the period of the event. iHM also generates revenues from programming talent, network syndication, traffic and weather data, and other miscellaneous transactions, which are recognized when the services are transferred to the customer. iHM’s contracts with advertisers are typically a year or less in duration and are generally billed monthly upon satisfaction of the performance obligations. The Americas outdoor and International outdoor segments generate revenue primarily from the sale of advertising space on printed and digital displays, including billboards, street furniture displays, transit displays and retail displays, which may be sold as individual units or as a network package. Revenues from these contracts, which typically cover periods of a few weeks to one year, are generally recognized ratably over the term of the contract as the advertisement is displayed . These segments also generate revenue from production and creative services, which are distinct from the advertising display services, and related revenue is recognized at the point in time the Company installs the advertising copy at the display site. Americas outdoor contracts are generally billed monthly in advance, and International outdoor includes a combination of advance billings and billings upon completion of service. The Company also generates revenue through contractual commissions realized from the sale of national spot and online advertising on behalf of clients of its full-service media representation business, Katz Media, which is reported in the Company’s Other segment. Revenues from these contracts are recognized at the point in time when the advertisements are broadcast. Because the Company is a representative of its media clients and does not control the advertising inventory before it is transferred to the advertiser, the Company recognizes revenue at the net amount of contractual commissions retained for its representation services. The Company’s media representation contracts typically have terms up to ten years in duration and are generally billed monthly upon satisfaction of the performance obligations . The Company recognizes revenue in amounts that reflect the consideration it expects to receive in exchange for transferring goods or services to customers, excluding sales taxes and other similar taxes collected on behalf of governmental authorities (the "transaction price”). When this consideration includes a variable amount, the Company estimates the amount of consideration it expects to receive and only recognizes revenue to the extent that it is probable it will not be reversed in a future reporting period. Because the transfer of promised goods and services to the customer is generally within a year of scheduled payment from the customer, the Company is not typically required to consider the effects of the time value of money when determining the transaction price. Advertising revenue is reported net of agency commissions. Trade and barter transactions represent the exchange of advertising spots or display space for merchandise, services or other assets in the ordinary course of business. The transaction price for these contracts is measured at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable, in which case the consideration is measured based on the standalone selling price of the advertising spots or display space promised to the customer. Revenue is recognized on trade and barter transactions when the advertisements are broadcasted or displayed, and expenses are recorded ratably over a period that estimates when the merchandise, services or other assets received are utilized, or when the event occurs. Trade and barter revenues and expenses from continuing operations are included in consolidated revenue and selling, general and administrative expenses, respectively. |
Advertising Expense | Advertising Expense The Company records advertising expense as it is incurred. |
Share-Based Compensation | Share-Based Compensation Under the fair value recognition provisions of ASC 718-10, share-based compensation cost is measured at the grant date based on the fair value of the award. For awards that vest based on service conditions, this cost is recognized as expense on a straight-line basis over the vesting period. For awards that will vest based on market or performance conditions, this cost will be recognized when it becomes probable that the performance conditions will be satisfied. Determining the fair value of share-based awards at the grant date requires assumptions and judgments, such as expected volatility, among other factors. |
Foreign Currency | Foreign Currency Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into U.S. dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders' deficit, “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in Other income (expense), net in the Statement of Comprehensive Loss. |
New Accounting Pronouncements Recently Adopted and Not Yet Adopted | New Accounting Pronouncements Recently Adopted As of January 1, 2018, the Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers. This standard provides guidance for the recognition, measurement and disclosure of revenue from contracts with customers and supersedes previous revenue recognition guidance under U.S. GAAP. The Company has applied this standard using the full retrospective method and concluded that its adoption did not have a material impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Changes in Stockholders’ Deficit, or Consolidated Statements of Cash Flows for prior periods. As a result of adopting this new accounting standard, the Company has updated its significant accounting policies on accounts receivable, revenue recognition, and contract costs, as described herein. Please refer to Note 2, Revenues, for more information. In November 2016, the FASB issued ASU 2016-18, Restricted Cash, which requires that restricted cash be presented with cash and cash equivalents in the statement of cash flows. Restricted cash is recorded in Other current assets and in Other assets in the Company's Consolidated Balance Sheets. The Company adopted ASU 2016-18 in the first quarter of 2018 using the retrospective transition method, and accordingly, revised prior period amounts as shown in the Company's Consolidated Statements of Cash Flows. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts reported in the Consolidated Statement of Cash Flows: (In thousands) December 31, 2018 December 31, 2017 Cash and cash equivalents $ 406,493 $ 267,109 Restricted cash included in: Other current assets 7,649 26,096 Other assets 16,192 18,095 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 430,334 $ 311,300 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Debtors' Balance Sheet to the total of the amounts reported in the Debtors' Statement of Cash Flows: (In thousands) December 31, 2018 Cash and cash equivalents $ 178,924 Restricted cash included in: Other current assets 3,428 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 182,352 New Accounting Pronouncements Not Yet Adopted During the first quarter of 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new leasing standard presents significant changes to the balance sheets of lessees. The most significant change to the standard includes the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases. Lessor accounting also is updated to align with certain changes in the lessee model and the new revenue recognition standard which was adopted this year. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2018. The Company plans to elect the package of practical expedients permitted under the new standard’s transition guidance for leases that commenced before the standard’s effective date, which, among other things, allows the Company to not reassess whether any expired or existing contracts are or contain leases and to carry forward the historical lease classification. The standard is expected to have a material impact on our consolidated balance sheet, but is not expected to materially impact our consolidated statement of comprehensive loss or cash flows. In accordance with the transition guidance, the Company will recognize upon adoption its deferred gains on sale and leaseback transactions, which were not a result of off-market terms, as a cumulative-effect adjustment to equity. The Company also expects to conclude that fewer revenue contracts meet the definition of a lease for accounting purposes, and therefore more of our revenue transactions will be accounted for as revenue from contracts with customers. The Company is in the process of finalizing its implementation of this standard. In July 2018, The FASB issued ASU No. 2018-11, Leases (Topic 842) - Targeted Improvements. The update provides an additional (optional) transition method to adopt the new lease standard, allowing entities to apply the new lease standard at the adoption date. The Company plans to adopt Topic 842 following this optional transition method. The update also provides lessors a practical expedient to allow them to not separate non-lease components from the associated lease component and instead to account for those components as a single component if certain criteria are met. The updated practical expedient for lessors will not have a material effect to the Company’s consolidated financial statements. During the first quarter of 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This update eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Entities will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. The standard is effective for annual and any interim impairment tests performed for periods beginning after December 15, 2019. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the third quarter of 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This update requires that a customer in a cloud computing arrangement that is a service contract follow the internal use software guidance in Accounting Standards Codification (ASC) 350-402 to determine which implementation costs to capitalize as assets. The standard is effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | A summary of the effect of the corrections on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2017 and 2016 is as follows: Year Ended December 31, 2017 (In thousands) As Reported Correction Revised Revenue $ 6,170,994 $ (2,563 ) $ 6,168,431 Direct operating expenses (excludes depreciation and amortization) 2,461,722 7,002 2,468,724 Selling, general and administrative expenses (excludes depreciation and amortization) 1,851,646 (9,424 ) 1,842,222 Operating income 969,938 (141 ) 969,797 Interest expense 1,865,584 (1,448 ) 1,864,136 Loss before income taxes (917,424 ) 1,307 (916,117 ) Consolidated net loss (460,018 ) 1,307 (458,711 ) Less amount attributable to noncontrolling interest (66,127 ) 5,476 (60,651 ) Net loss attributable to the Company (393,891 ) (4,169 ) (398,060 ) Foreign currency translation adjustments 45,661 (1,810 ) 43,851 Other comprehensive income 57,408 (1,810 ) 55,598 Comprehensive loss (336,483 ) (5,979 ) (342,462 ) Less amount attributable to noncontrolling interest 14,092 (245 ) 13,847 Comprehensive loss attributable to the Company (350,575 ) (5,734 ) (356,309 ) Basic loss per share (4.64 ) (0.04 ) (4.68 ) Diluted loss per share (4.64 ) (0.04 ) (4.68 ) Year Ended December 31, 2016 (In thousands) As Reported Correction Revised Revenue $ 6,260,062 $ (9,062 ) $ 6,251,000 Direct operating expenses (excludes depreciation and amortization) 2,398,776 (3,739 ) 2,395,037 Selling, general and administrative expenses (excludes depreciation and amortization) 1,725,899 219 1,726,118 Operating income 1,504,644 (5,542 ) 1,499,102 Interest expense 1,849,982 137 1,850,119 Loss before income taxes (290,524 ) (5,679 ) (296,203 ) Income tax benefit 50,474 (843 ) 49,631 Consolidated net loss (240,050 ) (6,522 ) (246,572 ) Less amount attributable to noncontrolling interest 56,312 (828 ) 55,484 Net loss attributable to the Company (296,362 ) (5,694 ) (302,056 ) Foreign currency translation adjustments 21,983 949 22,932 Other comprehensive income 56,323 949 57,272 Comprehensive loss (240,039 ) (4,745 ) (244,784 ) Less amount attributable to noncontrolling interest (2,208 ) 421 (1,787 ) Comprehensive loss attributable to the Company (237,831 ) (5,166 ) (242,997 ) Basic loss per share (3.50 ) (0.07 ) (3.57 ) Diluted loss per share (3.50 ) (0.07 ) (3.57 ) |
Schedule of Barter and Trade Revenues and Expenses | Trade and barter revenues and expenses from continuing operations were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Consolidated: Trade and barter revenues $ 218,595 $ 244,116 $ 165,847 Trade and barter expenses 210,677 202,251 115,078 iHM Segment: Trade and barter revenues $ 202,674 $ 226,737 $ 153,331 Trade and barter expenses 199,982 190,906 103,129 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts reported in the Consolidated Statement of Cash Flows: (In thousands) December 31, 2018 December 31, 2017 Cash and cash equivalents $ 406,493 $ 267,109 Restricted cash included in: Other current assets 7,649 26,096 Other assets 16,192 18,095 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 430,334 $ 311,300 |
Debtors Financial Statements | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Debtors' Balance Sheet to the total of the amounts reported in the Debtors' Statement of Cash Flows: (In thousands) December 31, 2018 Cash and cash equivalents $ 178,924 Restricted cash included in: Other current assets 3,428 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 182,352 Debtors' Balance Sheet (In thousands) December 31, 2018 CURRENT ASSETS Cash and cash equivalents $ 178,924 Accounts receivable, net of allowance of $26,347 866,088 Prepaid expenses 98,836 Other current assets 24,576 Total Current Assets 1,168,424 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net 501,677 INTANGIBLE ASSETS AND GOODWILL Indefinite-lived intangibles - licenses 2,409,411 Other intangibles, net 196,741 Goodwill 3,412,753 OTHER ASSETS Other assets 63,203 Total Assets $ 7,752,209 CURRENT LIABILITIES Accounts payable $ 49,129 Intercompany payable 2,894 Accrued expenses 296,149 Accrued interest 766 Deferred income 120,328 Current portion of long-term debt 46,105 Total Current Liabilities 515,371 Other long-term liabilities 229,640 Liabilities subject to compromise 1 17,511,976 EQUITY (DEFICIT) Equity (Deficit) (10,504,778 ) Total Liabilities and Equity (Deficit) $ 7,752,209 1 In connection with the cash management arrangements with CCOH, the Company maintains an intercompany revolving promissory note payable by the Company to CCOH (the "Intercompany Note"), which matures on May 15, 2019. Liabilities subject to compromise include the principal amount outstanding under the Intercompany Note, which totals $1,031.7 million as of December 31, 2018 . Debtors' Statements of Operations (In thousands) Year Ended Revenue $ 3,577,742 Operating expenses: Direct operating expenses (excludes depreciation and amortization) 1,056,315 Selling, general and administrative expenses (excludes depreciation and amortization) 1,356,108 Corporate expenses (excludes depreciation and amortization) 188,937 Depreciation and amortization 210,914 Impairment charges 33,151 Other operating expense, net (9,260 ) Operating income 723,057 Interest expense, net 1 357,181 Equity in loss of nonconsolidated affiliates (140 ) Gain on extinguishment of debt 5,667 Dividend income 2 28,564 Other expense, net (22,776 ) Reorganization items, net 356,119 Income before income taxes 21,072 Income tax expense (13,056 ) Net income $ 8,016 1 Includes interest incurred during the year ended December 31, 2018 in relation to the pre-petition and post-petition Intercompany Notes. 2 Consists of cash dividends received from Non-Debtor entities during the year ended December 31, 2018 . Debtors' Statement of Cash Flows (In thousands) Year Ended December 31, 2018 Cash flows from operating activities: Consolidated net income $ 8,016 Reconciling items: Impairment charges 33,151 Depreciation and amortization 210,914 Deferred taxes 3,643 Provision for doubtful accounts 21,003 Amortization of deferred financing charges and note discounts, net 11,871 Non-cash Reorganization items, net 252,392 Share-based compensation 2,066 Loss on disposal of operating and other assets 3,224 Equity in loss of nonconsolidated affiliates 140 Gain on extinguishment of debt (5,667 ) Barter and trade income (10,873 ) Other reconciling items, net (273 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable (35,771 ) Increase in prepaid expenses and other current assets (2,034 ) Increase in accrued expenses 14,782 Increase in accounts payable 8,962 Increase in accrued interest 303,495 Decrease in deferred income (14,963 ) Changes in other operating assets and liabilities (25,483 ) Net cash provided by operating activities 778,595 Cash flows from investing activities: Purchases of businesses (74,272 ) Purchases of property, plant and equipment (85,012 ) Proceeds from disposal of assets 642 Purchases of other operating assets (305 ) Change in other, net (132 ) Net cash used for investing activities (159,079 ) Cash flows from financing activities: Draws on credit facilities 143,332 Payments on credit facilities (258,308 ) Payments on long-term debt (358,911 ) Net transfers to related parties (65,666 ) Change in other, net (79 ) Net cash used for financing activities (539,632 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — Net increase in cash, cash equivalents and restricted cash 79,884 Cash, cash equivalents and restricted cash at beginning of period 102,468 Cash, cash equivalents and restricted cash at end of period $ 182,352 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Segment and Geographical Region | The following table shows, by segment, revenue from contracts with customers disaggregated by geographical region, revenue from leases and total revenue for the years ended December 31, 2018 , 2017 and 2016 : (In thousands) iHM Americas Outdoor (1) International Outdoor (1) Other Eliminations Consolidated Year Ended December 31, 2018 Revenue from contracts with customers: United States $ 3,408,563 $ 462,614 $ — $ 174,435 $ (1,851 ) $ 4,043,761 Other Americas 4,416 2,693 53,186 — — 60,295 Europe 9,953 — 856,479 — — 866,432 Asia-Pacific and other 11,229 — 11,943 — — 23,172 Total 3,434,161 465,307 921,608 174,435 (1,851 ) 4,993,660 Revenue from leases 2,794 724,041 610,749 — (5,464 ) 1,332,120 Revenue, total $ 3,436,955 $ 1,189,348 $ 1,532,357 $ 174,435 $ (7,315 ) $ 6,325,780 Year Ended December 31, 2017 Revenue from contracts with customers: United States $ 3,413,716 $ 429,475 $ — $ 143,684 $ (1,961 ) $ 3,984,914 Other Americas 3,368 10,927 57,738 — — 72,033 Europe 9,705 — 772,056 — — 781,761 Asia-Pacific and other 11,872 578 9,966 — — 22,416 Total 3,438,661 440,980 839,760 143,684 (1,961 ) 4,861,124 Revenue from leases 4,302 720,079 587,883 — (4,957 ) 1,307,307 Revenue, total $ 3,442,963 $ 1,161,059 $ 1,427,643 $ 143,684 $ (6,918 ) $ 6,168,431 Year Ended December 31, 2016 Revenue from contracts with customers: United States $ 3,374,866 $ 418,378 $ — $ 171,593 $ (1,093 ) $ 3,963,744 Other Americas 3,279 19,191 47,313 — — 69,783 Europe 9,417 — 715,431 — — 724,848 Asia-Pacific and other 11,374 842 117,251 — — 129,467 Total 3,398,936 438,411 879,995 171,593 (1,093 ) 4,887,842 Revenue from leases 4,104 748,769 612,647 — (2,362 ) 1,363,158 Revenue, total $ 3,403,040 $ 1,187,180 $ 1,492,642 $ 171,593 $ (3,455 ) $ 6,251,000 (1) Due to a re-evaluation of the Company’s segment reporting in 2018 , its operations in Latin America are included in the International outdoor segment results for all periods presented. See Note 1, Summary of Significant Accounting Policies . |
Schedule of Changes in Contract Assets and Liabilities | The following tables show the changes in the Company’s contract balances from contracts with customers for the years ended December 31, 2018 and 2017 and provide a reconciliation of the ending balances to the Consolidated Balance Sheets: Year Ended December 31, (In thousands) 2018 2017 Accounts receivable from contracts with customers: Beginning balance, net of allowance $ 1,195,145 $ 1,067,382 Additions, net of collections, and other 66,232 162,668 Bad debt, net of recoveries (1) (24,598 ) (34,905 ) Ending balance, net of allowance 1,236,779 1,195,145 Accounts receivable from leases, net of allowance 338,391 313,225 Total accounts receivable, net of allowance $ 1,575,170 $ 1,508,370 (1) Bad debt, net of recoveries, related to accounts receivable from contracts with customers was $20.3 million during the year ended December 31, 2016 . Year Ended December 31, (In thousands) 2018 2017 Deferred revenue from contracts with customers: Beginning balance $ 184,000 $ 193,913 Revenue recognized, included in beginning balance (1) (142,346 ) (147,698 ) Additions, net of revenue recognized during period, and other 146,950 137,785 Ending balance 188,604 184,000 Deferred revenue from leases 49,703 38,027 Total deferred revenue 238,307 222,027 Less: Non-current portion, included in other long-term liabilities 30,112 40,476 Total deferred revenue, current portion $ 208,195 $ 181,551 (1) Revenue recognized during the year ended December 31, 2016 that was included in the balance of deferred revenue from contracts with customers at the beginning of that year was $149.6 million . |
Schedule of Future Minimum Rental Commitments | As of December 31, 2018 , the Company’s future minimum rentals under non-cancelable operating leases were as follows: (In thousands) 2019 $ 317,860 2020 36,552 2021 18,075 2022 10,740 2023 3,877 Thereafter 15,477 Total minimum future rentals $ 402,581 As of December 31, 2018 , the Company's future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, capital expenditure commitments and employment/talent contracts consist of the following: (In thousands) Capital Non-Cancelable Non-Cancelable Expenditure Employment/Talent Operating Leases Contracts Commitments Contracts 2019 $ 636,556 $ 333,559 $ 24,322 $ 74,432 2020 533,097 249,239 7,408 75,502 2021 460,179 203,519 11,103 46,603 2022 370,303 139,785 4,179 13,993 2023 287,005 105,408 6,431 — Thereafter 2,154,999 308,057 7,909 — Total $ 4,442,139 $ 1,339,567 $ 61,352 $ 210,530 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 and 2017 , respectively: (In thousands) December 31, December 31, 2018 2017 Land, buildings and improvements $ 572,904 $ 562,702 Structures 2,835,411 2,864,442 Towers, transmitters and studio equipment 365,991 356,664 Furniture and other equipment 793,756 707,163 Construction in progress 116,839 74,810 4,684,901 4,565,781 Less: accumulated depreciation 2,893,761 2,681,067 Property, plant and equipment, net $ 1,791,140 $ 1,884,714 |
Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of December 31, 2018 and 2017 , respectively: (In thousands) December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 528,185 $ (440,228 ) $ 548,918 $ (440,284 ) Customer / advertiser relationships 1,249,128 (1,208,056 ) 1,226,314 (1,133,251 ) Talent contracts 164,933 (148,578 ) 161,962 (138,728 ) Representation contracts 77,508 (70,829 ) 77,507 (62,753 ) Permanent easements 163,317 — 162,920 — Other 382,897 (244,993 ) 372,292 (224,841 ) Total $ 2,565,968 $ (2,112,684 ) $ 2,549,913 $ (1,999,857 ) |
Schedule of Estimated Amortization Expense | The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets: (In thousands) 2019 $ 49,470 2020 43,291 2021 37,702 2022 32,675 2023 24,844 |
Schedule of Changes in the Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments: (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Consolidated Balance as of December 31, 2016 $ 3,288,481 $ 505,478 $ 190,785 $ 81,831 $ 4,066,575 Impairment — — (1,591 ) — (1,591 ) Acquisitions 2,442 2,252 — — 4,694 Dispositions (35,715 ) — (1,817 ) — (37,532 ) Foreign currency — — 18,847 — 18,847 Assets held for sale — 89 — — 89 Balance as of December 31, 2017 $ 3,255,208 $ 507,819 $ 206,224 $ 81,831 $ 4,051,082 Acquisitions 77,320 — — — 77,320 Dispositions (1,606 ) — — — (1,606 ) Foreign currency — — (8,040 ) — (8,040 ) Balance as of December 31, 2018 $ 3,330,922 $ 507,819 $ 198,184 $ 81,831 $ 4,118,756 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Investments [Abstract] | |
Summary of Investments in Nonconsolidated Affiliates and Available-for-sale Securities | The following table summarizes the Company's investments in nonconsolidated affiliates and other securities: (In thousands) Notes Receivable Equity Method Investments Other Investments Marketable Equity Securities Total Investments Balance at December 31, 2016 $ 132 $ 14,477 $ 71,666 $ 1,715 $ 87,990 Cash contributions — 2,248 — — 2,248 Acquisitions 13,602 10,361 11,560 — 35,523 Equity in loss — (2,855 ) — — (2,855 ) Disposals (188 ) — (628 ) — (816 ) Foreign currency translation adjustment — 145 380 243 768 Distributions received — (775 ) — — (775 ) Impairment of investments (671 ) — (4,202 ) — (4,873 ) Unrealized holding loss on marketable securities — — — (414 ) (414 ) Other 917 794 — — 1,711 Balance at December 31, 2017 $ 13,792 $ 24,395 $ 78,776 $ 1,544 $ 118,507 Cash advances — 1,051 — — 1,051 Acquisitions 15,076 3,732 4,550 — 23,358 Equity in earnings — 1,020 — — 1,020 Disposals (728 ) (33 ) (28,826 ) — (29,587 ) Foreign currency translation adjustment — (29 ) (256 ) (67 ) (352 ) Distributions received — (2,500 ) — — (2,500 ) Impairment of investments (2,064 ) — (14,370 ) — (16,434 ) Fair value adjustments — — 4,389 (571 ) 3,818 Balance at December 31, 2018 $ 26,076 $ 27,636 $ 44,263 $ 906 $ 98,881 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Activity Related to Asset Retirement Obligation | The following table presents the activity related to the Company’s asset retirement obligation: (In thousands) Years Ended December 31, 2018 2017 Beginning balance $ 47,984 $ 42,491 Adjustment due to changes in estimates 1,297 2,317 Accretion of liability 3,273 3,555 Liabilities settled (3,389 ) (2,880 ) Foreign Currency (1,394 ) 2,501 Ending balance 47,771 47,984 Less: current portion 445 891 Long-term portion of asset retirement obligation (1) $ 47,326 $ 47,093 (1) Balance as of December 31, 2018 includes $3.3 million , which has been reclassified to Liabilities subject to compromise. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | As of December 31, 2018 and 2017 , iHeartCommunications had outstanding 9.0% Priority Guarantee Notes due 2019, 9.0% Priority Guarantee Notes due 2021, 11.25% Priority Guarantee Notes due 2021, 9.0% Priority Guarantee Notes due 2022 and 10.625% Priority Guarantee Notes due 2023 (collectively, the “Priority Guarantee Notes”) (net of $180.8 million principal amount held by a subsidiary of iHeartCommunications ) consisting of: (In thousands) December 31, December 31, Maturity Date Interest Rate Interest Payment Terms 2018 2017 9.0% Priority Guarantee Notes due 2019 12/15/2019 9.0% Payable semi-annually in arrears on June 15 and December 15 of each year $ 1,999,815 $ 1,999,815 9.0% Priority Guarantee Notes due 2021 3/1/2021 9.0% Payable semi-annually in arrears on March 1 and September 1 of each year 1,750,000 1,750,000 11.25% Priority Guarantee Notes due 2021 3/1/2021 11.25% Payable semi-annually in arrears on March 1 and September 1 of each year 870,546 870,546 9.0% Priority Guarantee Notes due 2022 9/15/2022 9.0% Payable semi-annually in arrears on March 15 and September 15 of each year 1,000,000 1,000,000 10.625% Priority Guarantee Notes due 2023 3/15/2023 10.625% Payable semi-annually in arrears on March 15 and September 15 of each year 950,000 950,000 Total Priority Guarantee Notes $ 6,570,361 $ 6,570,361 Outstanding debt at December 31, 2018 and 2017 consisted of the following: (In thousands) December 31, December 31, 2018 2017 Senior Secured Credit Facilities $ — $ 6,300,000 Receivables Based Credit Facility Due 2020 (1) — 405,000 Debtors-in-Possession Facility (1) — — Priority Guarantee Notes — 6,570,361 CCO Receivables Based Credit Facility Due 2023 (2) — — Other Secured Subsidiary Debt (3) 3,882 8,522 Total Consolidated Secured Debt 3,882 13,283,883 14.0% Senior Notes Due 2021 — 1,763,925 Legacy Notes (4) — 475,000 10.0% Senior Notes Due 2018 (5) — 47,482 Subsidiary Senior Notes (6) 5,300,000 5,300,000 Other Subsidiary Debt 46,105 24,615 Purchase accounting adjustments and original issue discount (7) (739 ) (136,653 ) Long-term debt fees (7) (25,808 ) (109,071 ) Liabilities subject to compromise (8) 15,149,477 — Total debt, prior to reclassification to Liabilities subject to compromise 20,472,917 20,649,181 Less: current portion 46,332 14,972,367 Less: Amounts reclassified to Liabilities subject to compromise 15,149,477 — Total long-term debt $ 5,277,108 $ 5,676,814 (1) On June 14, 2018 (the “DIP Closing Date”), iHeartCommunications refinanced its receivables-based credit facility with the new $450.0 million debtors-in-possession credit facility (the "DIP Facility"), which matures on the earlier of the emergence date from the Chapter 11 Cases or June 14, 2019. The DIP Facility also includes a feature to convert into an exit facility at emergence, upon meeting certain conditions. The DIP Facility accrues interest at LIBOR plus 2.25% . At closing, iHeartCommunications drew $125.0 million on the DIP Facility. On June 14, 2018, the Company used proceeds from the DIP Facility and cash on hand to repay the outstanding $306.4 million and $74.3 million term loan and revolving credit commitments, respectively, of the iHeartCommunications receivables-based credit facility. Long-term debt fees incurred in relation to the DIP Facility were expensed as incurred and are reflected within Reorganization items, net in the Company's Consolidated Statement of Comprehensive Income (Loss). On August 16, 2018 and September 17, 2018, the Company repaid $100.0 million and $25.0 million , respectively, of the amount drawn under the DIP Facility. As of December 31, 2018 , the Company had a borrowing limit of $450.0 million under iHeartCommunications' DIP Facility, had no outstanding borrowings, had $70.2 million of outstanding letters of credit and had an availability block requirement of $37.5 million , resulting in $342.3 million of excess availability. (2) On June 1, 2018, a subsidiary of the Company's Outdoor advertising subsidiary, Clear Channel Outdoor, Inc. ("CCO"), refinanced CCOH's senior revolving credit facility and replaced it with a receivables-based credit facility that provided for revolving credit commitments of up to $75.0 million . On June 29, 2018, CCO entered into an amendment providing for a $50.0 million incremental increase of the facility, bringing the aggregate revolving credit commitments to $125.0 million . The facility has a five -year term, maturing in 2023. As of December 31, 2018 , the facility had $94.4 million of letters of credit outstanding and a borrowing limit of $125.0 million , resulting in $30.6 million of excess availability. Certain additional restrictions, including a springing financial covenant, take effect at decreased levels of excess availability. (3) Other secured subsidiary debt matures at various dates from 2019 through 2045. (4) iHeartCommunications' Legacy Notes, all of which were issued prior to the acquisition of iHeartCommunications by the Company in 2008, consist of $175.0 million of 6.875% Senior Notes due 2018 that matured on June 15, 2018, $300.0 million of 7.25% Senior Notes due 2027 that mature in 2027 and $57.1 million of 5.50% Senior Notes due 2016 held by a subsidiary of the Company that remain outstanding but are eliminated for purposes of consolidation of the Company’s financial statements. (5) On January 4, 2018, a subsidiary of iHeartCommunications repurchased $5.4 million aggregate principal amount of 10.0% Senior Notes due 2018 that were held by unaffiliated third parties for $5.3 million in cash. On January 16, 2018, iHeartCommunications repaid the remaining balance of $42.1 million aggregate principal amount of 10.0% Senior Notes due 2018 at maturity. (6) On February 4, 2019, Clear Channel Worldwide Holdings, Inc., a subsidiary of CCOH (“CCWH”), delivered a conditional notice of redemption calling all of its outstanding $275.0 million aggregate principal amount of 7.625% Series A Senior Subordinated Notes due 2020 (the “Series A CCWH Subordinated Notes”) and $1,925.0 million aggregate principal amount of 7.625% Series B Senior Subordinated Notes due 2020 (the “Series B CCWH Subordinated Notes” and together with the Series A CCWH Subordinated Notes, the “CCWH Subordinated Notes”) for redemption on March 6, 2019. The redemption was conditioned on the closing of the offering of $2,235.0 million of newly-issued 9.25% Senior Subordinated Notes due 2024 (the "New CCWH Subordinated Notes"). At the closing of such offering on February 12, 2019, CCWH deposited with the trustee for the CCWH Subordinated Notes a portion of the proceeds from the new notes in an amount sufficient to pay and discharge the principal amount outstanding, plus accrued and unpaid interest on the CCWH Subordinated Notes to, but not including, the redemption date. CCWH irrevocably instructed the trustee to apply such funds to the full payment of the CCWH Subordinated Notes on the redemption date. Concurrently therewith, CCWH elected to satisfy and discharge the indentures governing the CCWH Subordinated Notes in accordance with their terms and the trustee acknowledged such discharge and satisfaction. As a result of the satisfaction and discharge of the indentures, CCWH and the guarantors of the CCWH Subordinated Notes have been released from their remaining obligations under the indentures and the CCWH Subordinated Notes. (7) As a result of the Company's Chapter 11 Cases, the Company expensed $67.1 million of deferred long-term debt fees and $131.1 million of original issue discount to Reorganization items, net, in the Consolidated Statement of Comprehensive Loss for the year ended December 31, 2018 . (8) In connection with the Company's Chapter 11 Cases, the $6.3 billion outstanding under the Senior Secured Credit Facilities, the $1,999.8 million outstanding under the 9.0% Priority Guarantee Notes due 2019, the $1,750.0 million outstanding under the 9.0% Priority Guarantee Notes due 2021, the $870.5 million of 11.25% Priority Guarantee Notes due 2021, the $1,000.0 million outstanding under the 9.0% Priority Guarantee Notes due 2022, the $950.0 million outstanding under the 10.625% Priority Guarantee Notes due 2023, $6.1 million outstanding Other Secured Subsidiary debt, the $1,781.6 million outstanding under the 14.0% Senior Notes due 2021, the $475.0 million outstanding under the Legacy Notes and $16.5 million outstanding Other Subsidiary Debt have been reclassified to Liabilities subject to compromise in the Company's Consolidated Balance Sheet as of December 31, 2018 . As of the Petition Date, the Company ceased making principal and interest payments, and ceased accruing interest expense in relation to long-term debt reclassified as Liabilities subject to compromise. As of December 31, 2018 and 2017 , iHeartCommunications had senior secured credit facilities consisting of: (In thousands) December 31, December 31, Maturity Date 2018 2017 Term Loan D 1/30/2019 $ 5,000,000 $ 5,000,000 Term Loan E 7/30/2019 1,300,000 1,300,000 Total Senior Secured Credit Facilities $ 6,300,000 $ 6,300,000 As of December 31, 2018 and 2017 , iHeartCommunications had outstanding Legacy Notes (net of $57.1 million aggregate principal amount held by a subsidiary of iHeartCommunications ) consisting of: (In thousands) December 31, December 31, 2018 2017 6.875% Senior Notes Due 2018 175,000 175,000 7.25% Senior Notes Due 2027 300,000 300,000 Total Legacy Notes $ 475,000 $ 475,000 As of December 31, 2018 and 2017 , the Company's subsidiaries, CCWH and CCIBV had outstanding notes consisting of: (In thousands) December 31, December 31, Maturity Date Interest Rate Interest Payment Terms 2018 2017 CCWH Senior Notes: 6.5% Series A Senior Notes Due 2022 11/15/2022 6.5% Payable to the trustee weekly in arrears and to noteholders on May 15 and November 15 of each year $ 735,750 $ 735,750 6.5% Series B Senior Notes Due 2022 11/15/2022 6.5% Payable to the trustee weekly in arrears and to noteholders on May 15 and November 15 of each year 1,989,250 1,989,250 CCWH Subordinated Notes (1) : 7.625% Series A Senior Subordinated Notes Due 2020 3/15/2020 7.625% Payable to the trustee weekly in arrears and to noteholders on March 15 and September 15 of each year 275,000 275,000 7.625% Series B Senior Subordinated Notes Due 2020 3/15/2020 7.625% Payable to the trustee weekly in arrears and to noteholders on March 15 and September 15 of each year 1,925,000 1,925,000 Total CCWH Notes $ 4,925,000 $ 4,925,000 Clear Channel International B.V. Senior Notes: 8.75% Senior Notes Due 2020 12/15/2020 8.75% Payable semi-annually in arrears on June 15 and December 15 of each year $ 375,000 $ 375,000 Total Subsidiary Senior Notes $ 5,300,000 $ 5,300,000 (1) On February 4, 2019, CCWH, delivered a conditional notice of redemption calling all of its outstanding $275.0 million aggregate principal amount of Series A CCWH Subordinated Notes and $1,925.0 million aggregate principal amount of Series B Subordinated Notes for redemption on March 6, 2019. The redemption was conditioned on the closing of the offering of $2,235.0 million of the New CCWH Subordinated Notes. At the closing of such offering on February 12, 2019, CCWH deposited with the trustee for the CCWH Subordinated Notes a portion of the proceeds from the new notes in an amount sufficient to pay and discharge the principal amount outstanding, plus accrued and unpaid interest on the CCWH Subordinated Notes to, but not including, the redemption date. CCWH irrevocably instructed the trustee to apply such funds to the full payment of the CCWH Subordinated Notes on the redemption date. Concurrently therewith, CCWH elected to satisfy and discharge the indentures governing the CCWH Subordinated Notes in accordance with their terms and the trustee acknowledged such discharge and satisfaction. As a result of the satisfaction and discharge of the indentures, CCWH and the guarantors of the CCWH Subordinated Notes have been released from their remaining obligations under the indentures and the CCWH Subordinated Notes. |
Schedule of Future Maturities of Long-term Debt | Future maturities of long-term debt at December 31, 2018 are as follows: (in thousands) 2019 $ 15,196,570 2020 2,575,147 2021 174 2022 2,725,199 2023 222 Thereafter 2,152 Total (1) $ 20,499,464 (1) Excludes purchase accounting adjustments and original issue discount of $0.7 million and long-term debt fees of $25.8 million , which are amortized through interest expense over the life of the underlying debt obligations. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Commitments | As of December 31, 2018 , the Company’s future minimum rentals under non-cancelable operating leases were as follows: (In thousands) 2019 $ 317,860 2020 36,552 2021 18,075 2022 10,740 2023 3,877 Thereafter 15,477 Total minimum future rentals $ 402,581 As of December 31, 2018 , the Company's future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, capital expenditure commitments and employment/talent contracts consist of the following: (In thousands) Capital Non-Cancelable Non-Cancelable Expenditure Employment/Talent Operating Leases Contracts Commitments Contracts 2019 $ 636,556 $ 333,559 $ 24,322 $ 74,432 2020 533,097 249,239 7,408 75,502 2021 460,179 203,519 11,103 46,603 2022 370,303 139,785 4,179 13,993 2023 287,005 105,408 6,431 — Thereafter 2,154,999 308,057 7,909 — Total $ 4,442,139 $ 1,339,567 $ 61,352 $ 210,530 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Significant Components of Provision for Income Tax Benefit (Expense) | Significant components of the provision for income tax benefit (expense) are as follows: (In thousands) Years Ended December 31, 2018 2017 2016 Current - Federal $ 1 $ (2,136 ) $ (190 ) Current - foreign (18,535 ) (30,132 ) (44,687 ) Current - state (9,779 ) 1,484 (2,908 ) Total current expense (28,313 ) (30,784 ) (47,785 ) Deferred - Federal (4,397 ) 491,239 38,715 Deferred - foreign (6,531 ) (2,560 ) 56,036 Deferred - state (7,110 ) (489 ) 2,665 Total deferred benefit (expense) (18,038 ) 488,190 97,416 Income tax benefit (expense) $ (46,351 ) $ 457,406 $ 49,631 |
Schedule of Significant Components of Deferred Tax Liabilities and Assets | Significant components of the Company's deferred tax liabilities and assets as of December 31, 2018 and 2017 are as follows: (In thousands) 2018 2017 Deferred tax liabilities: Intangibles and fixed assets $ 1,167,903 $ 1,285,330 Long-term debt 259,324 — Investments 2,733 16,484 Other 15,605 9,868 Total deferred tax liabilities 1,445,565 1,311,682 Deferred tax assets: Accrued expenses 101,207 105,823 Long-term debt — 49,767 Net operating loss carryforwards 985,403 1,106,319 Interest expense carryforwards 347,843 — Bad debt reserves 12,820 11,731 Other 28,574 27,654 Total gross deferred tax assets 1,475,847 1,301,294 Less: Valuation allowance 1,010,223 952,337 Total deferred tax assets 465,624 348,957 Net deferred tax liabilities $ 979,941 $ 962,725 |
Schedule of Loss Before Income Taxes | Loss before income taxes: (In thousands) Years Ended December 31, 2018 2017 2016 US $ (134,893 ) $ (952,436 ) $ (349,876 ) Foreign (21,395 ) 36,319 53,673 Total loss before income taxes $ (156,288 ) $ (916,117 ) $ (296,203 ) |
Reconciliation of Income Tax to Income Tax Benefit | The reconciliation of income tax computed at the U.S. federal statutory tax rates to the recorded income tax benefit (expense) is: Years Ended December 31, (In thousands) 2018 2017 2016 Amount Percent Amount Percent Amount Percent Income tax benefit at statutory rates $ 32,821 21.0 % $ 320,641 35.0 % $ 103,670 35.0 % State income taxes, net of federal tax effect 21,137 13.5 % 7,667 0.8 % 6,372 2.2 % Foreign income taxes (29,559 ) (18.9 )% (19,981 ) (2.2 )% (24,307 ) (8.2 )% Nondeductible items (5,400 ) (3.5 )% (6,659 ) (0.7 )% (5,760 ) (1.9 )% Changes in valuation allowance and other estimates (64,913 ) (41.5 )% (350,407 ) (38.2 )% (31,229 ) (10.6 )% U.S. tax reform — — % 510,064 55.6 % — — % Other, net (437 ) (0.3 )% (3,919 ) (0.4 )% 885 0.3 % Income tax benefit (expense) $ (46,351 ) (29.7 )% $ 457,406 49.9 % $ 49,631 16.8 % |
Schedule of Unrecognized Tax Benefits | (In thousands) Years Ended December 31, Unrecognized Tax Benefits 2018 2017 Balance at beginning of period $ 87,665 $ 98,804 Increases for tax position taken in the current year 7,109 7,366 Increases for tax positions taken in previous years 1,007 2,291 Decreases for tax position taken in previous years (7,120 ) (5,307 ) Decreases due to settlements with tax authorities — (225 ) Decreases due to lapse of statute of limitations (7,159 ) (15,264 ) Balance at end of period $ 81,502 $ 87,665 |
STOCKHOLDERS' DEFICIT (Tables)
STOCKHOLDERS' DEFICIT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Changes in Shareholders' Deficit | The following table shows the changes in stockholders' deficit attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest: (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2018 $ (11,385,535 ) $ 41,191 $ (11,344,344 ) Net loss (201,910 ) (729 ) (202,639 ) Dividends and other payments to noncontrolling interests — (8,742 ) (8,742 ) Share-based compensation 2,066 8,517 10,583 Foreign currency translation adjustments (7,161 ) (8,763 ) (15,924 ) Other adjustments to comprehensive loss (1,250 ) (248 ) (1,498 ) Reclassifications adjustments 2,664 298 2,962 Other, net (84 ) (656 ) (740 ) Balances as of December 31, 2018 $ (11,591,210 ) $ 30,868 $ (11,560,342 ) (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2017 $ (11,030,835 ) $ 128,974 $ (10,901,861 ) Net loss (398,060 ) (60,651 ) (458,711 ) Dividends and other payments to noncontrolling interests — (46,151 ) (46,151 ) Purchase of additional noncontrolling interests (524 ) (703 ) (1,227 ) Disposal of noncontrolling interests — (2,439 ) (2,439 ) Share-based compensation 2,488 9,590 12,078 Foreign currency translation adjustments 31,244 12,607 43,851 Unrealized holding loss on marketable securities (370 ) (44 ) (414 ) Other adjustments to comprehensive loss 6,013 707 6,720 Reclassifications adjustments 4,864 577 5,441 Other, net (355 ) (1,276 ) (1,631 ) Balances as of December 31, 2017 $ (11,385,535 ) $ 41,191 $ (11,344,344 ) The following table discloses the increase (decrease) in other comprehensive income (loss) related to deferred income tax liabilities for the years ended December 31, 2018 , 2017 and 2016 , respectively: (In thousands) Years Ended December 31, 2018 2017 2016 Pension adjustments and other $ 730 $ (314 ) $ (1,044 ) Total (increase) decrease in deferred tax liabilities $ 730 $ (314 ) $ (1,044 ) |
Schedule of Stock Options Outstanding and Stock Option Activity | The following table presents a summary of CCOH’s stock options outstanding at and stock option activity during the year ended December 31, 2018 : (In thousands, except per share data) Options Price (3) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2018 4,110 $ 6.10 4.1 years $ 2,378 Granted (1) 1 5.10 Exercised (2) (31 ) 2.37 Forfeited (26 ) 6.56 Expired (809 ) 10.73 Outstanding, December 31, 2018 3,245 4.97 3.8 years $ 2,938 Exercisable 2,822 5.10 3.4 years $ 2,915 Expected to vest 423 4.15 6.6 years $ 23 (1) The weighted average grant date fair value of CCOH options granted during the years ended December 31, 2018 , 2017 and 2016 was $2.39 , $2.04 and $2.82 per share, respectively. (2) Cash received from option exercises during the years ended December 31, 2018 , 2017 and 2016 was $0.1 million , $0.2 million and $0.6 million , respectively. The total intrinsic value of the options exercised during the years ended December 31, 2018 , 2017 and 2016 was $0.1 million , $0.2 million and $0.4 million , respectively. (3) Reflects the weighted average exercise price per share. The following table presents a summary of the Company's stock options outstanding at and stock option activity during the year ended December 31, 2018 ("Price" reflects the weighted average exercise price per share): (In thousands, except per share data) Options Price Weighted Average Remaining Contractual Term Outstanding, January 1, 2018 2,092 $ 35.09 2.6 years Granted — Exercised — Forfeited (529 ) 35.60 Expired (872 ) 35.88 Outstanding, December 31, 2017 (1) 691 33.70 2.8 years Exercisable 677 33.47 2.8 years Expected to Vest 14 44.87 2.1 years (1) Non-cash compensation expense has not been recorded with respect to 0.1 million shares as the vesting of these options is subject to performance conditions that have not yet been determined probable to meet. |
Summary of Unvested Options and Changes | A summary of the Company's unvested options and changes during the year ended December 31, 2018 is presented below: (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2018 543 $ 19.61 Granted — Vested (1) — Forfeited (529 ) 18.94 Unvested, December 31, 2018 14 44.87 (1) The total fair value of the options vested during the years ended December 31, 2018 , 2017 and 2016 was $0.0 million , $0.0 million and $0.2 million , respectively. A summary of CCOH’s unvested options at and changes during the year ended December 31, 2018 is presented below: (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2018 718 $ 4.19 Granted 1 2.39 Vested (1) (274 ) 4.28 Forfeited (22 ) 3.90 Unvested, December 31, 2018 423 4.15 (1) The total fair value of CCOH options vested during the years ended December 31, 2018 , 2017 and 2016 was $1.2 million , $1.6 million and $2.7 million , respectively. |
Summary of Restricted Stock Outstanding and Restricted Stock Activity | The following table presents a summary of the Company's restricted stock outstanding and restricted stock activity as of and during the year ended December 31, 2018 (“Price” reflects the weighted average share price at the date of grant): (In thousands, except per share data) Awards Price Outstanding, January 1, 2018 6,219 $ 3.81 Granted 70 0.52 Vested (restriction lapsed) (627 ) 4.26 Forfeited (403 ) 3.39 Outstanding, December 31, 2018 5,259 3.74 The following table presents a summary of CCOH’s restricted stock and restricted stock units outstanding at and activity during the year ended December 31, 2018 ("Price" reflects the weighted average share price at the date of grant): (In thousands, except per share data) Awards Price Outstanding, January 1, 2018 3,900 $ 5.61 Granted 2,054 5.37 Vested (restriction lapsed) (592 ) 8.09 Forfeited (229 ) 5.64 Outstanding, December 31, 2018 5,133 5.23 |
Schedule of Assumptions Used to Calculate Fair Value of Options | The following assumptions were used to calculate the fair value of CCOH’s options on the date of grant: Years Ended December 31, 2018 2017 2016 Expected volatility 44% 42% 42% – 44% Expected life in years 6.3 6.3 6.3 Risk-free interest rate 2.76% 2.12% 1.12% – 1.41% Dividend yield —% —% —% |
Schedule of Loss Per Share | The following table presents the computation of loss per share for the years ended December 31, 2018 , 2017 and 2016 : (In thousands, except per share data) Years Ended December 31, 2018 2017 2016 NUMERATOR: Net loss attributable to the Company – common shares $ (201,910 ) $ (398,060 ) $ (302,056 ) DENOMINATOR: Weighted average common shares outstanding – basic 85,412 84,967 84,569 Stock options and restricted stock (1) : — — — Weighted average common shares outstanding – diluted 85,412 84,967 84,569 Net loss attributable to the Company per common share: Basic $ (2.36 ) $ (4.68 ) $ (3.57 ) Diluted $ (2.36 ) $ (4.68 ) $ (3.57 ) (1) Outstanding stock options and restricted shares of 7.2 million , 8.3 million and 7.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
OTHER INFORMATION (Tables)
OTHER INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Components of Other Income (Expense) | The following table discloses the components of "Other income (expense)" for the years ended December 31, 2018 , 2017 and 2016 , respectively: (In thousands) Years Ended December 31, 2018 2017 2016 Foreign exchange gain (loss) $ (33,084 ) $ 29,223 $ (69,880 ) Loss on investments, net (1,276 ) (4,872 ) (12,907 ) Other (24,516 ) (44,545 ) (3,222 ) Total other income (expense), net $ (58,876 ) $ (20,194 ) $ (86,009 ) |
Schedule of Increase (Decrease) in Other Comprehensive Income (Loss) | The following table shows the changes in stockholders' deficit attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest: (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2018 $ (11,385,535 ) $ 41,191 $ (11,344,344 ) Net loss (201,910 ) (729 ) (202,639 ) Dividends and other payments to noncontrolling interests — (8,742 ) (8,742 ) Share-based compensation 2,066 8,517 10,583 Foreign currency translation adjustments (7,161 ) (8,763 ) (15,924 ) Other adjustments to comprehensive loss (1,250 ) (248 ) (1,498 ) Reclassifications adjustments 2,664 298 2,962 Other, net (84 ) (656 ) (740 ) Balances as of December 31, 2018 $ (11,591,210 ) $ 30,868 $ (11,560,342 ) (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2017 $ (11,030,835 ) $ 128,974 $ (10,901,861 ) Net loss (398,060 ) (60,651 ) (458,711 ) Dividends and other payments to noncontrolling interests — (46,151 ) (46,151 ) Purchase of additional noncontrolling interests (524 ) (703 ) (1,227 ) Disposal of noncontrolling interests — (2,439 ) (2,439 ) Share-based compensation 2,488 9,590 12,078 Foreign currency translation adjustments 31,244 12,607 43,851 Unrealized holding loss on marketable securities (370 ) (44 ) (414 ) Other adjustments to comprehensive loss 6,013 707 6,720 Reclassifications adjustments 4,864 577 5,441 Other, net (355 ) (1,276 ) (1,631 ) Balances as of December 31, 2017 $ (11,385,535 ) $ 41,191 $ (11,344,344 ) The following table discloses the increase (decrease) in other comprehensive income (loss) related to deferred income tax liabilities for the years ended December 31, 2018 , 2017 and 2016 , respectively: (In thousands) Years Ended December 31, 2018 2017 2016 Pension adjustments and other $ 730 $ (314 ) $ (1,044 ) Total (increase) decrease in deferred tax liabilities $ 730 $ (314 ) $ (1,044 ) |
Components of Other Current Assets | The following table discloses the components of “Other current assets” as of December 31, 2018 and 2017 , respectively: (In thousands) As of December 31, 2018 2017 Inventory $ 18,416 $ 22,470 Deposits 6,278 7,516 Restricted cash 7,649 26,096 Other 25,745 26,456 Total other current assets $ 58,088 $ 82,538 |
Components of Other Assets | The following table discloses the components of “Other assets” as of December 31, 2018 and 2017 , respectively: (In thousands) As of December 31, 2018 2017 Investments in, and advances to, nonconsolidated affiliates $ 27,636 $ 24,395 Other investments 45,169 80,320 Notes receivable 26,076 13,792 Prepaid expenses 7,105 3,423 Deposits 27,860 24,686 Prepaid rent 78,400 68,991 Non-qualified plan assets 11,200 12,116 Restricted cash 16,192 18,095 Other 42,602 32,449 Total other assets $ 282,240 $ 278,267 |
Components of Other Long-Term Liabilities | The following table discloses the components of “Other long-term liabilities” as of December 31, 2018 and 2017 , respectively: (In thousands) As of December 31, 2018 2017 Unrecognized tax benefits $ 112,237 $ 110,054 Asset retirement obligation 43,981 47,093 Non-qualified plan liabilities — 12,116 Deferred income 154,583 171,869 Deferred rent 109,385 177,334 Employee related liabilities 48,432 52,212 Other 21,211 39,961 Total other long-term liabilities $ 489,829 $ 610,639 |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The following table discloses the components of “Accumulated other comprehensive loss,” net of tax, as of December 31, 2018 and 2017 , respectively: (In thousands) As of December 31, 2018 2017 Cumulative currency translation adjustment $ (288,413 ) $ (283,746 ) Cumulative unrealized gain on securities — 1,058 Cumulative other adjustments (29,617 ) (31,030 ) Total accumulated other comprehensive loss $ (318,030 ) $ (313,718 ) |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Results | (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Corporate and other reconciling items Eliminations Consolidated Year Ended December 31, 2018 Revenue $ 3,436,955 $ 1,189,348 $ 1,532,357 $ 174,435 $ — $ (7,315 ) $ 6,325,780 Direct operating expenses 1,062,373 524,659 946,009 — — (93 ) 2,532,948 Selling, general and administrative expenses 1,271,152 199,688 323,230 105,779 — (3,346 ) 1,896,503 Corporate expenses — — — — 341,094 (3,876 ) 337,218 Depreciation and amortization 177,775 166,806 148,199 13,502 24,621 — 530,903 Impairment charges — — — — 40,922 — 40,922 Other operating expense, net — — — — (6,768 ) — (6,768 ) Operating income (loss) $ 925,655 $ 298,195 $ 114,919 $ 55,154 $ (413,405 ) $ — $ 980,518 Intersegment revenues $ 160 $ 7,155 $ — $ — $ — $ — $ 7,315 Segment assets $ 7,356,222 $ 2,782,662 $ 1,568,346 $ 168,498 $ 393,993 $ (206 ) $ 12,269,515 Capital expenditures $ 75,377 $ 76,867 $ 129,962 $ 2,980 $ 11,138 $ — $ 296,324 Share-based compensation expense $ — $ — $ — $ — $ 10,583 $ — $ 10,583 Year Ended December 31, 2017 Revenue $ 3,442,963 $ 1,161,059 $ 1,427,643 $ 143,684 $ — $ (6,918 ) $ 6,168,431 Direct operating expenses 1,059,123 527,536 882,231 — — (166 ) 2,468,724 Selling, general and administrative expenses 1,245,741 197,390 301,823 100,322 — (3,054 ) 1,842,222 Corporate expenses — — — — 315,596 (3,698 ) 311,898 Depreciation and amortization 233,757 179,119 141,812 14,967 31,640 — 601,295 Impairment charges — — — — 10,199 — 10,199 Other operating income, net — — — — 35,704 — 35,704 Operating income (loss) $ 904,342 $ 257,014 $ 101,777 $ 28,395 $ (321,731 ) $ — $ 969,797 Intersegment revenues $ — $ 6,918 $ — $ — $ — $ — $ 6,918 Segment assets $ 7,318,941 $ 2,850,303 $ 1,568,388 $ 167,493 $ 355,528 $ (222 ) $ 12,260,431 Capital expenditures $ 58,057 $ 70,936 $ 150,036 $ 890 $ 12,047 $ — $ 291,966 Share-based compensation expense $ — $ — $ — $ — $ 12,078 $ — $ 12,078 Year Ended December 31, 2016 Revenue $ 3,403,040 $ 1,187,180 $ 1,492,642 $ 171,593 $ — $ (3,455 ) $ 6,251,000 Direct operating expenses 975,463 528,769 889,550 1,255 — — 2,395,037 Selling, general and administrative expenses 1,102,998 203,427 311,994 109,623 — (1,924 ) 1,726,118 Corporate expenses — — — — 342,603 (1,531 ) 341,072 Depreciation and amortization 243,964 175,438 162,974 17,304 35,547 — 635,227 Impairment charges — — — — 8,000 — 8,000 Other operating income, net — — — — 353,556 — 353,556 Operating income (loss) $ 1,080,615 $ 279,546 $ 128,124 $ 43,411 $ (32,594 ) $ — $ 1,499,102 Intersegment revenues $ — $ 3,455 $ — $ — $ — $ — $ 3,455 Segment assets $ 7,392,872 $ 3,046,369 $ 1,460,884 $ 237,435 $ 714,445 $ (216 ) $ 12,851,789 Capital expenditures $ 73,221 $ 78,289 $ 146,900 $ 2,460 $ 13,847 $ — $ 314,717 Share-based compensation expense $ — $ — $ — $ — $ 13,133 $ — $ 13,133 |
QUARTERLY RESULTS OF OPERATIO_2
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results of Operations (Unaudited) | (In thousands, except per share data) Three Months Ended March 31, Three Months Ended June 30, Three Months Ended September 30, Three Months Ended December 31, 2018 2017 2018 2017 2018 2017 2018 2017 Revenue $ 1,369,648 $ 1,328,876 $ 1,600,842 $ 1,589,637 $ 1,582,765 $ 1,536,757 $ 1,772,525 $ 1,713,161 Operating expenses: Direct operating expenses 602,355 572,543 636,641 616,221 630,264 623,741 663,688 656,219 Selling, general and administrative expenses 472,987 450,786 451,490 447,509 457,757 438,796 514,269 505,131 Corporate expenses 78,734 78,362 79,626 77,158 84,193 77,967 94,665 78,411 Depreciation and amortization 151,434 146,106 147,644 147,795 120,700 149,749 111,125 157,645 Impairment charges — — — — 40,922 7,631 — 2,568 Other operating income (expense), net (3,286 ) 31,084 (289 ) 6,916 (1,637 ) (13,215 ) (1,556 ) 10,919 Operating income 60,852 112,163 285,152 307,870 247,292 225,658 387,222 324,106 Interest expense (1) 418,397 455,337 107,600 463,232 99,255 470,250 97,679 475,317 Equity in earnings (loss) of nonconsolidated affiliates 157 (242 ) (38 ) 240 172 (2,238 ) 729 (615 ) Gain on extinguishment of debt 100 — — — — — — 1,271 Other income (expense), net (1,063 ) (15,374 ) (28,279 ) 1,647 (6,182 ) 50 (23,352 ) (6,517 ) Reorganization items, net 192,055 — 68,740 — 52,475 — 42,849 — Income (loss) before income taxes (550,406 ) (358,790 ) 80,495 (153,475 ) 89,552 (246,780 ) 224,071 (157,072 ) Income tax benefit (expense) 117,366 (30,684 ) (146,785 ) (17,408 ) (17,769 ) (2,051 ) 837 507,549 Consolidated net income (loss) (433,040 ) (389,474 ) (66,290 ) (170,883 ) 71,783 (248,831 ) 224,908 350,477 Less amount attributable to noncontrolling interest (16,046 ) 364 3,609 5,591 1,705 1,659 10,003 (68,265 ) Net income (loss)attributable to the Company $ (416,994 ) $ (389,838 ) $ (69,899 ) $ (176,474 ) $ 70,078 $ (250,490 ) $ 214,905 $ 418,742 Net income (loss) to the Company per common share: Basic $ (4.89 ) $ (4.60 ) $ (0.82 ) $ (2.08 ) $ 0.82 $ (2.94 ) $ 2.51 $ 4.92 Diluted $ (4.89 ) $ (4.60 ) $ (0.82 ) $ (2.08 ) $ 0.82 $ (2.94 ) $ 2.51 $ 4.88 The Company's Class A common shares are quoted for trading on the OTC / Pink Sheets Bulletin Board under the symbol IHRT. (1) Excludes contractual interest of $66.3 million , $373.9 million , $372.6 million and $376.3 million for the three months ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively. |
LIABILITIES SUBJECT TO COMPRO_2
LIABILITIES SUBJECT TO COMPROMISE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Reorganizations [Abstract] | |
Schedule Of Liabilities Subject To Compromise | Liabilities subject to compromise at December 31, 2018 consisted of the following: (In thousands) December 31, 2018 Accounts payable $ 32,807 Accrued expenses 23,277 Deferred taxes 644,926 Other long-term liabilities 87,096 Accounts payable, accrued and other liabilities 788,106 Debt subject to compromise 15,149,477 Accrued interest on debt subject to compromise 542,673 Long-term debt and accrued interest 15,692,150 Total liabilities subject to compromise $ 16,480,256 |
REORGANIZATION ITEMS, NET (Tabl
REORGANIZATION ITEMS, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Reorganizations [Abstract] | |
Schedule Of Reorganization Items | Reorganization items incurred as a result of the Chapter 11 Cases are presented separately in the accompanying statements of operations for the year ended December 31, 2018 and were as follows: (In thousands) Year Ended December 31, 2018 Write-off of deferred long-term debt fees $ 67,079 Write-off of original issue discount on debt subject to compromise 131,100 Debtor-in-possession refinancing costs 10,546 Loss on Liabilities subject to compromise settlement 275 Professional fees and other bankruptcy related costs 147,119 Reorganization items, net $ 356,119 |
CONDENSED COMBINED DEBTOR-IN-_2
CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Reorganizations [Abstract] | |
Debtors Financial Statements | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Debtors' Balance Sheet to the total of the amounts reported in the Debtors' Statement of Cash Flows: (In thousands) December 31, 2018 Cash and cash equivalents $ 178,924 Restricted cash included in: Other current assets 3,428 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 182,352 Debtors' Balance Sheet (In thousands) December 31, 2018 CURRENT ASSETS Cash and cash equivalents $ 178,924 Accounts receivable, net of allowance of $26,347 866,088 Prepaid expenses 98,836 Other current assets 24,576 Total Current Assets 1,168,424 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net 501,677 INTANGIBLE ASSETS AND GOODWILL Indefinite-lived intangibles - licenses 2,409,411 Other intangibles, net 196,741 Goodwill 3,412,753 OTHER ASSETS Other assets 63,203 Total Assets $ 7,752,209 CURRENT LIABILITIES Accounts payable $ 49,129 Intercompany payable 2,894 Accrued expenses 296,149 Accrued interest 766 Deferred income 120,328 Current portion of long-term debt 46,105 Total Current Liabilities 515,371 Other long-term liabilities 229,640 Liabilities subject to compromise 1 17,511,976 EQUITY (DEFICIT) Equity (Deficit) (10,504,778 ) Total Liabilities and Equity (Deficit) $ 7,752,209 1 In connection with the cash management arrangements with CCOH, the Company maintains an intercompany revolving promissory note payable by the Company to CCOH (the "Intercompany Note"), which matures on May 15, 2019. Liabilities subject to compromise include the principal amount outstanding under the Intercompany Note, which totals $1,031.7 million as of December 31, 2018 . Debtors' Statements of Operations (In thousands) Year Ended Revenue $ 3,577,742 Operating expenses: Direct operating expenses (excludes depreciation and amortization) 1,056,315 Selling, general and administrative expenses (excludes depreciation and amortization) 1,356,108 Corporate expenses (excludes depreciation and amortization) 188,937 Depreciation and amortization 210,914 Impairment charges 33,151 Other operating expense, net (9,260 ) Operating income 723,057 Interest expense, net 1 357,181 Equity in loss of nonconsolidated affiliates (140 ) Gain on extinguishment of debt 5,667 Dividend income 2 28,564 Other expense, net (22,776 ) Reorganization items, net 356,119 Income before income taxes 21,072 Income tax expense (13,056 ) Net income $ 8,016 1 Includes interest incurred during the year ended December 31, 2018 in relation to the pre-petition and post-petition Intercompany Notes. 2 Consists of cash dividends received from Non-Debtor entities during the year ended December 31, 2018 . Debtors' Statement of Cash Flows (In thousands) Year Ended December 31, 2018 Cash flows from operating activities: Consolidated net income $ 8,016 Reconciling items: Impairment charges 33,151 Depreciation and amortization 210,914 Deferred taxes 3,643 Provision for doubtful accounts 21,003 Amortization of deferred financing charges and note discounts, net 11,871 Non-cash Reorganization items, net 252,392 Share-based compensation 2,066 Loss on disposal of operating and other assets 3,224 Equity in loss of nonconsolidated affiliates 140 Gain on extinguishment of debt (5,667 ) Barter and trade income (10,873 ) Other reconciling items, net (273 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable (35,771 ) Increase in prepaid expenses and other current assets (2,034 ) Increase in accrued expenses 14,782 Increase in accounts payable 8,962 Increase in accrued interest 303,495 Decrease in deferred income (14,963 ) Changes in other operating assets and liabilities (25,483 ) Net cash provided by operating activities 778,595 Cash flows from investing activities: Purchases of businesses (74,272 ) Purchases of property, plant and equipment (85,012 ) Proceeds from disposal of assets 642 Purchases of other operating assets (305 ) Change in other, net (132 ) Net cash used for investing activities (159,079 ) Cash flows from financing activities: Draws on credit facilities 143,332 Payments on credit facilities (258,308 ) Payments on long-term debt (358,911 ) Net transfers to related parties (65,666 ) Change in other, net (79 ) Net cash used for financing activities (539,632 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — Net increase in cash, cash equivalents and restricted cash 79,884 Cash, cash equivalents and restricted cash at beginning of period 102,468 Cash, cash equivalents and restricted cash at end of period $ 182,352 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018trust | |
Accounting Policies [Abstract] | |
Number of trusts of which the Company is the beneficiary | 2 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Effect of Change in Accounting Principle (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||||||||||
Revenue | $ 1,772,525 | $ 1,582,765 | $ 1,600,842 | $ 1,369,648 | $ 1,713,161 | $ 1,536,757 | $ 1,589,637 | $ 1,328,876 | $ 6,325,780 | $ 6,168,431 | $ 6,251,000 |
Direct operating expenses | 663,688 | 630,264 | 636,641 | 602,355 | 656,219 | 623,741 | 616,221 | 572,543 | 2,532,948 | 2,468,724 | 2,395,037 |
Selling, general and administrative expenses | 514,269 | 457,757 | 451,490 | 472,987 | 505,131 | 438,796 | 447,509 | 450,786 | 1,896,503 | 1,842,222 | 1,726,118 |
Operating income | 387,222 | 247,292 | 285,152 | 60,852 | 324,106 | 225,658 | 307,870 | 112,163 | 980,518 | 969,797 | 1,499,102 |
Interest expense, net | 97,679 | 99,255 | 107,600 | 418,397 | 475,317 | 470,250 | 463,232 | 455,337 | 722,931 | 1,864,136 | 1,850,119 |
Loss before income taxes | 224,071 | 89,552 | 80,495 | (550,406) | (157,072) | (246,780) | (153,475) | (358,790) | (156,288) | (916,117) | (296,203) |
Income tax benefit (expense) | 837 | (17,769) | (146,785) | 117,366 | 507,549 | (2,051) | (17,408) | (30,684) | (46,351) | 457,406 | 49,631 |
Consolidated net income (loss) | 224,908 | 71,783 | (66,290) | (433,040) | 350,477 | (248,831) | (170,883) | (389,474) | (202,639) | (458,711) | (246,572) |
Less amount attributable to noncontrolling interest | 10,003 | 1,705 | 3,609 | (16,046) | (68,265) | 1,659 | 5,591 | 364 | (729) | (60,651) | 55,484 |
Net loss attributable to the Company | $ 214,905 | $ 70,078 | $ (69,899) | $ (416,994) | $ 418,742 | $ (250,490) | $ (176,474) | $ (389,838) | (201,910) | (398,060) | (302,056) |
Foreign currency translation adjustments | 43,851 | 22,932 | |||||||||
Other comprehensive income | (14,460) | 55,598 | 57,272 | ||||||||
Comprehensive loss | (216,370) | (342,462) | (244,784) | ||||||||
Less amount attributable to noncontrolling interest | (8,713) | 13,847 | (1,787) | ||||||||
Comprehensive loss attributable to the Company | $ (207,657) | $ (356,309) | $ (242,997) | ||||||||
Basic (in dollars per share) | $ 2.51 | $ 0.82 | $ (0.82) | $ (4.89) | $ 4.92 | $ (2.94) | $ (2.08) | $ (4.60) | $ (2.36) | $ (4.68) | $ (3.57) |
Diluted (in dollars per share) | $ 2.51 | $ 0.82 | $ (0.82) | $ (4.89) | $ 4.88 | $ (2.94) | $ (2.08) | $ (4.60) | $ (2.36) | $ (4.68) | $ (3.57) |
As Reported | |||||||||||
Income Statement [Abstract] | |||||||||||
Revenue | $ 6,170,994 | $ 6,260,062 | |||||||||
Direct operating expenses | 2,461,722 | 2,398,776 | |||||||||
Selling, general and administrative expenses | 1,851,646 | 1,725,899 | |||||||||
Operating income | 969,938 | 1,504,644 | |||||||||
Interest expense, net | 1,865,584 | 1,849,982 | |||||||||
Loss before income taxes | (917,424) | (290,524) | |||||||||
Income tax benefit (expense) | 50,474 | ||||||||||
Consolidated net income (loss) | (460,018) | (240,050) | |||||||||
Less amount attributable to noncontrolling interest | (66,127) | 56,312 | |||||||||
Net loss attributable to the Company | (393,891) | (296,362) | |||||||||
Foreign currency translation adjustments | 45,661 | 21,983 | |||||||||
Other comprehensive income | 57,408 | 56,323 | |||||||||
Comprehensive loss | (336,483) | (240,039) | |||||||||
Less amount attributable to noncontrolling interest | 14,092 | (2,208) | |||||||||
Comprehensive loss attributable to the Company | $ (350,575) | $ (237,831) | |||||||||
Basic (in dollars per share) | $ (4.64) | $ (3.50) | |||||||||
Diluted (in dollars per share) | $ (4.64) | $ (3.50) | |||||||||
Correction | |||||||||||
Income Statement [Abstract] | |||||||||||
Revenue | $ (2,563) | $ (9,062) | |||||||||
Direct operating expenses | 7,002 | (3,739) | |||||||||
Selling, general and administrative expenses | (9,424) | 219 | |||||||||
Operating income | (141) | (5,542) | |||||||||
Interest expense, net | (1,448) | 137 | |||||||||
Loss before income taxes | 1,307 | (5,679) | |||||||||
Income tax benefit (expense) | (843) | ||||||||||
Consolidated net income (loss) | 1,307 | (6,522) | |||||||||
Less amount attributable to noncontrolling interest | 5,476 | (828) | |||||||||
Net loss attributable to the Company | (4,169) | (5,694) | |||||||||
Foreign currency translation adjustments | (1,810) | 949 | |||||||||
Other comprehensive income | (1,810) | 949 | |||||||||
Comprehensive loss | (5,979) | (4,745) | |||||||||
Less amount attributable to noncontrolling interest | (245) | 421 | |||||||||
Comprehensive loss attributable to the Company | $ (5,734) | $ (5,166) | |||||||||
Basic (in dollars per share) | $ (0.04) | $ (0.07) | |||||||||
Diluted (in dollars per share) | $ (0.04) | $ (0.07) |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Voluntary Filing Under Chapter 11 (Narrative) (Details) $ in Thousands | Feb. 28, 2019USD ($)claim | Jan. 22, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 28, 2018USD ($) | Dec. 31, 2017USD ($) |
Subsequent Event [Line Items] | |||||
Stated interest rate | 8.75% | ||||
Total debt | $ 20,472,917 | $ 20,649,181 | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Bankruptcy claims, number claims filed | claim | 4,300 | ||||
Bankruptcy claims, amount of claims filed | $ 808,400,000 | ||||
Bankruptcy claims, number of claims expunged by bankruptcy court | claim | 1,500 | ||||
Bankruptcy claims, amount of claims expunged by bankruptcy court | $ 7,000,000 | ||||
Bankruptcy claims, number of filed claims likely to be denied | claim | 180 | ||||
Bankruptcy claims, amount of filed claims likely to be denied | $ 9,900 | ||||
DIP Facility | iHeartCommunications, Inc. | |||||
Subsequent Event [Line Items] | |||||
Total debt | $ 16,000,000 | ||||
DIP Facility | iHeartCommunications, Inc. | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Total debt | $ 5,750,000 | ||||
Senior Notes | Legacy Notes Due 2018 | iHeartCommunications | |||||
Subsequent Event [Line Items] | |||||
Stated interest rate | 6.875% | ||||
Senior Notes | Legacy Notes Due 2027 | iHeartCommunications | |||||
Subsequent Event [Line Items] | |||||
Stated interest rate | 7.25% | ||||
Senior Notes | Legacy Notes Due 2016 | iHeartCommunications | |||||
Subsequent Event [Line Items] | |||||
Stated interest rate | 5.50% |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 10 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 39 years |
Structures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 3 years |
Structures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 20 years |
Towers, transmitters and studio equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 5 years |
Towers, transmitters and studio equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 20 years |
Furniture and other equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 2 years |
Furniture and other equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 20 years |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Narrative) (Details) | Dec. 31, 2018 |
Street furniture display faces | |
Operating Leased Assets [Line Items] | |
Contract term | 15 years |
Tower site leases | |
Operating Leased Assets [Line Items] | |
Contract term | 30 years |
Americas | Outdoor land leases | Minimum | |
Operating Leased Assets [Line Items] | |
Contract term | 1 month |
Americas | Outdoor land leases | Maximum | |
Operating Leased Assets [Line Items] | |
Contract term | 12 months |
International | Outdoor land leases | Maximum | |
Operating Leased Assets [Line Items] | |
Contract term | 12 months |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)market | Dec. 31, 2016USD ($)market | |
Goodwill [Line Items] | |||
Impairment of goodwill | $ 0 | $ 1,591,000 | |
International | |||
Goodwill [Line Items] | |||
Impairment of goodwill | $ 0 | $ 1,600,000 | $ 7,300,000 |
Goodwill | International | |||
Goodwill [Line Items] | |||
Number of markets | market | 1 | 1 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nonconsolidated Affiliates (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | |
Other-than-temporary impairments on equity investment | $ 15 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Investments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Impairment charges | $ 14.4 | $ 4.2 | $ 14.8 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognitions (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Americas and International Outdoor Advertising | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue, performance obligation, description of timing | Revenues from these contracts, which typically cover periods of a few weeks to one year, are generally recognized ratably over the term of the contract as the advertisement is displayed |
Other | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue, performance obligation, description of timing | The Company’s media representation contracts typically have terms up to ten years in duration and are generally billed monthly upon satisfaction of the performance obligations |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Barter and Trade Revenues and Expenses (Detail) - Trade and Barter Transactions - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Recognition, Milestone Method [Line Items] | |||
Trade and barter revenues | $ 218,595 | $ 244,116 | $ 165,847 |
Trade and barter expenses | 210,677 | 202,251 | 115,078 |
iHM | |||
Revenue Recognition, Milestone Method [Line Items] | |||
Trade and barter revenues | 202,674 | 226,737 | 153,331 |
Trade and barter expenses | $ 199,982 | $ 190,906 | $ 103,129 |
SUMMARY OF SIGNIFICANT ACCOU_14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Expense (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Advertising expenses | $ 213.8 | $ 201.5 | $ 132.7 |
Advertising expense, barter costs | $ 155.2 | $ 146.1 | $ 68.9 |
SUMMARY OF SIGNIFICANT ACCOU_15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 406,493 | $ 267,109 | ||
Restricted cash included in: | ||||
Restricted cash included in other current assets | 7,649 | 26,096 | ||
Restricted cash included in other assets | 16,192 | 18,095 | ||
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows | $ 430,334 | $ 311,300 | $ 855,726 | $ 761,865 |
SUMMARY OF SIGNIFICANT ACCOU_16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Debtors' Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 406,493 | $ 267,109 | ||
Restricted cash included in other current assets | 7,649 | 26,096 | ||
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows | 430,334 | 311,300 | $ 855,726 | $ 761,865 |
Debtors | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 178,924 | |||
Restricted cash included in other current assets | 3,428 | |||
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows | $ 182,352 | $ 102,468 |
REVENUES - Revenue By Segment a
REVENUES - Revenue By Segment and Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | $ 4,993,660 | $ 4,861,124 | $ 4,887,842 | ||||||||
Revenue from leases | 1,332,120 | 1,307,307 | 1,363,158 | ||||||||
Revenue | $ 1,772,525 | $ 1,582,765 | $ 1,600,842 | $ 1,369,648 | $ 1,713,161 | $ 1,536,757 | $ 1,589,637 | $ 1,328,876 | 6,325,780 | 6,168,431 | 6,251,000 |
United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 4,043,761 | 3,984,914 | 3,963,744 | ||||||||
Revenue | 4,800,000 | 4,700,000 | 4,700,000 | ||||||||
Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 60,295 | 72,033 | 69,783 | ||||||||
Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 866,432 | 781,761 | 724,848 | ||||||||
Asia-Pacific and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 23,172 | 22,416 | 129,467 | ||||||||
Operating Segments | iHM | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 3,434,161 | 3,438,661 | 3,398,936 | ||||||||
Revenue from leases | 2,794 | 4,302 | 4,104 | ||||||||
Revenue | 3,436,955 | 3,442,963 | 3,403,040 | ||||||||
Operating Segments | iHM | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 3,408,563 | 3,413,716 | 3,374,866 | ||||||||
Operating Segments | iHM | Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 4,416 | 3,368 | 3,279 | ||||||||
Operating Segments | iHM | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 9,953 | 9,705 | 9,417 | ||||||||
Operating Segments | iHM | Asia-Pacific and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 11,229 | 11,872 | 11,374 | ||||||||
Operating Segments | Americas Outdoor Advertising | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 465,307 | 440,980 | 438,411 | ||||||||
Revenue from leases | 724,041 | 720,079 | 748,769 | ||||||||
Revenue | 1,189,348 | 1,161,059 | 1,187,180 | ||||||||
Operating Segments | Americas Outdoor Advertising | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 462,614 | 429,475 | 418,378 | ||||||||
Operating Segments | Americas Outdoor Advertising | Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 2,693 | 10,927 | 19,191 | ||||||||
Operating Segments | Americas Outdoor Advertising | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 0 | 0 | 0 | ||||||||
Operating Segments | Americas Outdoor Advertising | Asia-Pacific and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 0 | 578 | 842 | ||||||||
Operating Segments | International | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 921,608 | 839,760 | 879,995 | ||||||||
Revenue from leases | 610,749 | 587,883 | 612,647 | ||||||||
Revenue | 1,532,357 | 1,427,643 | 1,492,642 | ||||||||
Operating Segments | International | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 0 | 0 | 0 | ||||||||
Operating Segments | International | Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 53,186 | 57,738 | 47,313 | ||||||||
Operating Segments | International | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 856,479 | 772,056 | 715,431 | ||||||||
Operating Segments | International | Asia-Pacific and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 11,943 | 9,966 | 117,251 | ||||||||
Operating Segments | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 174,435 | 143,684 | 171,593 | ||||||||
Revenue from leases | 0 | 0 | 0 | ||||||||
Revenue | 174,435 | 143,684 | 171,593 | ||||||||
Operating Segments | Other | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 174,435 | 143,684 | 171,593 | ||||||||
Operating Segments | Other | Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Asia-Pacific and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 0 | 0 | 0 | ||||||||
Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | (1,851) | (1,961) | (1,093) | ||||||||
Revenue from leases | (5,464) | (4,957) | (2,362) | ||||||||
Revenue | (7,315) | (6,918) | (3,455) | ||||||||
Eliminations | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | $ (1,851) | $ (1,961) | $ (1,093) |
REVENUES - Schedule of Contract
REVENUES - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Contract Assets | |||
Beginning balance, net of allowance | $ 1,195,145 | $ 1,067,382 | |
Additions, net of collections, and other | 66,232 | 162,668 | |
Bad debt, net of recoveries(1) | (24,598) | (34,905) | $ (20,300) |
Ending balance, net of allowance | 1,236,779 | 1,195,145 | 1,067,382 |
Accounts receivable from leases, net of allowance | 338,391 | 313,225 | |
Accounts receivable, net of allowance | 1,575,170 | 1,508,370 | |
Contract Liabilities | |||
Beginning balance | 184,000 | 193,913 | |
Revenue recognized, included in beginning balance | (142,346) | (147,698) | (149,600) |
Additions, net of revenue recognized during period, and other | 146,950 | 137,785 | |
Ending balance | 188,604 | 184,000 | $ 193,913 |
Deferred revenue from leases | 49,703 | 38,027 | |
Total deferred revenue | 238,307 | 222,027 | |
Less: Non-current portion, included in other long-term liabilities | 30,112 | 40,476 | |
Total deferred revenue, current portion | $ 208,195 | $ 181,551 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 $ in Millions | Dec. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 298.7 |
Remaining performance obligation, period | 5 years |
REVENUES - Revenue From Leases
REVENUES - Revenue From Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,019 | $ 317,860 |
2,020 | 36,552 |
2,021 | 18,075 |
2,022 | 10,740 |
2,023 | 3,877 |
Thereafter | 15,477 |
Total minimum future rentals | $ 402,581 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill | $ 4,118,756 | $ 4,051,082 | $ 4,066,575 | |
Stuff Media LLC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total consideration paid | 120,300 | |||
Cash consideration paid | 74,300 | |||
Fixed assets acquired | 27,000 | |||
Intangible assets acquired | 35,200 | |||
Goodwill | $ 77,300 | |||
Scenario, Forecast | Stuff Media LLC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash consideration paid | $ 46,000 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,565,781 | $ 4,684,901 |
Less: accumulated depreciation | 2,681,067 | 2,893,761 |
Property, plant and equipment, net | 1,884,714 | 1,791,140 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 562,702 | 572,904 |
Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,864,442 | 2,835,411 |
Towers, transmitters and studio equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 356,664 | 365,991 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 707,163 | 793,756 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 74,810 | $ 116,839 |
International Outdoor Advertising | ||
Property, Plant and Equipment [Line Items] | ||
Impairment of advertising assets no longer usable | $ 2,600 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Indefinite-lived Intangible Assets (Narrative) (Details) | Dec. 31, 2018 |
Minimum | |
Operating Leased Assets [Line Items] | |
Initial term of leases where permits are located on leased land | 10 years |
Maximum | |
Operating Leased Assets [Line Items] | |
Initial term of leases where permits are located on leased land | 20 years |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Annual Impairment Test to Indefinite-lived Intangible Assets (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)market | Dec. 31, 2017USD ($)market | Dec. 31, 2016USD ($)market | |
Regulatory Assets [Line Items] | ||||
Period over which the Company forecasts revenue, expenses, and cash flows | 10 years | |||
Billboard permits | ||||
Regulatory Assets [Line Items] | ||||
Number of markets | market | 1 | |||
FCC licenses | ||||
Regulatory Assets [Line Items] | ||||
Impairment charge | $ 6 | $ 0.7 | ||
Number of markets | market | 1 | 1 | ||
iHM | ||||
Regulatory Assets [Line Items] | ||||
Impairment charge | $ 33.1 | |||
Americas Outdoor Advertising | Billboard permits | ||||
Regulatory Assets [Line Items] | ||||
Impairment charge | $ 7.8 |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,565,968 | $ 2,549,913 |
Accumulated Amortization | (2,112,684) | (1,999,857) |
Transit, street furniture and other outdoor contractual rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 528,185 | 548,918 |
Accumulated Amortization | (440,228) | (440,284) |
Customer / advertiser relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,249,128 | 1,226,314 |
Accumulated Amortization | (1,208,056) | (1,133,251) |
Talent contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 164,933 | 161,962 |
Accumulated Amortization | (148,578) | (138,728) |
Representation contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 77,508 | 77,507 |
Accumulated Amortization | (70,829) | (62,753) |
Permanent easements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 163,317 | 162,920 |
Accumulated Amortization | 0 | 0 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 382,897 | 372,292 |
Accumulated Amortization | $ (244,993) | $ (224,841) |
PROPERTY, PLANT AND EQUIPMENT_8
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Total amortization expense related to definite-lived intangible assets | $ 130.9 | $ 197.2 | $ 222.6 |
PROPERTY, PLANT AND EQUIPMENT_9
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Estimated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Abstract] | |
2,019 | $ 49,470 |
2,020 | 43,291 |
2,021 | 37,702 |
2,022 | 32,675 |
2,023 | $ 24,844 |
PROPERTY, PLANT AND EQUIPMEN_10
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Annual Impairment Test to Goodwill (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)market | Dec. 31, 2016USD ($)market | |
Goodwill [Line Items] | |||
Goodwill impairment | $ 0 | $ 1,591,000 | |
iHM | |||
Goodwill [Line Items] | |||
Goodwill impairment | 0 | ||
Cumulative impairments | $ 3,500,000,000 | ||
Americas Outdoor Advertising | |||
Goodwill [Line Items] | |||
Goodwill impairment | 0 | ||
Cumulative impairments | 2,600,000,000 | ||
International Outdoor Advertising | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 1,591,000 | 7,300,000 | |
Cumulative impairments | $ 270,500,000 | ||
International Outdoor Advertising | Goodwill | |||
Goodwill [Line Items] | |||
Number of markets | market | 1 | 1 | |
Other | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 0 | ||
Cumulative impairments | $ 212,000,000 |
PROPERTY, PLANT AND EQUIPMEN_11
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Changes in the Carrying Amount of Goodwill (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill | |||
Beginning balance | $ 4,051,082,000 | $ 4,066,575,000 | |
Impairment | 0 | (1,591,000) | |
Acquisitions | 77,320,000 | 4,694,000 | |
Foreign currency | (8,040,000) | 18,847,000 | |
Ending balance | 4,118,756,000 | 4,051,082,000 | $ 4,066,575,000 |
iHM | |||
Goodwill | |||
Beginning balance | 3,255,208,000 | 3,288,481,000 | |
Impairment | 0 | ||
Acquisitions | 77,320,000 | 2,442,000 | |
Foreign currency | 0 | 0 | |
Ending balance | 3,330,922,000 | 3,255,208,000 | 3,288,481,000 |
Americas Outdoor Advertising | |||
Goodwill | |||
Beginning balance | 507,819,000 | 505,478,000 | |
Impairment | 0 | ||
Acquisitions | 0 | 2,252,000 | |
Foreign currency | 0 | 0 | |
Ending balance | 507,819,000 | 507,819,000 | 505,478,000 |
International Outdoor Advertising | |||
Goodwill | |||
Beginning balance | 206,224,000 | 190,785,000 | |
Impairment | (1,591,000) | (7,300,000) | |
Acquisitions | 0 | 0 | |
Foreign currency | (8,040,000) | 18,847,000 | |
Ending balance | 198,184,000 | 206,224,000 | 190,785,000 |
Other | |||
Goodwill | |||
Beginning balance | 81,831,000 | 81,831,000 | |
Impairment | 0 | ||
Acquisitions | 0 | 0 | |
Foreign currency | 0 | 0 | |
Ending balance | 81,831,000 | 81,831,000 | $ 81,831,000 |
Disposed of by sale | |||
Goodwill | |||
Dispositions | (1,606,000) | (37,532,000) | |
Disposed of by sale | iHM | |||
Goodwill | |||
Dispositions | (1,606,000) | (35,715,000) | |
Disposed of by sale | Americas Outdoor Advertising | |||
Goodwill | |||
Dispositions | 0 | 0 | |
Disposed of by sale | International Outdoor Advertising | |||
Goodwill | |||
Dispositions | 0 | (1,817,000) | |
Disposed of by sale | Other | |||
Goodwill | |||
Dispositions | $ 0 | 0 | |
Held for sale | |||
Goodwill | |||
Assets held for sale | 89,000 | ||
Held for sale | iHM | |||
Goodwill | |||
Assets held for sale | 0 | ||
Held for sale | Americas Outdoor Advertising | |||
Goodwill | |||
Assets held for sale | 89,000 | ||
Held for sale | International Outdoor Advertising | |||
Goodwill | |||
Assets held for sale | 0 | ||
Held for sale | Other | |||
Goodwill | |||
Assets held for sale | $ 0 |
INVESTMENTS - Summary of Invest
INVESTMENTS - Summary of Investments in Nonconsolidated Affiliates and Available-for-sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments in and Advances to Affiliates, at Fair Value | |||||||||||
Beginning balance | $ 118,507 | $ 87,990 | $ 118,507 | $ 87,990 | |||||||
Cash contributions | 1,051 | 2,248 | |||||||||
Acquisitions | 23,358 | 35,523 | |||||||||
Equity in loss | $ 729 | $ 172 | $ (38) | 157 | $ (615) | $ (2,238) | $ 240 | (242) | 1,020 | (2,855) | $ (16,733) |
Disposals | (29,587) | (816) | |||||||||
Foreign currency translation adjustment | (352) | 768 | |||||||||
Distributions received | (2,500) | (775) | |||||||||
Impairment of investments | (16,434) | (4,873) | |||||||||
Unrealized holding loss on marketable securities | 3,818 | (414) | |||||||||
Other | 1,711 | ||||||||||
Ending balance | 98,881 | 118,507 | 98,881 | 118,507 | 87,990 | ||||||
Notes Receivable | |||||||||||
Investments in and Advances to Affiliates, at Fair Value | |||||||||||
Beginning balance | 13,792 | 132 | 13,792 | 132 | |||||||
Cash contributions | 0 | 0 | |||||||||
Acquisitions | 15,076 | 13,602 | |||||||||
Equity in loss | 0 | 0 | |||||||||
Disposals | (728) | (188) | |||||||||
Foreign currency translation adjustment | 0 | 0 | |||||||||
Distributions received | 0 | 0 | |||||||||
Impairment of investments | (2,064) | (671) | |||||||||
Unrealized holding loss on marketable securities | 0 | 0 | |||||||||
Other | 917 | ||||||||||
Ending balance | 26,076 | 13,792 | 26,076 | 13,792 | 132 | ||||||
Equity Method Investments | |||||||||||
Investments in and Advances to Affiliates, at Fair Value | |||||||||||
Beginning balance | 24,395 | 14,477 | 24,395 | 14,477 | |||||||
Cash contributions | 1,051 | 2,248 | |||||||||
Acquisitions | 3,732 | 10,361 | |||||||||
Equity in loss | 1,020 | (2,855) | |||||||||
Disposals | (33) | 0 | |||||||||
Foreign currency translation adjustment | (29) | 145 | |||||||||
Distributions received | (2,500) | (775) | |||||||||
Impairment of investments | 0 | 0 | |||||||||
Unrealized holding loss on marketable securities | 0 | 0 | |||||||||
Other | 794 | ||||||||||
Ending balance | 27,636 | 24,395 | 27,636 | 24,395 | 14,477 | ||||||
Other Investments | |||||||||||
Investments in and Advances to Affiliates, at Fair Value | |||||||||||
Beginning balance | 78,776 | 71,666 | 78,776 | 71,666 | |||||||
Cash contributions | 0 | 0 | |||||||||
Acquisitions | 4,550 | 11,560 | |||||||||
Equity in loss | 0 | 0 | |||||||||
Disposals | (28,826) | (628) | |||||||||
Foreign currency translation adjustment | (256) | 380 | |||||||||
Distributions received | 0 | 0 | |||||||||
Impairment of investments | (14,370) | (4,202) | |||||||||
Unrealized holding loss on marketable securities | 4,389 | 0 | |||||||||
Other | 0 | ||||||||||
Ending balance | 44,263 | 78,776 | 44,263 | 78,776 | 71,666 | ||||||
Marketable Equity Securities | |||||||||||
Investments in and Advances to Affiliates, at Fair Value | |||||||||||
Beginning balance | $ 1,544 | $ 1,715 | 1,544 | 1,715 | |||||||
Cash contributions | 0 | 0 | |||||||||
Acquisitions | 0 | 0 | |||||||||
Equity in loss | 0 | 0 | |||||||||
Disposals | 0 | 0 | |||||||||
Foreign currency translation adjustment | (67) | 243 | |||||||||
Distributions received | 0 | 0 | |||||||||
Impairment of investments | 0 | 0 | |||||||||
Unrealized holding loss on marketable securities | (571) | (414) | |||||||||
Other | 0 | ||||||||||
Ending balance | $ 906 | $ 1,544 | $ 906 | $ 1,544 | $ 1,715 |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)investmentcompany | Dec. 31, 2017USD ($)investmentcompany | Dec. 31, 2016USD ($) | |
Schedule of Investments [Line Items] | |||
Investments made in private equity companies in exchange for advertising services | $ 23,358 | $ 35,523 | |
Number of investments made in private companies | company | 12 | 13 | |
Number of investments accounted for under equity method of accounting | investment | 1 | 2 | |
Number of investments accounted for under cost method | investment | 6 | 6 | |
Number of investments accounted for as notes receivable convertible into equity | investment | 5 | 5 | |
Non-cash impairment on cost investment | $ 11,900 | ||
Marketable equity securities held | $ 900 | $ 1,500 | |
Thirteen private companies | |||
Schedule of Investments [Line Items] | |||
Barter revenue recognized | 10,800 | 35,200 | |
Jelli, Inc | |||
Schedule of Investments [Line Items] | |||
Gain on Sale of Investments | 4,400 | ||
iHM | Seven private companies | |||
Schedule of Investments [Line Items] | |||
Investments made in private equity companies in exchange for advertising services | $ 20,800 | ||
iHM | Thirteen private companies | |||
Schedule of Investments [Line Items] | |||
Investments made in private equity companies in exchange for advertising services | $ 34,700 |
ASSET RETIREMENT OBLIGATION (De
ASSET RETIREMENT OBLIGATION (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Regulatory Assets [Line Items] | ||
Related asset removal period | 55 years | |
Asset Retirement Obligation, Roll Forward Analysis | ||
Long-term portion of asset retirement obligation | $ 43,981 | $ 47,093 |
Liabilities subject to compromise | (16,480,256) | 0 |
Asset Retirement Obligation Costs | ||
Asset Retirement Obligation, Roll Forward Analysis | ||
Beginning balance | 47,984 | 42,491 |
Adjustment due to changes in estimates | 1,297 | 2,317 |
Accretion of liability | 3,273 | 3,555 |
Liabilities settled | (3,389) | (2,880) |
Foreign Currency | (1,394) | 2,501 |
Ending balance | 47,771 | 47,984 |
Less: current portion | 445 | 891 |
Long-term portion of asset retirement obligation | 47,326 | $ 47,093 |
Liabilities subject to compromise | $ (3,300) |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) | Sep. 17, 2018 | Aug. 16, 2018 | Jun. 29, 2018 | Jun. 14, 2018 | Jan. 16, 2018 | Jan. 04, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 04, 2019 | Jun. 01, 2018 | Mar. 26, 2018 |
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | $ 3,882,000 | $ 13,283,883,000 | ||||||||||
Total debt | 20,472,917,000 | 20,649,181,000 | ||||||||||
Long-term debt fees | (25,808,000) | (109,071,000) | ||||||||||
Debt subject to compromise | 15,149,477,000 | 0 | ||||||||||
Less: current portion | 46,332,000 | 14,972,367,000 | ||||||||||
Total long-term debt | 5,277,108,000 | 5,676,814,000 | ||||||||||
Draws on revolving credit facilities | 143,332,000 | 100,000,000 | $ 100,000,000 | |||||||||
Payments on credit facilities | $ 258,308,000 | 25,909,000 | $ 2,100,000 | |||||||||
Interest Rate | 8.75% | |||||||||||
Write-off of deferred long-term debt fees | $ 67,079,000 | |||||||||||
Write-off of original issue discount on debt subject to compromise | 131,100,000 | |||||||||||
Term Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | 0 | 6,300,000,000 | ||||||||||
Receivables Based Credit Facility Due 2019 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | 0 | 405,000,000 | ||||||||||
DIP Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | 0 | 0 | ||||||||||
Draws on revolving credit facilities | 125,000,000 | |||||||||||
Priority Guarantee Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | $ 0 | 6,570,361,000 | ||||||||||
Interest Rate | 9.00% | |||||||||||
CCO Receivables Based Credit Facility Due 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | $ 0 | 0 | ||||||||||
Other Secured Subsidiary Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | 3,882,000 | 8,522,000 | ||||||||||
14.0% Senior Notes Due 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 0 | $ 1,763,925,000 | ||||||||||
Interest Rate | 14.00% | 14.00% | 14.00% | |||||||||
Legacy Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 0 | $ 475,000,000 | ||||||||||
10.0% Senior Notes Due 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 0 | $ 47,482,000 | ||||||||||
Interest Rate | 10.00% | 10.00% | ||||||||||
Subsidiary Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 5,300,000,000 | $ 5,300,000,000 | ||||||||||
Other Subsidiary Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | 46,105,000 | 24,615,000 | ||||||||||
Purchase accounting adjustments and original issue discount | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ (739,000) | (136,653,000) | ||||||||||
Priority Guarantee Notes Due 2019 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 9.00% | |||||||||||
11.25% Priority Guarantee Notes due 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 11.25% | |||||||||||
Priority Guarantee Notes Due 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 9.00% | |||||||||||
10.625% Priority Guarantee Notes due 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 10.625% | |||||||||||
Line of Credit | DIP Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 450,000,000 | |||||||||||
Letters of credit outstanding | 70,200,000 | |||||||||||
Borrowing capacity | 342,300,000 | |||||||||||
Secured debt | DIP Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payments on credit facilities | $ 25,000,000 | $ 100,000,000 | ||||||||||
Subsidiary Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | 5,300,000,000 | 5,300,000,000 | ||||||||||
Subsidiary Senior Notes | 7.625% Series A Senior Subordinated Notes Due 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 275,000,000 | $ 275,000,000 | ||||||||||
Interest Rate | 7.625% | 7.625% | ||||||||||
Subsidiary Senior Notes | 7.625% Series B Senior Subordinated Notes Due 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 1,925,000,000 | $ 1,925,000,000 | ||||||||||
Interest Rate | 7.625% | 7.625% | ||||||||||
Legacy Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 475,000,000 | $ 475,000,000 | ||||||||||
iHeartCommunications | 10.0% Senior Notes Due 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repaid at maturity | $ 42,100,000 | $ 5,300,000 | ||||||||||
iHeartCommunications | Line of Credit | DIP Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
DIP Facility | $ 450,000,000 | |||||||||||
Draws on revolving credit facilities | 125,000,000 | |||||||||||
iHeartCommunications | Secured debt | Receivables Based Credit Facility Due 2019 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payments on credit facilities | $ 306,400,000 | |||||||||||
iHeartCommunications | Senior Notes | 10.0% Senior Notes Due 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior notes exchanged for Priority Guarantee Notes | $ 42,100,000 | $ 5,400,000 | ||||||||||
iHeartCommunications | Senior Notes | Legacy Notes Due 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan | $ 175,000,000 | |||||||||||
Interest Rate | 6.875% | |||||||||||
iHeartCommunications | Senior Notes | Legacy Notes Due 2027 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan | $ 300,000,000 | |||||||||||
Interest Rate | 7.25% | |||||||||||
iHeartCommunications | Senior Notes | Legacy Notes Due 2016 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan | $ 57,100,000 | |||||||||||
Interest Rate | 5.50% | |||||||||||
LIBOR | iHeartCommunications | Line of Credit | DIP Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||
Revolving credit facility | iHeartCommunications | CCO Receivables Based Credit Facility Due 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 125,000,000 | |||||||||||
Minimum incremental increase in capacity | $ 50,000,000 | |||||||||||
Revolving credit facility | iHeartCommunications | Receivables Based Credit Facility Due 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 75,000,000 | |||||||||||
Revolving credit facility | iHeartCommunications | Line of Credit | Receivables Based Credit Facility Due 2019 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payments on credit facilities | $ 74,300,000 | |||||||||||
Revolving credit facility | iHeartCommunications | Line of Credit | DIP Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
DIP Facility | 450,000,000 | |||||||||||
Revolving credit facility | iHeartCommunications | Line of Credit | CCO Receivables Based Credit Facility Due 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
DIP Facility | $ 75,000,000 | |||||||||||
Maximum borrowing capacity | $ 125,000,000 | |||||||||||
Credit facility term | 5 years | |||||||||||
Letters of credit outstanding | 94,400,000 | |||||||||||
Borrowing capacity | 30,600,000 | |||||||||||
Availability Block Requirement | Line of Credit | DIP Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Borrowing capacity | 37,500,000 | |||||||||||
Liabilities Subject To Compromise | Term Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | 6,300,000,000 | |||||||||||
Liabilities Subject To Compromise | Priority Guarantee Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | 1,750,000,000 | |||||||||||
Liabilities Subject To Compromise | Other Secured Subsidiary Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | 6,100,000 | |||||||||||
Liabilities Subject To Compromise | 14.0% Senior Notes Due 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan | 1,781,600,000 | |||||||||||
Liabilities Subject To Compromise | Legacy Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan | 475,000,000 | |||||||||||
Liabilities Subject To Compromise | Other Subsidiary Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan | 16,500,000 | |||||||||||
Liabilities Subject To Compromise | Priority Guarantee Notes Due 2019 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | 1,999,800,000 | |||||||||||
Liabilities Subject To Compromise | 11.25% Priority Guarantee Notes due 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | 870,500,000 | |||||||||||
Liabilities Subject To Compromise | Priority Guarantee Notes Due 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | 1,000,000,000 | |||||||||||
Liabilities Subject To Compromise | 10.625% Priority Guarantee Notes due 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Consolidated Secured Debt | $ 950,000,000 | |||||||||||
Subsequent Event | Subsidiary Senior Notes | 7.625% Series A Senior Subordinated Notes Due 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 275,000,000 | |||||||||||
Interest Rate | 7.625% | |||||||||||
Subsequent Event | Subsidiary Senior Notes | 7.625% Series B Senior Subordinated Notes Due 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 1,925,000,000 | |||||||||||
Interest Rate | 7.625% | |||||||||||
Subsequent Event | Subsidiary Senior Notes | New CCWH Subordinated Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 2,235,000,000 | |||||||||||
Interest Rate | 9.25% |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Narrative) (Details) - USD ($) $ in Thousands | Jan. 22, 2019 | Dec. 31, 2018 | Apr. 28, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Total debt | $ 20,472,917 | $ 20,649,181 | ||
Weighted average interest rate | 9.20% | 8.90% | ||
Aggregate market value of debt | $ 14,000,000 | $ 15,400,000 | ||
Long-term debt reclassified as current | $ 14,700,000 | |||
iHeartCommunications, Inc. | DIP Facility | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 16,000,000 | |||
iHeartCommunications, Inc. | Subsequent Event | DIP Facility | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 5,750,000 |
LONG-TERM DEBT - Size and Avail
LONG-TERM DEBT - Size and Availability (Details) - USD ($) | Jun. 29, 2018 | Jun. 14, 2018 | Dec. 31, 2018 |
Line of Credit | DIP Facility | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding | $ 70,200,000 | ||
Maximum borrowing capacity | 450,000,000 | ||
Borrowing capacity | 342,300,000 | ||
CCOH | Line of Credit | DIP Facility | |||
Debt Instrument [Line Items] | |||
DIP Facility | $ 450,000,000 | ||
Revolving credit facility | CCOH | CCO Receivables Based Credit Facility Due 2023 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 125,000,000 | ||
Revolving credit facility | CCOH | Line of Credit | DIP Facility | |||
Debt Instrument [Line Items] | |||
DIP Facility, borrowing base terms, percentage of eligible accounts receivable | 90.00% | ||
DIP Facility | $ 450,000,000 | ||
DIP Facility, minimum incremental increase in credit facility | 10,000,000 | ||
DIP Facility, maximum aggregate increase in credit facility | $ 100,000,000 | ||
Revolving credit facility | CCOH | Line of Credit | CCO Receivables Based Credit Facility Due 2023 | |||
Debt Instrument [Line Items] | |||
DIP Facility, borrowing base terms, percentage of eligible accounts receivable | 85.00% | ||
DIP Facility | $ 75,000,000 | ||
DIP Facility, minimum incremental increase in credit facility | 50,000,000 | ||
DIP Facility, maximum aggregate increase in credit facility | $ 125,000,000 | ||
Letters of credit outstanding | 94,400,000 | ||
Maximum borrowing capacity | 125,000,000 | ||
Borrowing capacity | $ 30,600,000 |
LONG-TERM DEBT - Interest Rate
LONG-TERM DEBT - Interest Rate and Fees and Prepayments (Narrative) (Details) - USD ($) | Jun. 14, 2018 | Jun. 01, 2018 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Interest Rate | 8.75% | ||
Line of Credit | CCOH | DIP Facility | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
DIP Facility, unused capacity, commitment fee percentage | 0.50% | ||
Line of credit facility, letter of credit fee | 2.25% | ||
Reduction of borrowing base and commitments to arrive at exposure | $ 37,500,000 | ||
Debt instrument, covenant terms, minimum excess availability | $ 0 | ||
Line of Credit | CCOH | DIP Facility | Revolving credit facility | Federal funds effective rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Line of Credit | CCOH | DIP Facility | Revolving credit facility | One-month Eurodollar | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Line of Credit | CCOH | DIP Facility | Revolving credit facility | Base rate | |||
Debt Instrument [Line Items] | |||
DIP Facility, interest rate on borrowings outstanding | 1.25% | ||
Line of Credit | CCOH | DIP Facility | Revolving credit facility | Eurocurrency rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
DIP Facility, interest rate on borrowings outstanding | 2.25% | ||
Line of Credit | CCOH | CCO Receivables Based Credit Facility Due 2023 | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
DIP Facility, unused capacity, commitment fee percentage | 0.375% | ||
Line of credit facility, letter of credit fee | 2.00% | ||
Debt instrument, credit agreement termination, days prior to maturity | 90 days | ||
Debt instrument, credit agreement termination, maturity threshold, maximum outstanding borrowing amount | $ 250,000,000 | ||
Line of Credit | CCOH | CCO Receivables Based Credit Facility Due 2023 | Revolving credit facility | Federal funds effective rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Line of Credit | CCOH | CCO Receivables Based Credit Facility Due 2023 | Revolving credit facility | One-month Eurodollar | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Line of Credit | CCOH | CCO Receivables Based Credit Facility Due 2023 | Revolving credit facility | Base rate | |||
Debt Instrument [Line Items] | |||
DIP Facility, interest rate on borrowings outstanding | 1.00% | ||
Line of Credit | CCOH | CCO Receivables Based Credit Facility Due 2023 | Revolving credit facility | Eurocurrency rate | |||
Debt Instrument [Line Items] | |||
DIP Facility, interest rate on borrowings outstanding | 2.00% | ||
Receivables Based Credit Facility | Federal funds effective rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Senior Secured Credit Facility | Term Loan D | Base rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 5.75% | ||
Senior Secured Credit Facility | Term Loan D | Eurocurrency rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 6.75% | ||
Senior Secured Credit Facility | Term Loan E | Base rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 6.50% | ||
Senior Secured Credit Facility | Term Loan E | Eurocurrency rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 7.50% |
LONG-TERM DEBT - Schedule of Se
LONG-TERM DEBT - Schedule of Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total Senior Secured Credit Facilities | $ 3,882 | $ 13,283,883 |
Senior Secured Credit Facilities | ||
Debt Instrument [Line Items] | ||
Total Senior Secured Credit Facilities | 6,300,000 | 6,300,000 |
Senior Secured Credit Facilities | Term Loan D | ||
Debt Instrument [Line Items] | ||
Total Senior Secured Credit Facilities | 5,000,000 | 5,000,000 |
Senior Secured Credit Facilities | Term Loan E | ||
Debt Instrument [Line Items] | ||
Total Senior Secured Credit Facilities | $ 1,300,000 | $ 1,300,000 |
LONG-TERM DEBT - Collateral and
LONG-TERM DEBT - Collateral and Guarantees (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Senior secured credit facilities | |
Line of Credit Facility [Line Items] | |
Capital stock used to secure obligations under senior secured credit facilities (as a percent) | 100.00% |
LONG-TERM DEBT - Receivables Ba
LONG-TERM DEBT - Receivables Based Credit Facility (Narrative) (Details) - USD ($) $ in Thousands | Jun. 14, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Line of Credit Facility [Line Items] | ||||
Total debt | $ 20,472,917 | $ 20,649,181 | ||
Draws on revolving credit facilities | 143,332 | 100,000 | $ 100,000 | |
Payments on credit facilities | $ 258,308 | $ 25,909 | $ 2,100 | |
iHeartCommunications | Secured debt | Receivables Based Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Payments on credit facilities | $ 306,400 |
LONG-TERM DEBT - Certain Covena
LONG-TERM DEBT - Certain Covenants and Events of Default (Details) - Revolving credit facility - CCOH - Line of Credit - CCO Receivables Based Credit Facility Due 2023 | Jun. 01, 2018USD ($) |
Debt Instrument [Line Items] | |
Triggering event, borrowing capacity threshold | $ 7,500,000 |
Triggering event, percentage of aggregate commitments or borrowing base | 10.00% |
Minimum fixed charge coverage ratio required for four consecutive quarters | 1 |
LONG-TERM DEBT - Schedule of Ou
LONG-TERM DEBT - Schedule of Outstanding Priority Guarantee Notes And Subsidiary Senior Notes (Details) - USD ($) $ in Thousands | Mar. 06, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Interest Rate | 8.75% | ||
Total Priority Guarantee Notes | $ 3,882 | $ 13,283,883 | |
Total Legacy Notes | $ 20,472,917 | 20,649,181 | |
10.625% Priority Guarantee Notes due 2023 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 10.625% | ||
Priority Guarantee Notes | |||
Debt Instrument [Line Items] | |||
Total Priority Guarantee Notes | $ 6,570,361 | $ 6,570,361 | |
Priority Guarantee Notes | 9.0% Priority Guarantee Notes due 2019 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 9.00% | 9.00% | |
Total Priority Guarantee Notes | $ 1,999,815 | $ 1,999,815 | |
Priority Guarantee Notes | 9.0% Priority Guarantee Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 9.00% | 9.00% | |
Total Priority Guarantee Notes | $ 1,750,000 | $ 1,750,000 | |
Priority Guarantee Notes | 11.25% Priority Guarantee Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 11.25% | 11.25% | |
Total Priority Guarantee Notes | $ 870,546 | $ 870,546 | |
Priority Guarantee Notes | 9.0% Priority Guarantee Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 9.00% | 9.00% | |
Total Priority Guarantee Notes | $ 1,000,000 | $ 1,000,000 | |
Priority Guarantee Notes | 10.625% Priority Guarantee Notes due 2023 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 10.625% | 10.625% | |
Total Priority Guarantee Notes | $ 950,000 | $ 950,000 | |
Subsidiary Senior Notes | |||
Debt Instrument [Line Items] | |||
Total Legacy Notes | 5,300,000 | 5,300,000 | |
Subsidiary Senior Notes | Total CCWH Notes | |||
Debt Instrument [Line Items] | |||
Total Legacy Notes | $ 4,925,000 | $ 4,925,000 | |
Subsidiary Senior Notes | 6.5% Series A Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.50% | 6.50% | |
Total Legacy Notes | $ 735,750 | $ 735,750 | |
Subsidiary Senior Notes | 6.5% Series B Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.50% | 6.50% | |
Total Legacy Notes | $ 1,989,250 | $ 1,989,250 | |
Subsidiary Senior Notes | 7.625% Series A Senior Subordinated Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 7.625% | 7.625% | |
Total Legacy Notes | $ 275,000 | $ 275,000 | |
Subsidiary Senior Notes | 7.625% Series B Senior Subordinated Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 7.625% | 7.625% | |
Total Legacy Notes | $ 1,925,000 | $ 1,925,000 | |
Subsidiary Senior Notes | 8.75% Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 8.75% | 8.75% | |
Total Legacy Notes | $ 375,000 | $ 375,000 | |
Subsidiary of iHeartCommunications | Priority Guarantee Notes | |||
Debt Instrument [Line Items] | |||
Total Priority Guarantee Notes | $ 180,800 | ||
Scenario, Forecast | Subsidiary Senior Notes | 7.625% Series A Senior Subordinated Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Redemption of notes | $ 275,000 | ||
Scenario, Forecast | Subsidiary Senior Notes | 7.625% Series B Senior Subordinated Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Redemption of notes | 1,925,000 | ||
Scenario, Forecast | Subsidiary Senior Notes | New CCWH Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Total Legacy Notes | $ 2,235,000 |
LONG-TERM DEBT - 14.0% Senior N
LONG-TERM DEBT - 14.0% Senior Notes Due 2021 (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 26, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Stated interest rate | 8.75% | ||
14.0% Senior Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 14.00% | 14.00% | 14.00% |
Principal amount issued to, and held by, a subsidiary | $ 453.9 | ||
Interest paid per annum in cash (as a percent) | 12.00% | ||
Interest paid per annum through issuance of payment-in-kind notes (as a percent) | 2.00% | ||
Senior Notes | 14.0% Senior Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Principal amounts outstanding | $ 1,781.6 | ||
Stated interest rate | 14.00% |
LONG-TERM DEBT - Legacy Notes (
LONG-TERM DEBT - Legacy Notes (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Stated interest rate | 8.75% | ||
Total Legacy Notes | $ 20,472,917 | $ 20,649,181 | |
iHeart Communications Legacy Note | |||
Debt Instrument [Line Items] | |||
Principal amount held by a subsidiary | 57,100 | ||
iHeartCommunications | iHeart Communications Legacy Note | |||
Debt Instrument [Line Items] | |||
Principal amount held by a subsidiary | 57,100 | ||
Legacy Notes | |||
Debt Instrument [Line Items] | |||
Total Legacy Notes | 475,000 | $ 475,000 | |
Legacy Notes | 5.5% Senior Notes Due 2016 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.50% | ||
Legacy Notes | iHeartCommunications | 5.5% Senior Notes Due 2016 | |||
Debt Instrument [Line Items] | |||
Repaid at maturity | $ 192,900 | ||
Total Legacy Notes | $ 57,100 | $ 57,100 |
LONG-TERM DEBT - Schedule of _2
LONG-TERM DEBT - Schedule of Outstanding Senior Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Oct. 09, 2018 | Mar. 21, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Total Legacy Notes | $ 20,472,917 | $ 20,649,181 | ||
Stated interest rate | 8.75% | |||
6.875% Senior Notes Due 2018 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.875% | 6.875% | ||
7.25% Senior Notes Due 2027 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.25% | 7.25% | ||
Legacy Notes | ||||
Debt Instrument [Line Items] | ||||
Total Legacy Notes | $ 475,000 | 475,000 | ||
Legacy Notes | 6.875% Senior Notes Due 2018 | ||||
Debt Instrument [Line Items] | ||||
Total Legacy Notes | $ 175,000 | 175,000 | ||
Stated interest rate | 6.875% | |||
Legacy Notes | 7.25% Senior Notes Due 2027 | ||||
Debt Instrument [Line Items] | ||||
Total Legacy Notes | $ 300,000 | $ 300,000 | ||
Stated interest rate | 7.25% |
LONG-TERM DEBT - 10.0% Senior N
LONG-TERM DEBT - 10.0% Senior Notes due 2018 (Narrative) (Details) - USD ($) $ in Millions | Jan. 16, 2018 | Jan. 04, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Stated interest rate | 8.75% | |||
10.0% Senior Notes Due 2018 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 10.00% | 10.00% | ||
iHeartCommunications | 10.0% Senior Notes Due 2018 | ||||
Debt Instrument [Line Items] | ||||
Repayments of senior notes | $ 42.1 | $ 5.3 | ||
iHeartCommunications | Senior Notes | 10.0% Senior Notes Due 2018 | ||||
Debt Instrument [Line Items] | ||||
Senior notes exchanged for Priority Guarantee Notes | $ 42.1 | $ 5.4 |
LONG-TERM DEBT - Clear Channel
LONG-TERM DEBT - Clear Channel International B.V. Senior Notes (Narrative) (Details) - USD ($) | Aug. 14, 2017 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Stated interest rate | 8.75% | |
Senior Notes | Clear Channel International B.V. Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 8.75% | 8.75% |
Clear Channel International B.V. | Senior Notes | Clear Channel International B.V. Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Principal amount of Senior Notes | $ 150,000,000 | |
Proceeds from issuance of senior long-term debt | $ 156,000,000 |
LONG-TERM DEBT - Schedule of Fu
LONG-TERM DEBT - Schedule of Future Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
2,019 | $ 15,196,570 | |
2,020 | 2,575,147 | |
2,021 | 174 | |
2,022 | 2,725,199 | |
2,023 | 222 | |
Thereafter | 2,152 | |
Total | 20,499,464 | |
Original issue discount | 700 | |
Long-term debt fees | $ 25,808 | $ 109,071 |
LONG-TERM DEBT - Surety Bonds,
LONG-TERM DEBT - Surety Bonds, Letters of Credit and Guarantees (Narrative) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Surety bonds | |
Guarantor Obligations [Line Items] | |
Outstanding surety bonds, commercial standby letters of credit and bank guarantees | $ 77 |
Commercial standby letters of credit | |
Guarantor Obligations [Line Items] | |
Outstanding surety bonds, commercial standby letters of credit and bank guarantees | 164.6 |
Bank guarantees | |
Guarantor Obligations [Line Items] | |
Outstanding surety bonds, commercial standby letters of credit and bank guarantees | 37.6 |
Cash secured bank guarantees | |
Guarantor Obligations [Line Items] | |
Outstanding surety bonds, commercial standby letters of credit and bank guarantees | $ 17.4 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Rental Commitments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Non-Cancelable Operating Leases | |
Other Commitments [Line Items] | |
2,019 | $ 636,556 |
2,020 | 533,097 |
2,021 | 460,179 |
2,022 | 370,303 |
2,023 | 287,005 |
Thereafter | 2,154,999 |
Total | 4,442,139 |
Non-Cancelable Contracts | |
Other Commitments [Line Items] | |
2,019 | 333,559 |
2,020 | 249,239 |
2,021 | 203,519 |
2,022 | 139,785 |
2,023 | 105,408 |
Thereafter | 308,057 |
Total | 1,339,567 |
Capital Expenditure Commitments | |
Other Commitments [Line Items] | |
2,019 | 24,322 |
2,020 | 7,408 |
2,021 | 11,103 |
2,022 | 4,179 |
2,023 | 6,431 |
Thereafter | 7,909 |
Total | 61,352 |
Employment/Talent Contracts | |
Other Commitments [Line Items] | |
2,019 | 74,432 |
2,020 | 75,502 |
2,021 | 46,603 |
2,022 | 13,993 |
2,023 | 0 |
Thereafter | 0 |
Total | $ 210,530 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Detail) - USD ($) $ in Thousands | Dec. 16, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 09, 2018 | Mar. 26, 2018 | Mar. 21, 2018 | Aug. 14, 2017 |
Concentration Risk [Line Items] | ||||||||||
Rent expense charged to operations | $ 1,200,000 | $ 1,100,000 | $ 1,100,000 | |||||||
Interest Rate | 8.75% | 8.75% | ||||||||
Other long term liabilities | $ (489,829) | $ (489,829) | (610,639) | |||||||
VAT Obligation | ||||||||||
Concentration Risk [Line Items] | ||||||||||
Other long term liabilities | $ 16,900 | |||||||||
Ministry of Economic Affairs and Finance, Italy | ||||||||||
Concentration Risk [Line Items] | ||||||||||
Estimate of possible loss | $ 17,000 | |||||||||
Payment for income tax examination | $ 8,600 | |||||||||
6.875% Senior Notes Due 2018 | ||||||||||
Concentration Risk [Line Items] | ||||||||||
Interest Rate | 6.875% | 6.875% | ||||||||
7.25% Senior Notes Due 2027 | ||||||||||
Concentration Risk [Line Items] | ||||||||||
Interest Rate | 7.25% | 7.25% | ||||||||
14.0% Senior Notes Due 2021 | ||||||||||
Concentration Risk [Line Items] | ||||||||||
Interest Rate | 14.00% | 14.00% | 14.00% | 14.00% | ||||||
Chapter 11 Cases | CCOH Separation Settlement | ||||||||||
Concentration Risk [Line Items] | ||||||||||
Loss contingency, loss in period | $ 149,000 | |||||||||
Unsecured Revolving Line of Credit Issued To Debtors | CCOH Separation Settlement | ||||||||||
Concentration Risk [Line Items] | ||||||||||
Loss contingency, loss in period | $ 200,000 | |||||||||
Senior Notes | 8.75% Senior Notes Due 2020 | ||||||||||
Concentration Risk [Line Items] | ||||||||||
Interest Rate | 8.75% | 8.75% | 8.75% |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax Credit Carryforward [Line Items] | |||
Tax Act, provisional deferred tax benefit | $ 510,100 | $ 510,100 | $ 43,300 |
Current tax expense | (28,313) | (30,784) | (47,785) |
Deferred tax expense (benefit) | 18,038 | $ (488,190) | $ (97,416) |
Deferred taxes | 644,926 | ||
Net operating loss carryforwards | 858,300 | ||
Deferred tax asset, interest expense limitation and carryforward | 347,800 | ||
Deferred tax assets for foreign net operating loss carryforwards | 127,100 | ||
Deferred tax asset relating to stock-based compensation expense under ASC 718-10 | $ 10,500 | ||
Effective tax benefit (expense) | (29.70%) | 49.90% | 16.80% |
Valuation allowance | $ 1,010,223 | $ 952,337 | |
Total amount of interest accrued | 53,800 | 48,600 | |
Total amount of unrecognized tax benefits and accrued interest and penalties | 135,300 | 136,300 | |
Unrecognized tax benefits and accrued interest and penalties included in other long-term liabilities | 112,237 | 110,054 | |
Unrecognized tax benefits and accrued interest and penalties included in accrued expenses | 1,300 | 0 | |
Unrecognized tax benefits recorded net with deferred tax assets for net operating losses | 21,800 | 26,200 | |
Total amount of unrecognized tax benefits that, if recognized, would impact effective income tax rate | 73,600 | 71,600 | |
Reduction of unrecognized tax benefits resulting from settlement with taxing authorities | 0 | 225 | |
Reduction to unrecognized tax benefits due to expiration of statue of limitations | 7,159 | 15,264 | |
Reduction of unrecognized tax benefits resulting from settlement of tax examinations | 7,120 | 5,307 | |
Federal and state | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | 893,000 | ||
Foreign deferred tax assets | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | 79,300 | ||
Expense (benefit) related to change in valuation allowance | 7,800 | ||
Foreign deferred tax assets not expected to be realized | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | 38,000 | ||
Foreign | |||
Tax Credit Carryforward [Line Items] | |||
Net foreign deferred tax assets | 45,000 | 50,700 | |
Expense (benefit) related to change in valuation allowance | $ 43,300 | ||
Tax expense attributable to sale of outdoor business | 54,700 | ||
Federal and state | |||
Tax Credit Carryforward [Line Items] | |||
Tax Act, reduction in deferred tax asset valuation allowance | 61,500 | ||
Expense (benefit) related to change in valuation allowance | $ 61,500 | (31,800) | |
Deferred Tax Asset Valuation Allowance | Foreign | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowances released | $ 43,300 | ||
Deferred Tax Asset Valuation Allowance | Federal and state | |||
Tax Credit Carryforward [Line Items] | |||
Tax Act, reduction in deferred tax asset valuation allowance | 336,300 | ||
Tax Years 2011 And 2012 | |||
Tax Credit Carryforward [Line Items] | |||
Reduction of unrecognized tax benefits resulting from settlement with taxing authorities | 4,700 | ||
Federal and State Deferred Tax Assets | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | $ 387,700 |
INCOME TAXES - Schedule of Sign
INCOME TAXES - Schedule of Significant Components of Provision for Income Tax Benefit (Expense) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current - Federal | $ 1 | $ (2,136) | $ (190) | ||||||||
Current - foreign | (18,535) | (30,132) | (44,687) | ||||||||
Current - state | (9,779) | 1,484 | (2,908) | ||||||||
Total current expense | (28,313) | (30,784) | (47,785) | ||||||||
Deferred - Federal | (4,397) | 491,239 | 38,715 | ||||||||
Deferred - foreign | (6,531) | (2,560) | 56,036 | ||||||||
Deferred - state | (7,110) | (489) | 2,665 | ||||||||
Total deferred benefit (expense) | (18,038) | 488,190 | 97,416 | ||||||||
Income tax benefit (expense) | $ 837 | $ (17,769) | $ (146,785) | $ 117,366 | $ 507,549 | $ (2,051) | $ (17,408) | $ (30,684) | $ (46,351) | $ 457,406 | $ 49,631 |
INCOME TAXES - Schedule of Si_2
INCOME TAXES - Schedule of Significant Components of Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax liabilities: | ||
Intangibles and fixed assets | $ 1,167,903 | $ 1,285,330 |
Long-term debt | 259,324 | 0 |
Investments | 2,733 | 16,484 |
Other | 15,605 | 9,868 |
Total deferred tax liabilities | 1,445,565 | 1,311,682 |
Deferred tax assets: | ||
Accrued expenses | 101,207 | 105,823 |
Long-term debt | 0 | 49,767 |
Net operating loss carryforwards | 985,403 | 1,106,319 |
Interest expense carryforwards | 347,843 | 0 |
Bad debt reserves | 12,820 | 11,731 |
Other | 28,574 | 27,654 |
Total gross deferred tax assets | 1,475,847 | 1,301,294 |
Less: Valuation allowance | 1,010,223 | 952,337 |
Total deferred tax assets | 465,624 | 348,957 |
Net deferred tax liabilities | $ 979,941 | $ 962,725 |
INCOME TAXES - Schedule of Loss
INCOME TAXES - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
US | $ (134,893) | $ (952,436) | $ (349,876) |
Foreign | (21,395) | 36,319 | 53,673 |
Total loss before income taxes | $ (156,288) | $ (916,117) | $ (296,203) |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax to Income Tax Benefit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amount | |||||||||||
Income tax benefit at statutory rates | $ 32,821 | $ 320,641 | $ 103,670 | ||||||||
State income taxes, net of federal tax effect | 21,137 | 7,667 | 6,372 | ||||||||
Foreign income taxes | (29,559) | (19,981) | (24,307) | ||||||||
Nondeductible items | (5,400) | (6,659) | (5,760) | ||||||||
Changes in valuation allowance and other estimates | (64,913) | (350,407) | (31,229) | ||||||||
U.S. tax reform | 0 | 510,064 | 0 | ||||||||
Other, net | (437) | (3,919) | 885 | ||||||||
Income tax benefit (expense) | $ 837 | $ (17,769) | $ (146,785) | $ 117,366 | $ 507,549 | $ (2,051) | $ (17,408) | $ (30,684) | $ (46,351) | $ 457,406 | $ 49,631 |
Percent | |||||||||||
Income tax benefit at statutory rates | 21.00% | 35.00% | 35.00% | ||||||||
State income taxes, net of federal tax effect | 13.50% | 0.80% | 2.20% | ||||||||
Foreign income taxes | (18.90%) | (2.20%) | (8.20%) | ||||||||
Nondeductible items | (3.50%) | (0.70%) | (1.90%) | ||||||||
Changes in valuation allowance and other estimates | (41.50%) | (38.20%) | (10.60%) | ||||||||
U.S. tax reform | (0.00%) | 55.60% | (0.00%) | ||||||||
Other, net | (0.30%) | (0.40%) | 0.30% | ||||||||
Income tax benefit (expense) | (29.70%) | 49.90% | 16.80% |
INCOME TAXES - Schedule of Unre
INCOME TAXES - Schedule of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Tax Benefits | ||
Balance at beginning of period | $ 87,665 | $ 98,804 |
Increases for tax position taken in the current year | 7,109 | 7,366 |
Increases for tax positions taken in previous years | 1,007 | 2,291 |
Decreases for tax position taken in previous years | (7,120) | (5,307) |
Decreases due to settlements with tax authorities | 0 | (225) |
Decreases due to lapse of statute of limitations | (7,159) | (15,264) |
Balance at end of period | $ 81,502 | $ 87,665 |
STOCKHOLDERS' DEFICIT - Schedu
STOCKHOLDERS' DEFICIT - Schedule of Changes in Shareholders' Deficit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase Decrease In Stockholders Equity | |||||||||||
Beginning balance | $ (11,344,344) | $ (10,901,861) | $ (11,344,344) | $ (10,901,861) | $ (10,617,494) | ||||||
Net loss | $ 224,908 | $ 71,783 | $ (66,290) | (433,040) | $ 350,477 | $ (248,831) | $ (170,883) | (389,474) | (202,639) | (458,711) | (246,572) |
Dividends and other payments to noncontrolling interests | (8,742) | (46,151) | (70,412) | ||||||||
Purchase of additional noncontrolling interests | (1,227) | 0 | |||||||||
Disposal of noncontrolling interests | (2,439) | (36,846) | |||||||||
Share-based compensation | 10,583 | 12,078 | |||||||||
Foreign currency translation adjustments | (15,924) | 43,851 | 22,932 | ||||||||
Unrealized holding loss on marketable securities | (414) | ||||||||||
Other adjustments to comprehensive income (loss) | (1,498) | 6,306 | (12,390) | ||||||||
Other adjustments to comprehensive loss | 6,720 | ||||||||||
Reclassifications adjustments | 2,962 | 5,441 | 46,730 | ||||||||
Other, net | (740) | (1,631) | |||||||||
Ending balance | (11,560,342) | (11,344,344) | (11,560,342) | (11,344,344) | (10,901,861) | ||||||
The Company | |||||||||||
Increase Decrease In Stockholders Equity | |||||||||||
Beginning balance | (11,385,535) | (11,030,835) | (11,385,535) | (11,030,835) | |||||||
Net loss | (201,910) | (398,060) | |||||||||
Dividends and other payments to noncontrolling interests | 0 | 0 | |||||||||
Purchase of additional noncontrolling interests | (524) | ||||||||||
Disposal of noncontrolling interests | 0 | ||||||||||
Share-based compensation | 2,066 | 2,488 | |||||||||
Foreign currency translation adjustments | (7,161) | 31,244 | |||||||||
Unrealized holding loss on marketable securities | (370) | ||||||||||
Other adjustments to comprehensive income (loss) | (1,250) | ||||||||||
Other adjustments to comprehensive loss | 6,013 | ||||||||||
Reclassifications adjustments | 2,664 | 4,864 | |||||||||
Other, net | (84) | (355) | |||||||||
Ending balance | (11,591,210) | (11,385,535) | (11,591,210) | (11,385,535) | (11,030,835) | ||||||
Noncontrolling Interests | |||||||||||
Increase Decrease In Stockholders Equity | |||||||||||
Beginning balance | $ 41,191 | $ 128,974 | 41,191 | 128,974 | 171,763 | ||||||
Net loss | (729) | (60,651) | 55,484 | ||||||||
Dividends and other payments to noncontrolling interests | (8,742) | (46,151) | (70,412) | ||||||||
Purchase of additional noncontrolling interests | (703) | 1,224 | |||||||||
Disposal of noncontrolling interests | (2,439) | (36,846) | |||||||||
Share-based compensation | 8,517 | 9,590 | |||||||||
Foreign currency translation adjustments | (8,763) | 12,607 | |||||||||
Unrealized holding loss on marketable securities | (44) | ||||||||||
Other adjustments to comprehensive income (loss) | (248) | ||||||||||
Other adjustments to comprehensive loss | 707 | ||||||||||
Reclassifications adjustments | 298 | 577 | |||||||||
Other, net | (656) | (1,276) | |||||||||
Ending balance | $ 30,868 | $ 41,191 | $ 30,868 | $ 41,191 | $ 128,974 |
STOCKHOLDERS' DEFICIT - Stock
STOCKHOLDERS' DEFICIT - Stock Registration (Narrative) (Details) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 27, 2015 | Jun. 24, 2015 |
Executive Long-Term Incentive Plan | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Shares registered under Incentive Plan (in shares) | 1,253,831 | |||
Common Class A | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Shares registered under Incentive Plan (in shares) | 400,000,000 | 400,000,000 | ||
Par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Common Class A | Executive Long-Term Incentive Plan | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Shares registered under Incentive Plan (in shares) | 4,000,000 | |||
Par value (in dollars per share) | $ 0.001 |
STOCKHOLDERS' DEFICIT - Divide
STOCKHOLDERS' DEFICIT - Dividends (Narrative) (Details) - USD ($) $ in Millions | Jan. 24, 2018 | Oct. 31, 2017 | Oct. 05, 2017 | Feb. 23, 2017 | Feb. 09, 2017 | Dec. 31, 2016 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Percentage of dividend received | 89.50% | 89.50% | 89.50% | |||
Proceeds received through subsidiaries | $ 26.8 | $ 22.4 | $ 22.4 | |||
Parent Company | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Percentage of dividend received | 89.90% | |||||
Proceeds received through subsidiaries | $ 254 | |||||
CCOH | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Payment of dividend | 30 | 25 | 25 | $ 282.5 | ||
Australia Outdoor | CCOH | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Aggregate purchase price in cash and certain advertising assets | $ 195.7 | |||||
Public Stockholders | CCOH | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Payment of dividend | $ 3.2 | $ 2.6 | $ 2.6 | $ 28.5 | ||
Payment of dividend, percentage paid | 10.50% | 10.50% | 10.50% | 10.10% | ||
Majority Shareholder | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amount of demand for repayment | $ 25 | |||||
Majority Shareholder | CCOH | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amount of demand for repayment | $ 30 | $ 25 |
STOCKHOLDERS' DEFICIT - Stoc_2
STOCKHOLDERS' DEFICIT - Stock Options (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 0 | 0 | 0 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of options granted | 10 years | ||
Vesting period of options | 5 years | ||
Stock Options | Vest based solely on continued service | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of options | 5 years | ||
Options outstanding, vesting percentage | 75.00% | ||
Stock Options | Vest if certain predetermined performance targets are met | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of options | 5 years | ||
Options outstanding, vesting percentage | 25.00% | ||
Stock Options | Common Class A | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of options granted | 10 years |
STOCKHOLDERS' DEFICIT - Sche_2
STOCKHOLDERS' DEFICIT - Schedule of Stock Options Outstanding and Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options | |||
Granted (in shares) | 0 | 0 | 0 |
Weighted Average Remaining Contractual Term | |||
Share for which non-cash compensation expense has not been recorded (in shares) | 100,000 | ||
Parent Company | |||
Options | |||
Outstanding at beginning of period (in shares) | 2,092,000 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | 0 | ||
Forfeited (in shares) | (529,000) | ||
Expired (in shares) | (872,000) | ||
Outstanding at end of period (in shares) | 691,000 | 2,092,000 | |
Exercisable (in shares) | 677,000 | ||
Expected to Vest (in shares) | 14,000 | ||
Price | |||
Outstanding at beginning of period (in dollars per share) | $ 35.09 | ||
Forfeited (in dollars per share) | 35.60 | ||
Expired (in dollars per share) | 35.88 | ||
Outstanding at end of period (in dollars per share) | 33.70 | $ 35.09 | |
Exercisable (in dollars per share) | 33.47 | ||
Expected to Vest (in dollars per share) | $ 44.87 | ||
Weighted Average Remaining Contractual Term | |||
Outstanding | 2 years 9 months 18 days | 2 years 7 months 6 days | |
Exercisable | 2 years 9 months 18 days | ||
Expected to Vest | 2 years 1 month 6 days | ||
CCOH | |||
Options | |||
Outstanding at beginning of period (in shares) | 4,110,000 | ||
Granted (in shares) | 1,000 | ||
Exercised (in shares) | (31,000) | ||
Forfeited (in shares) | (26,000) | ||
Expired (in shares) | (809,000) | ||
Outstanding at end of period (in shares) | 3,245,000 | 4,110,000 | |
Exercisable (in shares) | 2,822,000 | ||
Expected to Vest (in shares) | 423,000 | ||
Price | |||
Outstanding at beginning of period (in dollars per share) | $ 6.10 | ||
Granted (in dollars per share) | 5.10 | ||
Exercised (in dollars per share) | 2.37 | ||
Forfeited (in dollars per share) | 6.56 | ||
Expired (in dollars per share) | 10.73 | ||
Outstanding at end of period (in dollars per share) | 4.97 | $ 6.10 | |
Exercisable (in dollars per share) | 5.10 | ||
Expected to Vest (in dollars per share) | $ 4.15 | ||
Weighted Average Remaining Contractual Term | |||
Outstanding | 3 years 9 months 18 days | 4 years 1 month 6 days | |
Exercisable | 3 years 4 months 24 days | ||
Expected to Vest | 6 years 7 months 6 days | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 2,938 | $ 2,378 | |
Exercisable | 2,915 | ||
Expected to vest | $ 23 | ||
Weighted average grant date fair value (in dollars per share) | $ 2.39 | $ 2.04 | $ 2.82 |
Cash received from option exercises | $ 100 | $ 200 | $ 600 |
Total intrinsic value of options exercised | $ 100 | $ 200 | $ 400 |
STOCKHOLDERS' DEFICIT - Summar
STOCKHOLDERS' DEFICIT - Summary of Unvested Options and Changes (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options | |||
Granted (in shares) | 0 | 0 | 0 |
Parent Company | |||
Options | |||
Unvested at beginning of period (in shares) | 543,000 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | 0 | ||
Forfeited (in shares) | (529,000) | ||
Unvested at end of period (in shares) | 14,000 | 543,000 | |
Weighted Average Grant Date Fair Value | |||
Unvested at beginning of period (in dollars per share) | $ 19.61 | ||
Forfeited (in dollars per share) | 18.94 | ||
Unvested at end of period (in dollars per share) | $ 44.87 | $ 19.61 | |
Total fair value of options vested | $ 0 | $ 0 | $ 0.2 |
CCOH | |||
Options | |||
Unvested at beginning of period (in shares) | 718,000 | ||
Granted (in shares) | 1,000 | ||
Vested (in shares) | (274,000) | ||
Forfeited (in shares) | (22,000) | ||
Unvested at end of period (in shares) | 423,000 | 718,000 | |
Weighted Average Grant Date Fair Value | |||
Unvested at beginning of period (in dollars per share) | $ 4.19 | ||
Granted (in dollars per share) | 2.39 | $ 2.04 | $ 2.82 |
Vested (in dollars per share) | 4.28 | ||
Forfeited (in dollars per share) | 3.90 | ||
Unvested at end of period (in dollars per share) | $ 4.15 | $ 4.19 | |
Total fair value of options vested | $ 1.2 | $ 1.6 | $ 2.7 |
STOCKHOLDERS' DEFICIT - Restri
STOCKHOLDERS' DEFICIT - Restricted Stock Awards (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Restricted stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Period during which restricted stock awards are restricted in transferability | 5 years |
STOCKHOLDERS' DEFICIT - Summ_2
STOCKHOLDERS' DEFICIT - Summary of Restricted Stock Outstanding and Restricted Stock Activity (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Restricted stock awards | |
Awards | |
Outstanding at beginning of period (in shares) | shares | 6,219 |
Granted (in shares) | shares | 70 |
Vested (restriction lapsed) (in shares) | shares | (627) |
Forfeited (in shares) | shares | (403) |
Outstanding at end of period (in shares) | shares | 5,259 |
Price | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 3.81 |
Granted (in dollars per share) | $ / shares | 0.52 |
Vested (restriction lapsed) (in dollars per share) | $ / shares | 4.26 |
Forfeited (in dollars per share) | $ / shares | 3.39 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 3.74 |
CCOH's restricted stock | |
Awards | |
Outstanding at beginning of period (in shares) | shares | 3,900 |
Granted (in shares) | shares | 2,054 |
Vested (restriction lapsed) (in shares) | shares | (592) |
Forfeited (in shares) | shares | (229) |
Outstanding at end of period (in shares) | shares | 5,133 |
Price | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 5.61 |
Granted (in dollars per share) | $ / shares | 5.37 |
Vested (restriction lapsed) (in dollars per share) | $ / shares | 8.09 |
Forfeited (in dollars per share) | $ / shares | 5.64 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 5.23 |
STOCKHOLDERS' DEFICIT - CCOH S
STOCKHOLDERS' DEFICIT - CCOH Stock Options (Narrative) (Details) - Stock Options | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Term of options granted | 10 years |
Vesting period of options | 5 years |
STOCKHOLDERS' DEFICIT - Sche_3
STOCKHOLDERS' DEFICIT - Schedule of Assumptions Used to Calculate Fair Value of Options (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||
Expected volatility (as a percent) | 44.00% | 42.00% | |
Expected volatility, minimum (as a percent) | 42.00% | ||
Expected volatility, maximum (as a percent) | 44.00% | ||
Expected life (in years) | 6 years 4 months | 6 years 4 months | 6 years 4 months |
Risk-free interest rate (as a percent) | 2.76% | 2.12% | |
Risk-free interest rate, minimum | 1.12% | ||
Risk-free interest rate, maximum | 1.41% | ||
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
STOCKHOLDERS' DEFICIT - CCOH R
STOCKHOLDERS' DEFICIT - CCOH Restricted Stock Awards (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Restricted stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Period during which restricted stock awards are restricted in transferability | 5 years |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period of restricted stock units | 5 years |
STOCKHOLDERS' DEFICIT - Share-
STOCKHOLDERS' DEFICIT - Share-Based Compensation Cost (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Tax benefit related to share-based compensation expense | $ 2.6 | $ 4.2 | $ 5 |
Unrecognized compensation cost related to arrangements that will vest based on service conditions | $ 17.5 | ||
Weighted average period for recognition | 3 years | ||
Unrecognized compensation cost related to arrangements that will vest based on market, performance and service conditions | $ 15.1 | ||
Corporate expenses | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Share-based compensation payments recorded in corporate expenses | $ 10.6 | $ 12.1 | $ 13.1 |
STOCKHOLDERS' DEFICIT - Sche_4
STOCKHOLDERS' DEFICIT - Schedule of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
NUMERATOR: | |||||||||||
Net loss attributable to the Company – common shares | $ (201,910) | $ (398,060) | $ (302,056) | ||||||||
DENOMINATOR: | |||||||||||
Weighted average common shares outstanding - basic (in shares) | 85,412 | 84,967 | 84,569 | ||||||||
Stock options and restricted stock: (in shares) | 0 | 0 | 0 | ||||||||
Weighted average common shares outstanding - diluted (in shares) | 85,412 | 84,967 | 84,569 | ||||||||
Net loss attributable to the Company per common share: | |||||||||||
Basic (in dollars per share) | $ 2.51 | $ 0.82 | $ (0.82) | $ (4.89) | $ 4.92 | $ (2.94) | $ (2.08) | $ (4.60) | $ (2.36) | $ (4.68) | $ (3.57) |
Diluted (in dollars per share) | $ 2.51 | $ 0.82 | $ (0.82) | $ (4.89) | $ 4.88 | $ (2.94) | $ (2.08) | $ (4.60) | $ (2.36) | $ (4.68) | $ (3.57) |
Stock options and restricted shares not included in computation of diluted earnings per share (in shares) | 7,200 | 8,300 | 7,900 |
STOCKHOLDERS' DEFICIT - New Ch
STOCKHOLDERS' DEFICIT - New Charter (Narrative) (Details) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 26, 2017 |
Class D Common Stock | |||
Class of Stock [Line Items] | |||
Shares authorized under New Charter (in shares) | 200,000,000 | 200,000,000 | 200,000,000 |
Par value of shares authorized under New Charter (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock authorized under New Charter (in shares) | 150,000,000 | ||
Par value of preferred stock authorized under New Charter (in dollars per share) | $ 0.001 |
EMPLOYEE STOCK AND SAVINGS PL_2
EMPLOYEE STOCK AND SAVINGS PLANS (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Contributions expensed | $ 27,000 | $ 29,000 | $ 30,900 |
Maximum election to defer annual salary (as a percent) | 50.00% | ||
Maximum election to defer bonus before taxes (as a percent) | 80.00% | ||
Non-qualified plan assets | $ 11,200 | 12,116 | |
Liability under deferred compensation plan | $ 11,200 | $ 12,100 |
OTHER INFORMATION - Components
OTHER INFORMATION - Components of Other Income (Expense) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||||||||||
Foreign exchange gain (loss) | $ (33,084) | $ 29,223 | $ (69,880) | ||||||||
Loss on investments, net | (1,276) | (4,872) | (12,907) | ||||||||
Other | (24,516) | (44,545) | (3,222) | ||||||||
Total other income (expense), net | $ (23,352) | $ (6,182) | $ (28,279) | $ (1,063) | $ (6,517) | $ 50 | $ 1,647 | $ (15,374) | $ (58,876) | $ (20,194) | $ (86,009) |
OTHER INFORMATION - Narrative (
OTHER INFORMATION - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Expenses incurred related to capital structure | $ 23.1 | $ 41.8 |
Letter of credit | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | 24.7 | |
Cash collateral | $ 25.4 |
OTHER INFORMATION - Schedule of
OTHER INFORMATION - Schedule of Increase (Decrease) in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Pension adjustments and other | $ 730 | $ (314) | $ (1,044) |
Total (increase) decrease in deferred tax liabilities | $ 730 | $ (314) | $ (1,044) |
OTHER INFORMATION - Component_2
OTHER INFORMATION - Components of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Income and Expenses [Abstract] | ||
Inventory | $ 18,416 | $ 22,470 |
Deposits | 6,278 | 7,516 |
Restricted cash | 7,649 | 26,096 |
Other | 25,745 | 26,456 |
Total other current assets | $ 58,088 | $ 82,538 |
OTHER INFORMATION - Component_3
OTHER INFORMATION - Components of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Income and Expenses [Abstract] | ||
Investments in, and advances to, nonconsolidated affiliates | $ 27,636 | $ 24,395 |
Other investments | 45,169 | 80,320 |
Notes receivable | 26,076 | 13,792 |
Prepaid expenses | 7,105 | 3,423 |
Deposits | 27,860 | 24,686 |
Prepaid rent | 78,400 | 68,991 |
Non-qualified plan assets | 11,200 | 12,116 |
Restricted cash | 16,192 | 18,095 |
Other | 42,602 | 32,449 |
Total other assets | $ 282,240 | $ 278,267 |
OTHER INFORMATION - Component_4
OTHER INFORMATION - Components of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Income and Expenses [Abstract] | ||
Unrecognized tax benefits | $ 112,237 | $ 110,054 |
Asset retirement obligation | 43,981 | 47,093 |
Non-qualified plan liabilities | 0 | 12,116 |
Deferred income | 154,583 | 171,869 |
Deferred rent | 109,385 | 177,334 |
Employee related liabilities | 48,432 | 52,212 |
Other | 21,211 | 39,961 |
Total other long-term liabilities | $ 489,829 | $ 610,639 |
OTHER INFORMATION - Component_5
OTHER INFORMATION - Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | $ (11,560,342) | $ (11,344,344) | $ (10,901,861) | $ (10,617,494) |
Cumulative currency translation adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | (288,413) | (283,746) | ||
Cumulative unrealized gain on securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | 0 | 1,058 | ||
Cumulative other adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | (29,617) | (31,030) | ||
Total accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | $ (318,030) | $ (313,718) | $ (355,469) | $ (414,528) |
SEGMENT DATA - Schedule of Oper
SEGMENT DATA - Schedule of Operating Segment Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 1,772,525 | $ 1,582,765 | $ 1,600,842 | $ 1,369,648 | $ 1,713,161 | $ 1,536,757 | $ 1,589,637 | $ 1,328,876 | $ 6,325,780 | $ 6,168,431 | $ 6,251,000 |
Direct operating expenses | 663,688 | 630,264 | 636,641 | 602,355 | 656,219 | 623,741 | 616,221 | 572,543 | 2,532,948 | 2,468,724 | 2,395,037 |
Selling, general and administrative expenses | 514,269 | 457,757 | 451,490 | 472,987 | 505,131 | 438,796 | 447,509 | 450,786 | 1,896,503 | 1,842,222 | 1,726,118 |
Corporate expenses | 94,665 | 84,193 | 79,626 | 78,734 | 78,411 | 77,967 | 77,158 | 78,362 | 337,218 | 311,898 | 341,072 |
Depreciation and amortization | 111,125 | 120,700 | 147,644 | 151,434 | 157,645 | 149,749 | 147,795 | 146,106 | 530,903 | 601,295 | 635,227 |
Impairment charges | 0 | 40,922 | 0 | 0 | 2,568 | 7,631 | 0 | 0 | 40,922 | 10,199 | 8,000 |
Other operating income (expense), net | (1,556) | (1,637) | (289) | (3,286) | 10,919 | (13,215) | 6,916 | 31,084 | (6,768) | 35,704 | 353,556 |
Operating income (loss) | 387,222 | $ 247,292 | $ 285,152 | $ 60,852 | 324,106 | $ 225,658 | $ 307,870 | $ 112,163 | 980,518 | 969,797 | 1,499,102 |
Segment assets | 12,269,515 | 12,260,431 | 12,269,515 | 12,260,431 | 12,851,789 | ||||||
Capital expenditures | 296,324 | 291,966 | 314,717 | ||||||||
Share-based compensation expense | 10,583 | 12,078 | 13,133 | ||||||||
Corporate and other reconciling items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Direct operating expenses | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Corporate expenses | 341,094 | 315,596 | 342,603 | ||||||||
Depreciation and amortization | 24,621 | 31,640 | 35,547 | ||||||||
Impairment charges | 40,922 | 10,199 | 8,000 | ||||||||
Other operating income (expense), net | (6,768) | 35,704 | 353,556 | ||||||||
Operating income (loss) | (413,405) | (321,731) | (32,594) | ||||||||
Segment assets | 393,993 | 355,528 | 393,993 | 355,528 | 714,445 | ||||||
Capital expenditures | 11,138 | 12,047 | 13,847 | ||||||||
Share-based compensation expense | 10,583 | 12,078 | 13,133 | ||||||||
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (7,315) | (6,918) | (3,455) | ||||||||
Direct operating expenses | (93) | (166) | 0 | ||||||||
Selling, general and administrative expenses | (3,346) | (3,054) | (1,924) | ||||||||
Corporate expenses | (3,876) | (3,698) | (1,531) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income (expense), net | 0 | 0 | 0 | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Segment assets | (206) | (222) | (206) | (222) | (216) | ||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 7,315 | 6,918 | 3,455 | ||||||||
iHM | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 3,436,955 | 3,442,963 | 3,403,040 | ||||||||
Direct operating expenses | 1,062,373 | 1,059,123 | 975,463 | ||||||||
Selling, general and administrative expenses | 1,271,152 | 1,245,741 | 1,102,998 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 177,775 | 233,757 | 243,964 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income (expense), net | 0 | 0 | 0 | ||||||||
Operating income (loss) | 925,655 | 904,342 | 1,080,615 | ||||||||
Segment assets | 7,356,222 | 7,318,941 | 7,356,222 | 7,318,941 | 7,392,872 | ||||||
Capital expenditures | 75,377 | 58,057 | 73,221 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
iHM | Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 160 | 0 | 0 | ||||||||
Americas Outdoor Advertising | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,189,348 | 1,161,059 | 1,187,180 | ||||||||
Direct operating expenses | 524,659 | 527,536 | 528,769 | ||||||||
Selling, general and administrative expenses | 199,688 | 197,390 | 203,427 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 166,806 | 179,119 | 175,438 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income (expense), net | 0 | 0 | 0 | ||||||||
Operating income (loss) | 298,195 | 257,014 | 279,546 | ||||||||
Segment assets | 2,782,662 | 2,850,303 | 2,782,662 | 2,850,303 | 3,046,369 | ||||||
Capital expenditures | 76,867 | 70,936 | 78,289 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Americas Outdoor Advertising | Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 7,155 | 6,918 | 3,455 | ||||||||
International Outdoor Advertising | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,532,357 | 1,427,643 | 1,492,642 | ||||||||
Direct operating expenses | 946,009 | 882,231 | 889,550 | ||||||||
Selling, general and administrative expenses | 323,230 | 301,823 | 311,994 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 148,199 | 141,812 | 162,974 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income (expense), net | 0 | 0 | 0 | ||||||||
Operating income (loss) | 114,919 | 101,777 | 128,124 | ||||||||
Segment assets | 1,568,346 | 1,568,388 | 1,568,346 | 1,568,388 | 1,460,884 | ||||||
Capital expenditures | 129,962 | 150,036 | 146,900 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
International Outdoor Advertising | Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Other | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 174,435 | 143,684 | 171,593 | ||||||||
Direct operating expenses | 0 | 0 | 1,255 | ||||||||
Selling, general and administrative expenses | 105,779 | 100,322 | 109,623 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 13,502 | 14,967 | 17,304 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income (expense), net | 0 | 0 | 0 | ||||||||
Operating income (loss) | 55,154 | 28,395 | 43,411 | ||||||||
Segment assets | $ 168,498 | $ 167,493 | 168,498 | 167,493 | 237,435 | ||||||
Capital expenditures | 2,980 | 890 | 2,460 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Other | Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 0 | $ 0 | $ 0 |
SEGMENT DATA - Narrative (Detai
SEGMENT DATA - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $ 1,772,525 | $ 1,582,765 | $ 1,600,842 | $ 1,369,648 | $ 1,713,161 | $ 1,536,757 | $ 1,589,637 | $ 1,328,876 | $ 6,325,780 | $ 6,168,431 | $ 6,251,000 |
Foreign operations | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 1,600,000 | 1,500,000 | 1,600,000 | ||||||||
Identifiable long-lived assets | 566,100 | 598,600 | 566,100 | 598,600 | 540,400 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 4,800,000 | 4,700,000 | 4,700,000 | ||||||||
Identifiable long-lived assets | $ 1,200,000 | $ 1,300,000 | $ 1,200,000 | $ 1,300,000 | $ 1,400,000 |
QUARTERLY RESULTS OF OPERATIO_3
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Contractual interest | $ 376,300 | $ 372,600 | $ 373,900 | $ 66,300 | $ 1,189,132 | ||||||
Revenue | 1,772,525 | 1,582,765 | 1,600,842 | 1,369,648 | $ 1,713,161 | $ 1,536,757 | $ 1,589,637 | $ 1,328,876 | 6,325,780 | $ 6,168,431 | $ 6,251,000 |
Operating expenses: | |||||||||||
Direct operating expenses | 663,688 | 630,264 | 636,641 | 602,355 | 656,219 | 623,741 | 616,221 | 572,543 | 2,532,948 | 2,468,724 | 2,395,037 |
Selling, general and administrative expenses | 514,269 | 457,757 | 451,490 | 472,987 | 505,131 | 438,796 | 447,509 | 450,786 | 1,896,503 | 1,842,222 | 1,726,118 |
Corporate expenses | 94,665 | 84,193 | 79,626 | 78,734 | 78,411 | 77,967 | 77,158 | 78,362 | 337,218 | 311,898 | 341,072 |
Depreciation and amortization | 111,125 | 120,700 | 147,644 | 151,434 | 157,645 | 149,749 | 147,795 | 146,106 | 530,903 | 601,295 | 635,227 |
Impairment charges | 0 | 40,922 | 0 | 0 | 2,568 | 7,631 | 0 | 0 | 40,922 | 10,199 | 8,000 |
Other operating income (expense), net | (1,556) | (1,637) | (289) | (3,286) | 10,919 | (13,215) | 6,916 | 31,084 | (6,768) | 35,704 | 353,556 |
Operating income (loss) | 387,222 | 247,292 | 285,152 | 60,852 | 324,106 | 225,658 | 307,870 | 112,163 | 980,518 | 969,797 | 1,499,102 |
Interest expense (excludes contractual interest of $1,189,132 for the year ended December 31, 2018) | 97,679 | 99,255 | 107,600 | 418,397 | 475,317 | 470,250 | 463,232 | 455,337 | 722,931 | 1,864,136 | 1,850,119 |
Equity in earnings (loss) of nonconsolidated affiliates | 729 | 172 | (38) | 157 | (615) | (2,238) | 240 | (242) | 1,020 | (2,855) | (16,733) |
Gain on extinguishment of debt | 0 | 0 | 0 | 100 | 1,271 | 0 | 0 | 0 | 100 | 1,271 | 157,556 |
Other income (expense), net | (23,352) | (6,182) | (28,279) | (1,063) | (6,517) | 50 | 1,647 | (15,374) | (58,876) | (20,194) | (86,009) |
Reorganization items, net | 42,849 | 52,475 | 68,740 | 192,055 | 0 | 0 | 0 | 0 | 356,119 | 0 | 0 |
Income (loss) before income taxes | 224,071 | 89,552 | 80,495 | (550,406) | (157,072) | (246,780) | (153,475) | (358,790) | (156,288) | (916,117) | (296,203) |
Income tax benefit (expense) | 837 | (17,769) | (146,785) | 117,366 | 507,549 | (2,051) | (17,408) | (30,684) | (46,351) | 457,406 | 49,631 |
Consolidated net income (loss) | 224,908 | 71,783 | (66,290) | (433,040) | 350,477 | (248,831) | (170,883) | (389,474) | (202,639) | (458,711) | (246,572) |
Less amount attributable to noncontrolling interest | 10,003 | 1,705 | 3,609 | (16,046) | (68,265) | 1,659 | 5,591 | 364 | (729) | (60,651) | 55,484 |
Net income (loss) attributable to the Company | $ 214,905 | $ 70,078 | $ (69,899) | $ (416,994) | $ 418,742 | $ (250,490) | $ (176,474) | $ (389,838) | $ (201,910) | $ (398,060) | $ (302,056) |
Net income (loss) to the Company per common share: | |||||||||||
Basic (in dollars per share) | $ 2.51 | $ 0.82 | $ (0.82) | $ (4.89) | $ 4.92 | $ (2.94) | $ (2.08) | $ (4.60) | $ (2.36) | $ (4.68) | $ (3.57) |
Diluted (in dollars per share) | $ 2.51 | $ 0.82 | $ (0.82) | $ (4.89) | $ 4.88 | $ (2.94) | $ (2.08) | $ (4.60) | $ (2.36) | $ (4.68) | $ (3.57) |
CERTAIN RELATIONSHIPS AND REL_2
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Detail) - USD ($) | Apr. 02, 2015 | Jan. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 03, 2015 | Dec. 31, 2014 | Aug. 09, 2010 |
Related Party Transaction [Line Items] | ||||||||
Management fees rate | $ 15,000,000 | |||||||
Management fees and reimbursable expenses | $ 2,900,000 | $ 15,200,000 | $ 15,300,000 | |||||
Common Class A | ||||||||
Related Party Transaction [Line Items] | ||||||||
Approved stock repurchase amount | $ 100,000,000 | |||||||
Remaining aggregate available under stock purchase program | $ 34,200,000 | |||||||
CC Finco | Common Class A | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares purchased (in shares) | 2,000,000 | |||||||
Shares purchased | $ 22,200,000 | $ 20,400,000 | ||||||
Additional shares purchased | 2,172,946 | |||||||
iHeart Communications Inc. | Common Class A | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares of CCOH's Class A Common Stock held (in shares) | 10,726,917 | |||||||
Collective holdings percentage | 89.10% | |||||||
CCOH | Common Class B | ||||||||
Related Party Transaction [Line Items] | ||||||||
Contribution of shares by Clear Channel Holdings, Inc. (in shares) | 100,000,000 |
LIABILITIES SUBJECT TO COMPRO_3
LIABILITIES SUBJECT TO COMPROMISE (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Reorganizations [Abstract] | ||
Accounts payable | $ 32,807 | |
Accrued expenses | 23,277 | |
Deferred taxes | 644,926 | |
Other long-term liabilities | 87,096 | |
Accounts payable, accrued and other liabilities | 788,106 | |
Debt subject to compromise | 15,149,477 | $ 0 |
Accrued interest on debt subject to compromise | 542,673 | |
Long-term debt and accrued interest | 15,692,150 | |
Total liabilities subject to compromise | $ 16,480,256 | $ 0 |
REORGANIZATION ITEMS, NET (Deta
REORGANIZATION ITEMS, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Write-off of deferred long-term debt fees | $ 67,079 | ||||||||||
Write-off of original issue discount on debt subject to compromise | 131,100 | ||||||||||
Debtor-in-possession refinancing costs | 10,546 | ||||||||||
Loss on Liabilities subject to compromise settlement | 275 | ||||||||||
Professional fees and other bankruptcy related costs | 147,119 | ||||||||||
Reorganization items, net | $ 42,849 | $ 52,475 | $ 68,740 | $ 192,055 | $ 0 | $ 0 | $ 0 | $ 0 | 356,119 | $ 0 | $ 0 |
Reorganization items unpaid | $ 47,500 | 47,500 | |||||||||
Draws on credit facilities | 143,332 | $ 100,000 | $ 100,000 | ||||||||
DIP Facility | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Debtor-in-possession refinancing costs | 6,700 | ||||||||||
Draws on credit facilities | $ 125,000 |
CONDENSED COMBINED DEBTOR-IN-_3
CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION - Debtors' Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 406,493 | $ 267,109 | ||
Accounts receivable, net of allowance | 1,575,170 | 1,508,370 | ||
Allowance for receivables | 50,808 | 48,450 | ||
Prepaid expenses | 195,266 | 209,330 | ||
Other current assets | 58,088 | 82,538 | ||
Total Current Assets | 2,235,017 | 2,067,347 | ||
Property, plant and equipment, net | 1,791,140 | 1,884,714 | ||
Indefinite-lived intangibles - licenses | 2,417,915 | 2,451,813 | ||
Other intangibles, net | 453,284 | 550,056 | ||
Goodwill | 4,118,756 | 4,051,082 | $ 4,066,575 | |
Other assets | 282,240 | 278,267 | ||
Segment assets | 12,269,515 | 12,260,431 | $ 12,851,789 | |
Accounts payable | 163,149 | 163,449 | ||
Accrued expenses | 826,865 | 769,128 | ||
Accrued interest | 3,108 | 268,102 | ||
Deferred income | 208,195 | 181,551 | ||
Current portion of long-term debt | 46,332 | 14,972,367 | ||
Total Current Liabilities | 1,247,649 | 16,354,597 | ||
Other long-term liabilities | 489,829 | 610,639 | ||
Liabilities subject to compromise | 16,480,256 | 0 | ||
Total Liabilities and Equity (Deficit) | 12,269,515 | $ 12,260,431 | ||
Liabilities subject to compromise, intercompany note payable, principal amount outstanding | $ 1,031,700 | |||
Debtors | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 178,924 | |||
Accounts receivable, net of allowance | 866,088 | |||
Allowance for receivables | 26,347 | |||
Prepaid expenses | 98,836 | |||
Other current assets | 24,576 | |||
Total Current Assets | 1,168,424 | |||
Property, plant and equipment, net | 501,677 | |||
Indefinite-lived intangibles - licenses | 2,409,411 | |||
Other intangibles, net | 196,741 | |||
Goodwill | 3,412,753 | |||
Other assets | 63,203 | |||
Segment assets | 7,752,209 | |||
Accounts payable | 49,129 | |||
Due to Clear Channel Outdoor | 2,894 | |||
Accrued expenses | 296,149 | |||
Accrued interest | 766 | |||
Deferred income | 120,328 | |||
Current portion of long-term debt | 46,105 | |||
Total Current Liabilities | $ 515,371 | |||
Other long-term liabilities | 229,640 | |||
Liabilities subject to compromise | 17,511,976 | |||
Equity (Deficit) | (10,504,778) | |||
Total Liabilities and Equity (Deficit) | $ 7,752,209 |
CONDENSED COMBINED DEBTOR-IN-_4
CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION - Debtors' Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue | $ 1,772,525 | $ 1,582,765 | $ 1,600,842 | $ 1,369,648 | $ 1,713,161 | $ 1,536,757 | $ 1,589,637 | $ 1,328,876 | $ 6,325,780 | $ 6,168,431 | $ 6,251,000 |
Direct operating expenses | 663,688 | 630,264 | 636,641 | 602,355 | 656,219 | 623,741 | 616,221 | 572,543 | 2,532,948 | 2,468,724 | 2,395,037 |
Selling, general and administrative expenses | 514,269 | 457,757 | 451,490 | 472,987 | 505,131 | 438,796 | 447,509 | 450,786 | 1,896,503 | 1,842,222 | 1,726,118 |
Corporate expenses | 94,665 | 84,193 | 79,626 | 78,734 | 78,411 | 77,967 | 77,158 | 78,362 | 337,218 | 311,898 | 341,072 |
Depreciation and amortization | 111,125 | 120,700 | 147,644 | 151,434 | 157,645 | 149,749 | 147,795 | 146,106 | 530,903 | 601,295 | 635,227 |
Impairment charges | 0 | 40,922 | 0 | 0 | 2,568 | 7,631 | 0 | 0 | 40,922 | 10,199 | 8,000 |
Other operating income (expense), net | (1,556) | (1,637) | (289) | (3,286) | 10,919 | (13,215) | 6,916 | 31,084 | (6,768) | 35,704 | 353,556 |
Operating income (loss) | 387,222 | 247,292 | 285,152 | 60,852 | 324,106 | 225,658 | 307,870 | 112,163 | 980,518 | 969,797 | 1,499,102 |
Interest expense (excludes contractual interest of $1,189,132 for the year ended December 31, 2018) | 97,679 | 99,255 | 107,600 | 418,397 | 475,317 | 470,250 | 463,232 | 455,337 | 722,931 | 1,864,136 | 1,850,119 |
Equity in earnings (loss) of nonconsolidated affiliates | 729 | 172 | (38) | 157 | (615) | (2,238) | 240 | (242) | 1,020 | (2,855) | (16,733) |
Gain on extinguishment of debt | 0 | 0 | 0 | 100 | 1,271 | 0 | 0 | 0 | 100 | 1,271 | 157,556 |
Other expense, net | (23,352) | (6,182) | (28,279) | (1,063) | (6,517) | 50 | 1,647 | (15,374) | (58,876) | (20,194) | (86,009) |
Income (loss) before income taxes | 224,071 | 89,552 | 80,495 | (550,406) | (157,072) | (246,780) | (153,475) | (358,790) | (156,288) | (916,117) | (296,203) |
Income tax expense | (837) | 17,769 | 146,785 | (117,366) | (507,549) | 2,051 | 17,408 | 30,684 | 46,351 | (457,406) | (49,631) |
Consolidated net income (loss) | $ 224,908 | $ 71,783 | $ (66,290) | $ (433,040) | $ 350,477 | $ (248,831) | $ (170,883) | $ (389,474) | (202,639) | $ (458,711) | $ (246,572) |
Debtors | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue | 3,577,742 | ||||||||||
Direct operating expenses | 1,056,315 | ||||||||||
Selling, general and administrative expenses | 1,356,108 | ||||||||||
Corporate expenses | 188,937 | ||||||||||
Depreciation and amortization | 210,914 | ||||||||||
Impairment charges | 33,151 | ||||||||||
Other operating income (expense), net | (9,260) | ||||||||||
Operating income (loss) | 723,057 | ||||||||||
Interest expense (excludes contractual interest of $1,189,132 for the year ended December 31, 2018) | 357,181 | ||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | (140) | ||||||||||
Gain on extinguishment of debt | 5,667 | ||||||||||
Investment Income, Dividend | 28,564 | ||||||||||
Other expense, net | (22,776) | ||||||||||
Reorganization items, net | 356,119 | ||||||||||
Income (loss) before income taxes | 21,072 | ||||||||||
Income tax expense | 13,056 | ||||||||||
Consolidated net income (loss) | $ 8,016 |
CONDENSED COMBINED DEBTOR-IN-_5
CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION - Debtors' Statement Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||||
Consolidated net income (loss) | $ 224,908 | $ 71,783 | $ (66,290) | $ (433,040) | $ 350,477 | $ (248,831) | $ (170,883) | $ (389,474) | $ (202,639) | $ (458,711) | $ (246,572) |
Impairment charges | 0 | 40,922 | 0 | 0 | 2,568 | 7,631 | 0 | 0 | 40,922 | 10,199 | 8,000 |
Depreciation and amortization | 111,125 | 120,700 | 147,644 | 151,434 | 157,645 | 149,749 | 147,795 | 146,106 | 530,903 | 601,295 | 635,227 |
Deferred taxes | 18,038 | (488,190) | (97,416) | ||||||||
Provision for doubtful accounts | 28,429 | 38,944 | 27,390 | ||||||||
Amortization of deferred financing charges and note discounts, net | 22,601 | 57,474 | 69,951 | ||||||||
Non-cash Reorganization items, net | 252,392 | 0 | 0 | ||||||||
Share-based compensation | 10,583 | 12,078 | 13,133 | ||||||||
Loss on disposal of operating and other assets | 131 | 44,461 | 365,710 | ||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 729 | 172 | (38) | 157 | (615) | (2,238) | 240 | (242) | 1,020 | (2,855) | (16,733) |
Gain on extinguishment of debt | 0 | $ 0 | $ 0 | 100 | 1,271 | $ 0 | $ 0 | 0 | 100 | 1,271 | 157,556 |
Barter and trade income | 15,733 | 42,210 | 38,323 | ||||||||
Other reconciling items, net | (36,860) | 23,576 | (84,350) | ||||||||
Increase in accounts receivable | 110,062 | 149,347 | 14,469 | ||||||||
Increase in prepaid expenses and other current assets | (22) | 28,377 | 3,114 | ||||||||
Increase (decrease) in accrued expenses | 40,075 | 4,133 | (2,862) | ||||||||
Increase (decrease) in accounts payable | 38,265 | 15,736 | 3,065 | ||||||||
Increase in accrued interest | 304,729 | 41,006 | 20,809 | ||||||||
Increase (decrease) in deferred income | 19,892 | (26,533) | 23,661 | ||||||||
Changes in other operating assets and liabilities | 47,354 | 12,254 | (7,938) | ||||||||
Net cash provided by (used for) operating activities | 966,672 | (491,210) | (15,765) | ||||||||
Purchases of businesses | (74,272) | 0 | (500) | ||||||||
Capital expenditures | 296,324 | 291,966 | 314,717 | ||||||||
Proceeds from disposal of assets | 10,422 | 82,987 | 856,981 | ||||||||
Purchases of other operating assets | 2,138 | 1,213 | 4,414 | ||||||||
Change in other, net | 1,243 | 4,060 | 2,771 | ||||||||
Net cash used for investing activities | (345,478) | (214,692) | 533,496 | ||||||||
Draws on revolving credit facilities | 143,332 | 100,000 | 100,000 | ||||||||
Payments on credit facilities | 258,308 | 25,909 | 2,100 | ||||||||
Payments on long-term debt | 365,001 | 9,946 | 421,263 | ||||||||
Change in other, net | (2,401) | (22,333) | (12,093) | ||||||||
Net cash provided by (used for) financing activities | (491,799) | 151,335 | (418,231) | ||||||||
Effect of exchange rate changes on cash | (10,361) | 10,141 | (5,639) | ||||||||
Net increase in cash, cash equivalents and restricted cash | 119,034 | (544,426) | 93,861 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 311,300 | $ 855,726 | 311,300 | 855,726 | 761,865 | ||||||
Cash, cash equivalents and restricted cash at end of period | 430,334 | 311,300 | 430,334 | 311,300 | $ 855,726 | ||||||
Debtors | |||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||||
Consolidated net income (loss) | 8,016 | ||||||||||
Impairment charges | 33,151 | ||||||||||
Depreciation and amortization | 210,914 | ||||||||||
Deferred taxes | 3,643 | ||||||||||
Provision for doubtful accounts | 21,003 | ||||||||||
Amortization of deferred financing charges and note discounts, net | 11,871 | ||||||||||
Non-cash Reorganization items, net | 252,392 | ||||||||||
Share-based compensation | 2,066 | ||||||||||
Loss on disposal of operating and other assets | (3,224) | ||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | (140) | ||||||||||
Gain on extinguishment of debt | 5,667 | ||||||||||
Barter and trade income | 10,873 | ||||||||||
Other reconciling items, net | 273 | ||||||||||
Increase in accounts receivable | 35,771 | ||||||||||
Increase in prepaid expenses and other current assets | 2,034 | ||||||||||
Increase (decrease) in accrued expenses | 14,782 | ||||||||||
Increase (decrease) in accounts payable | 8,962 | ||||||||||
Increase in accrued interest | 303,495 | ||||||||||
Increase (decrease) in deferred income | (14,963) | ||||||||||
Changes in other operating assets and liabilities | 25,483 | ||||||||||
Net cash provided by (used for) operating activities | 778,595 | ||||||||||
Purchases of businesses | (74,272) | ||||||||||
Capital expenditures | 85,012 | ||||||||||
Proceeds from disposal of assets | 642 | ||||||||||
Purchases of other operating assets | 305 | ||||||||||
Change in other, net | 132 | ||||||||||
Net cash used for investing activities | (159,079) | ||||||||||
Draws on revolving credit facilities | 143,332 | ||||||||||
Payments on credit facilities | 258,308 | ||||||||||
Payments on long-term debt | 358,911 | ||||||||||
Net transfers to related parties | 65,666 | ||||||||||
Change in other, net | (79) | ||||||||||
Net cash provided by (used for) financing activities | (539,632) | ||||||||||
Effect of exchange rate changes on cash | 0 | ||||||||||
Net increase in cash, cash equivalents and restricted cash | 79,884 | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ 102,468 | 102,468 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ 182,352 | $ 102,468 | $ 182,352 | $ 102,468 |
SCHEDULE II VALUATION AND QUA_2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Period | $ 48,450 | $ 33,882 | $ 34,889 |
Charges to Costs, Expenses and other | 28,429 | 38,944 | 27,390 |
Write-off of Accounts Receivable | 25,116 | 25,800 | 27,898 |
Other | (955) | 1,424 | (499) |
Balance at End of Period | $ 50,808 | $ 48,450 | $ 33,882 |
SCHEDULE II VALUATION AND QUA_3
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Deferred Tax Asset Valuation Allowance (Details) - Deferred Tax Asset Valuation Allowance - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Period | $ 952,337 | $ 989,924 | $ 944,576 |
Charges to Costs, Expenses and other | 71,799 | 319,429 | 109,285 |
Reversal | (2,835) | (12,155) | (49,577) |
Adjustments | (11,078) | (344,861) | (14,360) |
Balance at End of Period | $ 1,010,223 | $ 952,337 | $ 989,924 |
SCHEDULE II VALUATION AND QUA_4
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal and state | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Tax Act, reduction in deferred tax asset valuation allowance | $ 61.5 | ||
Federal and state | Deferred Tax Asset Valuation Allowance | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowance recorded on portion of deferred tax assets | $ 61.5 | $ 387.7 | $ 61.5 |
Tax Act, reduction in deferred tax asset valuation allowance | $ 336.3 | ||
Foreign | Deferred Tax Asset Valuation Allowance | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowances released | $ 43.3 |