Document and Entity Information
| Document and Entity Information - shares | 6 Months Ended | |
| Jun. 30, 2015 | Jul. 28, 2015 | |
| Document Information [Line Items] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jun. 30, 2015 | |
| Entity Registrant Name | iHeartMedia, Inc. | |
| Entity Central Index Key | 1,400,891 | |
| Fiscal Year Focus | 2,015 | |
| Fiscal Period Focus | Q2 | |
| Fiscal Year End | --12-31 | |
| Entity Well Known Seasoned Issuer | No | |
| Entity Voluntary Filers | No | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Non-accelerated Filer | |
| Trading Symbol | IHRT | |
| Common Class A [Member] | ||
| Document Information [Line Items] | ||
| Entity Common Stock Shares Outstanding | 28,952,320 | |
| Common Class B [Member] | ||
| Document Information [Line Items] | ||
| Entity Common Stock Shares Outstanding | 555,556 | |
| Common Class C [Member] | ||
| Document Information [Line Items] | ||
| Entity Common Stock Shares Outstanding | 58,967,502 |
Consolidated Balance Sheets
| Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
| CURRENT ASSETS | ||
| Cash and cash equivalents | $ 387,449,000 | $ 457,024,000 |
| Accounts receivable, net of allowance of $32,560 in 2015 and $32,396 in 2014 | 1,434,232,000 | 1,395,248,000 |
| Prepaid expenses | 223,044,000 | 191,572,000 |
| Other current assets | 141,111,000 | 136,299,000 |
| Total Current Assets | 2,185,836,000 | 2,180,143,000 |
| PROPERTY, PLANT AND EQUIPMENT | ||
| Structures, net | 1,542,361,000 | 1,614,199,000 |
| Other property, plant and equipment, net | 862,565,000 | 1,084,865,000 |
| INTANGIBLE ASSETS AND GOODWILL | ||
| Indefinite-lived intangibles - licenses | 2,411,294,000 | 2,411,071,000 |
| Indefinite-lived intangibles - permits | 1,065,978,000 | 1,066,748,000 |
| Other intangibles, net | 1,083,979,000 | 1,206,727,000 |
| Goodwill | 4,177,772,000 | 4,187,424,000 |
| OTHER ASSETS | ||
| Other assets | 297,160,000 | 289,065,000 |
| Total Assets | 13,626,945,000 | 14,040,242,000 |
| CURRENT LIABILITIES | ||
| Accounts payable | 122,424,000 | 132,258,000 |
| Accrued expenses | 730,216,000 | 799,475,000 |
| Accrued interest | 286,892,000 | 252,900,000 |
| Deferred income | 227,042,000 | 176,048,000 |
| Other current liabilities | 0 | 0 |
| Current portion of long-term debt | 2,725,000 | 3,604,000 |
| Total Current Liabilities | 1,369,299,000 | 1,364,285,000 |
| Long-term debt | 20,371,803,000 | 20,322,414,000 |
| Deferred income taxes | 1,562,081,000 | 1,563,888,000 |
| Other long-term liabilities | $ 564,538,000 | $ 454,863,000 |
| Commitments and contingent liabilities | ||
| SHAREHOLDERS' DEFICIT | ||
| Noncontrolling interest | $ 197,477,000 | $ 224,140,000 |
| Additional Paid In Capital | 2,067,661,000 | 2,102,789,000 |
| Common Stock | 89,000 | 89,000 |
| Accumulated deficit | (12,121,822,000) | (11,682,390,000) |
| Accumulated other comprehensive loss | (382,712,000) | (308,590,000) |
| Cost of shares held in treasury | 1,469,000 | 1,246,000 |
| Total Shareholders' Deficit | (10,240,776,000) | (9,665,208,000) |
| Total Liabilities and Shareholders' Deficit | 13,626,945,000 | 14,040,242,000 |
| Class A common stock [Member] | ||
| SHAREHOLDERS' DEFICIT | ||
| Common Stock | 29,000 | 29,000 |
| Class B common stock [Member] | ||
| SHAREHOLDERS' DEFICIT | ||
| Common Stock | 1,000 | 1,000 |
| Class C common stock [Member] | ||
| SHAREHOLDERS' DEFICIT | ||
| Common Stock | $ 59,000 | $ 59,000 |
Consolidated Balance Sheets (Pa
| Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
| Class of Stock [Line Items] | ||
| Allowances for receivables | $ 32,560 | $ 32,396 |
| Common Class A [Member] | ||
| Class of Stock [Line Items] | ||
| Common stock par value per share | $ 0.001 | $ 0.001 |
| Common stock shares authorized | 400,000,000 | 400,000,000 |
| Common stock shares issued | 29,101,656 | 29,307,583 |
| Common Class B [Member] | ||
| Class of Stock [Line Items] | ||
| Common stock par value 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 [Member] | ||
| Class of Stock [Line Items] | ||
| Common stock par value 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 |
| Treasury Stock [Member] | ||
| Class of Stock [Line Items] | ||
| Treasury stock shares | 260,627 | 227,638 |
Consolidated Statements Of Comp
| Consolidated Statements Of Comprehensive Loss - Entity [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Revenue | $ 1,599,859 | $ 1,630,154 | $ 2,944,423 | $ 2,972,702 |
| Operating expenses: | ||||
| Direct operating expenses (excludes depreciation and amortization) | 615,265 | 644,870 | 1,193,784 | 1,242,558 |
| Selling, general and administrative expenses (excludes depreciation and amortization) | 424,163 | 418,928 | 840,351 | 833,564 |
| Corporate expenses (excludes depreciation and amortization) | 80,592 | 82,197 | 157,880 | 154,902 |
| Depreciation and amortization | 168,394 | 174,062 | 338,847 | 348,933 |
| Impairment charges | 0 | 4,902 | 0 | 4,902 |
| Other operating income, net | 100,754 | (1,628) | 91,780 | (1,463) |
| Operating income | 412,199 | 303,567 | 505,341 | 386,380 |
| Interest expense | 452,957 | 440,605 | 894,728 | 871,719 |
| Gain (loss) on marketable securities | 0 | 0 | 579 | 0 |
| Equity in earnings (loss) of nonconsolidated affiliates | (690) | (16) | (359) | (13,343) |
| Loss on extinguishment of debt | 0 | (47,503) | (2,201) | (51,419) |
| Other income (expense), net | 16,211 | 12,157 | 36,102 | 13,698 |
| Loss before income taxes | (25,237) | (172,400) | (355,266) | (536,403) |
| Income tax benefit (expense) | (22,077) | 621 | (78,682) | (67,766) |
| Consolidated net loss | (47,314) | (171,779) | (433,948) | (604,169) |
| Less amount attributable to noncontrolling interest | 7,152 | 14,852 | 5,484 | 6,651 |
| Net loss attributable to the Company | (54,466) | (186,631) | (439,432) | (610,820) |
| Other comprehensive income (loss), net of tax: | ||||
| Foreign currency translation adjustments | 2,278 | (12,232) | (79,881) | (14,449) |
| Unrealized gain (loss) on securities and derivatives: | ||||
| Unrealized holding gain (loss) on marketable securities | (133) | (405) | 689 | 679 |
| Unrealized holding gain on cash flow derivatives | 0 | 0 | ||
| Other adjustments to comprehensive income (loss) | 0 | 0 | (1,154) | 0 |
| Reclassification adjustment for realized gain (loss) on securities included in net loss | 0 | 0 | 0 | 3,309 |
| Other comprehensive income (loss) | 2,145 | (12,637) | (80,346) | (10,461) |
| Comprehensive loss | (52,321) | (199,268) | (519,778) | (621,281) |
| Less amount attributable to noncontrolling interest | (4,287) | (1,979) | (10,640) | (4,942) |
| Comprehensive loss attributable to the Company | $ (48,034) | $ (197,289) | $ (509,138) | $ (616,339) |
| Net loss attributable to the Company per common share: | ||||
| Basic | $ (0.65) | $ (2.22) | $ (5.22) | $ (7.28) |
| Weighted average common shares outstanding - Basic | 84,238 | 83,916 | 84,178 | 83,858 |
| Diluted | $ (0.65) | $ (2.22) | $ (5.22) | $ (7.28) |
| Weighted average common shares outstanding - Diluted | 84,238 | 83,916 | 84,178 | 83,858 |
Consolidated Statements Of Cash
| Consolidated Statements Of Cash Flows - Entity [Domain] - USD ($) $ in Thousands | 6 Months Ended | |
| Jun. 30, 2015 | Jun. 30, 2014 | |
| Cash flows from operating activities: | ||
| Consolidated net loss | $ (433,948) | $ (604,169) |
| Reconciling items: | ||
| Impairment charges | 0 | 4,902 |
| Depreciation and amortization | 338,847 | 348,933 |
| Deferred taxes | 14,988 | 32,179 |
| Provision for doubtful accounts | 12,848 | 7,767 |
| Amortization of deferred financing charges and note discounts, net | 31,494 | 57,622 |
| Share-based compensation | 4,927 | 5,818 |
| (Gain) loss on disposal of operating and fixed assets | (101,473) | 1,463 |
| (Gain) loss on marketable securities | (579) | 0 |
| Equity in (earnings) loss of nonconsolidated affiliates | 359 | 13,343 |
| Loss (gain) on extinguishment of debt | 2,201 | 51,419 |
| Other reconciling items, net | (36,546) | (14,037) |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||
| (Increase) decrease in accounts receivable | (73,764) | 9,714 |
| Decrease in accrued expenses | (61,342) | (15,820) |
| Increase (decrease) in accounts payable | (6,126) | (19,928) |
| Decrease in accrued interest | 50,620 | 31,816 |
| Increase in deferred income | 56,230 | 67,696 |
| Changes in other operating assets and liabilities | (38,342) | (24,922) |
| Net cash provided by operating activities | (239,606) | (46,204) |
| Cash flows from investing activities: | ||
| Proceeds from sale of other investments | 579 | 220,830 |
| Purchases of businesses | 0 | 0 |
| Purchases of property, plant and equipment | (124,877) | (141,421) |
| Proceeds from disposal of assets | 393,637 | 5,899 |
| Purchases of other operating assets | (3,970) | (1,733) |
| Change in other, net | (28,994) | (2,009) |
| Net cash used for investing activities | 236,375 | 81,566 |
| Cash flows from financing activities: | ||
| Draws on credit facilities | 120,000 | 820 |
| Payments on credit facilities | (122,638) | (248,675) |
| Proceeds from long-term debt | 950,000 | 1,059,975 |
| Payments on long-term debt | (931,324) | (731,254) |
| Payments to repurchase noncontrolling interests | (42,564) | 0 |
| Dividends and other payments to noncontrolling interests | (28,099) | (9,673) |
| Deferred financing charges | (10,021) | (15,526) |
| Change in other, net | 2,602 | (165) |
| Net cash used for financing activities | (62,044) | 55,502 |
| Effect of exchange rate changes on cash | (4,300) | (577) |
| Net decrease in cash and cash equivalents | (69,575) | 90,287 |
| Cash and cash equivalents at beginning of period | 457,024 | 708,151 |
| Cash and cash equivalents at end of period | 387,449 | 798,438 |
| SUPPLEMENTAL DISCLOSURES: | ||
| Cash paid during the year for interest | 808,354 | 756,322 |
| Cash paid during the year for taxes | $ 24,465 | $ 19,233 |
Summary of Significant Accounti
| Summary of Significant Accounting Policies | 6 Months Ended |
| Jun. 30, 2015 | |
| Summary of Significant Accounting Policies | NOTE 1 – BASIS OF PRESENTATION Preparation o f Interim Financial Statements All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to iHeartMedia, Inc. and its consolidated subsidiaries. The Company’s reportable segments are iHeartMedia (“ iHM ”), Americas outdoor advertising (“Americas outdoor” or “Americas outdoor advertising”) and International outdoor advertising (“International outdoor” or “International outdoor advertising”). The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the re sults of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SE C rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full ye ar. The financial statements contained herein should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s 2 014 Annual Report on Form 10-K. 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 c ompany are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation proce ss. Certain prior-period amounts have been reclassified to conform to the 201 5 presentation. During the first quarter of 2015, in connection with the appointment of the new chief executive officer for Clear Channel Outdoor Holdings, Inc. (“CCOH”) and a new chief executive officer for the Americas outdoor business, the Company reevaluated its segment reporting and determined that its Latin American operations should be managed by its Americas outdoor leadership team. As a result, the operations of Latin America are no longer reflected within the Company’s International outdoor segment and are included in the results of its Americas outdoor segment . In addition, the Company reorganized a portion of its national representation business such that the cost o f sales personnel for iHM radio stations are now included in the iHM segment and its national representation business no longer charges iHM for intercompany cost allocations. Accordingly, the Company has recast the corresponding segment disclosures for pr ior periods to include Latin America within the Americas outdoor segment and has also recast the corresponding segment disclosures to reflect internal representation services as direct expenses of iHM . The Company was formed in May 2007 by private equity funds sponsored by Bain Capital Partners, LLC and Th omas H. Lee Partners, L.P. (together, the “Sponsors”) for the purpose of acquiring the business of iHeartCommunications Inc. (“ iHeartCommunications ”) . New Accounting Pronouncements During the first quarter of 2015, the Company adopted the Financial Accounting Standards Board’s (“FASB”) ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . This update provides guidance for the recognition, measurement and disclosure of discontinued operations. The update is effective for annual periods beginning on or after 15 December 2014 and interim periods within those years. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. During the first quarter of 201 5 , the FASB issued ASU No. 201 5 - 02 , Consolidation (Topic 810), Amend ments to the Consolidation Analysis . This new standard eliminates the deferral of FAS 167, which has allowed entities with interest in certain investment funds to follow the previous consolidation guidance in FIN 46(R) and makes other changes to both the v ariable interest model and the voting model . The standard is effective for annual periods , and for interim periods within those annual periods, beginning after December 15, 2015. The Company is currently evaluating the impact of the provisions of this new standard on its financial position and results of operations. |
Property, Plant and Equipment,
| Property, Plant and Equipment, Intangible Assets and Goodwill | 6 Months Ended |
| Jun. 30, 2015 | |
| Property, Plant and Equipment, Intangible Assets and Goodwill | NOTE 2 – Property, plant and equipment, INTANGIBLE ASSETS AND GOODWILL Dispositions During the first quarter of 2015 , the Company sold two office building s located in San Antonio, T exas for $3 4 .3 million. Concurrently with the sale of these properties, the Company entered into lease agreements for the continued use of the buildings, pursuant to which the Company will have annual lease payments of $2.6 million. The Company recognized a gain of $8 .1 million on the sale of one of the buildings , which is being recognized over the term of the lease. On December 11, 2014, the Company announced that its subsidiary had entered into an agreement with Vertical Bridge Holdings, LLC (“Vertical Bridge”) for the sale of up to 411 of our broadcast communications tower sites. On April 3, 2015, the Company’s affiliate and certain of the Company’s subsidiaries completed the first closing for the sale of 367 of the Company’s broadcast communica tions tower sites and related assets for $369.2 million. Simultaneous with the sale , the Company entered into lease agreements for the continued use of 360 of the towers sold. The Company incurred $5.1 million in relation to these lease agreements in the three months ended June 30, 2015. Upon completion of the transaction, the Company realized a net gain of $207.2 million, of which $108.1 million will be deferred and recognized over the lease term. On July 16 , 2015, the Company and certain of the Company’s su bsidiaries completed the second closing for the sale of an additional nine of the Company’s broadcast communication tower sites and related assets for approximately $ 5.9 million. Simultaneous with the sale, the Company entered into lease agreements for the continued use of seven of the towers , pursuant to which the Company will have annual lease payments of $0.3 million. The leases entered into as a part of these transactions are for a term of fifteen years and include three optional five-year renewal peri ods . Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2015 and December 31, 2014, respectively: (In thousands) June 30, December 31, 2015 2014 Land, buildings and improvements $ 626,050 $ 731,925 Structures 3,005,159 2,999,582 Towers, transmitters and studio equipment 341,815 453,044 Furniture and other equipment 563,168 536,255 Construction in progress 70,953 95,671 4,607,145 4,816,477 Less: accumulated depreciation 2,202,219 2,117,413 Other property, plant and equipment, net $ 2,404,926 $ 2,699,064 Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of Federal Communications Commission (“FCC”) broadcast licenses in its iHM segment and billboard permits in its Americas outdoor advertising segment. Due to significant differences in both business practices and regulations, billboards in the International outdoor advertising segment and in Latin America are subject to long-term, finite contracts, unlike the Company’s permits in the United States and Canada. A ccordingly, there are no indefinite-lived intangible assets in the International outdoor advertising segment. Other Intangible Assets Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived i ntangible 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 peri od 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 June 30, 2015 and December 31, 2014, respectively: (In thousands) June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 675,466 $ (465,228) $ 716,723 $ (476,523) Customer / advertiser relationships 1,222,518 (831,137) 1,222,518 (765,596) Talent contracts 319,384 (238,231) 319,384 (223,936) Representation contracts 241,158 (215,977) 238,313 (206,338) Permanent easements 171,641 - 171,271 - Other 388,122 (183,737) 388,160 (177,249) Total $ 3,018,289 $ (1,934,310) $ 3,056,369 $ (1,849,642) Total amortization expense related to definite-lived intangible assets for the three months ended June 30, 2015 and 2014 was $60.7 million and $66.3 million, respectively. Total amortization expense related to definite-lived intangible assets for the six months ended June 30, 2015 and 2014 was $123.6 million and $133.2 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) 2016 $ 220,130 2017 197,105 2018 130,993 2019 43,102 2020 36,115 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, 2013 $ 3,234,807 $ 585,227 $ 264,907 $ 117,246 $ 4,202,187 Acquisitions 17,900 - - 299 18,199 Foreign currency - (653) (32,369) - (33,022) Other 60 - - - 60 Balance as of December 31, 2014 $ 3,252,767 $ 584,574 $ 232,538 $ 117,545 $ 4,187,424 Acquisitions - - - - - Foreign currency - (312) (9,340) - (9,652) Other - - - - - Balance as of June 30, 2015 $ 3,252,767 $ 584,262 $ 223,198 $ 117,545 $ 4,177,772 |
Long-Term Debt
| Long-Term Debt | 6 Months Ended |
| Jun. 30, 2015 | |
| Long-Term Debt | NOTE 3 – LONG-TERM DEBT Long-term debt outstanding as of June 30, 2015 and December 31, 2014 consisted of the following: (In thousands) June 30, December 31, 2015 2014 Senior Secured Credit Facilities (1) $6,300,000 $7,231,222 Receivables Based Credit Facility Due 2017 (2) - - 9.0% Priority Guarantee Notes Due 2019 1,999,815 1,999,815 9.0% Priority Guarantee Notes Due 2021 1,750,000 1,750,000 11.25% Priority Guarantee Notes Due 2021 575,000 575,000 9.0% Priority Guarantee Notes Due 2022 1,000,000 1,000,000 10.625% Priority Guarantee Notes Due 2023 950,000 - Subsidiary Revolving Credit Facility Due 2018 (3) - - Other Secured Subsidiary Debt (4) 17,404 19,257 Total Consolidated Secured Debt 12,592,219 12,575,294 14.0% Senior Notes Due 2021 (5) 1,678,314 1,661,697 iHeartCommunications Legacy Notes (6) 667,900 667,900 10.0% Senior Notes Due 2018 730,000 730,000 Subsidiary Senior Notes due 2022 2,725,000 2,725,000 Subsidiary Senior Subordinated Notes due 2020 2,200,000 2,200,000 Other Subsidiary Debt 302 1,024 Purchase accounting adjustments and original issue discount (219,207) (234,897) Total debt 20,374,528 20,326,018 Less: current portion 2,725 3,604 Total long-term debt $ 20,371,803 $ 20,322,414 (1) Term Loan D and Term Loan E mature in 2019. (2) The Receivables Based Credit Facility provides for borrowings up to the lesser of $535.0 million (the revolving credit commitment) or the borrowing base, subject to certain limitations contained in iHeartCommunications’ material financing agreements. (3) The Subsidiary Revolving Credit Facility provides for borrowings up to $75.0 million (the revolving credit commitment). (4) Other secured subsidiary debt matures at various dates from 2015 through 2045. (5) The 14.0% Senior Notes due 2021are subject to required payments at various dates from 2018 through 2021. (6) iHeartCommunications’ Legacy Notes, all of which were issued prior to the acquisition of iHeartCommunications by the Company in 2008, consist of Senior Notes maturing at various dates in 2016, 2018 and 2027. The Company’s we ighted average interest rates as of June 30, 2015 and December 31, 2014 were 8.4 % and 8.1 %, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $19.2 billion and $19.7 billion as of June 30, 2015 and December 31, 2014 , respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as either Level 1 or Level 2. Debt Issuance On February 26, 2015, iHeartCommunications iss ued at par $950.0 million aggregate principal amount of 10.625% Priority Guarantee Notes due 2023. The notes mature on March 15, 2023 and bear interest at a rate of 10.625% per annum, payable semi-annually in arrears on March 15 and September 15 of each y ear, beginning on September 15, 2015. iHeartCommunications used the net proceeds from the offering primarily to prepay its term loan facilities due 2016. Duri ng the first quarter of 2015, iHeartCommunications borrowed $120.0 mi llion principal amount unde r its r eceivables b ased credit f acility due 2017 . During the second quarter of 2015, all outstanding amounts under the receivables based credit facility were repaid . Debt Repayments, Maturities and Other On February 26, 2015, iHeartCommunications prepaid at par $916.1 million of loans outstanding under its Term Loan B facility and $15.2 million of loans outstanding under its Term Loan C asset sale facility, using the net proceeds of the Priority Guarantee Notes due 2023 issued on such date. Surety Bonds, Letters of Credit and G uarantees As of June 30, 2015 , iHeartCommunications had outstanding surety bonds, commercial standby letters of credit and bank guarantees of $57.8 million , $ 108.6 million and $54.2 million , respectively . Bank guarantees of $13.2 million were cash secured. These surety bonds, letters of c redit and bank guarantees relate to various operational matters including insurance, bid, concession and performance bonds as well as other items. |
Commitments and Contingencies
| Commitments and Contingencies | 6 Months Ended |
| Jun. 30, 2015 | |
| Commitments and Contingencies | NOTE 4 – COMMITMENTS AND CONTINGENCIES 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 the Company’s 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. Alth ough the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes; defamation matters; employment and benefits related claims ; governmental fines; intellectual property claims; and tax disputes. Los Angeles Litigation In 2008, Summit Media, LLC, one of the Company’s competitors, sued the City of Los Angeles (the “City”), Clear Channel Outdoor, Inc. (“CCOI”) and OUTFRONT Media Inc. (form erly CBS Outdoor Americas Inc.) in Los Angeles Superior Court (Case No. BS116611) challenging the validity of a settlement agreement that had been entered into in November 2006 among the parties and pursuant to which CCOI had taken d own existing billboards and converted 83 existing signs from static displays to digital displays. In 2009 , the Los Angeles Superior Court ruled that the settlement agreement constituted an ultra vires act of the City, and nullified its existence. After f urther proceedings, on April 12, 2013 , the Los Angeles Superior Court invalidated 82 digital modernization permits issued to CCOI (77 of which displays were operating at the time of the ruling) and CCOI was req uired to turn off the electrical power to all affected digital displays on April 15, 2013. The digital display structures remain intact but digital displays are currently prohibited in the City. CCOI is seeking permits under the ex isting City sign code to either wrap the LED faces with vinyl or convert the LED faces to traditional static signs and has obtained a number of such permits. CCOI is also pursuing a new ordinance to permit digital signage in the Cit y . International Outdoor Investigation On April 21, 2015, inspections were conducted at the premises of Clear Channel in Denmark and Sweden as part of an investigation by Danish competition authorities. Additionally, on the same day , Clear Channel UK received a communication from the UK competition authorities, also in connection with the investigation by Danish competition authorities. Clear Channel and its affiliates are cooperating with the national competition authorities. |
Income Taxes
| Income Taxes | 6 Months Ended |
| Jun. 30, 2015 | |
| Income Taxes | NOTE 5 – INCOME TAXES Income Tax Benefit (Expense) The Company’s income tax benefit (expense) for the three and six months ended June 30, 2015 and 2014, respectively, consisted of the following components: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Current tax benefit (expense) $ (23,309) $ 7,492 $ (63,694) $ (35,587) Deferred tax benefit (expense) 1,232 (6,871) (14,988) (32,179) Income tax benefit (expense) $ (22,077) $ 621 $ (78,682) $ (67,766) The effective tax rates for the three and six months ended June 30, 2015 were ( 87.5 ) % and ( 22.2 )%, respectively . The effective tax rates for the three and six months ended June 30, 2014 were 0.4 % and ( 12.6 ) % , respectively. The effective tax rates for the three and six months ended June 30, 2015 and 2014 were primarily impacted by the valuation allowance recorded against deferred tax assets resulting from applicable period net operating losses in U.S. federal, state and certain foreign jurisdictions due to the uncertainty of the ability to utilize those assets in future periods . |
Shareholders' Interest Deficit
| Shareholders' Interest Deficit | 6 Months Ended |
| Jun. 30, 2015 | |
| Stockholders' Equity Note Disclosure [Text Block] | NOTE 6 – SHAREHOLDERS’ 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 shareholders’ 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, 2015 $ (9,889,348) $ 224,140 $ (9,665,208) Net income (loss) (439,432) 5,484 (433,948) Dividends and other payments to noncontrolling interests - (28,099) (28,099) Purchase of additional noncontrolling interests (40,742) (1,822) (42,564) Foreign currency translation adjustments (69,288) (10,593) (79,881) Unrealized holding gain on marketable securities 618 71 689 Other adjustments to comprehensive loss (1,036) (118) (1,154) Reclassifications - - - Other, net 975 8,414 9,389 Balances as of June 30, 2015 $ (10,438,253) $ 197,477 $ (10,240,776) (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2014 $ (8,942,166) $ 245,531 $ (8,696,635) Net income (loss) (610,820) 6,651 (604,169) Dividends and other payments to noncontrolling interests - (9,673) (9,673) Foreign currency translation adjustments (9,426) (5,023) (14,449) Unrealized holding gain on marketable securities 598 81 679 Reclassifications 3,309 - 3,309 Other, net 705 4,991 5,696 Balances as of June 30, 2014 $ (9,557,800) $ 242,558 $ (9,315,242) The Company and CCOH have granted restricted stock, restricted stock units and options to purchase shares of their Class A common stock to certain key individuals. 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 the 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 the 2015 Executive Long-term Incentive Plan. |
Other Information
| Other Information | 6 Months Ended |
| Jun. 30, 2015 | |
| Other Information | NOTE 7 — OTHER INFORMATION Other Comprehensive Income (Loss) The total (decrease) increase in deferre d income tax liabilities of other comprehensive income (loss) related to f oreign currency translation adjustments and other f or the quarters ended June 30, 2015 and 2014 were $ 0 .0 millio n and $ 0.0 million, respectively . The total (decrease) increase in deferred income tax liabilities of other comprehensive income (loss) related to foreign currency translation adjustments and other for the six mont hs ended June 30, 2015 and 2014 were $ ( 0.6) million and $8.2 million , respectively. Barter and Trade Barte r and trade revenues and expenses from continuing operations are included in consolidated revenue and selling, general and administrative expenses, respectively. Barter and trade revenues were $ 22.2 million and $ 17.9 million for the three months ended June 30, 2015 and 2014 , respectively , and $ 52.2 million and $ 31.5 million for the six months ended June 30, 2015 and 2014 , respectively . Barter and trade expenses were $ 23.4 million and $ 16.4 million for the three months ended June 30, 2015 and 2014 , respectively , and $ 51.5 million and $ 29.9 million for the six months ended June 30, 2015 and 2014 , respectively . |
Segment Data
| Segment Data | 6 Months Ended |
| Jun. 30, 2015 | |
| Segment Data | NOTE 8 – 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 broad cast and digital delivery and also includes the Company’s events and national syndication business es . The Americas outdoor advertising segment consists of operations pri marily in the United States, Canada and Latin America . The International outdoor adv ertising segment primarily incl udes operations in Europe, Asia and Australia . The Other category includes the Com pany’s media representation business as well as other general support services and init i atives that are ancillary to the Company’s other busi nesses. 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 f unctions. Share-based payments are recorded in corporate expense. During the first quarter of 2015, the Company revised its segment reporting, as discussed in Note 1. The following table presents the Company’s reportable segment results for the three and six months ended June 30, 2015 and 2014: (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Corporate and other reconciling items Eliminations Consolidated Three Months Ended June 30, 2015 Revenue $ 840,701 $ 341,286 $ 381,533 $ 40,040 $ - $ (3,701) $ 1,599,859 Direct operating expenses 241,826 149,712 222,630 3,039 - (1,942) 615,265 Selling, general and administrative expenses 266,523 57,346 75,176 26,877 - (1,759) 424,163 Depreciation and amortization 59,571 51,113 40,956 7,611 9,143 - 168,394 Corporate expenses - - - - 80,592 - 80,592 Other operating income, net - - - - 100,754 - 100,754 Operating income $ 272,781 $ 83,115 $ 42,771 $ 2,513 $ 11,019 $ - $ 412,199 Intersegment revenues $ - $ 1,062 $ - $ 2,639 $ - $ - $ 3,701 Capital expenditures $ 15,414 $ 15,664 $ 31,752 $ 2,097 $ 3,495 $ - $ 68,422 Share-based compensation expense $ - $ - $ - $ - $ 2,403 $ - $ 2,403 Three Months Ended June 30, 2014 Revenue $ 806,337 $ 344,346 $ 436,859 $ 47,227 $ - $ (4,615) $ 1,630,154 Direct operating expenses 227,059 153,875 259,269 6,348 - (1,681) 644,870 Selling, general and administrative expenses 250,681 58,448 81,823 30,910 - (2,934) 418,928 Depreciation and amortization 59,230 49,848 47,889 8,655 8,440 - 174,062 Impairment charges - - - - 4,902 - 4,902 Corporate expenses - - - - 82,197 - 82,197 Other operating expense, net - - - - (1,628) - (1,628) Operating income (loss) $ 269,367 $ 82,175 $ 47,878 $ 1,314 $ (97,167) $ - $ 303,567 Intersegment revenues $ - $ 1,094 $ - $ 3,521 $ - $ - $ 4,615 Capital expenditures $ 10,392 $ 21,683 $ 31,776 $ 1,079 $ 9,083 $ - $ 74,013 Share-based compensation expense $ - $ - $ - $ - $ 2,782 $ - $ 2,782 (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Corporate and other reconciling items Eliminations Consolidated Six Months Ended June 30, 2015 Revenue $ 1,538,502 $ 637,149 $ 700,713 $ 75,502 $ - $ (7,443) $ 2,944,423 Direct operating expenses 455,655 295,946 439,367 6,437 - (3,621) 1,193,784 Selling, general and administrative expenses 527,872 112,983 146,669 56,649 - (3,822) 840,351 Depreciation and amortization 120,313 101,453 83,397 15,277 18,407 - 338,847 Corporate expenses - - - - 157,880 - 157,880 Other operating expense, net - - - - 91,780 - 91,780 Operating income (loss) $ 434,662 $ 126,767 $ 31,280 $ (2,861) $ (84,507) $ - $ 505,341 Intersegment revenues $ - $ 2,163 $ - $ 5,280 $ - $ - $ 7,443 Capital expenditures $ 27,327 $ 32,359 $ 56,857 $ 3,148 $ 5,186 $ - $ 124,877 Share-based compensation expense $ - $ - $ - $ - $ 4,927 $ - $ 4,927 Six Months Ended June 30, 2014 Revenue $ 1,476,684 $ 634,956 $ 781,500 $ 88,722 $ - $ (9,160) $ 2,972,702 Direct operating expenses 439,005 297,239 497,418 12,736 - (3,840) 1,242,558 Selling, general and administrative expenses 504,025 114,817 158,404 61,638 - (5,320) 833,564 Depreciation and amortization 119,555 99,559 96,220 17,374 16,225 - 348,933 Impairment charges - - - - 4,902 - 4,902 Corporate expenses - - - - 154,902 - 154,902 Other operating income, net - - - - (1,463) - (1,463) Operating income (loss) $ 414,099 $ 123,341 $ 29,458 $ (3,026) $ (177,492) $ - $ 386,380 Intersegment revenues $ - $ 2,070 $ - $ 7,090 $ - $ - $ 9,160 Capital expenditures $ 20,684 $ 38,127 $ 52,638 $ 2,886 $ 27,086 $ - $ 141,421 Share-based compensation expense $ - $ - $ - $ - $ 5,818 $ - $ 5,818 |
Certain Relationships and Relat
| Certain Relationships and Related Party Transactions | 6 Months Ended |
| Jun. 30, 2015 | |
| Certain Relationships and Related Party Transactions | NOTE 9 – CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS The Company is a party to a management agreement with certain affiliates of 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. For the three months ended June 30, 2015 and 2014 , the Company recognized management fees and reimbursable expenses of $3. 9 million and $ 3.7 million, respectively. For the six months ended June 30, 2015 and 2014 , the Company recognized management fees and reimbursable expenses of $ 7.8 million and $ 7.7 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 may purchase up to an aggregate of $ 100.0 million of the Class A common stock of the Company 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 o f 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 iHeartCommunications , 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 m illion , increasing iHeartCommunications’ collective holdings to represent slightly more than 90 % of the outstanding shares of CCOH’s common s tock on a fully-diluted basis, assuming the conversion of all of CCOH’s Class B common stock into Class A common stock. As a result of this purchase, the stock purchase program concluded. The purchase of shares in excess of the amount available under the s tock purchase program was separately approved by the board of directors. |
Summary of Significant Accoun15
| Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
| Jun. 30, 2015 | |
| Nature of Business | All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to iHeartMedia, Inc. and its consolidated subsidiaries. The Company’s reportable segments are iHeartMedia (“ iHM ”), Americas outdoor advertising (“Americas outdoor” or “Americas outdoor advertising”) and International outdoor advertising (“International outdoor” or “International outdoor advertising”). |
| Principles of Consolidation | The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the re sults of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SE C rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. Due to seasonality and other factors, the results for the interim periods may not be indicative of results for the full ye ar. The financial statements contained herein should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s 2 014 Annual Report on Form 10-K. 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 c ompany are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation proce ss. Certain prior-period amounts have been reclassified to conform to the 201 5 presentation. |
| New Accounting Pronouncements | New Accounting Pronouncements During the first quarter of 2015, the Company adopted the Financial Accounting Standards Board’s (“FASB”) ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . This update provides guidance for the recognition, measurement and disclosure of discontinued operations. The update is effective for annual periods beginning on or after 15 December 2014 and interim periods within those years. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. During the first quarter of 201 5 , the FASB issued ASU No. 201 5 - 02 , Consolidation (Topic 810), Amend ments to the Consolidation Analysis . This new standard eliminates the deferral of FAS 167, which has allowed entities with interest in certain investment funds to follow the previous consolidation guidance in FIN 46(R) and makes other changes to both the v ariable interest model and the voting model . The standard is effective for annual periods , and for interim periods within those annual periods, beginning after December 15, 2015. The Company is currently evaluating the impact of the provisions of this new standard on its financial position and results of operations. |
| Segment Reporting, Policy | During the first quarter of 2015, in connection with the appointment of the new chief executive officer for Clear Channel Outdoor Holdings, Inc. (“CCOH”) and a new chief executive officer for the Americas outdoor business, the Company reevaluated its segment reporting and determined that its Latin American operations should be managed by its Americas outdoor leadership team. As a result, the operations of Latin America are no longer reflected within the Company’s International outdoor segment and are included in the results of its Americas outdoor segment . In addition, the Company reorganized a portion of its national representation business such that the cost o f sales personnel for iHM radio stations are now included in the iHM segment and its national representation business no longer charges iHM for intercompany cost allocations. Accordingly, the Company has recast the corresponding segment disclosures for pr ior periods to include Latin America within the Americas outdoor segment and has also recast the corresponding segment disclosures to reflect internal representation services as direct expenses of iHM . |
Property, Plant and Equipment16
| Property, Plant and Equipment, Intangible Assets and Goodwill (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Schedule of Property, Plant and Equipment | Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2015 and December 31, 2014, respectively: (In thousands) June 30, December 31, 2015 2014 Land, buildings and improvements $ 626,050 $ 731,925 Structures 3,005,159 2,999,582 Towers, transmitters and studio equipment 341,815 453,044 Furniture and other equipment 563,168 536,255 Construction in progress 70,953 95,671 4,607,145 4,816,477 Less: accumulated depreciation 2,202,219 2,117,413 Other property, plant and equipment, net $ 2,404,926 $ 2,699,064 |
| Schedule 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 June 30, 2015 and December 31, 2014, respectively: (In thousands) June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 675,466 $ (465,228) $ 716,723 $ (476,523) Customer / advertiser relationships 1,222,518 (831,137) 1,222,518 (765,596) Talent contracts 319,384 (238,231) 319,384 (223,936) Representation contracts 241,158 (215,977) 238,313 (206,338) Permanent easements 171,641 - 171,271 - Other 388,122 (183,737) 388,160 (177,249) Total $ 3,018,289 $ (1,934,310) $ 3,056,369 $ (1,849,642) |
| Schedule Of Future Amortization Expenses | 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) 2016 $ 220,130 2017 197,105 2018 130,993 2019 43,102 2020 36,115 |
| Schedule Of Changes In Carrying Amount Of Goodwill | 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, 2013 $ 3,234,807 $ 585,227 $ 264,907 $ 117,246 $ 4,202,187 Acquisitions 17,900 - - 299 18,199 Foreign currency - (653) (32,369) - (33,022) Other 60 - - - 60 Balance as of December 31, 2014 $ 3,252,767 $ 584,574 $ 232,538 $ 117,545 $ 4,187,424 Acquisitions - - - - - Foreign currency - (312) (9,340) - (9,652) Other - - - - - Balance as of June 30, 2015 $ 3,252,767 $ 584,262 $ 223,198 $ 117,545 $ 4,177,772 |
Long-Term Debt (Tables)
| Long-Term Debt (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Schedule of Long-Term Debt | NOTE 3 – LONG-TERM DEBT Long-term debt outstanding as of June 30, 2015 and December 31, 2014 consisted of the following: (In thousands) June 30, December 31, 2015 2014 Senior Secured Credit Facilities (1) $6,300,000 $7,231,222 Receivables Based Credit Facility Due 2017 (2) - - 9.0% Priority Guarantee Notes Due 2019 1,999,815 1,999,815 9.0% Priority Guarantee Notes Due 2021 1,750,000 1,750,000 11.25% Priority Guarantee Notes Due 2021 575,000 575,000 9.0% Priority Guarantee Notes Due 2022 1,000,000 1,000,000 10.625% Priority Guarantee Notes Due 2023 950,000 - Subsidiary Revolving Credit Facility Due 2018 (3) - - Other Secured Subsidiary Debt (4) 17,404 19,257 Total Consolidated Secured Debt 12,592,219 12,575,294 14.0% Senior Notes Due 2021 (5) 1,678,314 1,661,697 iHeartCommunications Legacy Notes (6) 667,900 667,900 10.0% Senior Notes Due 2018 730,000 730,000 Subsidiary Senior Notes due 2022 2,725,000 2,725,000 Subsidiary Senior Subordinated Notes due 2020 2,200,000 2,200,000 Other Subsidiary Debt 302 1,024 Purchase accounting adjustments and original issue discount (219,207) (234,897) Total debt 20,374,528 20,326,018 Less: current portion 2,725 3,604 Total long-term debt $ 20,371,803 $ 20,322,414 (1) Term Loan D and Term Loan E mature in 2019. (2) The Receivables Based Credit Facility provides for borrowings up to the lesser of $535.0 million (the revolving credit commitment) or the borrowing base, subject to certain limitations contained in iHeartCommunications’ material financing agreements. (3) The Subsidiary Revolving Credit Facility provides for borrowings up to $75.0 million (the revolving credit commitment). (4) Other secured subsidiary debt matures at various dates from 2015 through 2045. (5) The 14.0% Senior Notes due 2021are subject to required payments at various dates from 2018 through 2021. (6) iHeartCommunications’ Legacy Notes, all of which were issued prior to the acquisition of iHeartCommunications by the Company in 2008, consist of Senior Notes maturing at various dates in 2016, 2018 and 2027. |
Income Taxes (Tables)
| Income Taxes (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Schedule of Components of Income Tax Expense (Benefit) | NOTE 5 – INCOME TAXES Income Tax Benefit (Expense) The Company’s income tax benefit (expense) for the three and six months ended June 30, 2015 and 2014, respectively, consisted of the following components: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Current tax benefit (expense) $ (23,309) $ 7,492 $ (63,694) $ (35,587) Deferred tax benefit (expense) 1,232 (6,871) (14,988) (32,179) Income tax benefit (expense) $ (22,077) $ 621 $ (78,682) $ (67,766) |
Shareholders' Deficit (Tables)
| Shareholders' Deficit (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Schedule of Changes in Shareholders' Deficit and Other Comprehensive Loss | NOTE 6 – SHAREHOLDERS’ 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 shareholders’ 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, 2015 $ (9,889,348) $ 224,140 $ (9,665,208) Net income (loss) (439,432) 5,484 (433,948) Dividends and other payments to noncontrolling interests - (28,099) (28,099) Purchase of additional noncontrolling interests (40,742) (1,822) (42,564) Foreign currency translation adjustments (69,288) (10,593) (79,881) Unrealized holding gain on marketable securities 618 71 689 Other adjustments to comprehensive loss (1,036) (118) (1,154) Reclassifications - - - Other, net 975 8,414 9,389 Balances as of June 30, 2015 $ (10,438,253) $ 197,477 $ (10,240,776) (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2014 $ (8,942,166) $ 245,531 $ (8,696,635) Net income (loss) (610,820) 6,651 (604,169) Dividends and other payments to noncontrolling interests - (9,673) (9,673) Foreign currency translation adjustments (9,426) (5,023) (14,449) Unrealized holding gain on marketable securities 598 81 679 Reclassifications 3,309 - 3,309 Other, net 705 4,991 5,696 Balances as of June 30, 2014 $ (9,557,800) $ 242,558 $ (9,315,242) |
Segment Data (Tables)
| Segment Data (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Schedule of Operating Segment Results | During the first quarter of 2015, the Company revised its segment reporting, as discussed in Note 1. The following table presents the Company’s reportable segment results for the three and six months ended June 30, 2015 and 2014: (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Corporate and other reconciling items Eliminations Consolidated Three Months Ended June 30, 2015 Revenue $ 840,701 $ 341,286 $ 381,533 $ 40,040 $ - $ (3,701) $ 1,599,859 Direct operating expenses 241,826 149,712 222,630 3,039 - (1,942) 615,265 Selling, general and administrative expenses 266,523 57,346 75,176 26,877 - (1,759) 424,163 Depreciation and amortization 59,571 51,113 40,956 7,611 9,143 - 168,394 Corporate expenses - - - - 80,592 - 80,592 Other operating income, net - - - - 100,754 - 100,754 Operating income $ 272,781 $ 83,115 $ 42,771 $ 2,513 $ 11,019 $ - $ 412,199 Intersegment revenues $ - $ 1,062 $ - $ 2,639 $ - $ - $ 3,701 Capital expenditures $ 15,414 $ 15,664 $ 31,752 $ 2,097 $ 3,495 $ - $ 68,422 Share-based compensation expense $ - $ - $ - $ - $ 2,403 $ - $ 2,403 Three Months Ended June 30, 2014 Revenue $ 806,337 $ 344,346 $ 436,859 $ 47,227 $ - $ (4,615) $ 1,630,154 Direct operating expenses 227,059 153,875 259,269 6,348 - (1,681) 644,870 Selling, general and administrative expenses 250,681 58,448 81,823 30,910 - (2,934) 418,928 Depreciation and amortization 59,230 49,848 47,889 8,655 8,440 - 174,062 Impairment charges - - - - 4,902 - 4,902 Corporate expenses - - - - 82,197 - 82,197 Other operating expense, net - - - - (1,628) - (1,628) Operating income (loss) $ 269,367 $ 82,175 $ 47,878 $ 1,314 $ (97,167) $ - $ 303,567 Intersegment revenues $ - $ 1,094 $ - $ 3,521 $ - $ - $ 4,615 Capital expenditures $ 10,392 $ 21,683 $ 31,776 $ 1,079 $ 9,083 $ - $ 74,013 Share-based compensation expense $ - $ - $ - $ - $ 2,782 $ - $ 2,782 (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Corporate and other reconciling items Eliminations Consolidated Six Months Ended June 30, 2015 Revenue $ 1,538,502 $ 637,149 $ 700,713 $ 75,502 $ - $ (7,443) $ 2,944,423 Direct operating expenses 455,655 295,946 439,367 6,437 - (3,621) 1,193,784 Selling, general and administrative expenses 527,872 112,983 146,669 56,649 - (3,822) 840,351 Depreciation and amortization 120,313 101,453 83,397 15,277 18,407 - 338,847 Corporate expenses - - - - 157,880 - 157,880 Other operating expense, net - - - - 91,780 - 91,780 Operating income (loss) $ 434,662 $ 126,767 $ 31,280 $ (2,861) $ (84,507) $ - $ 505,341 Intersegment revenues $ - $ 2,163 $ - $ 5,280 $ - $ - $ 7,443 Capital expenditures $ 27,327 $ 32,359 $ 56,857 $ 3,148 $ 5,186 $ - $ 124,877 Share-based compensation expense $ - $ - $ - $ - $ 4,927 $ - $ 4,927 Six Months Ended June 30, 2014 Revenue $ 1,476,684 $ 634,956 $ 781,500 $ 88,722 $ - $ (9,160) $ 2,972,702 Direct operating expenses 439,005 297,239 497,418 12,736 - (3,840) 1,242,558 Selling, general and administrative expenses 504,025 114,817 158,404 61,638 - (5,320) 833,564 Depreciation and amortization 119,555 99,559 96,220 17,374 16,225 - 348,933 Impairment charges - - - - 4,902 - 4,902 Corporate expenses - - - - 154,902 - 154,902 Other operating income, net - - - - (1,463) - (1,463) Operating income (loss) $ 414,099 $ 123,341 $ 29,458 $ (3,026) $ (177,492) $ - $ 386,380 Intersegment revenues $ - $ 2,070 $ - $ 7,090 $ - $ - $ 9,160 Capital expenditures $ 20,684 $ 38,127 $ 52,638 $ 2,886 $ 27,086 $ - $ 141,421 Share-based compensation expense $ - $ - $ - $ - $ 5,818 $ - $ 5,818 |
Property, Plant And Equipment21
| Property, Plant And Equipment, Intangible Assets And Goodwill (Narrative) (Detail) $ in Thousands | Jul. 16, 2015USD ($)Stations | Apr. 03, 2015USD ($)Stations | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 11, 2014Stations | Dec. 31, 2013USD ($) |
| Amortization expense | $ 60,700 | $ 66,300 | $ 123,600 | $ 133,200 | ||||||
| Purchase price | 0 | $ 0 | ||||||||
| Goodwill | 4,177,772 | 4,177,772 | $ 4,187,424 | $ 4,202,187 | ||||||
| Goodwill Impairment Loss | 0 | |||||||||
| Annual lease payments | $ 2,600 | |||||||||
| Two Buildings [Member] | ||||||||||
| Disposal proceeds | 34,300 | |||||||||
| One Building [Member] | ||||||||||
| Gain (loss) on disposal | $ 8,100 | |||||||||
| Broadcast Communication Tower Sites [Member] | ||||||||||
| Annual lease payments | $ 300 | |||||||||
| Gain (loss) on disposal | 207,200 | |||||||||
| Disposal proceeds | $ 5,900 | |||||||||
| Deferred portion of gain on asset disposal | 108,100 | 108,100 | ||||||||
| Lease agreements related chareges | 5,100 | |||||||||
| Radio stations sold | Stations | 9 | |||||||||
| Sale Leaseback Number Of Radio Station | Stations | 7 | 360 | ||||||||
| Sale Leaseback Transaction, Lease Terms | The leases entered into as a part of these transactions are for a term of fifteen years and include three optional five-year renewal periods. | |||||||||
| Americas Outdoor Advertising [Member] | ||||||||||
| Goodwill | 584,262 | 584,262 | 584,574 | 585,227 | ||||||
| Goodwill Impairment Loss | 0 | |||||||||
| International Outdoor Advertising [Member] | ||||||||||
| Goodwill | 223,198 | 223,198 | 232,538 | 264,907 | ||||||
| Goodwill Impairment Loss | 0 | |||||||||
| Other [Member] | ||||||||||
| Goodwill | $ 117,545 | $ 117,545 | 117,545 | $ 117,246 | ||||||
| Goodwill Impairment Loss | $ 0 | |||||||||
| Vertical Bridge Holdings [Member] | Broadcast Communication Tower Sites [Member] | ||||||||||
| Disposal proceeds | $ 369,200 | |||||||||
| Number of Property Plant and Equipment Sold | Stations | 367 | |||||||||
| Vertical Bridge Holdings [Member] | Broadcast Communication Tower Sites [Member] | Maximum [Member] | ||||||||||
| Number of Property Plant and Equipment Sold | Stations | 411 |
Property, Plant And Equipment22
| Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Property, Plant And Equipment) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment | $ 4,607,145 | $ 4,816,477 |
| Less: accumulated depreciation | 2,202,219 | 2,117,413 |
| Property, plant and equipment, net | 2,404,926 | 2,699,064 |
| Land, buildings and improvements [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment | 626,050 | 731,925 |
| Structures [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment | 3,005,159 | 2,999,582 |
| Towers, transmitters and studio equipment [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment | 341,815 | 453,044 |
| Furniture and other equipment [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment | 563,168 | 536,255 |
| Construction in progress [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment | $ 70,953 | $ 95,671 |
Property, Plant And Equipment23
| Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Definite-Lived Intangible Assets) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
| Finite Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | $ 3,018,289 | $ 3,056,369 |
| Accumulated Amortization | (1,934,310) | (1,849,642) |
| Transit, street furniture and other outdoor contractual rights [Member] | ||
| Finite Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 675,466 | 716,723 |
| Accumulated Amortization | (465,228) | (476,523) |
| Customer/advertiser relationships [Member] | ||
| Finite Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 1,222,518 | 1,222,518 |
| Accumulated Amortization | (831,137) | (765,596) |
| Talent contracts [Member] | ||
| Finite Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 319,384 | 319,384 |
| Accumulated Amortization | (238,231) | (223,936) |
| Representation contracts [Member] | ||
| Finite Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 241,158 | 238,313 |
| Accumulated Amortization | (215,977) | (206,338) |
| Permanent easements [Member] | ||
| Finite Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 171,641 | 171,271 |
| Accumulated Amortization | 0 | 0 |
| Other [Member] | ||
| Finite Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 388,122 | 388,160 |
| Accumulated Amortization | $ (183,737) | $ (177,249) |
Property, Plant And Equipment24
| Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Future Amortization Expenses) (Detail) $ in Millions | Jun. 30, 2015USD ($) |
| Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract] | |
| 2,016 | $ 220,130 |
| 2,017 | 197,105 |
| 2,018 | 130,993 |
| 2,019 | 43,102 |
| 2,020 | $ 36,115 |
Property, Plant And Equipment25
| Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Changes In Carrying Amount Of Goodwill) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
| Jun. 30, 2015 | Dec. 31, 2014 | |
| Goodwill [Line Items] | ||
| Balance | $ 4,187,424 | $ 4,202,187 |
| Impairment | 0 | |
| Acquisitions | 0 | 18,199 |
| Dispositions | 0 | 0 |
| Foreign currency | (9,652) | (33,022) |
| Other | 0 | 60 |
| Balance | 4,177,772 | 4,187,424 |
| iHM [Member] | ||
| Goodwill [Line Items] | ||
| Balance | 3,252,767 | 3,234,807 |
| Impairment | 0 | |
| Acquisitions | 0 | 17,900 |
| Dispositions | 0 | 0 |
| Foreign currency | 0 | 0 |
| Other | 0 | 60 |
| Balance | 3,252,767 | 3,252,767 |
| Americas Outdoor Advertising [Member] | ||
| Goodwill [Line Items] | ||
| Balance | 584,574 | 585,227 |
| Impairment | 0 | |
| Acquisitions | 0 | 0 |
| Dispositions | 0 | 0 |
| Foreign currency | (312) | (653) |
| Other | 0 | 0 |
| Balance | 584,262 | 584,574 |
| International Outdoor Advertising [Member] | ||
| Goodwill [Line Items] | ||
| Balance | 232,538 | 264,907 |
| Impairment | 0 | |
| Acquisitions | 0 | 0 |
| Dispositions | 0 | 0 |
| Foreign currency | (9,340) | (32,369) |
| Other | 0 | 0 |
| Balance | 223,198 | 232,538 |
| Other [Member] | ||
| Goodwill [Line Items] | ||
| Balance | 117,545 | 117,246 |
| Impairment | 0 | |
| Acquisitions | 0 | 299 |
| Dispositions | 0 | 0 |
| Foreign currency | 0 | 0 |
| Other | 0 | 0 |
| Balance | $ 117,545 | $ 117,545 |
Long-Term Debt (Narrative) (Det
| Long-Term Debt (Narrative) (Detail) - USD ($) $ in Millions | Feb. 26, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
| Long Term Debt Other Disclosures [Abstract] | |||
| Weighted average interest rate | 8.40% | 8.10% | |
| Market value | $ 19,200 | $ 19,700 | |
| Term Loan B [Member] | |||
| Long Term Debt Other Disclosures [Abstract] | |||
| Early Repayment of Senior Debt | $ 916.1 | ||
| Term Loan C [Member] | |||
| Long Term Debt Other Disclosures [Abstract] | |||
| Early Repayment of Senior Debt | $ 15.2 | ||
| Receivables Based Facility Due 2017 [Member] | |||
| Long Term Debt Other Disclosures [Abstract] | |||
| Line of credit facility maximum borrowing capacity | 535 | ||
| Line Of Credit Facility Amount Outstanding | 120 | ||
| Subsidiary Senior Revolving Credit Facility Due 2018 [Member] | |||
| Long Term Debt Other Disclosures [Abstract] | |||
| Line of credit facility maximum borrowing capacity | $ 75 |
Long Term Debt - Guarantees (Na
| Long Term Debt - Guarantees (Narrative) (Detail) $ in Millions | Jun. 30, 2015USD ($) |
| Surety Bond [Member] | |
| Guarantee Obligations [Line Items] | |
| Gurantees Obligations | $ 57.8 |
| Commercial standby letters of credit [Member] | |
| Guarantee Obligations [Line Items] | |
| Gurantees Obligations | 108.6 |
| Bank Gurantees [Member] | |
| Guarantee Obligations [Line Items] | |
| Gurantees Obligations | 54.2 |
| Bank Gurantees Collaterized [Member] | |
| Guarantee Obligations [Line Items] | |
| Gurantees Obligations | $ 13.2 |
Long-Term Debt (Schedule Of Lon
| Long-Term Debt (Schedule Of Long-Term Debt) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
| Debt Instrument [Line Items] | ||
| Total Consolidated Secured Debt | $ 12,592,219 | $ 12,575,294 |
| Total debt | 20,374,528 | 20,326,018 |
| Less: current portion | 2,725 | 3,604 |
| Total long-term debt | 20,371,803 | 20,322,414 |
| Senior Secured Credit Facilities [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Consolidated Secured Debt | 6,300,000 | 7,231,222 |
| Receivables Based Facility Due 2017 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Consolidated Secured Debt | 0 | 0 |
| 9% Priority Guarantee Notes Due 2019 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Consolidated Secured Debt | $ 1,999,815 | 1,999,815 |
| Stated interest rate | 9.00% | |
| 9% Priority Guarantee Notes Due 2021 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Consolidated Secured Debt | $ 1,750,000 | 1,750,000 |
| Stated interest rate | 9.00% | |
| 11.25% Priority Guarantee Notes Due 2021 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Consolidated Secured Debt | $ 575,000 | 575,000 |
| Stated interest rate | 11.25% | |
| 9% Priority Guarantee Notes Due 2022 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Consolidated Secured Debt | $ 1,000,000 | 1,000,000 |
| Stated interest rate | 9.00% | |
| 10.625% Priority Guarantee Notes Due 2023 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Consolidated Secured Debt | $ 950,000 | 0 |
| Stated interest rate | 10.625% | |
| Subsidiary Senior Revolving Credit Facility Due 2018 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Consolidated Secured Debt | $ 0 | 0 |
| Other Secured Subsidiary Debt [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Consolidated Secured Debt | $ 17,404 | 19,257 |
| Senior Cash Pay Notes Due 2016 [Member] | ||
| Debt Instrument [Line Items] | ||
| Stated interest rate | 10.75% | |
| Senior Toggle Notes Due 2016 [Member] | Minimum [Member] | ||
| Debt Instrument [Line Items] | ||
| Stated interest rate | 11.00% | |
| Senior Toggle Notes Due 2016 [Member] | Maximum [Member] | ||
| Debt Instrument [Line Items] | ||
| Stated interest rate | 11.75% | |
| Senior Notes due 2021 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ 1,678,314 | 1,661,697 |
| Stated interest rate | 14.00% | |
| iHeartCommunications Legacy Notes [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ 667,900 | 667,900 |
| 10% Senior Notes Due 2018 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ 730,000 | 730,000 |
| Stated interest rate | 10.00% | |
| Subsidiary Senior Notes due 2022 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ 2,725,000 | 2,725,000 |
| Subsidiary Senior Subordinated Notes due 2020 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | 2,200,000 | 2,200,000 |
| Other iHeartCommunications Subsidiary Debt [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | 302 | 1,024 |
| Purchase accounting adjustments and original issue discount [Member] | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ (219,207) | $ (234,897) |
Long-Term Debt (iHeart Comm) (D
| Long-Term Debt (iHeart Comm) (Detail) | Jun. 30, 2015 |
| 10% Senior Notes Due 2018 [Member] | |
| Debt Instrument [Line Items] | |
| Debt Instrument Interest Rate Stated Percentage | 10.00% |
Commitments, Contingencies And
| Commitments, Contingencies And Guarantees (Narrative) (Detail) | Apr. 12, 2013permits | Dec. 31, 2008signs |
| Commitments And Contingencies [Line Items] | ||
| Digital modernization permits issued to Company | 82 | |
| Digital displays operating | 77 | |
| Conversion from static to digital | signs | 83 |
Income Taxes (Narrative) (Detai
| Income Taxes (Narrative) (Detail) | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued [Abstract] | ||||
| Effective tax rate | (87.50%) | 0.40% | (22.20%) | (12.60%) |
Income Taxes (Schedule Of Provi
| Income Taxes (Schedule Of Provision For Income Tax Benefit (Expense) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Income Tax Expense Benefit [Abstract] | ||||
| Total current benefit (expense) | $ (23,309) | $ 7,492 | $ (63,694) | $ (35,587) |
| Total deferred benefit | 1,232 | (6,871) | (14,988) | (32,179) |
| Income tax benefit (expense) | $ (22,077) | $ 621 | $ (78,682) | $ (67,766) |
Shareholders' Interest (Narrati
| Shareholders' Interest (Narrative) (Detail) - Entity [Domain] - 2015 Executive Long-Term Incentive Plan [Member] - $ / shares | Jul. 27, 2015 | Jun. 24, 2015 |
| Restricted Stock [Member] | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Common stock shares authorized | 1,253,831 | |
| Common Class A [Member] | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Common stock shares authorized | 4,000,000 | |
| Common stock par value per share | $ 0.001 |
Shareholders' Deficit And Compr
| Shareholders' Deficit And Comprehensive Loss (Schedule Of Changes In Equity) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Balances at January 1, | $ (9,665,208) | $ (8,696,635) | ||
| Net income (loss) | $ (47,314) | $ (171,779) | (433,948) | (604,169) |
| Dividends and other payments to noncontrolling interests | (28,099) | (9,673) | ||
| Purchases of additional noncontrolling interest | (42,564) | |||
| Foreign currency translation adjustments | 2,278 | (12,232) | (79,881) | (14,449) |
| Unrealized holding gain (loss) on marketable securities | (133) | (405) | 689 | 679 |
| Unrealized holding gain on cash flow derivatives | 0 | 0 | ||
| Other adjustments to comprehensive loss | 0 | 0 | (1,154) | 0 |
| Reclassifications | 0 | 0 | 0 | 3,309 |
| Other, net | 9,389 | 5,696 | ||
| Balances at December 31, | (10,240,776) | (9,315,242) | (10,240,776) | (9,315,242) |
| The Company [Member] | ||||
| Balances at January 1, | (9,889,348) | (8,942,166) | ||
| Net income (loss) | (439,432) | (610,820) | ||
| Dividends and other payments to noncontrolling interests | 0 | 0 | ||
| Purchases of additional noncontrolling interest | (40,742) | |||
| Foreign currency translation adjustments | (69,288) | (9,426) | ||
| Unrealized holding gain (loss) on marketable securities | 618 | 598 | ||
| Unrealized holding gain on cash flow derivatives | 0 | 0 | ||
| Other adjustments to comprehensive loss | (1,036) | 0 | ||
| Reclassifications | 0 | 3,309 | ||
| Other, net | 975 | 705 | ||
| Balances at December 31, | (10,438,253) | (9,557,800) | (10,438,253) | (9,557,800) |
| Noncontrolling Interest [Member] | ||||
| Balances at January 1, | 224,140 | 245,531 | ||
| Net income (loss) | 5,484 | 6,651 | ||
| Dividends and other payments to noncontrolling interests | (28,099) | (9,673) | ||
| Purchases of additional noncontrolling interest | (1,822) | |||
| Foreign currency translation adjustments | (10,593) | (5,023) | ||
| Unrealized holding gain (loss) on marketable securities | 71 | 81 | ||
| Unrealized holding gain on cash flow derivatives | 0 | 0 | ||
| Other adjustments to comprehensive loss | (118) | 0 | ||
| Reclassifications | 0 | 0 | ||
| Other, net | 8,414 | 4,991 | ||
| Balances at December 31, | $ 197,477 | $ 242,558 | $ 197,477 | $ 242,558 |
Other Information (Schedule Of
| Other Information (Schedule Of Accumulated Other Comprehensive Loss - Deferred Tax Liabilities) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Fair Value Measurements [Abstract] | ||||
| Foreign currency translation adjustments and other | $ 0 | $ 0 | $ (0.6) | $ 8.2 |
Other Information - Barter and
| Other Information - Barter and Trade Revenues and Expenses from Continuing Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Barter and trade revenues | $ 22.2 | $ 17.9 | $ 52.2 | $ 31.5 |
| Barter and trade expenses | $ 23.4 | $ 16.4 | $ 51.5 | $ 29.9 |
Segment Data (Schedule Of Opera
| Segment Data (Schedule Of Operating Segment Results) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
| Segment Reporting Information [Line Items] | |||||
| Revenue | $ 1,599,859,000 | $ 1,630,154,000 | $ 2,944,423,000 | $ 2,972,702,000 | |
| Direct operating expenses | 615,265,000 | 644,870,000 | 1,193,784,000 | 1,242,558,000 | |
| Selling, general and administrative expenses | 424,163,000 | 418,928,000 | 840,351,000 | 833,564,000 | |
| Depreciation and amortization | 168,394,000 | 174,062,000 | 338,847,000 | 348,933,000 | |
| Impairment charges | 0 | 4,902,000 | 0 | 4,902,000 | |
| Corporate expenses | 80,592,000 | 82,197,000 | 157,880,000 | 154,902,000 | |
| Other operating income, net | 100,754,000 | (1,628,000) | 91,780,000 | (1,463,000) | |
| Operating income (loss) | 412,199,000 | 303,567,000 | 505,341,000 | 386,380,000 | |
| Segment assets | 13,626,945,000 | 13,626,945,000 | $ 14,040,242,000 | ||
| Capital expenditures | 68,422,000 | 74,013,000 | 124,877,000 | 141,421,000 | |
| Share-based compensation expense | 2,403,000 | 2,782,000 | 4,927,000 | 5,818,000 | |
| Intersegment [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 3,701,000 | 4,615,000 | 7,443,000 | 9,160,000 | |
| iHM [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 840,701,000 | 806,337,000 | 1,538,502,000 | 1,476,684,000 | |
| Direct operating expenses | 241,826,000 | 227,059,000 | 455,655,000 | 439,005,000 | |
| Selling, general and administrative expenses | 266,523,000 | 250,681,000 | 527,872,000 | 504,025,000 | |
| Depreciation and amortization | 59,571,000 | 59,230,000 | 120,313,000 | 119,555,000 | |
| Impairment charges | 0 | 0 | 0 | 0 | |
| Corporate expenses | 0 | 0 | 0 | 0 | |
| Other operating income, net | 0 | 0 | 0 | 0 | |
| Operating income (loss) | 272,781,000 | 269,367,000 | 434,662,000 | 414,099,000 | |
| Capital expenditures | 15,414,000 | 10,392,000 | 27,327,000 | 20,684,000 | |
| Share-based compensation expense | 0 | 0 | 0 | 0 | |
| iHM [Member] | Intersegment [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 0 | 0 | 0 | 0 | |
| Americas Outdoor Advertising [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 341,286,000 | 344,346,000 | 637,149,000 | 634,956,000 | |
| Direct operating expenses | 149,712,000 | 153,875,000 | 295,946,000 | 297,239,000 | |
| Selling, general and administrative expenses | 57,346,000 | 58,448,000 | 112,983,000 | 114,817,000 | |
| Depreciation and amortization | 51,113,000 | 49,848,000 | 101,453,000 | 99,559,000 | |
| Impairment charges | 0 | 0 | 0 | 0 | |
| Corporate expenses | 0 | 0 | 0 | 0 | |
| Other operating income, net | 0 | 0 | 0 | 0 | |
| Operating income (loss) | 83,115,000 | 82,175,000 | 126,767,000 | 123,341,000 | |
| Capital expenditures | 15,664,000 | 21,683,000 | 32,359,000 | 38,127,000 | |
| Share-based compensation expense | 0 | 0 | 0 | 0 | |
| Americas Outdoor Advertising [Member] | Intersegment [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 1,062,000 | 1,094,000 | 2,163,000 | 2,070,000 | |
| International Outdoor Advertising [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 381,533,000 | 436,859,000 | 700,713,000 | 781,500,000 | |
| Direct operating expenses | 222,630,000 | 259,269,000 | 439,367,000 | 497,418,000 | |
| Selling, general and administrative expenses | 75,176,000 | 81,823,000 | 146,669,000 | 158,404,000 | |
| Depreciation and amortization | 40,956,000 | 47,889,000 | 83,397,000 | 96,220,000 | |
| Impairment charges | 0 | 0 | 0 | 0 | |
| Corporate expenses | 0 | 0 | 0 | 0 | |
| Other operating income, net | 0 | 0 | 0 | 0 | |
| Operating income (loss) | 42,771,000 | 47,878,000 | 31,280,000 | 29,458,000 | |
| Capital expenditures | 31,752,000 | 31,776,000 | 56,857,000 | 52,638,000 | |
| Share-based compensation expense | 0 | 0 | 0 | 0 | |
| International Outdoor Advertising [Member] | Intersegment [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 0 | 0 | 0 | 0 | |
| Other [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 40,040,000 | 47,227,000 | 75,502,000 | 88,722,000 | |
| Direct operating expenses | 3,039,000 | 6,348,000 | 6,437,000 | 12,736,000 | |
| Selling, general and administrative expenses | 26,877,000 | 30,910,000 | 56,649,000 | 61,638,000 | |
| Depreciation and amortization | 7,611,000 | 8,655,000 | 15,277,000 | 17,374,000 | |
| Impairment charges | 0 | 0 | 0 | 0 | |
| Corporate expenses | 0 | 0 | 0 | 0 | |
| Other operating income, net | 0 | 0 | 0 | 0 | |
| Operating income (loss) | 2,513,000 | 1,314,000 | (2,861,000) | (3,026,000) | |
| Capital expenditures | 2,097,000 | 1,079,000 | 3,148,000 | 2,886,000 | |
| Share-based compensation expense | 0 | 0 | 0 | 0 | |
| Other [Member] | Intersegment [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 2,639,000 | 3,521,000 | 5,280,000 | 7,090,000 | |
| Corporate and other reconciling items [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 0 | 0 | 0 | 0 | |
| Direct operating expenses | 0 | 0 | 0 | 0 | |
| Selling, general and administrative expenses | 0 | 0 | 0 | 0 | |
| Depreciation and amortization | 9,143,000 | 8,440,000 | 18,407,000 | 16,225,000 | |
| Impairment charges | 0 | 4,902,000 | 0 | 4,902,000 | |
| Corporate expenses | 80,592,000 | 82,197,000 | 157,880,000 | 154,902,000 | |
| Other operating income, net | 100,754,000 | (1,628,000) | 91,780,000 | (1,463,000) | |
| Operating income (loss) | 11,019,000 | (97,167,000) | (84,507,000) | (177,492,000) | |
| Capital expenditures | 3,495,000 | 9,083,000 | 5,186,000 | 27,086,000 | |
| Share-based compensation expense | 2,403,000 | 2,782,000 | 4,927,000 | 5,818,000 | |
| Corporate and other reconciling items [Member] | Intersegment [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 0 | 0 | 0 | 0 | |
| Eliminations [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | (3,701,000) | (4,615,000) | (7,443,000) | (9,160,000) | |
| Direct operating expenses | (1,942,000) | (1,681,000) | (3,621,000) | (3,840,000) | |
| Selling, general and administrative expenses | (1,759,000) | (2,934,000) | (3,822,000) | (5,320,000) | |
| Depreciation and amortization | 0 | 0 | 0 | 0 | |
| Impairment charges | 0 | 0 | 0 | 0 | |
| Corporate expenses | 0 | 0 | 0 | 0 | |
| Other operating income, net | 0 | 0 | 0 | 0 | |
| Operating income (loss) | 0 | 0 | 0 | 0 | |
| Capital expenditures | 0 | 0 | 0 | 0 | |
| Share-based compensation expense | 0 | 0 | 0 | 0 | |
| Eliminations [Member] | Intersegment [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | $ 0 | $ 0 | $ 0 | $ 0 | |
Certain Relationships And Rel38
| Certain Relationships And Related Party Transactions (Narrative) (Detail) - USD ($) $ in Millions | Apr. 02, 2015 | Jan. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Aug. 09, 2010 |
| Certain Relationships And Related Party Transactions [Abstract] | ||||||||
| Management agreement maturity date | 2,018 | |||||||
| Management fee, rate per year | $ 15 | |||||||
| Management fees and reimbursable expenses | $ 3.9 | $ 3.7 | $ 7.8 | $ 7.7 | ||||
| Common Class A [Member] | ||||||||
| Certain Relationships And Related Party Transactions [Abstract] | ||||||||
| Total authorized stock repurchase amount | $ 34.2 | $ 100 | ||||||
| CC Finco, LLC [Member] | Common Class A [Member] | ||||||||
| Certain Relationships And Related Party Transactions [Abstract] | ||||||||
| Shares purchase amout during the period | 2,000,000 | |||||||
| Shares purchased during the period, value | $ 22.2 | $ 20.4 | ||||||
| Additional shares purchased | 2,172,946 | |||||||
| Collective Holdings Percentage Of Oustanding Shares | 90.00% |