Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Document Information [Line Items] | |
Document Type | S-4 |
Amendment Flag | FALSE |
Document Period End Date | 30-Sep-14 |
Entity Registrant Name | iHeartCommunications, Inc. |
Entity Central Index Key | 739708 |
Entity Filer Category | Non-accelerated Filer |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS | |||
Cash and cash equivalents | $522,356 | $708,151 | $1,225,010 |
Accounts receivable, net | 1,401,451 | 1,440,501 | 1,440,169 |
Prepaid expenses | 205,906 | 203,485 | 187,639 |
Other current assets | 169,806 | 161,157 | 134,935 |
Total Current Assets | 2,299,519 | 2,513,294 | 2,987,753 |
PROPERTY, PLANT AND EQUIPMENT | |||
Structures, net | 1,643,527 | 1,765,510 | 1,890,693 |
Other property, plant and equipment, net | 1,085,214 | 1,132,120 | 1,146,161 |
INTANGIBLE ASSETS AND GOODWILL | |||
Indefinite-lived intangibles - licenses | 2,426,179 | 2,416,406 | 2,423,979 |
Indefinite-lived intangibles - permits | 1,067,341 | 1,067,783 | 1,070,720 |
Other intangibles, net | 1,267,087 | 1,466,546 | 1,740,792 |
Goodwill | 4,212,612 | 4,202,187 | 4,216,085 |
OTHER ASSETS | |||
Other assets | 304,556 | 533,456 | 816,530 |
Total Assets | 14,306,035 | 15,097,302 | 16,292,713 |
CURRENT LIABILITIES | |||
Accounts payable | 130,303 | 131,370 | 133,226 |
Accrued expenses | 795,106 | 807,210 | 776,055 |
Accrued interest | 156,451 | 194,844 | 180,572 |
Deferred income | 211,268 | 176,460 | 172,672 |
Other current liabilities | 0 | 137,889 | |
Current portion of long-term debt | 3,232 | 453,734 | 381,728 |
Total Current Liabilities | 1,296,360 | 1,763,618 | 1,782,142 |
Long-term debt | 20,481,547 | 20,030,479 | 20,365,369 |
Deferred income taxes | 1,582,117 | 1,537,820 | 1,689,876 |
Other long-term liabilities | 452,222 | 462,020 | 450,517 |
Commitments and contingent liabilities | |||
MEMBER'S DEFICIT | |||
Noncontrolling interest | 219,051 | 245,531 | 303,997 |
Member's interest | 2,144,024 | 2,142,536 | 2,135,842 |
Accumulated deficit | -11,614,301 | -10,888,629 | -10,281,746 |
Accumulated other comprehensive loss | -254,985 | -196,073 | -153,284 |
Total Member's Deficit | -9,506,211 | -8,696,635 | -7,995,191 |
Total Liabilities and Member's Deficit | 14,306,035 | 15,097,302 | 16,292,713 |
Scenario, Previously Reported [Member] | |||
CURRENT ASSETS | |||
Accounts receivable, net | 1,454,346 | ||
Prepaid expenses | 189,640 | ||
CURRENT LIABILITIES | |||
Deferred income | 172,434 | ||
Total Current Liabilities | 1,759,592 | ||
Other long-term liabilities | $466,046 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Allowances for receivables | $38,813 | $48,401 | $55,917 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | $1,630,034 | $1,694,367 | $1,587,522 | $1,618,097 | $1,343,058 | $1,696,336 | $1,587,331 | $1,602,494 | $1,360,723 | $4,602,736 | $4,548,677 | $6,243,044 | $6,246,884 | $6,161,352 |
Operating expenses: | ||||||||||||||
Direct operating expenses (excludes depreciation and amortization) | 645,981 | 672,132 | 648,743 | 630,357 | 594,817 | 649,097 | 633,770 | 602,803 | 608,571 | 1,885,698 | 1,879,109 | 2,543,419 | 2,494,241 | 2,504,467 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 429,687 | 423,803 | 411,354 | 411,341 | 403,363 | 431,355 | 407,501 | 401,479 | 426,083 | 1,266,092 | 1,226,058 | 1,649,861 | 1,666,418 | 1,604,524 |
Corporate expenses (excludes depreciation and amortization) | 78,202 | 70,658 | 89,574 | 77,557 | 83,763 | 78,745 | 73,921 | 72,094 | 72,606 | 233,104 | 245,702 | 324,182 | 297,366 | 239,399 |
Depreciation and amortization | 175,865 | 191,582 | 177,330 | 179,734 | 182,182 | 189,730 | 182,350 | 181,839 | 175,366 | 524,798 | 539,246 | 730,828 | 729,285 | 763,306 |
Impairment charges | 35 | 16,970 | 0 | 0 | 0 | 37,651 | 0 | 0 | 0 | 4,937 | 0 | 16,970 | 37,651 | 7,614 |
Other operating income, net | 47,172 | 13,304 | 6,186 | 1,113 | 2,395 | 968 | 42,118 | 1,917 | 3,124 | 45,709 | 9,694 | 22,998 | 48,127 | 12,682 |
Operating income | 347,436 | 332,526 | 266,707 | 320,221 | 81,328 | 310,726 | 331,907 | 346,196 | 81,221 | 733,816 | 668,256 | 1,000,782 | 1,070,050 | 1,054,724 |
Interest expense | 432,616 | 418,014 | 438,404 | 407,508 | 385,525 | 400,930 | 388,210 | 385,867 | 374,016 | 1,304,335 | 1,231,437 | 1,649,451 | 1,549,023 | 1,466,246 |
Gain (loss) on marketable securities | 0 | -50 | 31 | 130,898 | 0 | -4,580 | 0 | 0 | 0 | 0 | 130,929 | 130,879 | -4,580 | -4,827 |
Equity in earnings (loss) of nonconsolidated affiliates | 3,955 | -91,291 | 3,983 | 5,971 | 3,641 | 6,643 | 3,663 | 4,696 | 3,555 | -9,388 | 13,595 | -77,696 | 18,557 | 26,958 |
Loss on extinguishment of debt | -4,840 | -83,980 | 0 | 0 | -3,888 | -239,556 | 0 | 0 | -15,167 | -56,259 | -3,888 | -87,868 | -254,723 | -1,447 |
Other income (expense), net | 2,617 | -4,591 | 1,709 | -18,098 | -1,000 | 1,929 | 824 | -1,397 | -1,106 | 16,315 | -17,389 | -21,980 | 250 | -3,169 |
Loss before income taxes | -83,448 | -265,400 | -165,974 | 31,484 | -305,444 | -325,768 | -51,816 | -36,372 | -305,513 | -619,851 | -439,934 | -705,334 | -719,469 | -394,007 |
Income tax benefit (expense) | -24,376 | -36,833 | 73,802 | -11,477 | 96,325 | 128,986 | 13,232 | 8,663 | 157,398 | -92,142 | 158,650 | 121,817 | 308,279 | 125,978 |
Consolidated net loss | -107,824 | -302,233 | -92,172 | 20,007 | -209,119 | -196,782 | -38,584 | -27,709 | -148,115 | -711,993 | -281,284 | -583,517 | -411,190 | -268,029 |
Less amount attributable to noncontrolling interest | 7,028 | 6,994 | 9,683 | 12,805 | -6,116 | -5,518 | 11,977 | 11,316 | -4,486 | 13,679 | 16,372 | 23,366 | 13,289 | 34,065 |
Net loss attributable to the Company | -114,852 | -309,227 | -101,855 | 7,202 | -203,003 | -191,264 | -50,561 | -39,025 | -143,629 | -725,672 | -297,656 | -606,883 | -424,479 | -302,094 |
Other comprehensive income (loss), net of tax: | ||||||||||||||
Foreign currency translation adjustments | -63,063 | 40,502 | -77,512 | -28,526 | -33,001 | 40,242 | -29,647 | |||||||
Unrealized gain (loss) on securities and derivatives: | ||||||||||||||
Unrealized holding gain (loss) on marketable securities | -74 | 13 | 605 | 15,619 | 16,576 | 23,103 | -224 | |||||||
Unrealized holding gain on cash flow derivatives | 0 | 17,114 | 0 | 48,180 | 48,180 | 52,112 | 33,775 | |||||||
Other adjustments to comprehensive income (loss) | 0 | 0 | 0 | -998 | 6,732 | 1,135 | -1,361 | |||||||
Reclassification adjustment for realized gain (loss) on securities included in net income (loss) | 0 | -1,433 | 3,309 | -83,753 | -83,752 | 2,045 | 5,148 | |||||||
Other comprehensive income (loss) | -63,137 | 56,196 | -73,598 | -49,478 | -45,265 | 118,637 | 7,691 | |||||||
Comprehensive income (loss) | -177,989 | -45,659 | -799,270 | -347,134 | -652,148 | -305,842 | -294,403 | |||||||
Less amount attributable to noncontrolling interest | -9,744 | 9,169 | -14,686 | -2,408 | -2,476 | 5,878 | 4,324 | |||||||
Comprehensive loss attributable to the Company | ($168,245) | ($54,828) | ($784,584) | ($344,726) | ($649,672) | ($311,720) | ($298,727) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | |||
Consolidated net loss | ($583,517) | ($411,190) | ($268,029) |
Reconciling items: | |||
Impairment charges | 16,970 | 37,651 | 7,614 |
Depreciation and amortization | 730,828 | 729,285 | 763,306 |
Deferred taxes | -158,170 | -304,611 | -143,944 |
Provision for doubtful accounts | 20,243 | 11,715 | 13,723 |
Amortization of deferred financing charges and note discounts, net | 124,342 | 164,097 | 188,034 |
Share-based compensation | 16,715 | 28,540 | 20,667 |
Gain on disposal of operating and fixed assets | -22,998 | -48,127 | -12,682 |
(Gain) loss on marketable securities | -130,879 | 4,580 | 4,827 |
Equity in (earnings) loss of nonconsolidated affiliates | 77,696 | -18,557 | -26,958 |
Loss on extinguishment of debt | 87,868 | 254,723 | 1,447 |
Other reconciling items, net | 19,904 | 14,234 | 17,023 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
Increase (decrease) in accounts receivable | -29,605 | -34,238 | -7,835 |
Increase (decrease) in accrued expenses | 26,105 | 34,874 | -127,242 |
Increase (decrease) in accounts payable | -2,620 | 13,863 | 6,236 |
Increase (decrease) in accrued interest | 16,014 | 20,223 | 39,170 |
Increase (decrease) in deferred income | 7,508 | 33,482 | -10,776 |
Changes in other operating assets and liabilities | -3,532 | -45,412 | -89,720 |
Net cash provided by operating activities | 212,872 | 485,132 | 374,861 |
Cash flows from investing activities: | |||
Proceeds from sale of investment securities | 135,571 | 0 | 6,894 |
Purchases of businesses | -97 | -50,116 | -46,356 |
Purchases of property, plant and equipment | -324,526 | -390,280 | -362,281 |
Proceeds from disposal of assets | 81,598 | 59,665 | 54,270 |
Purchases of other operating assets | -21,532 | -14,826 | -20,995 |
Purchases of investment assets | 135,571 | ||
Change in other, net | -4,379 | -1,464 | 382 |
Net cash provided by (used for) investing activities | -133,365 | -397,021 | -368,086 |
Cash flows from financing activities: | |||
Draws on credit facilities | 272,252 | 604,563 | 55,000 |
Payments on credit facilities | -27,315 | -1,931,419 | -960,332 |
Proceeds from long-term debt | 575,000 | 4,917,643 | 1,731,266 |
Payments on long-term debt | -1,248,860 | -3,346,906 | -1,398,299 |
Repurchases of long-term debt | 0 | 0 | -55,250 |
Payments to repurchase noncontrolling interests | -61,143 | -7,040 | -4,682 |
Dividends and other payments to noncontrolling interests | -91,887 | -251,665 | -3,571 |
Deferred financing charges | -18,390 | -83,617 | -46,659 |
Change in other, net | 4,461 | 3,092 | -15,589 |
Net cash provided by (used for) financing activities | -595,882 | -95,349 | -698,116 |
Effect of exchange rate changes on cash | -484 | 3,566 | -903 |
Net decrease in cash and cash equivalents | -516,859 | -3,672 | -692,244 |
Cash and cash equivalents at beginning of period | 1,225,010 | 1,228,682 | 1,920,926 |
Cash and cash equivalents at end of period | 708,151 | 1,225,010 | 1,228,682 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash paid during the year for interest | 1,543,455 | 1,381,396 | 1,260,767 |
Cash paid during the year for taxes | $50,934 | $52,517 | $81,162 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Member's Deficit (USD $) | Total | Noncontrolling Interest [Member] | Member's Interest [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, unless otherwise specified | |||||
Balances at Dec. 31, 2010 | ($7,204,686) | $490,920 | $2,128,383 | ($9,555,173) | ($268,816) |
Increase Decrease In Stockholders Equity [Roll Forward] | |||||
Net income (loss) | -268,029 | 34,065 | -302,094 | ||
Issuance (forfeiture) of restricted stock | 430 | 735 | -305 | ||
Amortization of share-based compensation | 20,667 | 10,705 | 9,962 | ||
Purchases of additional noncontrolling interest | -20,514 | -14,428 | -5,492 | -594 | |
Other | -7,500 | -4,527 | -2,973 | ||
Other comprehensive income (loss) | 7,691 | 4,324 | 3,367 | ||
Balances at Dec. 31, 2011 | -7,471,941 | 521,794 | 2,129,575 | -9,857,267 | -266,043 |
Increase Decrease In Stockholders Equity [Roll Forward] | |||||
Net income (loss) | -411,190 | 13,289 | -424,479 | ||
Issuance (forfeiture) of restricted stock | 3,091 | 6,381 | -3,290 | ||
Amortization of share-based compensation | 28,540 | 10,589 | 17,951 | ||
Purchases of additional noncontrolling interest | 28 | 28 | |||
Dividend declared and paid to noncontrolling interests | -244,734 | -244,734 | |||
Other | -17,622 | -9,228 | -8,394 | ||
Other comprehensive income (loss) | 118,637 | 5,878 | 112,759 | ||
Balances at Dec. 31, 2012 | -7,995,191 | 303,997 | 2,135,842 | -10,281,746 | -153,284 |
Increase Decrease In Stockholders Equity [Roll Forward] | |||||
Net income (loss) | -583,517 | 23,366 | -606,883 | ||
Issuance (forfeiture) of restricted stock | 3,769 | 4,192 | -423 | ||
Amortization of share-based compensation | 16,715 | 7,725 | 8,990 | ||
Dividend declared and paid to noncontrolling interests | -91,887 | -91,887 | |||
Other | -1,259 | 614 | -1,873 | ||
Other comprehensive income (loss) | -45,265 | -2,476 | -42,789 | ||
Balances at Dec. 31, 2013 | ($8,696,635) | $245,531 | $2,142,536 | ($10,888,629) | ($196,073) |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended | ||
Sep. 30, 2014 | |||
BASIS OF PRESENTATION | NOTE 1 – BASIS OF PRESENTATION | ||
Preparation of Interim Financial Statements | |||
iHeartMedia Capital I, LLC (formerly known as Clear Channel Capital I, LLC) (the “Company”) is the direct parent of iHeartCommunications, Inc., a Texas corporation (“iHeart” or the “Subsidiary Issuer”). The Company and certain of iHeart’s direct and indirect wholly-owned domestic subsidiaries fully and unconditionally guarantee on a joint and several basis certain of iHeart’s outstanding indebtedness. As permitted by the rules and regulations of the Securities and Exchange Commission (the “SEC”), the Company’s unaudited financial statements and related footnotes included in Item 1 of Part I of this Quarterly Report on Form 10-Q contain certain footnote disclosures regarding the financial information of the Company, iHeart and iHeart’s domestic wholly-owned subsidiaries that guarantee certain of iHeart’s outstanding indebtedness. | |||
The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the SEC and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. Due to seasonality and other factors, the results for the interim periods are not necessarily indicative of results for the full year. 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 2013 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 percent to 50 percent of the voting common stock or otherwise exercises significant influence over operating and financial policies of the Company are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation process. Certain prior-period amounts have been reclassified to conform to the 2014 presentation. | |||
Information Regarding the Company | |||
On September 16, 2014, CC Media Holdings, Inc., the parent company of iHeartMedia Capital I, LLC (formerly known as Clear Channel Capital I, LLC), issued a press release that announced a change of its name to “iHeartMedia, Inc.” and changed the names of certain of its affiliates, including as follows: | |||
Old Name: | New Name: | ||
Clear Channel Capital I, LLC | iHeartMedia Capital I, LLC | ||
Clear Channel Capital II, LLC | iHeartMedia Capital II, LLC | ||
Clear Channel Communications, Inc. | iHeartCommunications, Inc. | ||
Clear Channel Management Services, Inc. | iHeartMedia Management Services, Inc. | ||
Clear Channel Broadcasting, Inc. | iHeartMedia + Entertainment, Inc. | ||
Clear Channel Identity, Inc. | iHM Identity, Inc. | ||
Clear Channel Satellite Services Inc. | iHeartMedia Satellite Services, Inc. | ||
Clear Channel Outdoor Holdings, Inc. (“CCOH”), an indirect subsidiary of the Company, retained its existing name. | |||
The Company is a limited liability company organized under Delaware law, with all of its interests being held by iHeartMedia Capital II, LLC, a direct, wholly-owned subsidiary of iHeartMedia, Inc. (“Parent”). Parent 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 iHeart. | |||
Omission of Per Share Information | |||
Net loss per share information is not presented as iHeartMedia Capital II, LLC is the sole member of the Company and owns 100% of the limited liability company interests. The Company does not have any publicly traded common stock or potential common stock. | |||
Adoption of New Accounting Standards | |||
During the first quarter of 2014, the Company adopted the Financial Accounting Standards Board’s (“FASB”) ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. This update provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. The amendments are effective for fiscal years (and interim periods within) beginning after December 15, 2013 and are to be applied retrospectively to all prior periods presented for such obligations that exist at the beginning of an entity’s fiscal year of adoption. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. | |||
During the first quarter of 2014, the Company adopted the FASB’s ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity of an Investment in a Foreign Entity. The amendments are effective prospectively for the fiscal years (and interim periods within) beginning after December 15, 2013 and provide clarification guidance for the release of the cumulative translation adjustment under current U.S. GAAP. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements | |||
During the first quarter of 2014, the Company adopted the FASB’s ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This update requires unrecognized tax benefits to be offset against a deferred tax asset for a net operating loss carryforward, similar tax loss or tax credit carryforward in certain situations. The amendments are effective prospectively for the fiscal years (and interim periods within) beginning after December 15, 2013. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. | |||
During the second quarter of 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This new standard provides guidance for the recognition, measurement and disclosure of revenue resulting from contracts with customers and will supersede virtually all of the current revenue recognition guidance under U.S. GAAP. The standard is effective for the first interim period within annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the provisions of this new standard on its financial position and results of operations. | |||
During the third quarter of 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This new standard clarifies that a performance target in a share-based compensation award that could be achieved after an employee completes the requisite service period should be treated as a performance condition that affects the vesting of the award. The standard is effective for annual periods and 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_I
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | NOTE 2 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | NOTE 2 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | ||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Acquisitions | |||||||||||||||||||||||||||||||||||||||||
The Company’s property, plant and equipment consisted of the following classes of assets at September 30, 2014 and December 31, 2013, respectively. | During 2012, a wholly owned subsidiary of the Company completed the acquisition of WOR-AM in New York City for $30.0 million and WFNX-FM in Boston for $14.5 million. These acquisitions resulted in an aggregate increase of $5.3 million to property plant and equipment, $15.2 million to intangible assets and $24.7 million to goodwill, in addition to $0.7 million of assumed liabilities. Purchase accounting adjustments were finalized during 2013. | |||||||||||||||||||||||||||||||||||||||||
During 2011, a wholly owned subsidiary of the Company purchased a complementary traffic operation to its existing traffic business for $24.3 million. Immediately after closing, the acquired subsidiaries repaid pre-existing, intercompany debt owed in the amount of $95.0 million. The acquisition resulted in an increase of $17.2 million to property, plant and equipment, $35.0 million to intangible assets and $70.6 million to goodwill. During 2011, a subsidiary of the Company also acquired Brouwer & Partners, a street furniture business in Holland, for $12.5 million. | ||||||||||||||||||||||||||||||||||||||||||
Dispositions | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | September 30, | December 31, | During 2013, the Company’s Americas outdoor segment divested certain outdoor advertising assets in Times Square for approximately $18.7 million resulting in a gain of $12.2 million. In addition, iHM exercised a put option that sold five radio stations in the Green Bay market for approximately $17.6 million and recorded a gain of $0.5 million. These net gains are included in “Other operating income, net.” | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | During 2012, the Company’s International outdoor segment sold its international neon business and its outdoor advertising business in Romania, resulting in an aggregate gain of $39.7 million included in “Other operating income, net.” | ||||||||||||||||||||||||||||||||||||||||
Structures | $ | 3,023,714 | $ | 3,021,152 | During 2011, the Company divested and exchanged 27 radio stations for approximately $22.7 million and recorded a loss of $0.5 million in “Other operating income, net.” | |||||||||||||||||||||||||||||||||||||
Less: accumulated depreciation | 1,380,187 | 1,255,642 | Property, Plant and Equipment | |||||||||||||||||||||||||||||||||||||||
The Company’s property, plant and equipment consisted of the following classes of assets at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||||
Structures, net | $ | 1,643,527 | $ | 1,765,510 | ||||||||||||||||||||||||||||||||||||||
Land, buildings and improvements | $ | 739,845 | $ | 723,268 | ||||||||||||||||||||||||||||||||||||||
Towers, transmitters and studio equipment | 451,651 | 440,612 | (In thousands) | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||
Furniture and other equipment | 525,245 | 473,995 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Construction in progress | 89,881 | 123,814 | Land, buildings and improvements | $ | 723,268 | $ | 685,431 | |||||||||||||||||||||||||||||||||||
Structures | 3,021,152 | 2,949,458 | ||||||||||||||||||||||||||||||||||||||||
1,806,622 | 1,761,689 | Towers, transmitters and studio equipment | 440,612 | 427,679 | ||||||||||||||||||||||||||||||||||||||
Less: accumulated depreciation | 721,408 | 629,569 | Furniture and other equipment | 473,995 | 431,757 | |||||||||||||||||||||||||||||||||||||
Construction in progress | 123,814 | 105,394 | ||||||||||||||||||||||||||||||||||||||||
Other property, plant and equipment, net | $ | 1,085,214 | $ | 1,132,120 | ||||||||||||||||||||||||||||||||||||||
4,782,841 | 4,599,719 | |||||||||||||||||||||||||||||||||||||||||
Indefinite-lived Intangible Assets | Less: accumulated depreciation | 1,885,211 | 1,562,865 | |||||||||||||||||||||||||||||||||||||||
The Company’s indefinite-lived intangible assets consist of Federal Communications Commission (“FCC”) broadcast licenses in its iHeartMedia (“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 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 advertising segment. | ||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets | Property, plant and equipment, net | $ | 2,897,630 | $ | 3,036,854 | |||||||||||||||||||||||||||||||||||||
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. 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 Company recorded an impairment charge related to radio broadcast equipment in one market of $1.3 million based on a sales agreement entered into during the fourth quarter of 2013. The Company recognized an impairment charge for outdoor advertising structures in its Americas outdoor segment of $1.7 million during 2012. | ||||||||||||||||||||||||||||||||||||||||||
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets at September 30, 2014 and December 31, 2013, respectively: | ||||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | September 30, 2014 | December 31, 2013 | 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. | |||||||||||||||||||||||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | 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 Mesirow Financial, 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. | ||||||||||||||||||||||||||||||||||||||
Amount | Amortization | Amount | Amortization | 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. | ||||||||||||||||||||||||||||||||||||||
Transit, street furniture and other outdoor contractual rights | $ | 749,372 | $ | -490,255 | $ | 777,521 | $ | -464,548 | 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. | |||||||||||||||||||||||||||||||||
Customer / advertiser relationships | 1,212,349 | -735,526 | 1,212,745 | -645,988 | 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. | |||||||||||||||||||||||||||||||||||||
Talent contracts | 319,384 | -216,788 | 319,617 | -195,403 | Annual Impairment Test to FCC Licenses and Billboard Permits | |||||||||||||||||||||||||||||||||||||
Representation contracts | 238,107 | -201,215 | 252,961 | -200,058 | The Company performs its annual impairment test on October 1 of each year. | |||||||||||||||||||||||||||||||||||||
Permanent easements | 174,628 | - | 173,753 | - | During 2013, the Company recognized a $2.0 million impairment charge related to FCC licenses in two markets due to changes in the discount rates and weight-average cost of capital for those markets. In addition, the Company recognized a $2.5 million impairment charge related to billboard permits in a certain market due to increased start-up costs for that market exceeding market value. During 2012, the Company recognized a $35.9 million impairment charge related to billboard permits in certain markets due to a change in the Company’s forecast of revenue growth within the markets. During 2011, the Company recognized a $6.5 million impairment charge related to billboard permits in one market due to significant declines in permit value resulting from flat revenues, a slight decline in margin and increased capital expenditures within the market. There was no impairment of FCC licenses during 2012 or 2011. | |||||||||||||||||||||||||||||||||||||
Other | 387,847 | -170,816 | 387,405 | -151,459 | ||||||||||||||||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,081,687 | $ | -1,814,600 | $ | 3,124,002 | $ | -1,657,456 | 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. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. There were no impairments of other intangible assets for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||||||||
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets at December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||||||||||||||||
Total amortization expense related to definite-lived intangible assets was $65.7 million and $70.2 million for the three months ended September 30, 2014 and 2013, respectively, and $198.9 million and $213.2 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||||
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) | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||||||||||||||||||||||||||
2015 | $ | 240,713 | Amount | Amortization | Amount | Amortization | ||||||||||||||||||||||||||||||||||||
2016 | 222,207 | Transit, street furniture and other outdoor contractual rights | $ | 777,521 | $ | -464,548 | $ | 785,303 | $ | -403,955 | ||||||||||||||||||||||||||||||||
2017 | 195,977 | Customer / advertiser relationships | 1,212,745 | -645,988 | 1,210,245 | -526,197 | ||||||||||||||||||||||||||||||||||||
2018 | 126,664 | Talent contracts | 319,617 | -195,403 | 344,255 | -177,527 | ||||||||||||||||||||||||||||||||||||
2019 | 42,545 | Representation contracts | 252,961 | -200,058 | 243,970 | -171,069 | ||||||||||||||||||||||||||||||||||||
Permanent easements | 173,753 | - | 173,374 | - | ||||||||||||||||||||||||||||||||||||||
Goodwill | Other | 387,405 | -151,459 | 387,973 | -125,580 | |||||||||||||||||||||||||||||||||||||
The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments. | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,124,002 | $ | -1,657,456 | $ | 3,145,120 | $ | -1,404,328 | ||||||||||||||||||||||||||||||||||
(In thousands) | iHM | Americas Outdoor | International | Other | Consolidated | Total amortization expense related to definite-lived intangible assets was $289.0 million, $300.0 million and $328.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||||||
Advertising | Outdoor | 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: | ||||||||||||||||||||||||||||||||||||||||
Advertising | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 3,236,688 | $ | 571,932 | $ | 290,316 | $ | 117,149 | $ | 4,216,085 | ||||||||||||||||||||||||||||||||
Impairment | - | - | -10,684 | - | -10,684 | (In thousands) | ||||||||||||||||||||||||||||||||||||
Acquisitions | - | - | - | 97 | 97 | 2014 | $ | 261,125 | ||||||||||||||||||||||||||||||||||
Dispositions | - | - | -456 | - | -456 | 2015 | 241,637 | |||||||||||||||||||||||||||||||||||
Foreign currency | - | - | -974 | - | -974 | 2016 | 223,146 | |||||||||||||||||||||||||||||||||||
Other | -1,881 | - | - | - | -1,881 | 2017 | 196,839 | |||||||||||||||||||||||||||||||||||
2018 | 127,275 | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 3,234,807 | $ | 571,932 | $ | 278,202 | $ | 117,246 | $ | 4,202,187 | Annual Impairment Test to Goodwill | |||||||||||||||||||||||||||||||
Acquisitions | 28,760 | - | - | 298 | 29,058 | The Company performs its annual impairment test on October 1 of each year. Each of the Company’s U.S. radio markets and outdoor advertising markets are components. 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 within its Americas outdoor segment, Canada constitutes a separate reporting unit and each country in its International outdoor segment constitutes a separate reporting unit. | ||||||||||||||||||||||||||||||||||||
Foreign currency | - | - | -18,693 | - | -18,693 | 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. | ||||||||||||||||||||||||||||||||||||
Other | 60 | - | - | - | 60 | 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, discounted 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. | ||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3,263,627 | $ | 571,932 | $ | 259,509 | $ | 117,544 | $ | 4,212,612 | In 2013, the Company concluded no goodwill impairment was required for iHM and Americas outdoor. Based on declining future cash flows expected in one country in the International outdoor segment, the Company recognized a non-cash impairment charge to goodwill of $10.7 million. The Company recognized no goodwill impairment for the year ended December 31, 2012. | |||||||||||||||||||||||||||||||
In 2011, the Company utilized the option to assess qualitative factors under ASC 350-20-35 to determine whether it was more likely than not that the fair value of its reporting units was less than their carrying amounts, including goodwill. Based on a qualitative assessment, the Company concluded that no further testing of goodwill for impairment was required for its iHM reporting unit and for all of the reporting units within its Americas outdoor segment. Further testing was required for four of the countries within its International outdoor segment. | ||||||||||||||||||||||||||||||||||||||||||
The Company is the beneficiary of Aloha Station Trust, LLC (the “Aloha Trust”), which owns and operates radio stations which the Aloha Trust is required to divest in order to comply with Federal Communication Commission (“FCC”) media ownership rules, and which are being marketed for sale. During the three months ended September 30, 2014, the Aloha Trust completed a transaction in which it exchanged two radio stations for a portfolio of 29 radio stations. In this transaction the Company received 28 radio stations. One radio station was placed into the Brunswick Station Trust, LLC in order to comply with FCC media ownership rules where it is being marketed for sale, and the Company is the beneficiary of this trust. The exchange was accounted for at fair value in accordance with ASC 805, Business Combinations, resulting in the recognition of $28.8 million of goodwill. The disposal of these radio stations resulted in a gain on sale of $43.5 million, which is included in Other operating income. | If further testing of goodwill for impairment is required after assessing qualitative factors, the Company follows the two-step impairment testing approach in accordance with ASC 350-20-35. 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. For the year ended December 31, 2011, the Company recognized a non-cash impairment charge to goodwill of $1.1 million due to a decline in the fair value of one country within 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. The provisions of ASC 350-20-50-1 require the disclosure of cumulative impairment. As a result of the merger, a new basis in goodwill was recorded in accordance with ASC 805-10. All impairments shown in the table below have been recorded subsequent to the merger and, therefore, do not include any pre-merger impairment. | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | iHM | Americas Outdoor | International | Other | Consolidated | |||||||||||||||||||||||||||||||||||||
Advertising | Outdoor | |||||||||||||||||||||||||||||||||||||||||
Advertising | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 3,212,427 | $ | 571,932 | $ | 285,261 | $ | 117,098 | $ | 4,186,718 | ||||||||||||||||||||||||||||||||
Acquisitions | 24,842 | - | - | 51 | 24,893 | |||||||||||||||||||||||||||||||||||||
Dispositions | -489 | - | -2,729 | - | -3,218 | |||||||||||||||||||||||||||||||||||||
Foreign currency | - | - | 7,784 | - | 7,784 | |||||||||||||||||||||||||||||||||||||
Other | -92 | - | - | - | -92 | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 3,236,688 | $ | 571,932 | $ | 290,316 | $ | 117,149 | $ | 4,216,085 | ||||||||||||||||||||||||||||||||
Impairment | - | - | -10,684 | - | -10,684 | |||||||||||||||||||||||||||||||||||||
Acquisitions | - | - | - | 97 | 97 | |||||||||||||||||||||||||||||||||||||
Dispositions | - | - | -456 | - | -456 | |||||||||||||||||||||||||||||||||||||
Foreign currency | - | - | -974 | - | -974 | |||||||||||||||||||||||||||||||||||||
Other | -1,881 | - | - | - | -1,881 | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 3,234,807 | $ | 571,932 | $ | 278,202 | $ | 117,246 | $ | 4,202,187 | ||||||||||||||||||||||||||||||||
The balance at December 31, 2011 is net of cumulative impairments of $3.5 billion, $2.6 billion, $315.9 million and $212.0 million in the Company’s iHM, Americas outdoor, International outdoor and Other segments, respectively. |
LONGTERM_DEBT
LONG-TERM DEBT | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||
LONG-TERM DEBT | NOTE 3 – LONG-TERM DEBT | NOTE 5 – LONG-TERM DEBT | ||||||||||||||||
Long-term debt at September 30, 2014 and December 31, 2013, respectively, consisted of the following: | Long-term debt at December 31, 2013 and 2012 consisted of the following: | |||||||||||||||||
(In thousands) | September 30, | December 31, | (In thousands) | December 31, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||||||
Senior Secured Credit Facilities (1) | $ | 7,231,222 | $ | 8,225,754 | 2013 | 2012 | ||||||||||||
Receivables Based Facility due 2017 | — | 247,000 | Senior Secured Credit Facilities: | |||||||||||||||
9.0% Priority Guarantee Notes due 2019 | 1,999,815 | 1,999,815 | Term Loan A Facility Due 2014(1) | $ | - | $ | 846,890 | |||||||||||
9.0% Priority Guarantee Notes due 2021 | 1,750,000 | 1,750,000 | Term Loan B Facility Due 2016 | 1,890,978 | 7,714,843 | |||||||||||||
11.25% Priority Guarantee Notes due 2021 | 575,000 | 575,000 | Term Loan C - Asset Sale Facility Due 2016(2) | 34,776 | 513,732 | |||||||||||||
9.0% Priority Guarantee Notes due 2022 | 1,000,000 | — | Term Loan D Facility Due 2019 | 5,000,000 | - | |||||||||||||
Other secured subsidiary long-term debt (2) | 18,654 | 21,124 | Term Loan E Facility Due 2019 | 1,300,000 | - | |||||||||||||
Receivables Based Facility Due 2017 | 247,000 | - | ||||||||||||||||
Total consolidated secured debt | 12,574,691 | 12,818,693 | 9% Priority Guarantee Notes Due 2019 | 1,999,815 | 1,999,815 | |||||||||||||
9% Priority Guarantee Notes Due 2021 | 1,750,000 | 1,750,000 | ||||||||||||||||
10.75% Senior Cash Pay Notes due 2016 | — | 94,304 | 11.25% Priority Guarantee Notes Due 2021 | 575,000 | - | |||||||||||||
11.0%/11.75% Senior Toggle Notes due 2016 | — | 127,941 | Subsidiary Senior Revolving Credit Facility due 2018 | - | - | |||||||||||||
14.0% Senior Notes due 2021 (3) | 1,661,697 | 1,404,202 | Other Secured Subsidiary Debt(3) | 21,124 | 25,507 | |||||||||||||
iHeart Legacy Notes (4) | 725,000 | 1,436,455 | ||||||||||||||||
10.0% Senior Notes due 2018 | 850,000 | — | Total Consolidated Secured Debt | 12,818,693 | 12,850,787 | |||||||||||||
6.5% Subsidiary Senior Notes due 2022 | 2,725,000 | 2,725,000 | ||||||||||||||||
7.625% Subsidiary Senior Subordinated Notes due 2020 | 2,200,000 | 2,200,000 | Senior Cash Pay Notes Due 2016 | 94,304 | 796,250 | |||||||||||||
Other subsidiary debt | 419 | 10 | Senior Toggle Notes Due 2016(4) | 127,941 | 829,831 | |||||||||||||
Purchase accounting adjustments and original issue discount | -252,028 | -322,392 | Senior Notes Due 2021(5) | 1,404,202 | - | |||||||||||||
iHeart Senior Notes: | ||||||||||||||||||
20,484,779 | 20,484,213 | 5.75% Senior Notes Due 2013 | - | 312,109 | ||||||||||||||
Less: current portion | 3,232 | 453,734 | 5.5% Senior Notes Due 2014 | 461,455 | 461,455 | |||||||||||||
4.9% Senior Notes Due 2015 | 250,000 | 250,000 | ||||||||||||||||
Total long-term debt | $ | 20,481,547 | $ | 20,030,479 | 5.5% Senior Notes Due 2016 | 250,000 | 250,000 | |||||||||||
6.875% Senior Notes Due 2018 | 175,000 | 175,000 | ||||||||||||||||
7.25% Senior Notes Due 2027 | 300,000 | 300,000 | ||||||||||||||||
(1) | Term Loan B and Term Loan C mature in 2016. Term Loan D and Term Loan E mature in 2019. | Subsidiary Senior Notes: | ||||||||||||||||
(2) | Other secured subsidiary long-term debt matures at various dates from 2014 through 2025. | 6.5% Series A Senior Notes Due 2022 | 735,750 | 735,750 | ||||||||||||||
(3) | 14.0% Senior Notes due 2021 are subject to required payments at various dates from 2018 through 2021. | 6.5% Series B Senior Notes Due 2022 | 1,989,250 | 1,989,250 | ||||||||||||||
(4) | iHeart’s Legacy Notes, all of which were issued prior to the acquisition by iHeartMedia, Inc. and consist of Senior Notes maturing at various dates from 2016 through 2027. | Subsidiary Senior Subordinated Notes: | ||||||||||||||||
The Company’s weighted average interest rates at September 30, 2014 and December 31, 2013 were 8.1% and 7.6%, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $20.3 billion and $20.5 billion at September 30, 2014 and December 31, 2013, 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. | 7.625% Series A Senior Notes Due 2020 | 275,000 | 275,000 | |||||||||||||||
Subsidiary Sale of iHeart Long-Term Debt | 7.625% Series B Senior Notes Due 2020 | 1,925,000 | 1,925,000 | |||||||||||||||
On February 14, 2014, CC Finco, LLC (“CC Finco”), an indirect wholly-owned subsidiary of the Company, sold $227.0 million in aggregate principal amount of 14.0% Senior Notes due 2021 issued by iHeart to private purchasers in a transaction exempt from registration under the Securities Act of 1933, as amended. This $227.0 million in aggregate principal amount of 14.0% Senior Notes due 2021, which was previously eliminated in consolidation because the notes were held by a subsidiary, is now reflected on the Company’s consolidated balance sheet. CC Finco contributed the net proceeds from the sale of the 14.0% Senior Notes due 2021 to iHeart, which intends to use such proceeds to repay, repurchase or otherwise acquire outstanding indebtedness from time to time and retire that indebtedness as it becomes due or upon its earlier repayment, repurchase or acquisition. | Other iHeart Subsidiary Debt | 10 | 5,586 | |||||||||||||||
Purchase accounting adjustments and original issue discount | -322,392 | -408,921 | ||||||||||||||||
10.0% Senior Notes Issuance | ||||||||||||||||||
On May 1, 2014, CCU Escrow Corporation issued $850.0 million in aggregate principal amount of 10.0% Senior Notes due 2018 in a private offering. On June 6, 2014, CCU Escrow Corporation merged into iHeart and iHeart assumed CCU Escrow Corporation’s obligations under the 10.0% Senior Notes due 2018. The 10.0% Senior Notes due 2018 mature on January 15, 2018 and bear interest at a rate of 10.0% per annum, payable semi-annually on January 15 and July 15 of each year, beginning on July 15, 2014. The 10.0% Senior Notes due 2018 are the senior unsecured obligations of iHeart and are not guaranteed by the Company or any of iHeart’s other parent companies or any of its subsidiaries. iHeart used the net proceeds from the issuance to redeem Senior Notes due 2014 and 2015. | 20,484,213 | 20,747,097 | ||||||||||||||||
14.0% Senior Notes due 2021 Issuance to a Subsidiary | Less: current portion | 453,734 | 381,728 | |||||||||||||||
On August 22, 2014, iHeart issued and sold $222.2 million in aggregate principal amount of new 14.0% Senior Notes due 2021 to CC Finco in a transaction exempt from registration under the Securities Act of 1933, as amended. The new 14.0% Senior Notes due 2021 were issued as additional notes under the indenture governing iHeart’s existing 14.0% Senior Notes due 2021. On August 22, 2014, iHeart redeemed all of the outstanding $94.3 million aggregate principal amount of Senior Cash Pay Notes due 2016 and $127.9 million aggregate principal amount of Senior Toggle Notes due 2016 using proceeds of the issuance of the new 14.0% Senior Notes due 2021. The $222.2 million in aggregate principal amount of 14.0% Senior Notes due 2021 issued to CC Finco is eliminated in consolidation in our consolidated financial statements. | ||||||||||||||||||
9.0% Priority Guarantee Notes due 2022 Issuance | Total long-term debt | $ | 20,030,479 | $ | 20,365,369 | |||||||||||||
On September 10, 2014, iHeart issued $750.0 million aggregate principal amount of 9.0% Priority Guarantee Notes due 2022 at par. On September 29, 2014, iHeart issued an additional $250.0 million aggregate principal amount of 9.0% Priority Guarantee Notes due 2022 at an issue price of 101% of the principal amount of the notes plus accrued interest from September 10, 2014. The notes issued on September 10, 2014 and the subsequent notes issued on September 29, 2014 have identical terms and are treated as a single class of notes (the “2022 Priority Guarantee Notes”). iHeart used the net proceeds from the issuances to prepay Term Loans due 2016. | ||||||||||||||||||
The 2022 Priority Guarantee Notes mature on September 15, 2022 and bear interest at a rate of 9.0% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2015. The 2022 Priority Guarantee Notes are iHeart’s senior obligations and are fully and unconditionally guaranteed, jointly and severally, on a senior basis by the guarantors named in the indenture governing such notes, including the Company. The 2022 Priority Guarantee Notes and the guarantors’ obligations under the guarantees are secured by (i) a lien on (a) the capital stock of iHeart and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing certain legacy notes of iHeart), in each case equal in priority to the liens securing the obligations under iHeart’s senior secured credit facilities and existing priority guarantee notes, subject to certain exceptions, and (ii) a lien on the accounts receivable and related assets securing iHeart’s receivables based credit facility junior in priority to the lien securing iHeart’s obligations thereunder, subject to certain exceptions. | ||||||||||||||||||
iHeart may redeem the 2022 Priority Guarantee Notes at its option, in whole or part, at any time prior to September 15, 2017, at a price equal to 100% of the principal amount of the 2022 Priority Guarantee Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. iHeart may redeem the 2022 Priority Guarantee Notes, in whole or in part, on or after September 15, 2017, at the redemption prices set forth in the indenture plus accrued and unpaid interest to the redemption date. At any time on or before September 15, 2017, iHeart may elect to redeem up to 40% of the aggregate principal amount of the 2022 Priority Guarantee Notes at a redemption price equal to 109.0% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. | (1) | Term Loan A would have matured during 2014. The outstanding balance was prepaid during the first quarter of 2013. | ||||||||||||||||
The indenture governing the 2022 Priority Guarantee Notes contains covenants that limit iHeart’s 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) transfer or sell assets; (iv) engage in certain transactions with affiliates; (v) create restrictions on dividends or other payments by the restricted subsidiaries; and (vi) merge, consolidate or sell substantially all of iHeart’s assets. The indenture contains covenants that limit iHeart’s and the Company’s 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 2022 Priority Guarantee Notes. The indenture also provides for customary events of default. | (2) | Term Loan C is subject to an amortization schedule with required payments at various dates from 2014 through 2016. | ||||||||||||||||
(3) | Other secured subsidiary long-term debt matures at various dates from 2014 through 2028. | |||||||||||||||||
Debt Repayments, Maturities and Other | (4) | Senior Toggle Notes are subject to required payments at various dates from 2015 through 2016. | ||||||||||||||||
During February 2014, iHeart repaid all principal amounts outstanding under its receivables based credit facility, using cash on hand. This voluntary repayment did not reduce the commitments under this facility and iHeart has the ability to redraw amounts under this facility at any time. | (5) | The Senior Notes due 2021 are subject to required payments at various dates from 2018 through 2021. | ||||||||||||||||
During March 2014, CC Finco repurchased, through open market purchases, a total of $61.9 million aggregate principal amount of notes, comprised of $52.9 million of iHeart’s outstanding 5.5% Senior Notes due 2014 and $9.0 million of iHeart’s outstanding 4.9% Senior Notes due 2015, for a total purchase price of $63.1 million, including accrued interest. iHeart cancelled these notes subsequent to the purchase. In connection with these transactions, the Company incurred expenses of $3.9 million, which are included in “Loss on extinguishment of debt” for the nine months ended September 30, 2014. | The Company’s weighted average interest rates at December 31, 2013 and 2012 were 7.6% and 6.7%, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $20.5 billion and $18.6 billion at December 31, 2013 and 2012, 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. | |||||||||||||||||
On June 6, 2014, using the proceeds from the issuance of the 10.0% Senior Notes due 2018, iHeart redeemed $567.1 million aggregate principal amount of iHeart’s 5.5% Senior Notes due 2014 (including $158.5 million principal amount of the notes held by a subsidiary of the Company) and $241.0 million aggregate principal amount of iHeart’s 4.9% Senior Notes due 2015. In connection with these transactions, the Company incurred expenses of $47.5 million, which are included in “Loss on extinguishment of debt” for the nine months ended September 30, 2014. | ||||||||||||||||||
On August 22, 2014, iHeart redeemed all of the outstanding $94.3 million aggregate principal amount of Senior Cash Pay Notes due 2016 and $127.9 million aggregate principal amount of Senior Toggle Notes due 2016 using proceeds of the issuance of the new Senior Notes due 2021 to CC Finco. | The Company’s subsidiaries have from time to time repurchased certain debt obligations of iHeart and outstanding equity securities of Parent and CCOH, and may in the future, as part of various financing and investment strategies, purchase additional outstanding indebtedness of iHeart or its subsidiaries or outstanding equity securities of Parent or CCOH, in tender offers, open market purchases, privately negotiated transactions or otherwise. The Company or its subsidiaries may also sell certain assets, securities or properties and use the proceeds to reduce its indebtedness. These purchases or sales, if any, could have a material positive or negative impact on the Company’s liquidity available to repay outstanding debt obligations or on the Company’s consolidated results of operations. These transactions could also require or result in amendments to the agreements governing outstanding debt obligations or changes in the Company’s leverage or other financial ratios, which could have a material positive or negative impact on the Company’s ability to comply with the covenants contained in iHeart’s debt agreements. These transactions, if any, will depend on prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. | |||||||||||||||||
On September 10, 2014, iHeart prepaid at par $729.0 million of the loans outstanding under its Term Loan B facility and $12.1 million of the loans outstanding under its Term Loan C-asset sale facility, using the net proceeds of the 2022 Priority Guarantee Notes issued on such date. | Senior Secured Credit Facilities | |||||||||||||||||
On September 29, 2014, iHeart prepaid at par $245.9 million of the loans outstanding under its Term Loan B facility and $4.1 million of the loans outstanding under its Term Loan C-asset sale facility, using the net proceeds of the 2022 Priority Guarantee Notes issued on such date. | As of December 31, 2013, iHeart had a total of $8,225.8 million outstanding under its senior secured credit facilities, consisting of: | |||||||||||||||||
In connection with these transactions, the Company recognized a loss on extinguishment of debt of $4.8 million and $56.3 million for the three and nine months ended September 30, 2014, respectively. | ||||||||||||||||||
During the period of October 1, 2014 through October 27, 2014, CC Finco repurchased via open market transactions a total of $57.1 million aggregate principal amount of iHeart’s outstanding 5.5% Senior Notes due 2016 for a total purchase price of $55.5 million, including accrued interest. The notes repurchased by CC Finco were not cancelled and remain outstanding. | • | a $1,891.0 million Term Loan B, which matures on January 29, 2016; and | ||||||||||||||||
• | a $34.8 million Term Loan C, which matures on January 29, 2016; and | |||||||||||||||||
• | a $5.0 billion Term Loan D, which matures on January 30, 2019; and | |||||||||||||||||
• | a $1.3 billion Term Loan E, which matures on July 30, 2019. | |||||||||||||||||
iHeart may raise incremental term loans of up to (a) $1.5 billion, plus (b) the excess, if any, of (x) 0.65 times pro forma consolidated EBITDA (as calculated in the manner provided in the senior secured credit facilities documentation), over (y) $1.5 billion, plus (c) the aggregate amount of certain principal prepayments made in respect of the term loans under the senior secured credit facilities. Availability of such incremental term loans is subject, among other things, to the absence of any default, pro forma compliance with the financial covenant and the receipt of commitments by existing or additional financial institutions. | ||||||||||||||||||
iHeart is the primary borrower under the senior secured credit facilities, except that certain of its domestic restricted subsidiaries are co-borrowers under a portion of the term loan facilities. | ||||||||||||||||||
Interest Rate and Fees | ||||||||||||||||||
Borrowings under iHeart’s senior secured credit facilities bear interest at a rate equal to an applicable margin plus, at iHeart’s 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 A, (i) 2.40% in the case of base rate loans and (ii) 3.40% in the case of Eurocurrency rate loans; and | |||||||||||||||||
• | with respect to loans under the Term Loan B and Term Loan C—asset sale facility, (i) 2.65%, in the case of base rate loans and (ii) 3.65%, in the case of Eurocurrency rate loans; and | |||||||||||||||||
• | 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 iHeart’s leverage ratio. | ||||||||||||||||||
Prepayments | ||||||||||||||||||
The senior secured credit facilities require iHeart to prepay outstanding term loans, subject to certain exceptions, with: | ||||||||||||||||||
• | 50% (which percentage may be reduced to 25% and to 0% based upon iHeart’s leverage ratio) of iHeart’s annual excess cash flow (as calculated in accordance with the senior secured credit facilities), less any voluntary prepayments of term loans and subject to customary credits; | |||||||||||||||||
• | 100% of the net cash proceeds of sales or other dispositions of specified assets being marketed for sale (including casualty and condemnation events), subject to certain exceptions; | |||||||||||||||||
• | 100% (which percentage may be reduced to 75% and 50% based upon iHeart’s leverage ratio) of the net cash proceeds of sales or other dispositions by iHeart or its wholly-owned restricted subsidiaries of assets other than specified assets being marketed for sale, subject to reinvestment rights and certain other exceptions; | |||||||||||||||||
• | 100% of the net cash proceeds of (i) any incurrence of certain debt, other than debt permitted under iHeart’s senior secured credit facilities. (ii) certain securitization financing and (iii) certain issuances of Permitted Additional Notes (as defined in the senior secured credit facilities) and (iv) certain issuances of Permitted Unsecured Notes and Permitted Senior Secured Notes (as defined in the senior secured credit facilities); and | |||||||||||||||||
• | Net Cash Proceeds received by iHeart as dividends or distributions from indebtedness incurred at CCOH provided that the Consolidated Leverage Ratio of CCOH is no greater than 7.00 to 1.00. | |||||||||||||||||
The foregoing prepayments with the net cash proceeds of any incurrence of certain debt, other than debt permitted under iHeart’s senior secured credit facilities, certain securitization financing, issuances of Permitted Additional Notes and annual excess cash flow will be applied, at iHeart’s option, to the term loans (on a pro rata basis, other than that non-extended classes of term loans may be prepaid prior to any corresponding extended class), in each case (i) first to the term loans outstanding under Term Loan B and (ii) one of (w) second, to outstanding Term Loan C—asset sale facility loans; third, to outstanding Term Loan D; and fourth, to outstanding Term Loan E, or (x) second, to outstanding Term Loan C—asset sale facility loans; third, to outstanding Term Loan E; and fourth, to outstanding Term Loan D, or (y) second, to outstanding Term Loan C—asset sale facility loans; and third, ratably to outstanding Term Loan D and Term Loan E, or (z) second, ratably to outstanding Term Loan C—asset sale facility loans, Term Loan D and Term Loan E. In each case to the remaining installments thereof in direct order of maturity for the Term Loan C—asset sale facility loans. | ||||||||||||||||||
The foregoing prepayments with net cash proceeds of sales or other dispositions by iHeart or its wholly-owned restricted subsidiaries of assets other than specified assets being marketed for sale, subject to reinvestment rights and certain other exceptions, will be applied (i) first to the Term Loan C—asset sale facility loans in direct order of maturity, and (ii) one of (w) second, to outstanding Term Loan B; third, to outstanding Term Loan D; and fourth, to outstanding Term Loan E, or (x) second, to outstanding Term Loan B; third, to outstanding Term Loan E; and fourth, to outstanding Term Loan D, or (y) second, to outstanding Term Loan B; and third, ratably to outstanding Term Loan D and Term Loan E, or (z) second, ratably to outstanding Term Loan B, Term Loan D and Term Loan E. | ||||||||||||||||||
The foregoing prepayments with net cash proceeds of issuances of Permitted Unsecured Notes and Permitted Senior Secured Notes and Net Cash Proceeds received by iHeart as a distribution from indebtedness incurred by CCOH will be applied (i) first, ratably to outstanding Term Loan B and Term Loan C in direct order of maturity, second, to the outstanding Term Loan D and, third, to outstanding Term Loan E, (ii) first, ratably to outstanding Term Loan B and Term Loan C in direct order of maturity, second, to the outstanding Term Loan E and, third, to outstanding Term Loan D, (iii) first, ratably to outstanding Term Loan B and Term Loan C in direct order of maturity and, second, ratably to outstanding Term Loan D and Term Loan E or (iv) ratably to outstanding Term Loan B, Term Loan C, Term Loan D and Term Loan E. | ||||||||||||||||||
iHeart may voluntarily repay outstanding loans under the senior secured credit facilities at any time without premium or penalty, other than customary “breakage” costs with respect to Eurocurrency rate loans. | ||||||||||||||||||
Amendments | ||||||||||||||||||
On October 25, 2012, iHeart amended the terms of its senior secured credit facilities (the “Amendments”). The Amendments, among other things: (i) permit exchange offers of term loans for new debt securities in an aggregate principal amount of up to $5.0 billion (including the $2.0 billion of 9.0% priority guarantee notes due 2019 issued in December 2012 as described under “Refinancing Transactions” below); (ii) provide iHeart with greater flexibility to prepay tranche A term loans; (iii) following the repayment or extension of all tranche A term loans, permit below par non-pro rata purchases of term loans pursuant to customary Dutch auction procedures whereby all lenders of the class of term loans offered to be purchased will be offered an opportunity to participate; (iv) following the repayment or extension of all tranche A term loans, permit the repurchase of junior debt maturing before January 2016 with cash on hand in an amount not to exceed $200.0 million; (v) combine the Term Loan B, the delayed draw term loan 1 and the delayed draw term loan 2 under the senior secured credit facilities; (vi) preserve revolving credit facility capacity in the event iHeart repays all amounts outstanding under the revolving credit facility; and (vii) eliminate certain restrictions on the ability of CCOH and its subsidiaries to incur debt. On October 31, 2012, iHeart repaid and permanently cancelled the commitments under its revolving credit facility, which was set to mature July 2014. | ||||||||||||||||||
On February 28, 2013, iHeart repaid all $846.9 million of loans outstanding under its Term Loan A facility. | ||||||||||||||||||
On May 31, 2013, iHeart further amended the terms of its senior secured credit facilities by extending a portion of Term Loan B and Term Loan C loans due 2016 through the creation of a new $5.0 billion Term Loan D due January 30, 2019. The amendment also permitted iHeart to make applicable high yield discount obligation catch-up payments beginning after May 2018 with respect to the new Term Loan D and in June 2018 with respect to the outstanding notes, which were issued in connection with the exchange of a portion of the Senior Cash Pay Notes and Senior Toggle Notes. | ||||||||||||||||||
In connection with the December 2013 refinancing discussed later, iHeart further amended the terms of its senior secured credit facilities on December 18, 2013, to extend a portion of the Term Loan B and Term Loan C due 2016 through the creation of a new $1.3 billion Term Loan E due July 30, 2019. | ||||||||||||||||||
Collateral and Guarantees | ||||||||||||||||||
The senior secured credit facilities are guaranteed by iHeart and each of iHeart’s 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 the iHeart senior notes, and other exceptions, by: | ||||||||||||||||||
• | a lien on the capital stock of iHeart; | |||||||||||||||||
• | 100% of the capital stock of any future material wholly-owned domestic license subsidiary that is not a “Restricted Subsidiary” under the indenture governing the iHeart senior notes; | |||||||||||||||||
• | certain assets that do not constitute “principal property” (as defined in the indenture governing the iHeart senior notes); | |||||||||||||||||
• | certain specified assets of iHeart and the guarantors that constitute “principal property” (as defined in the indenture governing the iHeart senior 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 the iHeart senior notes; and | |||||||||||||||||
• | a lien on the accounts receivable and related assets securing iHeart’s receivables based credit facility that is junior to the lien securing iHeart’s obligations under such credit facility. | |||||||||||||||||
Certain Covenants and Events of Default | ||||||||||||||||||
The senior secured credit facilities require iHeart to comply on a quarterly basis with a financial covenant limiting the ratio of consolidated secured debt, net of cash and cash equivalents, to consolidated EBITDA for the preceding four quarters. iHeart’s secured debt consists of the senior secured credit facilities, the receivables-based credit facility, the priority guarantee notes and certain other secured subsidiary debt. iHeart’s consolidated EBITDA for the preceding four quarters of $1.9 billion is calculated as operating income (loss) before depreciation, amortization, impairment charges and other operating income (expense), net, plus non-cash compensation, and is further adjusted for the following items: (i) an increase of $77.5 million related to costs incurred in connection with the closure and/or consolidation of facilities, retention charges, consulting fees and other permitted activities; (ii) an increase of $41.3 million for non-cash items; (iii) an increase of $39.3 million for non-recurring or unusual gains or losses; (iv) an increase of $19.3 million for various other items; and (v) an increase of $20.0 million for cash received from nonconsolidated affiliates. The maximum ratio under this financial covenant is currently set at 9:1 and reduces to 8.75:1 for the year ended December 31, 2014. At December 31, 2013, the ratio was 6.3:1. | ||||||||||||||||||
In addition, the senior secured credit facilities include negative covenants that, subject to significant exceptions, limit iHeart’s 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 iHeart’s 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 senior secured credit facilities include certain customary representations and warranties, affirmative covenants and events of default, including payment defaults, breach of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of bankruptcy, certain events under ERISA, material judgments, the invalidity of material provisions of the senior secured credit facilities documentation, the failure of collateral under the security documents for the senior secured credit facilities, the failure of the senior secured credit facilities to be senior debt under the subordination provisions of certain of iHeart’s subordinated debt and a change of control. If an event of default occurs, the lenders under the senior secured credit facilities will be entitled to take various actions, including the acceleration of all amounts due under the senior secured credit facilities and all actions permitted to be taken by a secured creditor. | ||||||||||||||||||
Receivables Based Credit Facility | ||||||||||||||||||
As of December 31, 2013, iHeart had $247.0 million of borrowings outstanding under its receivables based credit facility. | ||||||||||||||||||
The receivables based credit facility provides revolving credit commitments of $535.0 million, subject to a borrowing base. The borrowing base at any time equals 90% of the eligible accounts receivable of iHeart and certain of its subsidiaries. The receivables based credit facility includes a letter of credit sub-facility and a swingline loan sub-facility. | ||||||||||||||||||
iHeart and certain subsidiary borrowers are the borrowers under the receivables based credit facility. iHeart has the ability to designate one or more of its restricted subsidiaries as borrowers under the receivables based credit facility. The receivables based credit facility loans and letters of credit are available in a variety of currencies including U.S. dollars, Euros, Pound, Sterling, and Canadian dollars. | ||||||||||||||||||
Interest Rate and Fees | ||||||||||||||||||
Borrowings under the receivables based credit facility bear interest at a rate per annum equal to an applicable margin plus, at iHeart’s option, either (i) a base rate determined by reference to the highest of (a) the prime rate of Citibank, N.A. and (b) the Federal Funds rate plus 0.50% or (ii) a Eurocurrency rate determined by reference to the rate (adjusted for statutory reserve requirements for Eurocurrency liabilities) for Eurodollar deposits for the interest period relevant to such borrowing. The applicable margin for borrowings under the receivables based credit facility ranges from 1.50% to 2.00% for Eurocurrency borrowings and from 0.50% to 1.00% for base-rate borrowings, depending on average excess availability under the receivables based credit facility during the prior fiscal quarter. | ||||||||||||||||||
In addition to paying interest on outstanding principal under the receivables based credit facility, iHeart is required to pay a commitment fee to the lenders under the receivables based credit facility in respect of the unutilized commitments thereunder. The commitment fee rate ranges from 0.25% to 0.375% per annum dependent upon average unused commitments during the prior quarter. iHeart must also pay customary letter of credit fees. | ||||||||||||||||||
Maturity | ||||||||||||||||||
Borrowings under the receivables based credit facility will mature, and lending commitments thereunder will terminate, on the fifth anniversary of the effectiveness of the receivables based credit facility (December 24, 2017), provided that, (a) the maturity date will be October 31, 2015 if on October 30, 2015, greater than $500.0 million in aggregate principal amount is owing under certain of iHeart’s term loan credit facilities, (b) the maturity date will be May 3, 2016 if on May 2, 2016 greater than $500.0 million aggregate principal amount of iHeart’s 10.75% senior cash pay notes due 2016 and 11.00%/11.75% senior toggle notes due 2016 are outstanding and (c) in the case of any debt under clauses (a) and (b) that is amended or refinanced in any manner that extends the maturity date of such debt to a date that is on or before the date that is five years after the effectiveness of the receivables based credit facility, the maturity date will be one day prior to the maturity date of such debt after giving effect to such amendment or refinancing if greater than $500,000,000 in aggregate principal amount of such debt is outstanding. | ||||||||||||||||||
Prepayments | ||||||||||||||||||
If at any time the sum of the outstanding amounts under the receivables based credit facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitments under the facility, iHeart will be required to repay outstanding loans and cash collateralize letters of credit in an aggregate amount equal to such excess. iHeart may voluntarily repay outstanding loans under the receivables based credit facility at any time without premium or penalty, other than customary “breakage” costs with respect to Eurocurrency rate loans. Any voluntary prepayments iHeart makes will not reduce its commitments under the receivables based credit facility. | ||||||||||||||||||
Guarantees and Security | ||||||||||||||||||
The facility is guaranteed by, subject to certain exceptions, the guarantors of iHeart’s senior secured credit facilities. All obligations under the receivables based credit facility, and the guarantees of those obligations, are secured by a perfected security interest in all of iHeart’s and all of the guarantors’ accounts receivable and related assets and proceeds thereof that is senior to the security interest of iHeart’s senior secured credit facilities in such accounts receivable and related assets and proceeds thereof, subject to permitted liens, including prior liens permitted by the indenture governing certain of iHeart’s senior notes (the “legacy notes”), and certain exceptions. | ||||||||||||||||||
Certain Covenants and Events of Default | ||||||||||||||||||
If borrowing availability is less than the greater of (a) $50.0 million and (b) 10% of the aggregate commitments under the receivables based credit facility, in each case, for five consecutive business days (a “Liquidity Event”), iHeart will be required to comply with a minimum fixed charge coverage ratio of at least 1.00 to 1.00 for fiscal quarters ending on or after the occurrence of the Liquidity Event, and will be continued to comply with this minimum fixed charge coverage ratio until borrowing availability exceeds the greater of (x) $50.0 million and (y) 10% of the aggregate commitments under the receivables based credit facility, in each case, for 30 consecutive calendar days, at which time the Liquidity Event shall no longer be deemed to be occurring. In addition, the receivables based credit facility includes negative covenants that, subject to significant exceptions, limit iHeart’s 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 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 receivables based credit facility includes certain customary representations and warranties, affirmative covenants and events of default, including payment defaults, breach of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of bankruptcy, certain events under ERISA, material judgments and a change of control. If an event of default occurs, the lenders under the receivables based credit facility will be entitled to take various actions, including the acceleration of all amounts due under iHeart’s receivables based credit facility and all actions permitted to be taken by a secured creditor. | ||||||||||||||||||
9% Priority Guarantee Notes Due 2019 | ||||||||||||||||||
As of December 31, 2013, iHeart had outstanding $2.0 billion aggregate principal amount of 9.0% priority guarantee notes due 2019 (the “Priority Guarantee Notes due 2019”). | ||||||||||||||||||
The Priority Guarantee Notes due 2019 mature on December 15, 2019 and bear interest at a rate of 9.0% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, which began on June 15, 2013. The Priority Guarantee Notes due 2019 are iHeart’s senior obligations and are fully and unconditionally guaranteed, jointly and severally, on a senior basis by the guarantors named in the indenture. The Priority Guarantee Notes due 2019 and the guarantors’ obligations under the guarantees are secured by (i) a lien on (a) the capital stock of iHeart and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing certain legacy notes of iHeart), in each case equal in priority to the liens securing the obligations under iHeart’s senior secured credit facilities and iHeart’s priority guarantee notes due 2021, subject to certain exceptions, and (ii) a lien on the accounts receivable and related assets securing iHeart’s receivables based credit facility junior in priority to the lien securing iHeart’s obligations thereunder, subject to certain exceptions. In addition to the collateral granted to secure the Priority Guarantee Notes due 2019, the collateral agent and the trustee for the 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 Priority Guarantee Notes due 2019, for the benefit of the holders of the 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. | ||||||||||||||||||
iHeart may redeem the Priority Guarantee Notes due 2019 at its option, in whole or part, at any time prior to July 15, 2015, at a price equal to 100% of the principal amount of the Priority Guarantee Notes due 2019 redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. iHeart may redeem the Priority Guarantee Notes due 2019, in whole or in part, on or after July 15, 2015, at the redemption prices set forth in the indenture plus accrued and unpaid interest to the redemption date. Prior to July 15, 2015, iHeart may elect to redeem up to 40% of the aggregate principal amount of the Priority Guarantee Notes due 2019 at a redemption price equal to 109.0% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. | ||||||||||||||||||
The indenture governing the Priority Guarantee Notes due 2019 contains covenants that limit iHeart’s 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 iHeart’s 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 iHeart’s assets. The indenture contains covenants that limit the Company’s and iHeart’s ability and the ability of its 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 due 2019. The indenture also provides for customary events of default. | ||||||||||||||||||
9% Priority Guarantee Notes Due 2021 | ||||||||||||||||||
As of December 31, 2013, iHeart had outstanding $1.75 billion aggregate principal amount of 9.0% priority guarantee notes due 2021 (the “Priority Guarantee Notes due 2021”). | ||||||||||||||||||
The Priority Guarantee Notes due 2021 mature on March 1, 2021 and bear interest at a rate of 9.0% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, which began on September 1, 2011. The Priority Guarantee Notes due 2021 are iHeart’s senior obligations and are fully and unconditionally guaranteed, jointly and severally, on a senior basis by the guarantors named in the indenture. The Priority Guarantee Notes due 2021 and the guarantors’ obligations under the guarantees are secured by (i) a lien on (a) the capital stock of iHeart and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing certain legacy notes of iHeart), in each case equal in priority to the liens securing the obligations under iHeart’s senior secured credit facilities and the Priority Guarantee Notes due 2019, subject to certain exceptions, and (ii) a lien on the accounts receivable and related assets securing iHeart’s receivables based credit facility junior in priority to the lien securing iHeart’s obligations thereunder, subject to certain exceptions. | ||||||||||||||||||
iHeart may redeem the Priority Guarantee Notes due 2021 at its option, in whole or part, at any time prior to March 1, 2016, at a price equal to 100% of the principal amount of the Priority Guarantee Notes due 2021 redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. iHeart may redeem the Priority Guarantee Notes due 2021, in whole or in part, on or after March 1, 2016, at the redemption prices set forth in the indenture plus accrued and unpaid interest to the redemption date. At any time on or before March 1, 2014, iHeart may elect to redeem up to 40% of the aggregate principal amount of the Priority Guarantee Notes due 2021 at a redemption price equal to 109.0% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. | ||||||||||||||||||
The indenture governing the Priority Guarantee Notes due 2021 contains covenants that limit iHeart’s 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 iHeart’s 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 iHeart’s assets. The indenture contains covenants that limit the Company’s and iHeart’s ability and the ability of its 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 due 2021. The indenture also provides for customary events of default. | ||||||||||||||||||
11.25% Priority Guarantee Notes Due 2021 | ||||||||||||||||||
As of December 31, 2013, iHeart had outstanding $575.0 million aggregate principal amount of 11.25% Priority Guarantee Notes due 2021 (the “11.25% Priority Guarantee Notes”). | ||||||||||||||||||
The 11.25% Priority Guarantee Notes mature on March 1, 2021 and bear interest at a rate of 11.25% per annum, payable semi-annually on March 1 and September 1 of each year, which began on September 1, 2013. The 11.25% Priority Guarantee Notes are iHeart’s senior obligations and are fully and unconditionally guaranteed, jointly and severally, on a senior basis by the guarantors named in the indenture governing such notes. The 11.25% Priority Guarantee Notes and the guarantors’ obligations under the guarantees are secured by (i) a lien on (a) the capital stock of iHeart and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing the legacy notes of iHeart), in each case equal in priority to the liens securing the obligations under iHeart’s senior secured credit facilities, iHeart’s Priority Guarantee Notes due 2021 and iHeart’s Priority Guarantee Notes due 2019, subject to certain exceptions, and (ii) a lien on the accounts receivable and related assets securing iHeart’s receivables based credit facility junior in priority to the lien securing iHeart’s obligations thereunder, subject to certain exceptions. | ||||||||||||||||||
iHeart may redeem the 11.25% Priority Guarantee Notes at its option, in whole or part, at any time prior to March 1, 2016, at a price equal to 100% of the principal amount of the 11.25% Priority Guarantee Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. In addition, until March 1, 2016, iHeart may elect to redeem up to 40% of the aggregate principal amount of the 11.25% Priority Guarantee Notes at a redemption price equal to 111.25% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. iHeart may redeem the 11.25% Priority Guarantee Notes, in whole or in part, on or after March 1, 2016, at the redemption prices set forth in the indenture plus accrued and unpaid interest to the redemption date. | ||||||||||||||||||
The indenture governing the 11.25% Priority Guarantee Notes contains covenants that limit iHeart’s 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) transfer or sell assets; (iv) engage in certain transactions with affiliates; (v) create restrictions on dividends or other payments by the restricted subsidiaries; and (vi) merge, consolidate or sell substantially all of iHeart’s assets. The indenture contains covenants that limit the Company’s and iHeart’s ability and the ability of its 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 11.25% Priority Guarantee Notes. The indenture also provides for customary events of default. | ||||||||||||||||||
Subsidiary Senior Revolving Credit Facility Due 2018 | ||||||||||||||||||
During the third quarter of 2013, CCOH entered into a five-year senior secured revolving credit facility with an aggregate principal amount of $75.0 million. The revolving credit facility may be used for working capital, to issue letters of credit and for other general corporate purposes. At December 31, 2013, there were no amounts outstanding under the revolving credit facility, and $34.1 million of letters of credit under the revolving credit facility, which reduce availability under the facility. | ||||||||||||||||||
Senior Cash Pay Notes and Senior Toggle Notes | ||||||||||||||||||
As of December 31, 2013, iHeart had outstanding $94.3 million aggregate principal amount of 10.75% senior cash pay notes due 2016 and $127.9 million aggregate principal amount of 11.00%/11.75% senior toggle notes due 2016. | ||||||||||||||||||
The senior cash pay notes and senior toggle notes are unsecured and are guaranteed by the Company and each of iHeart’s existing and future material wholly-owned domestic restricted subsidiaries, subject to certain exceptions. The senior cash pay notes and senior toggle notes mature on August 1, 2016 and the senior toggle notes may require a special redemption of up to $30.0 million on August 1, 2015. iHeart may elect on each interest election date to pay all or 50% of such interest on the senior toggle notes in cash or by increasing the principal amount of the senior toggle notes or by issuing new senior toggle notes (such increase or issuance, “PIK Interest”). Interest on the senior toggle notes payable in cash will accrue at a rate of 11.00% per annum and PIK Interest will accrue at a rate of 11.75% per annum. | ||||||||||||||||||
Prior to August 1, 2012, iHeart was able to redeem some or all of the senior cash pay notes and senior toggle notes at a price equal to 100% of the principal amount of such notes plus accrued and unpaid interest thereon to the redemption date and an applicable premium, as described in the indenture governing such notes. Since August 1, 2012, iHeart may redeem some or all of the senior cash pay notes and senior toggle notes at any time at the redemption prices set forth in the indenture governing such notes. If iHeart undergoes a change of control, sells certain its assets, or issues certain debt, it may be required to offer to purchase the senior cash pay notes and senior toggle notes from holders. | ||||||||||||||||||
The senior cash pay notes and senior toggle notes are senior unsecured debt and rank equal in right of payment with all of iHeart’s existing and future senior debt. Guarantors of obligations under the senior secured credit facilities, the receivables based credit facility, the Priority Guarantee Notes due 2021, the Priority Guarantee Notes due 2019, and the 11.25% Priority Guarantee Notes guarantee the senior cash pay notes and senior toggle notes with unconditional guarantees that are unsecured and equal in right of payment to all existing and future senior debt of such guarantors, except that the guarantees are subordinated in right of payment only to the guarantees of obligations under the senior secured credit facilities, the receivables based credit facility, the Priority Guarantee Notes due 2021, the Priority Guarantee Notes due 2019, and the 11.25% Priority Guarantee Notes to the extent of the value of the assets securing such indebtedness. In addition, the senior cash pay notes and senior toggle notes and the guarantees are structurally senior to the iHeart senior notes and existing and future debt to the extent that such debt is not guaranteed by the guarantors of the senior cash pay notes and senior toggle notes. The senior cash pay notes and senior toggle notes and the guarantees are effectively subordinated to iHeart’s existing and future secured debt and that of the guarantors to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all obligations of subsidiaries that do not guarantee the senior cash pay notes and senior toggle notes. | ||||||||||||||||||
On July 16, 2010, iHeart made the election to pay interest on the senior toggle notes entirely in cash, effective for the interest period commencing August 1, 2010, and has continued to pay interest in cash for each subsequent interest period. | ||||||||||||||||||
As described in “Senior Notes due 2021” below, during 2013, iHeart exchanged a portion of the senior cash pay notes and the senior toggle notes for Senior Notes due 2021. | ||||||||||||||||||
Senior Notes due 2021 | ||||||||||||||||||
As of December 31, 2013, iHeart had outstanding approximately $1.4 billion of aggregate principal amount of Senior Notes due 2021 (net of $421.9 million principal amount issued to, and held by, a subsidiary of iHeart). | ||||||||||||||||||
During the second quarter of 2013, iHeart completed an exchange offer with certain holders of its senior cash pay notes and senior toggle notes pursuant to which iHeart issued $1.2 billion aggregate principal amount (including $421.0 million principal amount issued to, and held by, a subsidiary of iHeart) of Senior Notes due 2021. In the exchange offer, $348.1 million aggregate principal amount of senior cash pay notes was exchanged for $348.0 million aggregate principal amount of the Senior Notes due 2021, and $917.2 million aggregate principal amount of senior toggle notes was exchanged for $853.0 million aggregate principal amount of Senior Notes due 2021 and $64.2 million of cash, plus, in each case, cash in an amount equal to accrued and unpaid interest from the last interest payment date applicable on the senior cash pay notes and senior toggle notes to, but not including, the closing date of the exchange offer. The Senior Notes due 2021 mature on February 1, 2021. Interest on the Senior Notes due 2021 is payable semi-annually on February 1 and August 1 of each year, which began on August 1, 2013. Interest on the 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 Senior Notes due 2021. The 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 Senior Notes due 2021. The guarantees are subordinated to the guarantees of iHeart’s senior secured credit facility and certain other permitted debt, but rank equal to all other senior indebtedness of the guarantors. | ||||||||||||||||||
During the fourth quarter of 2013, iHeart completed an additional exchange offer with certain remaining holders of the senior cash pay notes and senior toggle notes pursuant to which iHeart issued $622.5 million aggregate principal amount of Senior Notes due 2021. In the exchange offer, $353.8 million aggregate principal amount of senior cash pay notes was exchanged for $389.2 million aggregate principal amount of Senior Notes due 2021 and $14.2 million in cash, and $212.1 million aggregate principal amount of senior toggle notes was exchanged for $233.3 million aggregate principal amount of Senior Notes due 2021 and $8.5 million in cash, plus, in each case, cash in an amount equal to accrued and unpaid interest on the senior cash pay notes and senior toggle notes was netted against cash due for accrued interest on the Senior Notes due 2021 since the previous interest payment date. | ||||||||||||||||||
iHeart may redeem or purchase the Senior Notes due 2021 at its option, in whole or in part, at any time prior to August 1, 2015, at a redemption price equal to 100% of the principal amount of Senior Notes due 2021 redeemed plus an applicable premium. In addition, until August 1, 2015, iHeart may, at its option, on one or more occasions, redeem up to 60% of the then outstanding aggregate principal amount of Senior Notes due 2021 at a redemption price equal to (x) with respect to the first 30% of the then outstanding aggregate principal amount of the Senior Notes due 2021, 109.0% of the aggregate principal amount thereof and (y) with respect to the next 30% of the then outstanding aggregate principal amount of the Senior Notes due 2021, 112.0% of the aggregate principal amount thereof, in each case plus accrued and unpaid interest thereon to the applicable redemption date. iHeart may redeem the Senior Notes due 2021, in whole or in part, on or after August 1, 2015, at the redemption prices set forth in the indenture plus accrued and unpaid interest to the redemption date. | ||||||||||||||||||
The indenture governing the Senior Notes due 2021 contains covenants that limit iHeart’s 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, their capital stock or repurchase their 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 their assets; (vii) engage in transactions with affiliates; and (viii) designate their subsidiaries as unrestricted subsidiaries. | ||||||||||||||||||
iHeart Senior Notes | ||||||||||||||||||
As of December 31, 2013, iHeart had outstanding approximately $1.4 billion aggregate principal amount of senior notes outstanding (net of $288.5 million aggregate principal amount held by a subsidiary of iHeart). | ||||||||||||||||||
The senior notes were the obligations of iHeart prior to the merger. The senior notes are senior, unsecured obligations that are effectively subordinated to iHeart’s secured indebtedness to the extent of the value of iHeart’s assets securing such indebtedness and are not guaranteed by any of iHeart’s subsidiaries and, as a result, are structurally subordinated to all indebtedness and other liabilities of iHeart’s subsidiaries. The senior notes rank equally in right of payment with all of iHeart’s existing and future senior indebtedness and senior in right of payment to all existing and future subordinated indebtedness. | ||||||||||||||||||
CCWH Senior Notes | ||||||||||||||||||
As of December 31, 2013, the senior notes of the Company’s subsidiary, Clear Channel Worldwide Holdings, Inc. (“CCWH”), represented $2.7 billion aggregate principal amount of indebtedness outstanding, which consisted of $735.75 million aggregate principal amount of Series A Senior Notes due 2022 (the “Series A CCWH Senior Notes”) and $1,989.25 million aggregate principal amount of Series B CCWH Senior Notes due 2022 (the “Series B CCWH Senior Notes” and, together with the Series A CCWH Senior Notes, the “CCWH Senior Notes”). The CCWH Senior Notes are guaranteed by CCOH, Clear Channel Outdoor, Inc. (“CCOI”) and certain of CCOH’s direct and indirect subsidiaries. The proceeds from the issuance of the CCWH Senior Notes were used to fund the repurchase of CCWH’s Series A Senior Notes due 2017 and CCWH’s Series B Senior Notes due 2017 (collectively, the “Existing CCWH Senior Notes”). | ||||||||||||||||||
The Company capitalized $30.0 million in fees and expenses associated with the CCWH Senior Notes offering and an original issue discount of $7.4 million. The Company is amortizing the capitalized fees and discount through interest expense over the life of the CCWH Senior Notes. | ||||||||||||||||||
The CCWH Senior Notes are senior obligations that rank pari passu in right of payment to all unsubordinated indebtedness of CCWH and the guarantees of the CCWH Senior Notes rank pari passu in right of payment to all unsubordinated indebtedness of the guarantors. Interest on the CCWH Senior Notes is payable to the trustee weekly in arrears and to the noteholders on May 15 and November 15 of each year, which began on May 15, 2013. | ||||||||||||||||||
At any time prior to November 15, 2017, CCWH may redeem the CCWH Senior Notes, in whole or in part, at a price equal to 100% of the principal amount of the CCWH Senior Notes plus a “make-whole” premium, together with accrued and unpaid interest, if any, to the redemption date. CCWH may redeem the CCWH Senior Notes, in whole or in part, on or after November 15, 2017, at the redemption prices set forth in the applicable indenture governing the CCWH Senior Notes plus accrued and unpaid interest to the redemption date. At any time on or before November 15, 2015, CCWH may elect to redeem up to 40% of the then outstanding aggregate principal amount of the CCWH Senior Notes at a redemption price equal to 106.500% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings, subject to certain restrictions. Notwithstanding the foregoing, neither CCOH nor any of its subsidiaries is permitted to make any purchase of, or otherwise effectively cancel or retire any Series A CCWH Senior Notes or Series B CCWH Senior Notes if, after giving effect thereto and, if applicable, any concurrent purchase of or other addition with respect to any Series B CCWH Senior Notes or Series A CCWH Senior Notes, as applicable, the ratio of (a) the outstanding aggregate principal amount of the Series A CCWH Senior Notes to (b) the outstanding aggregate principal amount of the Series B CCWH Senior Notes shall be greater than 0.25, subject to certain exceptions. | ||||||||||||||||||
The indenture governing the Series A CCWH Senior Notes contains covenants that limit CCOH and its restricted subsidiaries ability to, among other things: | ||||||||||||||||||
• | incur or guarantee additional debt to persons other than iHeart and its subsidiaries (other than CCOH) or issue certain preferred stock; | |||||||||||||||||
• | create liens on its restricted subsidiaries’ assets to secure such debt; | |||||||||||||||||
• | create restrictions on the payment of dividends or other amounts to CCOH from its restricted subsidiaries that are not guarantors of the CCWH Senior Notes; | |||||||||||||||||
• | enter into certain transactions with affiliates; | |||||||||||||||||
• | merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of its assets; and | |||||||||||||||||
• | sell certain assets, including capital stock of its subsidiaries, to persons other than iHeart and its subsidiaries (other than CCOH). | |||||||||||||||||
In addition, the indenture governing the Series A CCWH Senior Notes provides that if CCWH (i) makes an optional redemption of the Series B CCWH Senior Notes or purchases or makes an offer to purchase the Series B CCWH Senior Notes at or above 100% of the principal amount thereof, then CCWH shall apply a pro rata amount to make an optional redemption or purchase a pro rata amount of the Series A CCWH Senior Notes or (ii) makes an asset sale offer under the indenture governing the Series B CCWH Senior Notes, then CCWH shall apply a pro rata amount to make an offer to purchase a pro rata amount of Series A CCWH Senior Notes. | ||||||||||||||||||
The indenture governing the Series A CCWH Senior Notes does not include limitations on dividends, distributions, investments or asset sales. | ||||||||||||||||||
The indenture governing the Series B CCWH Senior Notes contains covenants that limit CCOH and its restricted subsidiaries ability to, among other things: | ||||||||||||||||||
• | incur or guarantee additional debt or issue certain preferred stock; | |||||||||||||||||
• | redeem, repurchase or retire CCOH’s subordinated debt; | |||||||||||||||||
• | make certain investments; | |||||||||||||||||
• | create liens on its or its restricted subsidiaries’ assets to secure debt; | |||||||||||||||||
• | create restrictions on the payment of dividends or other amounts to it from its restricted subsidiaries that are not guarantors of the CCWH Senior Notes; | |||||||||||||||||
• | enter into certain transactions with affiliates; | |||||||||||||||||
• | merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of its assets; | |||||||||||||||||
• | sell certain assets, including capital stock of its subsidiaries; | |||||||||||||||||
• | designate its subsidiaries as unrestricted subsidiaries; and | |||||||||||||||||
• | pay dividends, redeem or repurchase capital stock or make other restricted payments. | |||||||||||||||||
The Series A CCWH Senior Notes indenture and Series B CCWH Senior Notes indenture restrict CCOH’s ability to incur additional indebtedness but permit CCOH to incur additional indebtedness based on an incurrence test. In order to incur (i) additional indebtedness under this test, CCOH’s debt to adjusted EBITDA ratios (as defined by the indentures) must be lower than 7.0:1 and 5.0:1 for total debt and senior debt, respectively, and (ii) additional indebtedness that is subordinated to the CCWH Senior Notes under this test, CCOH’s debt to adjusted EBITDA ratios (as defined by the indentures) must not be lower than 7.0:1 for total debt. The indentures contain certain other exceptions that allow CCOH to incur additional indebtedness. The Series B CCWH Senior Notes indenture also permits CCOH to pay dividends from the proceeds of indebtedness or the proceeds from asset sales if its debt to adjusted EBITDA ratios (as defined by the indentures) are lower than 7.0:1 and 5.0:1 for total debt and senior debt, respectively. The Series A CCWH Senior Notes indenture does not limit CCOH’s ability to pay dividends. The Series B CCWH Senior Notes indenture contains certain exceptions that allow CCOH to pay dividends, including (i) $525.0 million of dividends made pursuant to general restricted payment baskets and (ii) dividends made using proceeds received upon a demand by CCOH of amounts outstanding under the revolving promissory note issued by iHeart to CCOH. | ||||||||||||||||||
CCWH Senior Subordinated Notes | ||||||||||||||||||
As of December 31, 2013, CCWH Subordinated Notes represented $2.2 billion of aggregate principal amount of indebtedness outstanding, which consist of $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”). Interest on the CCWH Subordinated Notes is payable to the trustee weekly in arrears and to the noteholders on March 15 and September 15 of each year, which began on September 15, 2012. | ||||||||||||||||||
The CCWH Subordinated Notes are CCWH’s senior subordinated obligations and are fully and unconditionally guaranteed, jointly and severally, on a senior subordinated basis by CCOH, CCOI and certain of CCOH’s other domestic subsidiaries. The CCWH Subordinated Notes are unsecured senior subordinated obligations that rank junior to all of CCWH’s existing and future senior debt, including the CCWH Senior Notes, equally with any of CCWH’s existing and future senior subordinated debt and ahead of all of CCWH’s existing and future debt that expressly provides that it is subordinated to the CCWH Subordinated Notes. The guarantees of the CCWH Subordinated Notes rank junior to each guarantor’s existing and future senior debt, including the CCWH Senior Notes, equally with each guarantor’s existing and future senior subordinated debt and ahead of each guarantor’s existing and future debt that expressly provides that it is subordinated to the guarantees of the CCWH Subordinated Notes. | ||||||||||||||||||
At any time prior to March 15, 2015, CCWH may redeem the CCWH Subordinated Notes, in whole or in part, at a price equal to 100% of the principal amount of the CCWH Subordinated Notes plus a “make-whole” premium, together with accrued and unpaid interest, if any, to the redemption date. CCWH may redeem the CCWH Subordinated Notes, in whole or in part, on or after March 15, 2015, at the redemption prices set forth in the applicable indenture governing the CCWH Subordinated Notes plus accrued and unpaid interest to the redemption date. At any time on or before March 15, 2015, CCWH may elect to redeem up to 40% of the then outstanding aggregate principal amount of the CCWH Subordinated Notes at a redemption price equal to 107.625% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings, subject to certain restrictions. Notwithstanding the foregoing, neither CCOH nor any of its subsidiaries is permitted to make any purchase of, or otherwise effectively cancel or retire any Series A CCWH Subordinated Notes or Series B CCWH Subordinated Notes if, after giving effect thereto and, if applicable, any concurrent purchase of or other addition with respect to any Series B CCWH Subordinated Notes or Series A CCWH Subordinated Notes, as applicable, the ratio of (a) the outstanding aggregate principal amount of the Series A CCWH Subordinated Notes to (b) the outstanding aggregate principal amount of the Series B CCWH Subordinated Notes shall be greater than 0.25, subject to certain exceptions. | ||||||||||||||||||
The Company capitalized $40.0 million in fees and expenses associated with the CCWH Subordinated Notes offering and are amortizing them through interest expense over the life of the CCWH Subordinated Notes. | ||||||||||||||||||
The indenture governing the Series A CCWH Subordinated Notes contains covenants that limit CCOH and its restricted subsidiaries ability to, among other things: | ||||||||||||||||||
• | incur or guarantee additional debt to persons other than iHeart and its subsidiaries (other than CCOH) or issue certain preferred stock; | |||||||||||||||||
• | create restrictions on the payment of dividends or other amounts to CCOH from its restricted subsidiaries that are not guarantors of the notes; | |||||||||||||||||
• | enter into certain transactions with affiliates; | |||||||||||||||||
• | merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of CCOH’s assets; and | |||||||||||||||||
• | sell certain assets, including capital stock of CCOH’s subsidiaries, to persons other than iHeart and its subsidiaries (other than CCOH). | |||||||||||||||||
In addition, the indenture governing the Series A CCWH Subordinated Notes provides that if CCWH (i) makes an optional redemption of the Series B CCWH Subordinated Notes or purchases or makes an offer to purchase the Series B CCWH Subordinated Notes at or above 100% of the principal amount thereof, then CCWH shall apply a pro rata amount to make an optional redemption or purchase a pro rata amount of the Series A CCWH Subordinated Notes or (ii) makes an asset sale offer under the indenture governing the Series B CCWH Subordinated Notes, then CCWH shall apply a pro rata amount to make an offer to purchase a pro rata amount of Series A CCWH Subordinated Notes. | ||||||||||||||||||
The indenture governing the Series A CCWH Subordinated Notes does not include limitations on dividends, distributions, investments or asset sales. | ||||||||||||||||||
The indenture governing the Series B CCWH Subordinated Notes contains covenants that limit CCOH and its restricted subsidiaries ability to, among other things: | ||||||||||||||||||
• | incur or guarantee additional debt or issue certain preferred stock; | |||||||||||||||||
• | make certain investments; | |||||||||||||||||
• | create restrictions on the payment of dividends or other amounts to CCOH from its restricted subsidiaries that are not guarantors of the notes; | |||||||||||||||||
• | enter into certain transactions with affiliates; | |||||||||||||||||
• | merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of CCOH’s assets; | |||||||||||||||||
• | sell certain assets, including capital stock of CCOH’s subsidiaries; | |||||||||||||||||
• | designate CCOH’s subsidiaries as unrestricted subsidiaries; and | |||||||||||||||||
• | pay dividends, redeem or repurchase capital stock or make other restricted payments. | |||||||||||||||||
The Series A CCWH Subordinated Notes indenture and Series B CCWH Subordinated Notes indenture restrict CCOH’s ability to incur additional indebtedness but permit CCOH to incur additional indebtedness based on an incurrence test. In order to incur additional indebtedness under this test, CCOH’s debt to adjusted EBITDA ratios (as defined by the indentures) must be lower than 7.0:1. The indentures contain certain other exceptions that allow CCOH to incur additional indebtedness. The Series B CCWH Subordinated Notes indenture also permits CCOH to pay dividends from the proceeds of indebtedness or the proceeds from asset sales if its debt to adjusted EBITDA ratios (as defined by the indentures) is lower than 7.0:1. The Series A CCWH Senior Subordinated Notes indenture does not limit CCOH’s ability to pay dividends. The Series B CCWH Subordinated Notes indenture contains certain exceptions that allow CCOH to pay dividends, including (i) $525.0 million of dividends made pursuant to general restricted payment baskets and (ii) dividends made using proceeds received upon a demand by CCOH of amounts outstanding under the revolving promissory note issued by iHeart to CCOH. | ||||||||||||||||||
With the proceeds of the CCWH Subordinated Notes (net of the initial purchasers’ discount of $33.0 million), CCWH loaned an aggregate amount equal to $2,167.0 million to CCOI. CCOI paid all other fees and expenses of the offering using cash on hand and, with the proceeds of the loans, made a special cash dividend to CCOH, which in turn made a special cash dividend on March 15, 2012 in an amount equal to $6.0832 per share to its Class A and Class B stockholders of record at the close of business on March 12, 2012, including Clear Channel Holdings, Inc. (“CC Holdings”) and CC Finco, LLC (“CC Finco”), both wholly-owned subsidiaries of the Company. Of the $2,170.4 million special cash dividend paid by CCOH, an aggregate of $1,925.7 million was distributed to CC Holdings and CC Finco, with the remaining $244.7 million distributed to other stockholders. As a result, the Company recorded a reduction of $244.7 million in “Noncontrolling interest” on the consolidated balance sheet. | ||||||||||||||||||
Refinancing Transactions | ||||||||||||||||||
2011 Refinancing Transactions | ||||||||||||||||||
In February 2011, iHeart amended its senior secured credit facilities and its receivables based facility and issued the Initial Priority Guarantee Notes due 2021. In June 2011, iHeart issued the Additional Priority Guarantee Notes due 2021 at an issue price of 93.845% of the principal amount. The Initial Priority Guarantee Notes due 2021 and the Additional Priority Guarantee Notes due 2021 have identical terms and are treated as a single class. | ||||||||||||||||||
The Company capitalized $39.5 million in fees and expenses associated with the offering of the Initial Priority Guarantee Notes due 2021 and is amortizing them through interest expense over the life of the Initial Priority Guarantee Notes due 2021. The Company capitalized an additional $7.1 million in fees and expenses associated with the offering of the Additional Priority Guarantee Notes due 2021 and is amortizing them through interest expense over the life of the Additional Priority Guarantee Notes due 2021. | ||||||||||||||||||
iHeart used the proceeds of the Initial Priority Guarantee Notes due 2021 offering to prepay $500.0 million of the indebtedness outstanding under its senior secured credit facilities. The $500.0 million prepayment was allocated on a ratable basis between outstanding term loans and revolving credit commitments under iHeart’s revolving credit facility. | ||||||||||||||||||
iHeart obtained, concurrent with the offering of the Initial Priority Guarantee Notes due 2021, amendments to its credit agreements with respect to its senior secured credit facilities and its receivables based facility (revolving credit commitments under the receivables based facility were reduced from $783.5 million to $625.0 million), which were required as a condition to complete the offering. The amendments, among other things, permit iHeart to request future extensions of the maturities of its senior secured credit facilities, provide iHeart with greater flexibility in the use of its accordion capacity, provide iHeart with greater flexibility to incur new debt, provided that the proceeds from such new debt are used to pay down senior secured credit facility indebtedness, and provide greater flexibility for CCOH and its subsidiaries to incur new debt, provided that the net proceeds distributed to iHeart from the issuance of such new debt are used to pay down senior secured credit facility indebtedness. | ||||||||||||||||||
Of the $703.8 million of proceeds from the issuance of the Additional Priority Guarantee Notes due 2021 ($750.0 million aggregate principal amount net of $46.2 million of discount), iHeart used $500.0 million for general corporate purposes (to replenish cash on hand that iHeart previously used to pay senior notes at maturity on March 15, 2011 and May 15, 2011) and used the remaining $203.8 million to repay at maturity a portion of iHeart’s 5% senior notes that matured in March 2012. | ||||||||||||||||||
2012 Refinancing Transactions | ||||||||||||||||||
In March 2012, CCWH issued $275.0 million aggregate principal amount of the Series A CCWH Subordinated Notes and $1,925.0 million aggregate principal amount of the Series B CCWH Subordinated Notes and in connection therewith, CCOH distributed a dividend of $6.0832 per share to its stockholders of record. Using the CCOH dividend proceeds distributed to the Company’s wholly-owned subsidiaries, together with cash on hand, iHeart repaid $2,096.2 million of indebtedness under its senior secured credit facilities. | ||||||||||||||||||
In November 2012, CCWH issued $735.75 million aggregate principal amount of the Series A CCWH Senior Notes, which were issued at an issue price of 99.0% of par, and $1,989.25 million aggregate principal amount of the Series B CCWH Senior Notes, which were issued at par. CCWH used the net proceeds from the offering of the CCWH Senior Notes, together with cash on hand, to fund the tender offer for and redemption of the Existing CCWH Senior Notes. | ||||||||||||||||||
During December 2012, iHeart exchanged $2.0 billion aggregate principal amount of term loans under its senior secured credit facilities for a like principal amount of newly issued iHeart Priority Guarantee Notes due 2019. The exchange offer, which was offered to eligible existing lenders under iHeart’s senior secured credit facilities, was exempt from registration under the Securities Act of 1933, as amended. The Company capitalized $11.9 million in fees and expenses associated with the offering and are amortizing them through interest expense over the life of the notes. | ||||||||||||||||||
2013 Refinancing Transactions | ||||||||||||||||||
In February 2013, iHeart issued $575.0 million aggregate principal amount of the outstanding Priority Guarantee Notes due 2021 and used the net proceeds of such notes, together with the proceeds of borrowings under its receivables based credit facility and cash on hand, to prepay all $846.9 million of loans outstanding under its Term Loan A and to pay related fees and expenses. | ||||||||||||||||||
During June 2013, iHeart amended its senior secured credit facility by extending a portion of Term Loan B and Term Loan C loans due 2016 through the creation of a new $5.0 billion Term Loan D due January 30, 2019. The amendment also permitted iHeart to make applicable high yield discount obligation catch-up payments beginning in May 2018 with respect to the new Term Loan D and any notes issued in connection with iHeart’s exchange of its outstanding 10.75% senior cash pay notes due 2016 and 11.00%/11.75% senior toggle notes due 2016. | ||||||||||||||||||
During June 2013, iHeart exchanged $348.1 million aggregate principal amount of senior cash pay notes for $348.0 million aggregate principal amount of the Senior Notes due 2021 and $917.2 million aggregate principal amount of senior toggle notes (including $452.7 million aggregate principal amount held by a subsidiary of iHeart) for $853.0 million aggregate principal amount of Senior Notes due 2021 (including $421.0 million aggregate principal amount issued to the subsidiary of iHeart) and $64.2 million of cash (including $31.7 million of cash paid to the subsidiary of iHeart), pursuant to the exchange offer. In connection with the exchange offer and the senior secured credit facility amendment, both of which were accounted for as modifications of existing debt in accordance with ASC 470-50, the Company incurred expenses of $17.9 million which are included in “Other income (expenses), net”. | ||||||||||||||||||
Further, in December 2013, iHeart exchanged an additional $353.8 million aggregate principal amount of senior cash pay notes for $389.2 million aggregate principal amount of the Senior Notes due 2021 and $14.2 million of cash as well as an additional $212.1 million aggregate principal amount of senior toggle notes for $233.3 million aggregate principal amount of Senior Notes due 2021 and $8.5 million of cash, pursuant to the exchange offer. In connection with the exchange offer, which was accounted for as extinguishment of existing debt in accordance with ASC 470-50, the Company incurred expenses of $84.0 million, which are included in “Loss on extinguishment of debt”. | ||||||||||||||||||
In addition, during December 2013, iHeart amended its senior secured credit facility by extending a portion of Term Loan B and Term Loan C loans due 2016 through the creation of a new $1.3 billion Term Loan E due July 30, 2019. In connection with the senior secured credit facility amendment, which was accounted for as modifications of existing debt, the Company incurred expenses of $5.5 million which are included in “Other income (expenses), net”. | ||||||||||||||||||
Debt Repurchases, Maturities and Other | ||||||||||||||||||
2013 | ||||||||||||||||||
During August 2013, iHeart made a $25.3 million scheduled applicable high-yield discount obligation payment to the holders of the senior toggle notes. | ||||||||||||||||||
During February 2013, using the proceeds from the issuance of the 11.25% Priority Guarantee Notes along with borrowings under the receivables based credit facility of $269.5 million and cash on hand, iHeart prepaid all $846.9 million outstanding under its Term Loan A under its senior secured credit facilities. The Company recorded a loss of $3.9 million in “Loss on extinguishment of debt” related to the accelerated expensing of loan fees. | ||||||||||||||||||
During January 2013, iHeart repaid its 5.75% senior notes at maturity for $312.1 million (net of $187.9 million principal amount repaid to a subsidiary of iHeart with respect to notes repurchased and held by such entity), plus accrued interest, using cash on hand. | ||||||||||||||||||
2012 | ||||||||||||||||||
During November 2012, CCWH repurchased $1,724.7 million aggregate principal amount of the Existing CCWH Senior Notes in a tender offer for the Existing CCWH Senior Notes. Simultaneously with the early settlement of the tender offer, CCWH called for redemption all of the remaining $775.3 million aggregate principal amount of Existing CCWH Senior Notes that were not purchased on the early settlement date of the tender offer. In connection with the redemption, CCWH satisfied and discharged its obligations under the Existing CCWH Senior Notes indentures by depositing with the trustee sufficient funds to pay the redemption price, plus accrued and unpaid interest on the remaining outstanding Existing CCWH Senior Notes to, but not including, the December 19, 2012 redemption date. | ||||||||||||||||||
During October 2012, iHeart consummated a private exchange offer of $2.0 billion aggregate principal amount of term loans under its senior secured credit facilities for a like principal amount of newly issued Priority Guarantee Notes due 2019. The exchange offer was available only to eligible lenders under the senior secured credit facilities, and the Priority Guarantee Notes due 2019 were offered only in reliance on exemptions from registration under the Securities Act of 1933, as amended. | ||||||||||||||||||
In connection with the issuance of the CCWH Subordinated Notes, CCOH paid the $2,170.4 million CCOH dividend on March 15, 2012 to its Class A and Class B stockholders, consisting of $1,925.7 million distributed to CC Holdings and CC Finco and $244.7 million distributed to other stockholders. In connection with the Subordinated Notes issuance and CCOH dividend, iHeart repaid indebtedness under its senior secured credit facilities in an amount equal to the aggregate amount of dividend proceeds distributed to CC Holdings and CC Finco, or $1,925.7 million. Of this amount, a prepayment of $1,918.1 million was applied to indebtedness outstanding under iHeart’s revolving credit facility, thus permanently reducing the revolving credit commitments under iHeart’s revolving credit facility to $10.0 million. During the fourth quarter of 2012, the revolving credit facility was permanently paid off and terminated using available cash on hand. The remaining $7.6 million prepayment was allocated on a pro rata basis to iHeart’s term loan facilities. | ||||||||||||||||||
In addition, on March 15, 2012, using cash on hand, iHeart made voluntary prepayments under its senior secured credit facilities in an aggregate amount equal to $170.5 million, as follows: (i) $16.2 million under its Term Loan A due 2014, (ii) $129.8 million under its Term Loan B due 2016, (iii) $10.0 million under its Term Loan C due 2016 and (iv) $14.5 million under its delayed draw term loans due 2016. In connection with the prepayments on iHeart’s senior secured credit facilities, the Company recorded a loss of $15.2 million in “Loss on extinguishment of debt” related to the accelerated expensing of loan fees. | ||||||||||||||||||
During March 2012, iHeart repaid its 5.0% senior notes at maturity for $249.9 million (net of $50.1 million principal amount repaid to a subsidiary of iHeart with respect to notes repurchased and held by such entity), plus accrued interest, using a portion of the proceeds from the June 2011 offering of the Additional Priority Guarantee Notes, along with cash on hand. | ||||||||||||||||||
2011 | ||||||||||||||||||
During 2011, CC Finco repurchased certain of iHeart’s outstanding senior notes through open market repurchases as shown in the table below. Notes repurchased and held by CC Finco are eliminated in consolidation. | ||||||||||||||||||
(In thousands) | Year Ended | |||||||||||||||||
December 31, | ||||||||||||||||||
2011 | ||||||||||||||||||
CC Finco, LLC | ||||||||||||||||||
Principal amount of debt repurchased | $ | 80,000 | ||||||||||||||||
-20,476 | ||||||||||||||||||
Purchase accounting adjustments(1) | ||||||||||||||||||
-4,274 | ||||||||||||||||||
Gain recorded in “Loss on extinguishment of debt”(2) | ||||||||||||||||||
Cash paid for repurchases of long-term debt | $ | 55,250 | ||||||||||||||||
(1) | Represents unamortized fair value purchase accounting discounts recorded as a result of the merger. | |||||||||||||||||
(2) | CC Finco repurchased certain of iHeart’s senior notes at a discount, resulting in a gain on the extinguishment of debt. | |||||||||||||||||
During 2011, iHeart repaid its 6.25% senior notes at maturity for $692.7 million (net of $57.3 million principal amount repaid to a subsidiary of iHeart with respect to notes repurchased and held by such entity), plus accrued interest, using a portion of the proceeds from the February 2011 offering of the Initial Priority Guarantee Notes, along with available cash on hand. iHeart also repaid its 4.4% senior notes at maturity for $140.2 million (net of $109.8 million principal amount repaid to a subsidiary of iHeart with respect to notes repurchased and held by such entity), plus accrued interest, with available cash on hand. Prior to, and in connection with the June 2011 offering, iHeart repaid all amounts outstanding under its receivables based credit facility on June 8, 2011, using cash on hand. This voluntary repayment did not reduce the commitments under this facility and iHeart may reborrow amounts under this facility at any time. In addition, on June 27, 2011, iHeart made a voluntary payment of $500.0 million on its revolving credit facility. Furthermore, CC Finco repurchased $80.0 million aggregate principal amount of iHeart’s outstanding 5.5% senior notes due 2014 for $57.1 million, including accrued interest, through an open market purchase. | ||||||||||||||||||
Future maturities of long-term debt at December 31, 2013 are as follows: | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
2014 | $ | 484,413 | ||||||||||||||||
2015 | 256,422 | |||||||||||||||||
2016 | 2,384,739 | |||||||||||||||||
2017 | 247,074 | |||||||||||||||||
2018 | 175,084 | |||||||||||||||||
Thereafter | 17,258,873 | |||||||||||||||||
Total (1) | $ | 20,806,605 | ||||||||||||||||
(1) | Excludes purchase accounting adjustments and original issue discount of $322.4 million, which is amortized through interest expense over the life of the underlying debt obligations. | |||||||||||||||||
Subsidiary Sale of iHeart Long-Term Debt | ||||||||||||||||||
On February 14, 2014, CC Finco sold $227.0 million in aggregate principal amount of Senior Notes due 2021 to private purchasers in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Act”). CC Finco expects the purchasers to validly tender the Senior Notes due 2021 into iHeart’s previously-announced registered exchange offer for the Senior Notes due 2021, which expires on February 20, 2014 (the “A/B Exchange Offer”). Upon completion of the A/B Exchange Offer, the purchasers of the Senior Notes due 2021, along with all other holders of the Senior Notes due 2021 who have validly tendered such notes into the A/B Exchange Offer, will receive Senior Notes due 2021 that have been registered under the Act. CC Finco has contributed the net proceeds from the sale of the Senior Notes due 2021 to iHeart, which intends to use such proceeds to repay, repurchase or otherwise acquire outstanding indebtedness from time to time and retire that indebtedness as it becomes due or upon its earlier repayment, repurchase or acquisition. Following the sale of the Senior Notes due 2021, CC Finco continues to hold $199.1 million in aggregate principal amount of Senior Notes due 2021. |
SUPPLEMENTAL_DISCLOSURES
SUPPLEMENTAL DISCLOSURES | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
SUPPLEMENTAL DISCLOSURES | NOTE 4 – SUPPLEMENTAL DISCLOSURES | ||||||||||||||||
Income Tax Benefit (Expense) | |||||||||||||||||
The Company’s income tax benefit (expense) for the three and nine months ended September 30, 2014 and 2013, respectively, consisted of the following components: | |||||||||||||||||
(In thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Current tax benefit (expense) | $ | (11,689 | ) | $ | 2,088 | $ | (47,276 | ) | $ | (36,706 | ) | ||||||
Deferred tax benefit (expense) | (12,687 | ) | 71,714 | (44,866 | ) | 195,356 | |||||||||||
Income tax benefit (expense) | $ | (24,376 | ) | $ | 73,802 | $ | (92,142 | ) | $ | 158,650 | |||||||
The effective tax rates for the three and nine months ended September 30, 2014 were (29.2)% and (14.9)%, respectively. The effective tax rates for the three and nine months ended September 30, 2014 were primarily impacted by the valuation allowance required for deferred tax assets originating in the current year and recorded during the periods as additional deferred tax expense. The valuation allowance was recorded against a portion of the U.S. Federal and State net operating losses due to the uncertainty of the ability to utilize those losses in future periods. | |||||||||||||||||
The effective tax rates for the three and nine months ended September 30, 2013 were 44.5% and 36.1%, respectively. The effective tax rates for the three and nine months ended September 30, 2013 were primarily impacted by the cancellation of indebtedness income recognized during the periods and the Company’s inability to record tax benefit on tax losses in certain foreign jurisdictions due to the uncertainty of the ability to utilize those losses in future years. | |||||||||||||||||
Supplemental Cash Flow Information | |||||||||||||||||
During the nine months ended September 30, 2014 and 2013, cash paid for interest and income taxes, net of income tax refunds of $6.0 million and $1.4 million, respectively, was as follows: | |||||||||||||||||
(In thousands) | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Interest | $ | 1,214,129 | $ | 1,189,876 | |||||||||||||
Income taxes | 30,384 | 38,366 | |||||||||||||||
Australian Radio Network | |||||||||||||||||
The Company owned a 50% interest in Australian Radio Network (“ARN”), an Australian company that owns and operates radio stations in Australia and New Zealand. An impairment charge of $95.4 million was recorded during the fourth quarter of 2013 to write down the investment to its estimated fair value. On February 18, 2014, a subsidiary of the Company sold its 50% interest in ARN, recognizing a loss on the sale of $2.4 million and $11.5 million of foreign exchange losses that were reclassified from accumulated other comprehensive income at the date of the sale. | |||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||
The following table discloses the deferred income tax (asset) liability related to each component of other comprehensive income (loss) for the three and nine months ended September 30, 2014 and 2013, respectively: | |||||||||||||||||
(In thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency translation adjustments and other | $ | - | $ | 3,742 | $ | 8,181 | $ | -12,385 | |||||||||
Unrealized holding gain on marketable securities | - | 28,199 | - | -11,010 | |||||||||||||
Unrealized holding gain on cash flow derivatives | - | 10,254 | - | 28,759 | |||||||||||||
Total increase in deferred tax liabilities | $ | - | $ | 42,195 | $ | 8,181 | $ | 5,364 | |||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES | NOTE 7 – 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. | 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. | ||||||||||||||||||
Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes; defamation matters; employment and benefits related claims; governmental fines; intellectual property claims; and tax disputes. | 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. | |||||||||||||||||
Los Angeles Litigation | 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. | |||||||||||||||||
In 2008, Summit Media, LLC, one of the Company’s competitors, sued the City of Los Angeles (the “City”), Clear Channel Outdoor, Inc. and CBS Outdoor 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 Clear Channel Outdoor, Inc. had taken down 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 further proceedings, on April 12, 2013 the Los Angeles Superior Court invalidated 82 digital modernization permits issued to Clear Channel Outdoor, Inc. (77 of which displays were operating at the time of the ruling), and Clear Channel Outdoor, Inc. was required 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. Clear Channel Outdoor, Inc. is seeking permits under the existing 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. Clear Channel Outdoor, Inc. is also pursuing a new ordinance to permit digital signage in the City. | 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 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. | ||||||||||||||||||
Certain acquisition agreements include deferred consideration payments based on performance requirements by the seller typically involving the completion of a development or obtaining appropriate permits that enable the Company to construct additional advertising displays. At December 31, 2013, the Company believes its maximum aggregate contingency, which is subject to performance requirements by the seller, is approximately $30.0 million. As the contingencies have not been met or resolved as of December 31, 2013, these amounts are not recorded. | ||||||||||||||||||
As of December 31, 2013, 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 | |||||||||||||||
2014 | $ | 401,390 | $ | 533,454 | $ | 44,224 | $ | 84,009 | ||||||||||
2015 | 377,981 | 422,395 | 27,007 | 76,770 | ||||||||||||||
2016 | 309,239 | 341,684 | 14,382 | 72,223 | ||||||||||||||
2017 | 266,063 | 200,411 | 2,454 | 30,618 | ||||||||||||||
2018 | 226,722 | 987 | 152 | 11,000 | ||||||||||||||
Thereafter | 1,344,727 | 539,324 | 23,532 | - | ||||||||||||||
Total | $ | 2,926,122 | $ | 2,038,255 | $ | 111,751 | $ | 274,620 | ||||||||||
Rent expense charged to operations for the years ended December 31, 2013, 2012 and 2011 was $1.16 billion, $1.14 billion and $1.16 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. | ||||||||||||||||||
Stockholder Litigation | ||||||||||||||||||
Two derivative lawsuits were filed in March 2012 in Delaware Chancery Court by stockholders of CCOH, an indirect non-wholly owned subsidiary of the Company. The consolidated lawsuits were captioned In re Clear Channel Outdoor Holdings, Inc. Derivative Litigation, Consolidated Case No. 7315-CS. The complaints named as defendants certain of iHeart’s and CCOH’s current and former directors and iHeart, as well as Bain Capital and THL. CCOH also was named as a nominal defendant. The complaints alleged, among other things, that in December 2009 iHeart breached fiduciary duties to CCOH and its stockholders by allegedly requiring CCOH to agree to amend the terms of a revolving promissory note payable by iHeart to CCOH (the “Note”) to extend the maturity date of the Note and to amend the interest rate payable on the Note. According to the complaints, the terms of the amended Note were unfair to CCOH because, among other things, the interest rate was below market. The complaints further alleged that iHeart was unjustly enriched as a result of that transaction. The complaints also alleged that the director defendants breached fiduciary duties to CCOH in connection with that transaction and that the transaction constituted corporate waste. On March 28, 2013, to avoid the costs, disruption and distraction of further litigation, and without admitting the validity of any allegations made in the complaint, legal counsel for the defendants entered into a binding memorandum of understanding (the “MOU”) with legal counsel for a special litigation committee consisting of certain independent directors of CCOH and the plaintiffs to settle the litigation. On July 8, 2013, the parties executed a Stipulation of Settlement, on terms consistent with the MOU, and presented the Stipulation of Settlement to the Delaware Chancery Court for approval. The Company, iHeart and CCOH filed the Stipulation of Settlement with the SEC as an exhibit to their respective Current Reports on Form 8-K filed on July 9, 2013. On September 9, 2013, the Delaware Chancery Court approved the settlement and, on October 9, 2013, the right to appeal expired. On October 19, 2013, in accordance with the terms of the settlement, CCOH’s board of directors (i) notified iHeart of its intent to make a demand for repayment of $200 million outstanding under the Note on November 8, 2013, (ii) declared a dividend of $200 million, which was conditioned upon iHeart satisfying such demand, and (iii) established a committee of the board of directors for the specific purpose of monitoring the Note. On October 23, 2013, iHeart and CCOH amended the Note in accordance with the terms of the settlement. The Company, iHeart and CCOH announced CCOH’s intent to make a demand for repayment of $200 million outstanding under the Note and CCOH’s declaration of the dividend in their respective Current Reports on Form 8-K filed on October 21, 2013, filed a copy of the amendment to the Note as an exhibit to their respective Current Reports on Form 8-K filed on October 23, 2013 and announced the demand and dividend payment in their respective Current Reports on Form 8-K filed on November 8, 2013. | ||||||||||||||||||
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. and CBS Outdoor 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. Pursuant to the settlement agreement, Clear Channel Outdoor, Inc. had taken down existing billboards and converted 83 existing signs from static displays to digital displays pursuant to modernization permits issued through an administrative process of the City. The Los Angeles Superior Court ruled in January 2010 that the settlement agreement constituted an ultra vires act of the City and nullified its existence, but did not invalidate the modernization permits issued to Clear Channel Outdoor, Inc. and CBS. All parties appealed the ruling by the Los Angeles Superior Court to Court of Appeal for the State of California, Second Appellate District, Division 8. On December 10, 2012, the Court of Appeal issued an order upholding the Superior Court’s finding that the settlement agreement was ultra vires and remanding the case to the Superior Court for the purpose of invalidating the modernization permits issued to Clear Channel Outdoor, Inc. and CBS for the digital displays that were the subject of the settlement agreement. On January 22, 2013, Clear Channel Outdoor, Inc. filed a petition with the California Supreme Court requesting its review of the matter, and the Supreme Court denied that petition on February 27, 2013. On April 12, 2013, the Los Angeles Superior Court invalidated 82 digital modernization permits issued to Clear Channel Outdoor, Inc. (77 of which displays were operating at the time of the ruling) and 13 issued to CBS and ordered that the companies turn off the electrical power to affected digital displays by the close of business on April 15, 2013. Clear Channel Outdoor, Inc. has complied with the order. On April 16, 2013, the Court conducted further proceedings during which it held that it was not invalidating two additional digital modernization permits that Clear Channel Outdoor, Inc. had secured through a special zoning plan and confirmed that its April 12 order invalidated only digital modernization permits – no other types of permits the companies may have secured for the signs at issue. Summit Media, LLC filed a further motion requesting that the Court order the demolition of the 82 sign structures on which the now-invalidated digital signs operated, as well as the invalidation of several other permits for traditional signs allegedly issued under the settlement agreement. At a hearing held on November 22, 2013, the Court denied Summit Media, LLC’s demolition motion by allowing the 82 sign structures and their LED faces to remain intact, thus allowing Clear Channel Outdoor, Inc. to seek permits under the existing City sign code to either wrap the LED faces with vinyl or convert the LED faces to traditional static signs. The Court further confirmed the invalidation of all permits issued under the settlement agreement. In anticipation of this order, Clear Channel Outdoor, Inc. had removed six static billboard facings solely permitted under the settlement agreement. At a hearing held on January 21, 2014, the Court denied Summit Media, LLC’s motion for attorney’s fees on the basis that Summit Media, LLC had a substantial financial interest in the outcome of the litigation and, therefore, was not entitled to fees under California’s private attorney general statute. |
GUARANTEES
GUARANTEES | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
GUARANTEES | NOTE 6 – GUARANTEES | NOTE 8 – GUARANTEES |
As of September 30, 2014, iHeart had outstanding surety bonds and commercial standby letters of credit of $46.8 million and $110.0 million, respectively. These letters of credit and surety bonds relate to various operational matters including insurance, bid, and performance bonds as well as other items. | As of December 31, 2013, iHeart had outstanding surety bonds and commercial standby letters of credit of $49.1 million and $118.9 million, respectively, of which $33.0 million of letters of credit were cash secured. Letters of credit in the amount of $2.0 million are collateral in support of surety bonds and these amounts would only be drawn under the letters of credit in the event a claim is filed against the associated surety bonds were funded and iHeart does not honor its reimbursement obligation to the Surety. These letters of credit and surety bonds relate to various operational matters including insurance, bid, concession and performance bonds as well as other items. | |
As of September 30, 2014, iHeart had outstanding bank guarantees of $55.9 million related to international subsidiaries, of which $15.1 million were backed by cash collateral. | As of December 31, 2013, iHeart had outstanding bank guarantees of $57.4 million. Bank guarantees in the amount of $13.3 million are backed by cash collateral. |
CERTAIN_RELATIONSHIPS_AND_RELA
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | NOTE 7 – CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | NOTE 15 – 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 September 30, 2014 and 2013, the Company recognized management fees and reimbursable expenses of $3.7 million and $3.8 million, respectively. For the nine months ended September 30, 2014 and 2013, the Company recognized management fees and reimbursable expenses of $11.3 million and $11.9 million, respectively. | iHeart 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. For the years ended December 31, 2013, 2012 and 2011, the Company recognized management fees and reimbursable expenses of $15.8 million, $15.9 million and $15.7 million, respectively. | |
Stock Purchases | ||
On August 9, 2010, iHeart announced that its board of directors approved a stock purchase program under which iHeart or its subsidiaries may purchase up to an aggregate of $100.0 million of the Class A common stock of Parent and/or the Class A common stock of CCOH. The stock purchase program does not have a fixed expiration date and may be modified, suspended or terminated at any time at iHeart’s discretion. During 2011, CC Finco purchased 1,553,971 shares of CCOH’s Class A common stock through open market purchases for approximately $16.4 million. During 2012, CC Finco purchased 111,291 shares of Parent’s Class A common stock for $692,887. There were no stock purchases during 2013. |
MEMBERS_DEFICIT_AND_COMPREHENS
MEMBER'S DEFICIT AND COMPREHENSIVE LOSS | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||
MEMBER'S DEFICIT AND COMPREHENSIVE LOSS | NOTE 8 – MEMBER’S DEFICIT AND COMPREHENSIVE LOSS | NOTE 10 – MEMBER’S INTEREST | ||||||||||||||||||||||||||||
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 member’s deficit attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total ownership interest: | 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 member’s 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 | Consolidated | (In thousands) | The Company | Noncontrolling | Consolidated | |||||||||||||||||||||||
Interests | Interests | |||||||||||||||||||||||||||||
Balances at January 1, 2014 | $ | -8,942,166 | $ | 245,531 | $ | -8,696,635 | Balances at January 1, 2013 | $ | -8,299,188 | $ | 303,997 | $ | -7,995,191 | |||||||||||||||||
Net income (loss) | -725,672 | 13,679 | -711,993 | Net income (loss) | -606,883 | 23,366 | -583,517 | |||||||||||||||||||||||
Dividends and other payments to noncontrolling interests | - | -32,581 | -32,581 | Dividends and other payments to noncontrolling interests | - | -91,887 | -91,887 | |||||||||||||||||||||||
Foreign currency translation adjustments | -62,754 | -14,758 | -77,512 | Foreign currency translation adjustments | -29,755 | -3,246 | -33,001 | |||||||||||||||||||||||
Unrealized holding gain on marketable securities | 533 | 72 | 605 | Unrealized holding gain on marketable securities | 16,439 | 137 | 16,576 | |||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | - | - | - | Unrealized holding gain on cash flow derivatives | 48,180 | - | 48,180 | |||||||||||||||||||||||
Other adjustments to comprehensive loss | - | - | - | Other adjustments to comprehensive loss | 5,932 | 800 | 6,732 | |||||||||||||||||||||||
Other, net | 1,488 | 7,108 | 8,596 | Other, net | 6,694 | 12,531 | 19,225 | |||||||||||||||||||||||
Reclassifications | 3,309 | - | 3,309 | Reclassifications | -83,585 | -167 | -83,752 | |||||||||||||||||||||||
Balances at September 30, 2014 | $ | -9,725,262 | $ | 219,051 | $ | -9,506,211 | Balances at December 31, 2013 | $ | -8,942,166 | $ | 245,531 | $ | -8,696,635 | |||||||||||||||||
Balances at January 1, 2013 | $ | -8,299,188 | $ | 303,997 | $ | -7,995,191 | ||||||||||||||||||||||||
Net income (loss) | -297,656 | 16,372 | -281,284 | (In thousands) | The Company | Noncontrolling | Consolidated | |||||||||||||||||||||||
Dividends and other payments to noncontrolling interests | - | -58,942 | -58,942 | Interests | ||||||||||||||||||||||||||
Foreign currency translation adjustments | -26,374 | -2,152 | -28,526 | Balances at January 1, 2012 | $ | -7,993,736 | $ | 521,794 | $ | -7,471,942 | ||||||||||||||||||||
Unrealized holding gain on marketable securities | 15,594 | 25 | 15,619 | Net income (loss) | -424,479 | 13,289 | -411,190 | |||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | 48,180 | - | 48,180 | Dividends and other payments to noncontrolling interests | - | -251,666 | -251,666 | |||||||||||||||||||||||
Other adjustments to comprehensive loss | -884 | -114 | -998 | Foreign currency translation adjustments | 34,433 | 5,809 | 40,242 | |||||||||||||||||||||||
Other, net | 6,271 | 7,872 | 14,143 | Unrealized holding gain (loss) on marketable securities | 23,396 | -293 | 23,103 | |||||||||||||||||||||||
Reclassifications | -83,585 | -168 | -83,753 | Unrealized holding gain on cash flow derivatives | 52,112 | - | 52,112 | |||||||||||||||||||||||
Other adjustments to comprehensive loss | 1,006 | 129 | 1,135 | |||||||||||||||||||||||||||
Balances at September 30, 2013 | $ | -8,637,642 | $ | 266,890 | $ | -8,370,752 | Other, net | 6,268 | 14,702 | 20,970 | ||||||||||||||||||||
Reclassifications | 1,812 | 233 | 2,045 | |||||||||||||||||||||||||||
The Company does not have any compensation plans under which it grants awards to employees. Parent and Clear Channel Outdoor Holdings, Inc. (“CCOH”) have granted options to purchase shares of their Class A common stock to certain key individuals, as well as restricted stock and restricted stock units. | ||||||||||||||||||||||||||||||
On August 11, 2014, CCOH (1) demanded repayment of $175 million outstanding under the Revolving Promissory Note with iHeart (the “Due from iHeartCommunications Note”) and (2) concurrently paid a special cash dividend in an aggregate amount equal to $175 million (or $0.4865 per share) to its Class A and Class B stockholders of record at the close of business on August 4, 2014. As the indirect parent of CCOH, iHeart received approximately 88% of the proceeds from such dividend through its wholly-owned subsidiaries. The remaining approximately 12% of the proceeds from the dividend, or approximately $21 million, was paid to the public stockholders of CCOH and is included in Dividends and other payments to noncontrolling interests in the Company’s consolidated statement of cash flows. Following satisfaction of the demand, the balance outstanding under the Due from iHeartCommunications Note was reduced by $175 million. | Balances at December 31, 2012 | $ | -8,299,188 | $ | 303,997 | $ | -7,995,191 | |||||||||||||||||||||||
Dividends | ||||||||||||||||||||||||||||||
The Company has not paid cash dividends since its formation and its ability to pay dividends is subject to restrictions should it seek to do so in the future. iHeart’s debt financing arrangements include restrictions on its ability to pay dividends thereby limiting the Company’s ability to pay dividends. | ||||||||||||||||||||||||||||||
Share-Based Compensation | ||||||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||||
The Company does not have any compensation plans under which it grants stock awards to employees. Prior to the merger, iHeart 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 iHeart 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 iHeart’s common stock represented by each option for any change in capitalization. | ||||||||||||||||||||||||||||||
Parent 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 Parent or one of its affiliates. Approximately three-fourths of the options outstanding at December 31, 2013 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 of the number of shares of Parent’s common stock represented by each option 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 Parent, 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 Company includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of awards. 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. No options were granted during the year ended December 31, 2013. The following assumptions were used to calculate the fair value of the options granted during the years ended December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||
2013(1) | 2012 | 2011 | ||||||||||||||||||||||||||||
Expected volatility | N/A | 71% – 77% | 67% | |||||||||||||||||||||||||||
Expected life in years | N/A | 6.3 – 6.5 | 6.3 – 6.5 | |||||||||||||||||||||||||||
Risk-free interest rate | N/A | 0.97% – 1.55% | 1.22% – 2.37% | |||||||||||||||||||||||||||
Dividend yield | N/A | 0% | 0% | |||||||||||||||||||||||||||
(1) No options were granted in 2013 | ||||||||||||||||||||||||||||||
The following table presents a summary of Parent’s stock options outstanding at and stock option activity during the year ended December 31, 2013 (“Price” reflects the weighted average exercise price per share): | ||||||||||||||||||||||||||||||
(In thousands, except per share data) | Options | Price | Weighted | Aggregate | ||||||||||||||||||||||||||
Average | Intrinsic | |||||||||||||||||||||||||||||
Remaining | Value | |||||||||||||||||||||||||||||
Contractual | ||||||||||||||||||||||||||||||
Term | ||||||||||||||||||||||||||||||
Outstanding, January 1, 2013 | 2,792 | $ | 30.82 | |||||||||||||||||||||||||||
Granted (1) | - | - | ||||||||||||||||||||||||||||
Exercised | - | - | ||||||||||||||||||||||||||||
Forfeited | -63 | 10 | ||||||||||||||||||||||||||||
Expired | -220 | 10.63 | ||||||||||||||||||||||||||||
Outstanding, December 31, 2013 (2) | 2,509 | 33.11 | 5.5 years | - | ||||||||||||||||||||||||||
Exercisable | 1,423 | 32.03 | 4.9 years | - | ||||||||||||||||||||||||||
Expected to Vest | 1,062 | 35.08 | 6.2 years | - | ||||||||||||||||||||||||||
(1) | The weighted average grant date fair value of options granted during the years ended December 31, 2012, and 2011 was $2.68 and $2.69 per share, respectively. No options were granted during the year ended December 31, 2013. | |||||||||||||||||||||||||||||
(2) | Non-cash compensation expense has not been recorded with respect to 0.6 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 Parent’s unvested options and changes during the year ended December 31, 2013 is presented below: | ||||||||||||||||||||||||||||||
(In thousands, except per share data) | Options | Weighted | ||||||||||||||||||||||||||||
Average Grant | ||||||||||||||||||||||||||||||
Date Fair Value | ||||||||||||||||||||||||||||||
Unvested, January 1, 2013 | 1,588 | $ | 11.38 | |||||||||||||||||||||||||||
Granted | - | - | ||||||||||||||||||||||||||||
Vested (1) | -439 | 14.4 | ||||||||||||||||||||||||||||
Forfeited | -63 | 4.68 | ||||||||||||||||||||||||||||
Unvested, December 31, 2013 | 1,086 | 10.74 | ||||||||||||||||||||||||||||
(1) | The total fair value of the options vested during the years ended December 31, 2013, 2012 and 2011 was $6.3 million, $3.9 million and $3.8 million, respectively. | |||||||||||||||||||||||||||||
Restricted Stock Awards | ||||||||||||||||||||||||||||||
Parent has granted restricted stock awards to 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 Parent prior to the lapse of the restriction. Dividends or distributions paid in respect of unvested restricted stock awards will be held by Parent and paid to the recipients of the restricted stock awards upon vesting of the shares. | ||||||||||||||||||||||||||||||
The following table presents a summary of Parent’s restricted stock outstanding and restricted stock activity as of and during the year ended December 31, 2013 (“Price” reflects the weighted average share price at the date of grant): | ||||||||||||||||||||||||||||||
(In thousands, except per share data) | Awards | Price | ||||||||||||||||||||||||||||
Outstanding, January 1, 2013 | 2,607 | $ | 5.69 | |||||||||||||||||||||||||||
Granted | 1,956 | 3.86 | ||||||||||||||||||||||||||||
Vested (restriction lapsed) | -543 | 16.44 | ||||||||||||||||||||||||||||
Forfeited | -101 | 2.95 | ||||||||||||||||||||||||||||
Outstanding, December 31, 2013 | 3,919 | 3.35 | ||||||||||||||||||||||||||||
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 of the number of shares of CCOH’s common stock represented by each option for any change in capitalization. CCOH determined that the CCOH dividend discussed in Note 5 was considered a change in capitalization and therefore adjusted outstanding options as of March 15, 2012. No incremental compensation cost was recognized in connection with the adjustment. | ||||||||||||||||||||||||||||||
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 includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of awards. 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, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Expected volatility | 55% – 56% | 54% – 56% | 57% | |||||||||||||||||||||||||||
Expected life in years | 6.3 | 6.3 | 6.3 | |||||||||||||||||||||||||||
Risk-free interest rate | 1.05% – 2.19% | 0.92% – 1.48% | 1.26% – 2.75% | |||||||||||||||||||||||||||
Dividend yield | 0% | 0% | 0% | |||||||||||||||||||||||||||
The following table presents a summary of CCOH’s stock options outstanding at and stock option activity during the year ended December 31, 2013 (“Price” reflects the weighted average exercise price per share): | ||||||||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||
Options | Price | Weighted | Aggregate | |||||||||||||||||||||||||||
Average | Intrinsic | |||||||||||||||||||||||||||||
Remaining | Value | |||||||||||||||||||||||||||||
Contractual | ||||||||||||||||||||||||||||||
Term | ||||||||||||||||||||||||||||||
Outstanding, January 1, 2013 | 8,381 | $ | 9.22 | |||||||||||||||||||||||||||
Granted (1) | 517 | 7.78 | ||||||||||||||||||||||||||||
Exercised (2) | -1,088 | 3.89 | ||||||||||||||||||||||||||||
Forfeited | -226 | 7.11 | ||||||||||||||||||||||||||||
Expired | -675 | 13.58 | ||||||||||||||||||||||||||||
Outstanding, December 31, 2013 | 6,909 | 9.6 | 5.9 years | $15,545 | ||||||||||||||||||||||||||
Exercisable | 4,264 | 10.9 | 4.7 years | $8,581 | ||||||||||||||||||||||||||
Expected to vest | 2,514 | 7.49 | 7.9 years | $6,660 | ||||||||||||||||||||||||||
(1) | The weighted average grant date fair value of CCOH options granted during the years ended December 31, 2013, 2012 and 2011 was $4.10, $4.43 and $8.30 per share, respectively. | |||||||||||||||||||||||||||||
(2) | Cash received from option exercises during the years ended December 31, 2013, 2012 and 2011 was $4.2 million, $6.4 million and $1.4 million, respectively. The total intrinsic value of the options exercised during the years ended December 31, 2013, 2012 and 2011 was $5.0 million, $7.9 million and $1.5 million, respectively. | |||||||||||||||||||||||||||||
A summary of CCOH’s unvested options at and changes during the year ended December 31, 2013 is presented below: | ||||||||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||
Options | Weighted | |||||||||||||||||||||||||||||
Average Grant | ||||||||||||||||||||||||||||||
Date Fair Value | ||||||||||||||||||||||||||||||
Unvested, January 1, 2013 | 3,833 | $ | 5.19 | |||||||||||||||||||||||||||
Granted | 517 | 4.1 | ||||||||||||||||||||||||||||
Vested (1) | -1,479 | 4.8 | ||||||||||||||||||||||||||||
Forfeited | -226 | 5.21 | ||||||||||||||||||||||||||||
Unvested, December 31, 2013 | 2,645 | 5.21 | ||||||||||||||||||||||||||||
(1) | The total fair value of CCOH options vested during the years ended December 31, 2013, 2012 and 2011 was $7.1 million, $11.5 million and $8.2 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, 2013 (“Price” reflects the weighted average share price at the date of grant): | ||||||||||||||||||||||||||||||
(In thousands, except per share data) | Awards | Price | ||||||||||||||||||||||||||||
Outstanding, January 1, 2013 | 1,085 | $ | 6.26 | |||||||||||||||||||||||||||
Granted | 1,105 | 7.51 | ||||||||||||||||||||||||||||
Vested (restriction lapsed) | -15 | 6.61 | ||||||||||||||||||||||||||||
Forfeited | -283 | 7.15 | ||||||||||||||||||||||||||||
Outstanding, December 31, 2013 | 1,892 | 6.83 | ||||||||||||||||||||||||||||
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 $16.7 million, $28.5 million and $20.7 million, during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||
The tax benefit related to the share-based compensation expense for the years ended December 31, 2013, 2012 and 2011 was $6.3 million, $10.8 million and $7.9 million, respectively. | ||||||||||||||||||||||||||||||
As of December 31, 2013, there was $22.9 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, 2013, there was $19.6 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. | ||||||||||||||||||||||||||||||
Parent completed a voluntary stock option exchange program on November 19, 2012 and exchanged 2.0 million stock options granted under the iHeart 2008 Executive Incentive Plan for 1.8 million replacement restricted share awards with different service and performance conditions. Parent accounted for the exchange program as a modification of the existing awards under ASC 718 and will recognize incremental compensation expense of approximately $1.7 million over the service period of the new awards. In connection with the exchange program, Parent granted an additional 1.5 million restricted stock awards pursuant to a tax assistance program offered to employees participating in the exchange. Of the total 1.5 million restricted stock awards granted, 0.9 million were repurchased by Parent upon expiration of the exchange program while the remaining 0.6 million awards were forfeited. Parent recognized $2.6 million of expense related to the awards granted in connection with the tax assistance program. | ||||||||||||||||||||||||||||||
Included in corporate share-based compensation for the year ended December 31, 2011 is a $6.6 million reversal of expense related to the cancellation of a portion of an executive’s stock options. Additionally, Parent completed a voluntary stock option exchange program on March 21, 2011 and exchanged 2.5 million stock options granted under the iHeart 2008 Executive Incentive Plan for 1.3 million replacement stock options with a lower exercise price and different service and performance conditions. Parent accounted for the exchange program as a modification of the existing awards under ASC 718 and will recognize incremental compensation expense of approximately $1.0 million over the service period of the new awards. |
SEGMENT_DATA
SEGMENT DATA | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT DATA | NOTE 9 – SEGMENT DATA | NOTE 13 – SEGMENT DATA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s reportable segments, which it believes best reflect how the Company is currently managed, are iHM (formerly CCME), 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 national syndication business. The Americas outdoor advertising segment consists of operations primarily in the United States and Canada. The International outdoor advertising segment primarily includes operations in Europe, Asia, Australia and Latin America. The Americas outdoor and International outdoor display inventory consists primarily of billboards, street furniture displays and transit displays. The Other category includes the Company’s media representation business as well as other general support services and initiatives which are ancillary to the Company’s other businesses. Corporate includes infrastructure and support, including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded in corporate expenses. | 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 national syndication business. The Americas outdoor advertising segment consists of operations primarily in the United States and Canada. The International outdoor advertising segment primarily includes operations in Europe, Asia, Australia and Latin America. The Americas outdoor and International outdoor display inventory consists primarily of billboards, street furniture displays and transit displays. The Other category includes the Company’s media representation business as well as other general support services and initiatives which are ancillary to the Company’s other businesses. Corporate includes infrastructure and support, including information technology, human resources, legal, finance and administrative functions of each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded in corporate expenses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the Company’s reportable segment results for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the first quarter of 2012, the Company recast its segment reporting, as discussed in Note 1. The following table presents the Company’s reportable segment results for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | iHM | Americas | International | Other | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outdoor | Outdoor | and other | (In thousands) | iHM | Americas | International | Other | Corporate and | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | Advertising | reconciling | Outdoor | Outdoor | other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
items | Advertising | Advertising | reconciling | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | items | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 830,509 | $ | 329,500 | $ | 413,294 | $ | 73,712 | $ | - | $ | -16,981 | $ | 1,630,034 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | 242,517 | 140,739 | 260,095 | 5,103 | - | -2,473 | 645,981 | Revenue | $ | 3,131,595 | $ | 1,290,452 | $ | 1,655,738 | $ | 227,864 | $ | - | $ | -62,605 | $ | 6,243,044 | ||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 269,009 | 55,257 | 84,356 | 35,563 | - | -14,498 | 429,687 | Direct operating expenses | 931,976 | 566,669 | 1,028,059 | 25,271 | - | -8,556 | 2,543,419 | |||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | - | - | - | 78,212 | -10 | 78,202 | Selling, general and administrative expenses | 1,020,097 | 220,732 | 322,840 | 140,241 | - | -54,049 | 1,649,861 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 61,606 | 48,973 | 50,105 | 8,389 | 6,792 | - | 175,865 | Depreciation and amortization | 271,126 | 196,597 | 203,927 | 39,291 | 19,887 | - | 730,828 | |||||||||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | - | - | 35 | - | 35 | Impairment charges | - | - | - | - | 16,970 | - | 16,970 | |||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | - | - | 47,172 | - | 47,172 | Corporate expenses | - | - | - | - | 324,182 | - | 324,182 | |||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | - | - | 22,998 | - | 22,998 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 257,377 | $ | 84,531 | $ | 18,738 | $ | 24,657 | $ | -37,867 | $ | - | $ | 347,436 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 908,396 | $ | 306,454 | $ | 100,912 | $ | 23,061 | $ | (338,041) | $ | - | $ | 1,000,782 | ||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenues | $ | 10 | $ | 721 | $ | - | $ | 16,250 | $ | - | $ | - | $ | 16,981 | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 9,336 | $ | 18,980 | $ | 22,860 | $ | 1,235 | $ | 1,176 | $ | - | $ | 53,587 | Intersegment revenues | $ | - | $ | 2,473 | $ | - | $ | 60,132 | $ | - | $ | - | $ | 62,605 | |||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 2,246 | $ | - | $ | 2,246 | Segment assets | $ | 8,064,671 | $ | 3,693,308 | $ | 2,029,687 | $ | 534,363 | $ | 775,273 | $ | - | $ | 15,097,302 | |||||||||||||||||||||||||||||
Capital expenditures | $ | 75,742 | $ | 88,991 | $ | 108,548 | $ | 9,933 | $ | 41,312 | $ | - | $ | 324,526 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 16,715 | $ | - | $ | 16,715 | |||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 823,863 | $ | 331,346 | $ | 391,667 | $ | 57,460 | $ | - | $ | (16,814 | ) | $ | 1,587,522 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | 249,084 | 140,972 | 255,122 | 5,718 | - | (2,153 | ) | 648,743 | Revenue | $ | 3,084,780 | $ | 1,279,257 | $ | 1,667,687 | $ | 281,879 | $ | - | $ | (66,719) | $ | 6,246,884 | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 260,264 | 55,739 | 75,698 | 34,314 | - | (14,661 | ) | 411,354 | Direct operating expenses | 878,626 | 582,340 | 1,021,152 | 25,088 | - | -12,965 | 2,494,241 | ||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | - | - | - | 89,574 | - | 89,574 | Selling, general and administrative expenses | 993,116 | 211,245 | 363,417 | 152,394 | - | -53,754 | 1,666,418 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 64,745 | 48,530 | 49,090 | 9,925 | 5,040 | - | 177,330 | Depreciation and amortization | 271,399 | 192,023 | 205,258 | 45,568 | 15,037 | - | 729,285 | |||||||||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | - | - | - | - | - | Impairment charges | - | - | - | - | 37,651 | - | 37,651 | |||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | - | - | 6,186 | - | 6,186 | Corporate expenses | - | - | - | - | 297,366 | - | 297,366 | |||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | - | - | 48,127 | - | 48,127 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 249,770 | $ | 86,105 | $ | 11,757 | $ | 7,503 | $ | -88,428 | $ | - | $ | 266,707 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 941,639 | $ | 293,649 | $ | 77,860 | $ | 58,829 | $ | -301,927 | $ | - | $ | 1,070,050 | ||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenues | $ | - | $ | 1,110 | $ | - | $ | 15,704 | $ | - | $ | - | $ | 16,814 | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 22,171 | $ | 13,838 | $ | 19,983 | $ | 2,070 | $ | 6,518 | $ | - | $ | 64,580 | Intersegment revenues | $ | - | $ | 1,175 | $ | 80 | $ | 65,464 | $ | - | $ | - | $ | 66,719 | |||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 2,754 | $ | - | $ | 2,754 | Segment assets | $ | 8,201,798 | $ | 3,835,235 | $ | 2,256,309 | $ | 815,435 | $ | 1,183,936 | $ | - | $ | 16,292,713 | |||||||||||||||||||||||||||||
Capital expenditures | $ | 65,821 | $ | 117,647 | $ | 150,129 | $ | 17,438 | $ | 39,245 | $ | - | $ | 390,280 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 28,540 | $ | - | $ | 28,540 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | iHM | Americas | International | Other | Corporate | Eliminations | Consolidated | Revenue | $ | 2,986,828 | $ | 1,252,725 | $ | 1,751,149 | $ | 234,542 | $ | - | $ | -63,892 | $ | 6,161,352 | ||||||||||||||||||||||||||||||||||||
Outdoor | Outdoor | and other | Direct operating expenses | 857,622 | 566,313 | 1,064,562 | 27,807 | - | -11,837 | 2,504,467 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | Advertising | reconciling | Selling, general and administrative expenses | 971,066 | 198,989 | 339,043 | 147,481 | - | -52,055 | 1,604,524 | ||||||||||||||||||||||||||||||||||||||||||||||||
items | Depreciation and amortization | 268,245 | 211,009 | 219,955 | 49,827 | 14,270 | - | 763,306 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Impairment charges | - | - | - | - | 7,614 | - | 7,614 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,307,193 | $ | 917,404 | $ | 1,241,846 | $ | 184,236 | $ | - | $ | (47,943 | ) | $ | 4,602,736 | Corporate expenses | - | - | - | - | 239,399 | - | 239,399 | |||||||||||||||||||||||||||||||||||
Direct operating expenses | 678,681 | 413,761 | 781,730 | 17,839 | - | (6,313 | ) | 1,885,698 | Other operating income, net | - | - | - | - | 12,682 | - | 12,682 | ||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 787,357 | 158,789 | 254,045 | 107,521 | - | (41,620 | ) | 1,266,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | - | - | - | 233,114 | (10 | ) | 233,104 | Operating income (loss) | $ | 889,895 | $ | 276,414 | $ | 127,589 | $ | 9,427 | $ | -248,601 | $ | - | $ | 1,054,724 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 185,656 | 144,094 | 150,763 | 25,763 | 18,522 | - | 524,798 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | - | - | 4,937 | - | 4,937 | Intersegment revenues | $ | - | $ | 4,141 | $ | - | $ | 59,751 | $ | - | $ | - | $ | 63,892 | ||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | - | - | 45,709 | - | 45,709 | Segment assets | $ | 8,364,246 | $ | 3,886,098 | $ | 2,166,173 | $ | 809,212 | $ | 1,316,310 | $ | - | $ | 16,542,039 | ||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 50,198 | $ | 122,505 | $ | 166,044 | $ | 5,737 | $ | 19,490 | $ | - | $ | 363,974 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 655,499 | $ | 200,760 | $ | 55,308 | $ | 33,113 | $ | -210,864 | $ | - | $ | 733,816 | Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 20,667 | $ | - | $ | 20,667 | |||||||||||||||||||||||||||||
Intersegment revenues | $ | 10 | $ | 2,791 | $ | - | $ | 45,142 | $ | - | $ | - | $ | 47,943 | Revenue of $1.7 billion, $1.7 billion and $1.8 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2013, 2012 and 2011, respectively. Revenue of $4.5 billion, $4.5 billion and $4.3 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 30,020 | $ | 48,390 | $ | 84,215 | $ | 4,121 | $ | 28,262 | $ | - | $ | 195,008 | Identifiable long-lived assets of $760.5 million, $805.2 million and $797.7 million derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2013, 2012 and 2011, respectively. Identifiable long-lived assets of $2.1 billion, $2.2 billion and $2.3 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | - | - | - | 8,064 | - | 8,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,286,040 | $ | 952,832 | $ | 1,187,262 | $ | 167,778 | $ | - | $ | (45,235 | ) | $ | 4,548,677 | |||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | 685,099 | 419,676 | 762,167 | 18,535 | - | (6,368 | ) | 1,879,109 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 755,351 | 165,232 | 238,786 | 105,556 | - | (38,867 | ) | 1,226,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | - | - | - | 245,702 | - | 245,702 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 200,615 | 144,256 | 150,013 | 29,797 | 14,565 | - | 539,246 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | - | - | 9,694 | - | 9,694 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 644,975 | $ | 223,668 | $ | 36,296 | $ | 13,890 | $ | -250,573 | $ | - | $ | 668,256 | ||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenues | $ | - | $ | 1,253 | $ | - | $ | 43,982 | $ | - | $ | - | $ | 45,235 | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 58,335 | $ | 43,489 | $ | 68,683 | $ | 6,765 | $ | 19,988 | $ | - | $ | 197,260 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 14,093 | $ | - | $ | 14,093 |
GUARANTOR_SUBSIDIARIES
GUARANTOR SUBSIDIARIES | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTOR SUBSIDIARIES | NOTE 10 – GUARANTOR SUBSIDIARIES | NOTE 16 – GUARANTOR SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||
The Company and certain of iHeart’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee on a joint and several basis certain of iHeart’s outstanding indebtedness. (For purposes of this footnote, “Parent Company” refers to iHeartMedia Capital I, LLC.) The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d): | The Company and certain of iHeart’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guaranteed on a joint and several basis certain of iHeart’s outstanding indebtedness. The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d): | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | As of September 30, 2014 | (In thousands) | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Guarantor | Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Cash and cash equivalents | $ | - | $ | 9 | $ | 182,152 | $ | 525,990 | $ | - | $ | 708,151 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 8 | $ | 67,274 | $ | 455,074 | $ | - | $ | 522,356 | Accounts receivable, net of allowance | - | - | 739,658 | 714,688 | - | 1,454,346 | |||||||||||||||||||||||||||||||
Accounts receivable, net of allowance | - | - | 711,713 | 689,738 | - | 1,401,451 | Intercompany receivables(1) | - | 3,022,719 | - | 61,825 | -3,084,544 | - | |||||||||||||||||||||||||||||||||||||
Intercompany receivables (1) | - | 1,933,907 | - | 157,794 | -2,091,701 | - | Prepaid expenses | - | 1,743 | 43,831 | 144,066 | - | 189,640 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses | - | 3,879 | 61,261 | 140,766 | - | 205,906 | Other current assets | - | 22,184 | 69,474 | 341,948 | -272,449 | 161,157 | |||||||||||||||||||||||||||||||||||||
Other current assets | - | 24,488 | 75,870 | 79,327 | -9,879 | 169,806 | ||||||||||||||||||||||||||||||||||||||||||||
Total Current Assets | - | 3,046,655 | 1,035,115 | 1,788,517 | -3,356,993 | 2,513,294 | ||||||||||||||||||||||||||||||||||||||||||||
Total Current Assets | - | 1,962,282 | 916,118 | 1,522,699 | -2,101,580 | 2,299,519 | Structures, net | - | - | - | 1,765,510 | - | 1,765,510 | |||||||||||||||||||||||||||||||||||||
Structures, net | - | - | - | 1,643,527 | - | 1,643,527 | Other property, plant and equipment, net | - | - | 815,358 | 316,762 | - | 1,132,120 | |||||||||||||||||||||||||||||||||||||
Other property, plant and equipment, net | - | - | 793,627 | 291,587 | - | 1,085,214 | Indefinite-lived intangibles - licenses | - | - | 2,416,406 | - | - | 2,416,406 | |||||||||||||||||||||||||||||||||||||
Indefinite-lived intangibles - licenses | - | - | 2,426,179 | - | - | 2,426,179 | Indefinite-lived intangibles - permits | - | - | - | 1,067,783 | - | 1,067,783 | |||||||||||||||||||||||||||||||||||||
Indefinite-lived intangibles - permits | - | - | - | 1,067,341 | - | 1,067,341 | Other intangibles, net | - | - | 970,926 | 495,620 | - | 1,466,546 | |||||||||||||||||||||||||||||||||||||
Other intangibles, net | - | - | 825,666 | 441,421 | - | 1,267,087 | Goodwill | - | - | 3,348,299 | 853,888 | - | 4,202,187 | |||||||||||||||||||||||||||||||||||||
Goodwill | - | - | 3,377,417 | 835,195 | - | 4,212,612 | Intercompany notes receivable | - | 962,000 | - | - | -962,000 | - | |||||||||||||||||||||||||||||||||||||
Intercompany notes receivable | - | 962,000 | - | - | -962,000 | - | Long-term intercompany receivable | - | - | - | 879,108 | -879,108 | - | |||||||||||||||||||||||||||||||||||||
Long-term intercompany receivable | - | - | - | 875,975 | -875,975 | - | Investment in subsidiaries | -9,053,312 | 3,876,744 | 231,141 | - | 4,945,427 | - | |||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | -9,756,838 | 4,073,687 | 13,446 | - | 5,669,705 | - | Other assets | - | 109,231 | 51,920 | 686,900 | -314,595 | 533,456 | |||||||||||||||||||||||||||||||||||||
Other assets | - | 108,279 | 56,562 | 525,637 | -385,922 | 304,556 | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | -9,053,312 | $ | 7,994,630 | $ | 8,869,165 | $ | 7,854,088 | $ | -567,269 | $ | 15,097,302 | ||||||||||||||||||||||||||||||||||||||
Total Assets | $ | -9,756,838 | $ | 7,106,248 | $ | 8,409,015 | $ | 7,203,382 | $ | 1,344,228 | $ | 14,306,035 | ||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | - | $ | - | $ | 45,289 | $ | 86,081 | $ | - | $ | 131,370 | ||||||||||||||||||||||||||||||||||||||
Accrued expenses | - | -133,481 | 361,977 | 578,714 | - | 807,210 | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | - | $ | - | $ | 55,917 | $ | 74,386 | $ | - | $ | 130,303 | Intercompany payable(1) | - | - | 3,084,544 | - | -3,084,544 | - | |||||||||||||||||||||||||||||||
Accrued expenses | - | -110,265 | 379,978 | 525,393 | - | 795,106 | Accrued interest | - | 219,921 | 241 | 3,966 | -29,284 | 194,844 | |||||||||||||||||||||||||||||||||||||
Intercompany payable (1) | - | - | 2,091,701 | - | -2,091,701 | - | Deferred income | - | - | 61,684 | 110,750 | - | 172,434 | |||||||||||||||||||||||||||||||||||||
Accrued interest | - | 163,089 | - | 3,241 | -9,879 | 156,451 | Current portion of long-term debt | - | 437,735 | - | 15,999 | - | 453,734 | |||||||||||||||||||||||||||||||||||||
Deferred income | - | - | 85,445 | 125,823 | - | 211,268 | ||||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | - | - | - | - | - | - | Total Current Liabilities | - | 524,175 | 3,553,735 | 795,510 | -3,113,828 | 1,759,592 | |||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - | - | 80 | 3,152 | - | 3,232 | Long-term debt | - | 15,798,376 | 4,000 | 4,919,377 | -691,274 | 20,030,479 | |||||||||||||||||||||||||||||||||||||
Long-term intercompany payable | - | 879,108 | - | - | -879,108 | - | ||||||||||||||||||||||||||||||||||||||||||||
Total Current Liabilities | - | 52,824 | 2,613,121 | 731,995 | -2,101,580 | 1,296,360 | Intercompany long-term debt | - | - | 962,000 | - | -962,000 | - | |||||||||||||||||||||||||||||||||||||
Long-term debt | - | 15,990,390 | 4,893 | 4,929,622 | -443,358 | 20,481,547 | Deferred income taxes | - | -175,925 | 1,056,586 | 656,941 | 218 | 1,537,820 | |||||||||||||||||||||||||||||||||||||
Long-term intercompany payable | - | 875,975 | - | - | -875,975 | - | Other long-term liabilities | - | 22,207 | 193,599 | 250,240 | - | 466,046 | |||||||||||||||||||||||||||||||||||||
Intercompany long-term debt | - | - | 962,000 | - | -962,000 | - | Total member’s interest (deficit) | -9,053,312 | -9,053,311 | 3,099,245 | 1,232,020 | 5,078,723 | -8,696,635 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | - | -76,841 | 1,007,196 | 649,675 | 2,087 | 1,582,117 | ||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | - | 20,737 | 194,244 | 237,241 | - | 452,222 | Total Liabilities and Member’s Equity | $ | -9,053,312 | $ | 7,994,630 | $ | 8,869,165 | $ | 7,854,088 | $ | -567,269 | $ | 15,097,302 | |||||||||||||||||||||||||||||||
Total member’s interest (deficit) | -9,756,838 | -9,756,837 | 3,627,561 | 654,849 | 5,725,054 | -9,506,211 | ||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Member’s Equity (Deficit) | $ | -9,756,838 | $ | 7,106,248 | $ | 8,409,015 | $ | 7,203,382 | $ | 1,344,228 | $ | 14,306,035 | (1) | The intercompany payable balance includes approximately $7.3 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder. | ||||||||||||||||||||||||||||||||||||
(1) | The intercompany payable balance includes approximately $6.7 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder. | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | As of December 31, 2013 | Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | Cash and cash equivalents | $ | - | $ | 11 | $ | 333,768 | $ | 891,231 | $ | - | $ | 1,225,010 | ||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Guarantor | Accounts receivable, net of allowance | - | - | 683,072 | 757,097 | - | 1,440,169 | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Intercompany receivables (1) | - | 4,032,992 | 166,019 | - | -4,199,011 | - | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 9 | $ | 182,152 | $ | 525,990 | $ | - | $ | 708,151 | Prepaid expenses | - | 2,397 | 33,190 | 152,052 | 187,639 | ||||||||||||||||||||||||||||||||
Accounts receivable, net of allowance | - | - | 727,419 | 713,082 | - | 1,440,501 | Other current assets | - | 36,446 | 64,894 | 248,325 | -214,730 | 134,935 | |||||||||||||||||||||||||||||||||||||
Intercompany receivables (1) | - | 3,022,719 | - | 61,825 | -3,084,544 | - | ||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses | - | 1,743 | 56,070 | 145,672 | - | 203,485 | Total Current Assets | - | 4,071,846 | 1,280,943 | 2,048,705 | -4,413,741 | 2,987,753 | |||||||||||||||||||||||||||||||||||||
Other current assets | - | 22,184 | 69,474 | 341,948 | -272,449 | 161,157 | Structures, net | - | - | - | 1,890,693 | - | 1,890,693 | |||||||||||||||||||||||||||||||||||||
Other Property, plant and equipment, net | - | - | 827,623 | 318,538 | - | 1,146,161 | ||||||||||||||||||||||||||||||||||||||||||||
Total Current Assets | - | 3,046,655 | 1,035,115 | 1,788,517 | -3,356,993 | 2,513,294 | Indefinite-lived intangibles - licenses | - | - | 2,423,979 | - | - | 2,423,979 | |||||||||||||||||||||||||||||||||||||
Structures, net | - | - | - | 1,765,510 | - | 1,765,510 | Indefinite-lived intangibles - permits | - | - | - | 1,070,720 | - | 1,070,720 | |||||||||||||||||||||||||||||||||||||
Other property, plant and equipment, net | - | - | 815,358 | 316,762 | - | 1,132,120 | Other intangibles, net | - | - | 1,174,818 | 565,974 | - | 1,740,792 | |||||||||||||||||||||||||||||||||||||
Indefinite-lived intangibles - licenses | - | - | 2,416,406 | - | - | 2,416,406 | Goodwill | - | - | 3,350,083 | 866,002 | - | 4,216,085 | |||||||||||||||||||||||||||||||||||||
Indefinite-lived intangibles - permits | - | - | - | 1,067,783 | - | 1,067,783 | Intercompany notes receivable | - | 962,000 | - | - | -962,000 | - | |||||||||||||||||||||||||||||||||||||
Other intangibles, net | - | - | 970,926 | 495,620 | - | 1,466,546 | Long-term intercompany receivable | - | - | - | 729,157 | -729,157 | - | |||||||||||||||||||||||||||||||||||||
Goodwill | - | - | 3,348,299 | 853,888 | - | 4,202,187 | Investment in subsidiaries | -8,518,574 | 3,848,000 | 552,184 | - | 4,118,390 | - | |||||||||||||||||||||||||||||||||||||
Intercompany notes receivable | - | 962,000 | - | - | -962,000 | - | Other assets | - | 115,188 | 333,607 | 848,431 | -480,696 | 816,530 | |||||||||||||||||||||||||||||||||||||
Long-term intercompany receivable | - | - | - | 879,108 | -879,108 | - | ||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | -9,053,312 | 3,876,744 | 231,141 | - | 4,945,427 | - | Total Assets | $ | -8,518,574 | $ | 8,997,034 | $ | 9,943,237 | $ | 8,338,220 | $ | -2,467,204 | $ | 16,292,713 | |||||||||||||||||||||||||||||||
Other assets | - | 109,231 | 51,920 | 686,900 | -314,595 | 533,456 | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | - | $ | - | $ | 37,436 | $ | 95,790 | $ | - | $ | 133,226 | ||||||||||||||||||||||||||||||||||||||
Total Assets | $ | -9,053,312 | $ | 7,994,630 | $ | 8,869,165 | $ | 7,854,088 | $ | -567,269 | $ | 15,097,302 | Accrued expenses | - | -104,972 | 319,466 | 561,561 | - | 776,055 | |||||||||||||||||||||||||||||||
Intercompany payable (1) | - | - | 4,032,992 | 166,019 | -4,199,011 | - | ||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | - | 210,874 | - | -113 | -30,189 | 180,572 | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | - | $ | - | $ | 45,289 | $ | 86,081 | $ | - | $ | 131,370 | Deferred income | - | - | 62,901 | 109,771 | - | 172,672 | |||||||||||||||||||||||||||||||
Accrued expenses | - | -133,481 | 361,977 | 578,714 | - | 807,210 | Other current liabilities | - | 76,939 | - | 60,950 | - | 137,889 | |||||||||||||||||||||||||||||||||||||
Intercompany payable (1) | - | - | 3,084,544 | - | -3,084,544 | - | Current portion of long-term debt | - | 372,321 | - | 9,407 | - | 381,728 | |||||||||||||||||||||||||||||||||||||
Accrued interest | - | 219,921 | 241 | 3,966 | -29,284 | 194,844 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred income | - | - | 65,710 | 110,750 | - | 176,460 | Total Current Liabilities | - | 555,162 | 4,452,795 | 1,003,385 | -4,229,200 | 1,782,142 | |||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - | 437,735 | - | 15,999 | - | 453,734 | Long-term debt | - | 16,310,694 | 4,000 | 4,935,388 | -884,713 | 20,365,369 | |||||||||||||||||||||||||||||||||||||
Long-term intercompany payable | - | 729,157 | - | - | -729,157 | - | ||||||||||||||||||||||||||||||||||||||||||||
Total Current Liabilities | $ | - | 524,175 | 3,557,761 | 795,510 | -3,113,828 | 1,763,618 | Intercompany long-term debt | - | - | 962,000 | - | -962,000 | - | ||||||||||||||||||||||||||||||||||||
Long-term debt | - | 15,798,376 | 4,000 | 4,919,377 | -691,274 | 20,030,479 | Deferred income taxes | - | -107,878 | 1,089,659 | 705,935 | 2,160 | 1,689,876 | |||||||||||||||||||||||||||||||||||||
Long-term intercompany payable | - | 879,108 | - | - | -879,108 | - | Other long-term liabilities | - | 28,473 | 182,142 | 239,902 | - | 450,517 | |||||||||||||||||||||||||||||||||||||
Intercompany long-term debt | - | - | 962,000 | - | -962,000 | - | Total member’s interest (deficit) | -8,518,574 | -8,518,574 | 3,252,641 | 1,453,610 | 4,335,706 | -7,995,191 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | - | -175,925 | 1,056,586 | 656,941 | 218 | 1,537,820 | ||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | - | 22,207 | 189,573 | 250,240 | - | 462,020 | Total Liabilities and Member’s Equity | $ | -8,518,574 | $ | 8,997,034 | $ | 9,943,237 | $ | 8,338,220 | $ | -2,467,204 | $ | 16,292,713 | |||||||||||||||||||||||||||||||
Total member’s interest (deficit) | -9,053,312 | -9,053,311 | 3,099,245 | 1,232,020 | 5,078,723 | -8,696,635 | ||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Member’s Equity (Deficit) | $ | -9,053,312 | $ | 7,994,630 | $ | 8,869,165 | $ | 7,854,088 | $ | -567,269 | $ | 15,097,302 | (1) | The intercompany payable balance includes approximately $7.3 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder. | ||||||||||||||||||||||||||||||||||||
(1) | The intercompany payable balance includes approximately $7.3 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder. | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Three Months Ended September 30, 2014 | Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | Revenue | $ | - | $ | - | $ | 3,287,967 | $ | 2,973,493 | $ | -18,416 | $ | 6,243,044 | ||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | - | $ | - | $ | 885,035 | $ | 749,713 | $ | -4,714 | $ | 1,630,034 | Direct operating expenses | - | - | 946,379 | 1,604,236 | -7,196 | 2,543,419 | |||||||||||||||||||||||||||||||
Operating expenses: | Selling, general and administrative expenses | - | - | 1,103,616 | 557,465 | -11,220 | 1,649,861 | |||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | - | - | 244,412 | 403,429 | -1,860 | 645,981 | Corporate expenses | - | 10,819 | 188,964 | 124,399 | - | 324,182 | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | - | - | 289,452 | 143,089 | -2,854 | 429,687 | Depreciation and amortization | - | - | 326,185 | 404,643 | - | 730,828 | |||||||||||||||||||||||||||||||||||||
Corporate expenses | - | 2,532 | 42,122 | 33,548 | - | 78,202 | Impairment charge | - | - | 3,820 | 13,150 | - | 16,970 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 75,112 | 100,753 | - | 175,865 | Other operating income, net | - | - | 11 | 22,987 | - | 22,998 | |||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | 35 | - | - | 35 | ||||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | 42,548 | 4,624 | - | 47,172 | Operating income (loss) | - | -10,819 | 719,014 | 292,587 | - | 1,000,782 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | - | 1,396,249 | 39,991 | 171,682 | 41,529 | 1,649,451 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | - | -2,532 | 276,450 | 73,518 | - | 347,436 | Gain (loss) on marketable securities | - | - | 170,133 | -18 | -39,236 | 130,879 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | - | 357,316 | 12,871 | 61,185 | 1,244 | 432,616 | Equity in earnings (loss) of nonconsolidated affiliates | -501,897 | 439,900 | -94,224 | -77,410 | 155,935 | -77,696 | |||||||||||||||||||||||||||||||||||||
Gain on marketable securities | - | - | - | - | - | - | Loss on extinguishment of debt | - | -87,868 | - | - | - | -87,868 | |||||||||||||||||||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -112,851 | 155,113 | 822 | 4,178 | -43,307 | 3,955 | Other income (expense), net | - | -23,551 | 25,534 | 258 | -24,221 | -21,980 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | - | -4,839 | - | - | -1 | -4,840 | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | - | -5 | 290 | 3,088 | -756 | 2,617 | Income (loss) before income taxes | -501,897 | -1,078,587 | 780,466 | 43,735 | 50,949 | -705,334 | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | - | 576,690 | -421,063 | -33,810 | - | 121,817 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | -112,851 | -209,579 | 264,691 | 19,599 | -45,308 | -83,448 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | - | 96,728 | -111,033 | -10,071 | - | -24,376 | Consolidated net income (loss) | -501,897 | -501,897 | 359,403 | 9,925 | 50,949 | -583,517 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -768 | 24,134 | - | 23,366 | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | -112,851 | -112,851 | 153,658 | 9,528 | -45,308 | -107,824 | ||||||||||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -1,455 | 8,483 | - | 7,028 | Net income (loss) attributable to the Company | -501,897 | -501,897 | 360,171 | -14,209 | 50,949 | -606,883 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | -112,851 | $ | -112,851 | $ | 155,113 | $ | 1,045 | $ | -45,308 | $ | -114,852 | Foreign currency translation adjustments | - | - | 15,380 | -48,381 | - | -33,001 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Unrealized gain on securities and derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | - | - | 16,966 | -80,029 | - | -63,063 | Unrealized holding gain on marketable securities | - | - | 15,390 | 4,441 | -3,255 | 16,576 | |||||||||||||||||||||||||||||||||||||
Unrealized gain on securities and derivatives: | Unrealized holding gain on cash flow derivatives | - | 48,180 | - | - | - | 48,180 | |||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gain on marketable securities | - | - | - | -1,337 | 1,263 | -74 | Other adjustments to comprehensive income (loss) | - | - | - | 6,732 | - | 6,732 | |||||||||||||||||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | - | - | - | - | - | - | Reclassification adjustment for realized gain on securities included in consolidated net income (loss) | - | - | -82,321 | -1,431 | - | -83,752 | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains on securities included in net income (loss) | - | - | - | - | - | - | Equity in subsidiary comprehensive income (loss) | -39,534 | -87,714 | -36,445 | - | 163,693 | - | |||||||||||||||||||||||||||||||||||||
Equity in subsidiary comprehensive income | -54,656 | -54,656 | -78,855 | - | 188,167 | - | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | -541,431 | -541,431 | 272,175 | -52,848 | 211,387 | -652,148 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | -167,507 | -167,507 | 93,224 | -80,321 | 144,122 | -177,989 | Less amount attributable to noncontrolling interest | - | - | -282 | -2,194 | - | -2,476 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -7,233 | -2,511 | - | -9,744 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -541,431 | $ | -541,431 | $ | 272,457 | $ | -50,654 | $ | 211,387 | $ | -649,672 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -167,507 | $ | -167,507 | $ | 100,457 | $ | -77,810 | $ | 144,122 | $ | -168,245 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Three Months Ended September 30, 2013 | (In thousands) | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | - | $ | - | $ | 862,813 | $ | 729,887 | $ | -5,178 | $ | 1,587,522 | Revenue | $ | - | $ | - | $ | 3,288,779 | $ | 2,974,108 | $ | -16,003 | $ | 6,246,884 | |||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | - | - | 251,928 | 398,591 | -1,776 | 648,743 | Direct operating expenses | - | - | 888,651 | 1,613,571 | -7,981 | 2,494,241 | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | - | - | 279,792 | 134,964 | -3,402 | 411,354 | Selling, general and administrative expenses | - | - | 1,085,611 | 588,829 | -8,022 | 1,666,418 | |||||||||||||||||||||||||||||||||||||
Corporate expenses | - | 2,609 | 57,246 | 29,719 | - | 89,574 | Corporate expenses | - | 10,829 | 170,705 | 115,832 | - | 297,366 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 78,627 | 98,703 | - | 177,330 | Depreciation and amortization | - | - | 328,633 | 400,652 | - | 729,285 | |||||||||||||||||||||||||||||||||||||
Other operating income (expense), net | - | - | -418 | 6,604 | - | 6,186 | Impairment charges | - | - | - | 37,651 | - | 37,651 | |||||||||||||||||||||||||||||||||||||
Other operating income (expense), net | - | - | -2,825 | 50,952 | - | 48,127 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | - | -2,609 | 194,802 | 74,514 | - | 266,707 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | - | 377,789 | 13,125 | 39,804 | 7,686 | 438,404 | Operating income (loss) | - | -10,829 | 812,354 | 268,525 | - | 1,070,050 | |||||||||||||||||||||||||||||||||||||
Gain on marketable securities | - | - | 49 | -18 | - | 31 | Interest expense, net | - | 1,307,703 | 23,143 | 139,824 | 78,353 | 1,549,023 | |||||||||||||||||||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -94,169 | 130,633 | 7,210 | 4,030 | -43,721 | 3,983 | Loss on marketable securities | - | -1 | -2,001 | -2,578 | - | -4,580 | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | - | -156 | 440 | 1,425 | - | 1,709 | Equity in earnings (loss) of nonconsolidated affiliates | -336,674 | 492,819 | -174,774 | 19,464 | 17,722 | 18,557 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | - | -33,652 | - | -221,071 | - | -254,723 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | -94,169 | -249,921 | 189,376 | 40,147 | -51,407 | -165,974 | Other income (expense), net | - | -1 | 3,960 | 5,743 | -9,452 | 250 | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | - | 155,752 | -77,584 | -4,366 | - | 73,802 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | -336,674 | -859,367 | 616,396 | -69,741 | -70,083 | -719,469 | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | -94,169 | -94,169 | 111,792 | 35,781 | -51,407 | -92,172 | Income tax benefit (expense) | - | 522,693 | -246,380 | 31,966 | - | 308,279 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | 1,911 | 7,772 | - | 9,683 | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | -336,674 | -336,674 | 370,016 | -37,775 | -70,083 | -411,190 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | -94,169 | $ | -94,169 | $ | 109,881 | $ | 28,009 | $ | -51,407 | $ | -101,855 | Less amount attributable to noncontrolling interest | - | - | -10,613 | 23,902 | - | 13,289 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | - | - | -3,985 | 44,487 | - | 40,502 | Net income (loss) attributable to the Company | -336,674 | -336,674 | 380,629 | -61,677 | -70,083 | -424,479 | |||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on securities and derivatives: | Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gain (loss) on marketable securities | - | - | - | 710 | -697 | 13 | Foreign currency translation adjustments | - | - | -399 | 40,641 | - | 40,242 | |||||||||||||||||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | - | 17,114 | - | - | - | 17,114 | Unrealized gain (loss) on securities and derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains on securities included in net income (loss) | - | - | -1 | -1,432 | - | -1,433 | Unrealized holding gain (loss) on marketable securities | - | - | 25,676 | -8,151 | 5,578 | 23,103 | |||||||||||||||||||||||||||||||||||||
Equity in subsidiary comprehensive loss | 47,724 | 30,610 | 37,724 | - | -116,058 | - | Unrealized holding gain on cash flow derivatives | - | 52,112 | - | - | - | 52,112 | |||||||||||||||||||||||||||||||||||||
Other adjustments to comprehensive income (loss) | 2 | -2 | - | 1,135 | - | 1,135 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | -46,445 | -46,445 | 143,619 | 71,774 | -168,162 | -45,659 | Reclassification adjustment for realized loss on securities included in consolidated net income (loss) | - | - | - | 2,045 | - | 2,045 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | 3,128 | 6,041 | - | 9,169 | Equity in subsidiary comprehensive income (loss) | 107,179 | 55,069 | 33,967 | - | -196,215 | - | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -46,445 | $ | -46,445 | $ | 140,491 | $ | 65,733 | $ | -168,162 | $ | -54,828 | Comprehensive income (loss) | -229,493 | -229,495 | 439,873 | -26,007 | -260,720 | -305,842 | |||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | 4,175 | 1,703 | - | 5,878 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -229,493 | $ | -229,495 | $ | 435,698 | $ | -27,710 | $ | -260,720 | $ | -311,720 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | - | $ | - | $ | 2,437,625 | $ | 2,180,031 | $ | -14,920 | $ | 4,602,736 | ||||||||||||||||||||||||||||||||||||||
Operating expenses: | (In thousands) | Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | - | - | 688,009 | 1,203,313 | -5,624 | 1,885,698 | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | - | - | 852,065 | 423,323 | -9,296 | 1,266,092 | Company | Issuer | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | 7,792 | 127,734 | 97,578 | - | 233,104 | Revenue | $ | - | $ | - | $ | 3,121,308 | $ | 3,059,676 | $ | -19,632 | $ | 6,161,352 | |||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 225,888 | 298,910 | - | 524,798 | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | 4,937 | - | - | 4,937 | Direct operating expenses | - | - | 858,191 | 1,652,860 | -6,584 | 2,504,467 | |||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | 38,184 | 7,525 | - | 45,709 | Selling, general and administrative expenses | - | - | 1,052,832 | 564,740 | -13,048 | 1,604,524 | |||||||||||||||||||||||||||||||||||||
Corporate expenses | - | 10,878 | 127,501 | 101,020 | - | 239,399 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | - | -7,792 | 577,176 | 164,432 | - | 733,816 | Depreciation and amortization | - | - | 327,240 | 436,066 | - | 763,306 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | - | 1,090,483 | 38,886 | 159,678 | 15,288 | 1,304,335 | Impairment charges | - | - | - | 7,614 | - | 7,614 | |||||||||||||||||||||||||||||||||||||
Gain on marketable securities | - | - | - | 62,895 | -62,895 | - | Other operating income, net | - | - | 4,091 | 8,591 | - | 12,682 | |||||||||||||||||||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -642,984 | 256,622 | 17,764 | -8,863 | 368,073 | -9,388 | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | - | 127,703 | -181,080 | - | -2,882 | -56,259 | Operating income (loss) | - | -10,878 | 759,635 | 305,967 | - | 1,054,724 | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | - | -88 | 1,090 | 16,936 | -1,623 | 16,315 | Interest expense, net | - | 1,361,008 | 2,370 | 27,321 | 75,547 | 1,466,246 | |||||||||||||||||||||||||||||||||||||
Loss on marketable securities | - | - | - | -4,827 | - | -4,827 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | -642,984 | -714,038 | 376,064 | 75,722 | 285,385 | -619,851 | Equity in earnings (loss) of nonconsolidated affiliates | -230,822 | 629,915 | 54,407 | 26,987 | -453,529 | 26,958 | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | - | 71,054 | -123,834 | -39,362 | - | -92,142 | Loss on extinguishment of debt | - | -5,721 | -1 | - | 4,275 | -1,447 | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | - | - | 590 | -3,759 | - | -3,169 | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | -642,984 | -642,984 | 252,230 | 36,360 | 285,385 | -711,993 | ||||||||||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -4,392 | 18,071 | - | 13,679 | Income (loss) before income taxes | -230,822 | -747,692 | 812,261 | 297,047 | -524,801 | -394,007 | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | - | 516,870 | -274,930 | -115,962 | - | 125,978 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | -642,984 | $ | -642,984 | $ | 256,622 | $ | 18,289 | $ | 285,385 | $ | -725,672 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Consolidated net income (loss) | -230,822 | -230,822 | 537,331 | 181,085 | -524,801 | -268,029 | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | - | - | 6,257 | -83,769 | - | -77,512 | Less amount attributable to noncontrolling interest | - | - | 13,792 | 20,273 | - | 34,065 | |||||||||||||||||||||||||||||||||||||
Unrealized gain on securities and derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gain on marketable securities | - | - | -1 | -2,512 | 3,118 | 605 | Net income (loss) attributable to the Company | -230,822 | -230,822 | 523,539 | 160,812 | -524,801 | -302,094 | |||||||||||||||||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | - | - | - | - | - | - | Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||||||||||||
Other adjustments to comprehensive income (loss) | - | - | - | - | - | - | Foreign currency translation adjustments | - | - | 1,267 | -30,914 | - | -29,647 | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains on securities included in net income (loss) | - | -8,181 | - | 11,490 | - | 3,309 | Unrealized gain (loss) on securities and derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Equity in subsidiary comprehensive loss | -62,030 | -53,849 | -77,010 | - | 192,889 | - | Unrealized holding gain (loss) on marketable securities | - | - | 4,610 | -2,874 | -1,960 | -224 | |||||||||||||||||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | - | 33,775 | - | - | - | 33,775 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | -705,014 | -705,014 | 185,868 | -56,502 | 481,392 | -799,270 | Other adjustments to comprehensive income (loss) | - | - | - | -1,361 | - | -1,361 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -8,724 | -5,962 | - | -14,686 | Reclassification adjustment for realized loss on securities included in consolidated net income (loss) | - | - | - | 5,148 | - | 5,148 | |||||||||||||||||||||||||||||||||||||
Equity in subsidiary comprehensive income (loss) | 5,518 | -28,257 | -38,702 | - | 61,441 | - | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -705,014 | $ | -705,014 | $ | 194,592 | $ | -50,540 | $ | 481,392 | $ | -784,584 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | -225,304 | -225,304 | 490,714 | 130,811 | -465,320 | -294,403 | ||||||||||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -4,594 | 8,918 | - | 4,324 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Nine Months Ended September 30, 2013 | Comprehensive income (loss) attributable to the Company | $ | -225,304 | $ | -225,304 | $ | 495,308 | $ | 121,893 | $ | -465,320 | $ | -298,727 | ||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | - | $ | - | $ | 2,401,245 | $ | 2,160,620 | $ | -13,188 | $ | 4,548,677 | ||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | - | - | 695,222 | 1,188,887 | -5,000 | 1,879,109 | (In thousands) | Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | - | - | 819,804 | 414,442 | -8,188 | 1,226,058 | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | 8,126 | 146,141 | 91,435 | - | 245,702 | Company | Issuer | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 241,904 | 297,342 | - | 539,246 | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||
Other operating income (expense), net | - | - | -2,710 | 12,404 | - | 9,694 | Consolidated net income (loss) | $ | -501,897 | $ | -501,897 | $ | 359,403 | $ | 9,925 | $ | 50,949 | $ | -583,517 | |||||||||||||||||||||||||||||||
Reconciling items: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | - | -8,126 | 495,464 | 180,918 | - | 668,256 | Impairment charges | - | - | 3,820 | 13,150 | - | 16,970 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | - | 1,039,587 | 26,798 | 132,068 | 32,984 | 1,231,437 | Depreciation and amortization | - | - | 326,185 | 404,643 | - | 730,828 | |||||||||||||||||||||||||||||||||||||
Gain (loss) on marketable securities | - | - | 170,182 | -18 | -39,235 | 130,929 | Deferred taxes | - | -96,806 | 3,870 | -65,234 | - | -158,170 | |||||||||||||||||||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -225,437 | 430,607 | -51,315 | 13,878 | -154,138 | 13,595 | Provision for doubtful accounts | - | - | 15,052 | 5,191 | - | 20,243 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | - | -3,888 | - | - | - | -3,888 | Amortization of deferred financing charges and note discounts, net | - | 141,886 | -3,621 | -55,452 | 41,529 | 124,342 | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | - | -18,060 | 644 | 27 | - | -17,389 | Share-based compensation | - | - | 8,990 | 7,725 | - | 16,715 | |||||||||||||||||||||||||||||||||||||
Gain on disposal of operating assets | - | - | -11 | -22,987 | - | -22,998 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | -225,437 | -639,054 | 588,177 | 62,737 | -226,357 | -439,934 | (Gain) loss on marketable securities | - | - | -170,133 | 18 | 39,236 | -130,879 | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | - | 413,617 | -216,801 | -38,166 | - | 158,650 | Equity in (earnings) loss of nonconsolidated affiliates | 501,897 | -439,900 | 94,224 | 77,410 | -155,935 | 77,696 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | - | 87,868 | - | - | - | 87,868 | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | -225,437 | -225,437 | 371,376 | 24,571 | -226,357 | -281,284 | Other reconciling items, net | - | 1 | -111 | 20,014 | - | 19,904 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -1,351 | 17,723 | - | 16,372 | Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||||||||||||||||||||||||||||||||||
(Increase) decrease in accounts receivable | - | - | -72,752 | 43,147 | - | -29,605 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | -225,437 | $ | -225,437 | $ | 372,727 | $ | 6,848 | $ | -226,357 | $ | -297,656 | Increase in accrued expenses | - | - | 8,072 | 18,033 | - | 26,105 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Increase (decrease) in accounts payable | - | - | 7,853 | -10,473 | - | -2,620 | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | - | - | 11,875 | -40,401 | - | -28,526 | Increase in accrued interest | - | 11,714 | 321 | 4,087 | -108 | 16,014 | |||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on securities and derivatives: | Increase in deferred income | - | - | 6,953 | 555 | - | 7,508 | |||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gain (loss) on marketable securities | - | - | 15,390 | 1,491 | -1,262 | 15,619 | Changes in other operating assets and liabilities | - | -35,373 | 40,257 | -8,524 | 108 | -3,532 | |||||||||||||||||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | - | 48,180 | - | - | - | 48,180 | ||||||||||||||||||||||||||||||||||||||||||||
Other adjustments to comprehensive income (loss) | - | - | - | -998 | - | -998 | Net cash provided by (used for) operating activities | - | -832,507 | 628,372 | 441,228 | -24,221 | 212,872 | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains on securities included in net income (loss) | - | - | -82,321 | -1,432 | - | -83,753 | ||||||||||||||||||||||||||||||||||||||||||||
Equity in subsidiary comprehensive loss | -45,808 | -93,988 | -40,551 | - | 180,347 | - | Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of other investments | - | - | 75 | 355,073 | -219,577 | 135,571 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | -271,245 | -271,245 | 277,120 | -34,492 | -47,272 | -347,134 | Purchases of businesses | - | - | -97 | - | - | -97 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -1,619 | -789 | - | -2,408 | Purchases of property, plant and equipment | - | - | -118,024 | -206,502 | - | -324,526 | |||||||||||||||||||||||||||||||||||||
Proceeds from disposal of assets | - | - | 39,464 | 42,134 | - | 81,598 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -271,245 | $ | -271,245 | $ | 278,739 | $ | -33,703 | $ | -47,272 | $ | -344,726 | Purchases of other operating assets | - | - | -11,049 | -10,483 | - | -21,532 | |||||||||||||||||||||||||||||||
Dividends from subsidiaries | - | 329,867 | 200,785 | - | -530,652 | - | ||||||||||||||||||||||||||||||||||||||||||||
Change in other, net | -270 | - | -1,236 | -3,143 | 270 | -4,379 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Nine Months Ended September 30, 2014 | Net cash provided by (used for) investing activities | -270 | 329,867 | 109,918 | 177,079 | -749,959 | -133,365 | ||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Draws on credit facilities | - | 269,500 | - | 2,752 | - | 272,252 | |||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | $ | -642,984 | $ | -642,984 | $ | 252,230 | $ | 36,360 | $ | 285,385 | $ | -711,993 | Payments on credit facilities | - | -22,500 | - | -4,815 | - | -27,315 | |||||||||||||||||||||||||||||||
Reconciling items: | Intercompany funding | - | 1,160,225 | -805,529 | -378,917 | 24,221 | - | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 225,888 | 298,910 | - | 524,798 | Proceeds from long-term debt | - | 575,000 | - | - | - | 575,000 | |||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | 4,937 | - | - | 4,937 | Payments on long-term debt | - | -1,461,811 | - | -6,626 | 219,577 | -1,248,860 | |||||||||||||||||||||||||||||||||||||
Deferred taxes | - | 99,084 | -44,703 | -9,515 | - | 44,866 | Payments to repurchase noncontrolling interests | - | - | - | -61,143 | - | -61,143 | |||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | - | - | 6,659 | 5,490 | - | 12,149 | Dividends and other payments to noncontrolling interests | - | - | - | -91,887 | - | -91,887 | |||||||||||||||||||||||||||||||||||||
Amortization of deferred financing charges and note discounts, net | - | 78,315 | - | -19,497 | 15,288 | 74,106 | Dividends paid | - | - | -84,377 | -446,275 | 530,652 | - | |||||||||||||||||||||||||||||||||||||
Share-based compensation | - | - | 2,352 | 5,712 | - | 8,064 | Deferred financing charges | - | -18,046 | - | -344 | - | -18,390 | |||||||||||||||||||||||||||||||||||||
Loss on disposal of operating assets | - | - | -38,184 | -7,525 | - | -45,709 | Change in other, net | 270 | 270 | - | 4,191 | -270 | 4,461 | |||||||||||||||||||||||||||||||||||||
Gain (loss) on marketable securities | - | - | - | -62,895 | 62,895 | - | ||||||||||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of nonconsolidated affiliates | 642,984 | -256,622 | -17,764 | 8,863 | -368,073 | 9,388 | Net cash provided by (used for) financing activities | 270 | 502,638 | -889,906 | -983,064 | 774,180 | -595,882 | |||||||||||||||||||||||||||||||||||||
(Gain) loss on extinguishment of debt | - | -127,703 | 181,080 | - | 2,882 | 56,259 | ||||||||||||||||||||||||||||||||||||||||||||
Other reconciling items, net | - | - | 100 | -16,391 | - | -16,291 | Effect of exchange rate changes on cash | - | - | - | -484 | - | -484 | |||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Increase) decrease in accounts receivable | - | - | 8,753 | -7,242 | - | 1,511 | Net decrease in cash and cash equivalents | - | -2 | -151,616 | -365,241 | - | -516,859 | |||||||||||||||||||||||||||||||||||||
Increase in deferred income | - | - | 20,980 | 20,267 | - | 41,247 | Cash and cash equivalents at beginning of period | - | 11 | 333,768 | 891,231 | - | 1,225,010 | |||||||||||||||||||||||||||||||||||||
Increase (decrease) in accrued expenses | - | 23,216 | 17,856 | -30,952 | - | 10,120 | ||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in accounts payable | - | - | 10,629 | -9,210 | - | 1,419 | Cash and cash equivalents at end of period | $ | - | $ | 9 | $ | 182,152 | $ | 525,990 | $ | - | $ | 708,151 | |||||||||||||||||||||||||||||||
Increase (decrease) in accrued interest | - | -20,928 | -241 | -717 | 13,996 | -7,890 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in other operating assets and liabilities | - | -3,582 | -7,793 | -13,014 | -11,052 | -35,441 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | - | -851,204 | 622,779 | 198,644 | 1,321 | -28,460 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of property, plant and equipment | - | - | -59,419 | -135,589 | - | -195,008 | Company | Issuer | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||
Acquisition of operating assets | - | - | -2,712 | -567 | - | -3,279 | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||
Purchases of investment assets | - | - | -8,437 | -291,121 | 291,038 | -8,520 | Consolidated net income (loss) | $ | -336,674 | $ | -336,674 | $ | 370,016 | $ | -37,775 | $ | -70,083 | $ | -411,190 | |||||||||||||||||||||||||||||||
Proceeds from sale of investment securities | - | - | - | 609,161 | -372,517 | 236,644 | Reconciling items: | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from disposal of assets | - | - | -1,458 | 11,825 | - | 10,367 | Impairment charges | - | - | - | 37,651 | - | 37,651 | |||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | - | - | -125,000 | - | 125,000 | - | Depreciation and amortization | - | - | 328,633 | 400,652 | - | 729,285 | |||||||||||||||||||||||||||||||||||||
Dividends from subsidiaries | 864 | - | 363,329 | - | -364,193 | - | Deferred taxes | - | -164,449 | 20,143 | -160,305 | - | -304,611 | |||||||||||||||||||||||||||||||||||||
Change in other, net | - | - | -1,071 | -2,532 | - | -3,603 | Provision for doubtful accounts | - | - | 4,459 | 7,256 | - | 11,715 | |||||||||||||||||||||||||||||||||||||
Amortization of deferred financing charges and note discounts, net | - | 196,549 | -7,534 | -103,271 | 78,253 | 164,097 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) investing activities | 864 | - | 165,232 | 191,177 | -320,672 | 36,601 | Share-based compensation | - | - | 17,951 | 10,589 | - | 28,540 | |||||||||||||||||||||||||||||||||||||
(Gain) loss on disposal of operating assets | - | - | 2,825 | -50,952 | - | -48,127 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | Loss on marketable securities | - | 1 | 2,001 | 2,578 | - | 4,580 | |||||||||||||||||||||||||||||||||||||||||||
Draws on credit facilities | - | 65,000 | - | 820 | - | 65,820 | Equity in (earnings) loss of nonconsolidated affiliates | 336,674 | -492,819 | 174,774 | -19,464 | -17,722 | -18,557 | |||||||||||||||||||||||||||||||||||||
Payments on credit facilities | - | -312,000 | - | -3,032 | - | -315,032 | Loss on extinguishment of debt | - | 33,652 | - | 221,071 | - | 254,723 | |||||||||||||||||||||||||||||||||||||
Intercompany funding | - | 1,085,584 | -902,889 | -182,695 | - | - | Other reconciling items, net | - | - | -7,707 | 21,941 | - | 14,234 | |||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | - | 2,080,450 | - | - | -17,975 | 2,062,475 | Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | - | -2,042,256 | - | -35 | 97,727 | -1,944,564 | (Increase) decrease in accounts receivable | - | - | 12,256 | -46,494 | - | -34,238 | |||||||||||||||||||||||||||||||||||||
Investments from Parent | - | - | - | 125,000 | -125,000 | - | Increase in accrued expenses | - | - | 9,432 | 25,442 | - | 34,874 | |||||||||||||||||||||||||||||||||||||
Payments to repurchase noncontrolling interests | - | - | - | - | - | - | Increase in accounts payable | - | - | 11,312 | 2,551 | - | 13,863 | |||||||||||||||||||||||||||||||||||||
Dividends and other payments to noncontrolling interests | - | -864 | - | -397,534 | 365,817 | -32,581 | Increase (decrease) in accrued interest | - | 21,731 | - | -2,377 | 869 | 20,223 | |||||||||||||||||||||||||||||||||||||
Deferred financing charges | - | -24,711 | - | -4 | -1,218 | -25,933 | Increase in deferred income | - | - | 9,521 | 23,961 | - | 33,482 | |||||||||||||||||||||||||||||||||||||
Change in other, net | -864 | - | - | 1,319 | - | 455 | Changes in other operating assets and liabilities | - | -60,782 | -16,167 | 32,406 | -869 | -45,412 | |||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) financing activities | -864 | 851,203 | -902,889 | -456,161 | 319,351 | -189,360 | Net cash provided by (used for) operating activities | - | -802,791 | 931,915 | 365,460 | -9,452 | 485,132 | |||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | -4,576 | - | -4,576 | Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of other investments | - | - | - | 50,149 | -50,419 | - | ||||||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | - | -1 | -114,878 | -70,916 | - | -185,795 | Purchases of businesses | - | - | -45,395 | -4,721 | - | -50,116 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | - | 9 | 182,152 | 525,990 | - | 708,151 | Purchases of property, plant and equipment | - | - | -114,023 | -276,257 | - | -390,280 | |||||||||||||||||||||||||||||||||||||
Proceeds from disposal of assets | - | - | 3,223 | 56,442 | - | 59,665 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 8 | $ | 67,274 | $ | 455,074 | $ | - | $ | 522,356 | Purchases of other operating assets | - | - | 9,107 | -5,719 | - | -14,826 | |||||||||||||||||||||||||||||||
Dividends from subsidiaries | - | 1,925,661 | 1,916,209 | - | -3,841,870 | - | ||||||||||||||||||||||||||||||||||||||||||||
Change in other, net | - | - | 2,700 | -4,857 | 693 | -1,464 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Nine Months Ended September 30, 2013 | Net cash provided by (used for) investing activities | - | 1,925,661 | 1,916,209 | - | -3,841,870 | - | ||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Draws on credit facilities | - | 602,500 | - | 2,063 | - | 604,563 | |||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | $ | -225,437 | $ | -225,437 | $ | 371,376 | $ | 24,571 | $ | -226,357 | $ | -281,284 | Payments on credit facilities | - | -1,928,051 | - | -3,368 | - | -1,931,419 | |||||||||||||||||||||||||||||||
Reconciling items: | Intercompany funding | - | 914,258 | -896,192 | -18,066 | - | - | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 241,904 | 297,342 | - | 539,246 | Proceeds from long-term debt | - | - | - | 4,917,643 | - | 4,917,643 | |||||||||||||||||||||||||||||||||||||
Deferred taxes | - | -67,214 | -94,804 | -33,338 | - | -195,356 | Payments on long-term debt | - | -695,342 | -927 | -2,700,786 | 50,149 | -3,346,906 | |||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | - | - | 10,172 | 3,538 | - | 13,710 | Payments to repurchase noncontrolling interests | - | - | - | -7,040 | - | -7,040 | |||||||||||||||||||||||||||||||||||||
Amortization of deferred financing charges and note discounts, net | - | 106,150 | -3,622 | -42,254 | 32,984 | 93,258 | Dividends and other payments to noncontrolling interests | - | - | - | -251,665 | - | -251,665 | |||||||||||||||||||||||||||||||||||||
Share-based compensation | - | - | 8,446 | 5,647 | - | 14,093 | Dividends paid | - | - | -1,916,207 | -1,935,115 | 3,851,622 | - | |||||||||||||||||||||||||||||||||||||
(Gain) loss on disposal of operating assets | - | - | 2,710 | -12,404 | - | -9,694 | Deferred financing charges | - | -13,629 | - | -69,988 | - | -83,617 | |||||||||||||||||||||||||||||||||||||
Gain (loss) on marketable securities | - | - | -170,182 | 18 | 39,235 | -130,929 | Change in other, net | - | -2,596 | - | 6,381 | -693 | 3,092 | |||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of non consolidated affiliates | 225,437 | -430,607 | 51,315 | -13,878 | 154,138 | -13,595 | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | - | 3,888 | - | - | - | 3,888 | Net cash used for financing activities | - | -1,122,860 | -2,813,326 | -59,941 | 3,900,778 | -95,349 | |||||||||||||||||||||||||||||||||||||
Other reconciling items, net | - | 1 | -152 | 18,742 | - | 18,591 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | Effect of exchange rate changes on cash | - | - | - | 3,566 | - | 3,566 | |||||||||||||||||||||||||||||||||||||||||||
(Increase) decrease in accounts receivable | - | - | -45,500 | 49,205 | - | 3,705 | ||||||||||||||||||||||||||||||||||||||||||||
Increase in deferred income | - | - | 6,469 | 21,707 | - | 28,176 | Net increase (decrease) in cash and cash equivalents | - | 10 | -127,804 | 124,122 | - | -3,672 | |||||||||||||||||||||||||||||||||||||
Increase (decrease) in accrued expenses | - | -37,640 | 50,331 | -28,005 | - | -15,314 | Cash and cash equivalents at beginning of period | - | 1 | 461,572 | 767,109 | - | 1,228,682 | |||||||||||||||||||||||||||||||||||||
Increase (decrease) in accounts payable | - | - | 9,921 | -22,049 | - | -12,128 | ||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in accrued interest | - | -68,401 | 37,546 | 2,981 | -18,842 | -46,716 | Cash and cash equivalents at end of period | $ | - | $ | 11 | $ | 333,768 | $ | 891,231 | $ | - | $ | 1,225,010 | |||||||||||||||||||||||||||||||
Changes in other operating assets and liabilities | - | -14,407 | -33,450 | 18,207 | 18,842 | -10,808 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | - | -733,667 | 442,480 | 290,030 | - | -1,157 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | (In thousands) | Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of property, plant and equipment | - | - | -82,677 | -114,583 | - | -197,260 | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||
Acquisition of other operating assets | - | - | -1,745 | -842 | - | -2,587 | Company | Issuer | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||
Proceeds from disposal of assets | - | - | 75 | 355,073 | -219,577 | 135,571 | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of investment securities | - | - | 22,318 | 17,479 | - | 39,797 | Consolidated net income (loss) | $ | -230,822 | $ | -230,822 | $ | 537,331 | $ | 181,085 | $ | -524,801 | $ | -268,029 | |||||||||||||||||||||||||||||||
Dividends from subsidiaries | -393 | 329,867 | - | - | -329,474 | - | Reconciling items: | |||||||||||||||||||||||||||||||||||||||||||
Change in other, net | - | - | -1,236 | -2,271 | - | -3,507 | Impairment charges | - | - | - | 7,614 | - | 7,614 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 327,240 | 436,066 | - | 763,306 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) investing activities | -393 | 329,867 | -63,265 | 254,856 | -549,051 | -27,986 | Deferred taxes | - | -250,572 | 109,795 | -3,167 | - | -143,944 | |||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | - | - | 7,604 | 6,119 | - | 13,723 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | Amortization of deferred financing charges and note discounts, net | - | 222,908 | -6,144 | -104,277 | 75,547 | 188,034 | |||||||||||||||||||||||||||||||||||||||||||
Draws on credit facilities | - | 269,500 | - | 2,752 | - | 272,252 | Share-based compensation | - | - | 9,754 | 10,913 | - | 20,667 | |||||||||||||||||||||||||||||||||||||
Payments on credit facilities | - | -22,500 | - | -1,344 | - | -23,844 | Gain on sale of operating assets | - | - | -4,091 | -8,591 | - | -12,682 | |||||||||||||||||||||||||||||||||||||
Intercompany funding | - | 1,028,726 | -549,015 | -479,711 | - | - | Loss on marketable securities | - | - | - | 4,827 | - | 4,827 | |||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | - | 575,000 | - | 51 | - | 575,051 | Equity in (earnings) loss of nonconsolidated affiliates | 230,822 | -629,915 | 54,407 | -26,987 | -453,529 | -26,958 | |||||||||||||||||||||||||||||||||||||
Payments on long-term debt | - | -1,437,435 | - | -5,478 | 219,577 | -1,223,336 | Loss on extinguishment of debt | - | 5,721 | 1 | - | -4,275 | 1,447 | |||||||||||||||||||||||||||||||||||||
Payments to repurchase noncontrolling interests | - | - | - | -61,143 | - | -61,143 | Other reconciling items, net | - | - | 1,083 | 15,940 | - | 17,023 | |||||||||||||||||||||||||||||||||||||
Dividends and other payments to noncontrolling interests | - | - | -84,377 | -259,352 | 329,867 | -13,862 | Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing charges | - | -9,885 | - | -337 | - | -10,222 | (Increase) decrease in accounts receivable | - | - | -13,090 | 5,255 | - | -7,835 | |||||||||||||||||||||||||||||||||||||
Change in other, net | 393 | 393 | - | 1,610 | -393 | 2,003 | Decrease in accrued expenses | - | - | -97,655 | -29,587 | - | -127,242 | |||||||||||||||||||||||||||||||||||||
Increase (decrease) in accounts payable | - | - | -6,419 | 12,655 | - | 6,236 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) financing activities | 393 | 403,799 | -633,392 | -802,952 | 549,051 | -483,101 | Increase in accrued interest | - | 16,866 | 20,813 | 1,127 | 364 | 39,170 | |||||||||||||||||||||||||||||||||||||
Decrease in deferred income | - | - | -427 | -10,349 | - | -10,776 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | -1,714 | - | -1,714 | Changes in other operating assets and liabilities | - | 22,480 | -121,109 | 9,193 | -364 | -89,720 | |||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | - | -1 | -254,177 | -259,780 | - | -513,958 | Net cash provided by (used for) operating activities | - | -843,334 | 710,359 | 507,836 | - | 374,861 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | - | 11 | 333,768 | 891,231 | - | 1,225,010 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 10 | $ | 79,591 | $ | 631,451 | $ | - | $ | 711,052 | Proceeds from sale of other investments | - | - | -700 | 174,616 | -167,022 | 6,894 | |||||||||||||||||||||||||||||||
Purchases of businesses | - | - | -207 | -46,149 | - | -46,356 | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of property, plant and equipment | - | - | -69,650 | -292,631 | - | -362,281 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from disposal of assets | - | - | 41,387 | 12,883 | - | 54,270 | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of other operating assets | - | - | -6,201 | -14,794 | - | -20,995 | ||||||||||||||||||||||||||||||||||||||||||||
Investment in iHeart notes | - | - | - | -55,250 | 55,250 | - | ||||||||||||||||||||||||||||||||||||||||||||
Dividends from subsidiaries | - | 250 | - | - | -250 | - | ||||||||||||||||||||||||||||||||||||||||||||
Change in other, net | - | -250 | 69 | -16,761 | 17,324 | 382 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash used for investing activities | - | - | -35,302 | -238,086 | -94,698 | -368,086 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Draws on credit facilities | - | 55,000 | - | - | - | 55,000 | ||||||||||||||||||||||||||||||||||||||||||||
Payments on credit facilities | - | -956,181 | - | -4,151 | - | -960,332 | ||||||||||||||||||||||||||||||||||||||||||||
Intercompany funding | - | 1,494,919 | -1,414,366 | -80,553 | - | - | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | - | 1,724,650 | 1,604 | 5,012 | - | 4,917,643 | ||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | - | -1,428,051 | -22,155 | -115,115 | 167,022 | -1,398,299 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of long-term debt | - | - | - | - | -55,250 | -55,250 | ||||||||||||||||||||||||||||||||||||||||||||
Payments to repurchase noncontrolling interests | - | - | - | -4,682 | - | -4,682 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends and other payments to noncontrolling interests | - | - | - | -3,571 | - | -3,571 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid | - | - | - | -250 | 250 | - | ||||||||||||||||||||||||||||||||||||||||||||
Deferred financing charges | - | -46,697 | 38 | - | - | -46,659 | ||||||||||||||||||||||||||||||||||||||||||||
Change in other, net | - | -306 | 1,032 | 1,009 | -17,324 | -15,589 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) financing activities | - | 843,334 | -1,433,847 | -202,301 | 94,698 | -698,116 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | -903 | - | -903 | ||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | - | - | -758,790 | 66,546 | - | -692,244 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | - | 1 | 1,220,362 | 700,563 | - | 1,920,926 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 1 | 461,572 | $ | 767,109 | $ | - | $ | 1,228,682 | |||||||||||||||||||||||||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
iHeartMedia Capital I, LLC (the “Company” or the “Parent Company”) is the direct parent of iHeartCommunications, Inc., a Texas corporation (“iHeart” or the “Subsidiary Issuer”). The Company and certain of iHeart’s direct and indirect wholly-owned domestic subsidiaries fully and unconditionally guarantee on a joint and several basis certain of iHeart’s outstanding indebtedness. As permitted by the rules and regulations of the Securities and Exchange Commission (the “SEC”), the Company’s financial statements and related footnotes included in Item 8 of Part II of this Annual Report on Form 10-K contain certain footnote disclosures regarding the financial information of the Company, iHeart and iHeart’s domestic wholly-owned subsidiaries that guarantee certain of iHeart’s outstanding indebtedness. | |||||||||||||
On September 16, 2014, CC Media Holdings, Inc., the parent company of Clear Channel Capital I, LLC, issued a press release that announced a change of its name to “iHeartMedia, Inc.” and changed the names of certain of its affiliates, including as follows: | |||||||||||||
Old Name: | New Name: | ||||||||||||
Clear Channel Capital I, LLC | iHeartMedia Capital I, LLC | ||||||||||||
Clear Channel Capital II, LLC | iHeartMedia Capital II, LLC | ||||||||||||
Clear Channel Communications, Inc. | iHeartCommunications, Inc. | ||||||||||||
Clear Channel Management Services, Inc. | iHeartMedia Management Services, Inc. | ||||||||||||
Clear Channel Broadcasting, Inc. | iHeartMedia + Entertainment, Inc. | ||||||||||||
Clear Channel Identity, Inc. | iHM Identity, Inc. | ||||||||||||
Clear Channel Satellite Services Inc. | iHeartMedia Satellite Services, Inc. | ||||||||||||
Clear Channel Outdoor Holdings, Inc., an indirect subsidiary of iHeartMedia, Inc. and iHeartMedia Capital I, LLC will retain its existing name. | |||||||||||||
Nature of Business | |||||||||||||
The Company is a limited liability company organized under Delaware law, with all of its interests being held by iHeartMedia Capital II, LLC, a direct, wholly owned subsidiary of iHeartMedia, Inc. (“Parent”). Parent 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 iHeart. 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”). | |||||||||||||
iHeart is a wholly-owned subsidiary of the Company. Upon the consummation of the merger, Parent became a public company and iHeart was no longer a public company. Prior to the acquisition, the Company had not conducted any activities, other than activities incident to its formation and in connection with the acquisition, and did not have any assets or liabilities, other than as related to the acquisition. Subsequent to the acquisition, iHeart became a direct, wholly-owned subsidiary of the Company and the business of the Company became that of iHeart and its subsidiaries. As a result, all of the operations of the Company are conducted by iHeart. | |||||||||||||
The Company’s reportable operating 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 are the Company’s media representation business, Katz Media Group, as well as other general support services and initiatives, which are ancillary to its other businesses. | |||||||||||||
During the first quarter of 2012, and in connection with the appointment of the new chief executive officer of the Company’s indirect subsidiary, Clear Channel Outdoor Holdings, Inc. (“CCOH”), the Company reevaluated its segment reporting and determined that its Latin American operations were more appropriately aligned with the operations of its International outdoor advertising segment. As a result, the operations of Latin America are no longer reflected within the Company’s Americas outdoor advertising segment and are currently included in the results of its International outdoor advertising segment. Accordingly, the Company has recast the corresponding segment disclosures for prior periods. | |||||||||||||
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 percent to 50 percent 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 2013 presentation. | |||||||||||||
The Company owns certain radio stations which, under current Federal Communications Commission (“FCC”) rules, are not permitted or transferable. These radio stations were placed in a trust in order to comply with FCC rules at the time of the closing of the merger that resulted in the Company’s acquisition of iHeart. The Company is the beneficial owner of the trust, but the radio stations are managed by an independent trustee. The Company will have to divest all of these radio stations unless any stations may be owned by the Company under then-current FCC rules, in which case the trust will be terminated with respect to such stations. The trust agreement stipulates that the Company must fund any operating shortfalls of the trust activities, and any excess cash flow generated by the trust is distributed to the Company. The Company is also the beneficiary of proceeds from the sale of stations held in the trust. The Company consolidates the trust 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 trust was determined to be a variable interest entity and the Company is its primary beneficiary. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. 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 revenue 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 – 5 to 15 years | |||||||||||||
Towers, transmitters and studio equipment – 7 to 20 years | |||||||||||||
Furniture and other equipment – 3 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. | |||||||||||||
Land Leases and Other Structure Licenses | |||||||||||||
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 from one to 12 months. Most international street furniture display faces are operated through contracts with municipalities for up to 20 years. The leased land and street furniture contracts often 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 license and rent payments in arrears are recorded as an accrued liability. | |||||||||||||
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 Mesirow Financial Consulting LLC (“Mesirow Financial”), 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. In 2013 and 2012, the Company used 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 outdoor segment, Canada constitutes a separate reporting unit and each country in its International outdoor segment constitutes a separate reporting unit. The Company recognized a non-cash impairment charge to goodwill of $10.7 million based on declining future cash flows expected in one country in the International outdoor segment for 2013. The Company had no impairment of goodwill for 2012. The Company recognized a non-cash impairment charge of $1.1 million to reduce goodwill in one country within its International outdoor segment for 2011. | |||||||||||||
Nonconsolidated Affiliates | |||||||||||||
In general, investments in which the Company owns 20 percent to 50 percent 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 are composed primarily of equity securities. These securities are classified as available-for-sale or trading and are carried at fair value based on quoted market prices. Securities are carried at historical value when quoted market prices are unavailable. The net unrealized gains or losses on the available-for-sale securities, net of tax, are reported in accumulated other comprehensive loss as a component of member’s deficit. In addition, the Company holds investments that do not have quoted market prices. The Company periodically assesses the value of available-for-sale and non-marketable securities and records impairment charges in the statement of comprehensive loss for any decline in value that is determined to be other-than-temporary. The average cost method is used to compute the realized gains and losses on sales of equity securities. | |||||||||||||
The Company periodically assesses the value of its available-for-sale securities. Based on these assessments, no impairments existed at December 31, 2013 and the Company concluded that other-than-temporary impairments existed at December 31, 2012 and 2011 and recorded non-cash impairment charges of $4.6 million and $4.8 million, respectively, during each of these years. Such charges are recorded on the statement of operations in “Loss on marketable securities”. | |||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||
Prior to the expiration of the Company’s interest rate swap agreement on September 30, 2013, the provisions of ASC 815-10 required the Company to recognize it as either an asset or liability in the consolidated balance sheet at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. The interest rate swap was designated and qualified as a hedging instrument, and was characterized as a cash flow hedge. The Company formally documented all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company formally assessed, both at inception and at least quarterly thereafter prior to expiration, whether the derivatives that were used in hedging transactions were highly effective in offsetting changes in either the fair value or cash flows of the hedged item. | |||||||||||||
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, 2013 and 2012. | |||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion or the entire asset will not be realized. As generally all earnings from the Company’s foreign operations are permanently reinvested and not distributed, the Company’s income tax provision does not include additional U.S. taxes on foreign operations. If any excess cash held by our foreign subsidiaries were needed to fund operations in the United States, we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes. This is a result of significant current and historic deficits in our foreign earnings and profits, which gives us flexibility to make future cash distributions as non-taxable returns of capital. We regularly review our tax liabilities on amounts that may be distributed in future periods and provide for foreign withholding and other current and deferred taxes on any such amounts. It is not practical to determine the amount of federal income taxes, if any, that might become due in the event that the earnings of our foreign operations were distributed. During 2013, the Company recorded additional foreign deferred tax expense of $3.4 million on certain foreign earnings that are expected to be distributed in future periods from the Company’s Asia subsidiaries on which foreign withholding and other taxes have not previously been provided. | |||||||||||||
Revenue Recognition | |||||||||||||
iHM revenue is recognized as advertisements or programs are broadcast and is generally billed monthly. Outdoor advertising contracts typically cover periods of a few weeks up to one year and are generally billed monthly. Revenue for outdoor advertising space rental is recognized ratably over the term of the contract. Advertising revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for the Company’s media and entertainment and outdoor operations. Payments received in advance of being earned are recorded as deferred income. Revenue arrangements typically contain multiple products and services and revenues are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. | |||||||||||||
Barter transactions represent the exchange of advertising spots or display space for merchandise or services. These transactions are recorded at the estimated fair market value of the advertising spots or display space or the fair value of the merchandise or services received, whichever is most readily determinable. Revenue is recognized on barter and trade transactions when the advertisements are broadcasted or displayed. Expenses are recorded ratably over a period that estimates when the merchandise or service received is utilized, or when the event occurs. Barter and trade revenues and expenses from continuing operations are included in consolidated revenue and selling, general and administrative expenses, respectively. Barter and trade revenues and expenses from continuing operations were as follows: | |||||||||||||
(In millions) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Barter and trade revenues | $ | 66 | $ | 56.5 | $ | 61.2 | |||||||
Barter and trade expenses | 58.5 | 58.8 | 63.4 | ||||||||||
Advertising Expense | |||||||||||||
The Company records advertising expense as it is incurred. Advertising expenses were $133.7 million, $113.4 million and $92.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
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 about expected volatility and forfeiture rates, among other factors. | |||||||||||||
The Company does not have any equity incentive plans under which it grants stock awards to employees. Employees of subsidiaries of the Company receive equity awards from Parent’s equity incentive plan or CCOH’s equity incentive plan. Prior to the merger, iHeart granted equity awards to its employees under its own equity incentive plans. | |||||||||||||
Foreign Currency | |||||||||||||
Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using the 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 member’s equity, “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in operations. | |||||||||||||
New Accounting Pronouncements | |||||||||||||
In July 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. Under the revised guidance, entities are permitted to designate the Fed Funds effective Swap Rate, also referred to as the overnight index swap rate, as a benchmark interest rate. In addition, the ASU removes the restriction on using different benchmark interest rates for similar hedges. The amendments became effective for any qualifying new or designated hedging relationships entered into on or after July 17, 2013. The Company does not expect the provisions of ASU 2013-10 to have a material effect on the Company’s financial position or results of operations. | |||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under the revised guidance, public and non-public companies are required to present information about reclassification adjustments from accumulated other comprehensive income in their financial statements in a single note or on the face of the financial statements. Public companies are also required to provide this information in their interim statements. The standard is effective prospectively for public entities for fiscal years, and interim periods with those years, beginning after December 15, 2012. The provisions of ASU 2013-02 did not have a material effect on the Company’s financial statement disclosures. | |||||||||||||
In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. Under the revised guidance, new balance sheet offsetting disclosures are limited to the following financial instruments, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement; recognized derivative instruments accounted for under ASC 815, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions. Entities are required to apply the ASU for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The provisions of ASU 2013-01 did not have a material effect on the Company’s financial statement disclosures. | |||||||||||||
In October 2012, the FASB issued ASU No. 2012-04, Technical Corrections and Improvements. Under the revised guidance, changes were made to clarify the FASB Accounting Standards Codification (the “Codification”), correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Additionally, the amendments will make the Codification easier to understand and the fair value measurement guidance easier to apply by eliminating inconsistencies and providing needed clarifications. The guidance is effective for annual and interim reporting periods beginning after December 15, 2012. The provisions of ASU 2012-04 did not have a material effect on the Company’s financial statement disclosures. |
INVESTMENTS
INVESTMENTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
INVESTMENTS | NOTE 3 – INVESTMENTS | ||||||||||||
The Company’s most significant investments in nonconsolidated affiliates are listed below: | |||||||||||||
Australian Radio Network | |||||||||||||
The Company owns a fifty-percent (50%) interest in Australian Radio Network (“ARN”), an Australian company that owns and operates radio stations in Australia and New Zealand. | |||||||||||||
On February 18, 2014, a subsidiary of the Company sold its 50% interest in ARN. As of December 31, 2013, the book value of the Company’s investment in ARN exceeded the estimated selling price. Accordingly, the Company recorded an impairment charge of $95.4 million during the fourth quarter of 2013 to write down the investment to its estimated fair value. | |||||||||||||
Summarized Financial Information | |||||||||||||
The following table summarizes the Company’s investments in nonconsolidated affiliates: | |||||||||||||
(In thousands) | ARN | All | Total | ||||||||||
Others | |||||||||||||
Balance at December 31, 2011 | $ | 347,377 | $ | 12,310 | $ | 359,687 | |||||||
Cash advances (repayments) | -8,758 | 3,082 | -5,676 | ||||||||||
Acquisitions of investments, net | - | 2,704 | 2,704 | ||||||||||
Equity in earnings (loss) | 18,621 | -64 | 18,557 | ||||||||||
Foreign currency transaction adjustment | -1,189 | - | -1,189 | ||||||||||
Foreign currency translation adjustment | 8,085 | -10 | 8,075 | ||||||||||
Distributions received | -11,074 | -642 | -11,716 | ||||||||||
Other | - | 470 | 470 | ||||||||||
Balance at December 31, 2012 | $ | 353,062 | $ | 17,850 | $ | 370,912 | |||||||
Cash advances (repayments) | - | 3,051 | 3,051 | ||||||||||
Acquisitions of investments, net | - | 1,354 | 1,354 | ||||||||||
Equity in loss | -75,318 | -2,378 | -77,696 | ||||||||||
Foreign currency transaction adjustment | -37,068 | 4 | -37,064 | ||||||||||
Distributions received | -19,926 | -1,750 | -21,676 | ||||||||||
Other | - | -76 | -76 | ||||||||||
Balance at December 31, 2013 | $ | 220,750 | $ | 18,055 | $ | 238,805 | |||||||
The 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.” |
ASSET_RETIREMENT_OBLIGATION
ASSET RETIREMENT OBLIGATION | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
ASSET RETIREMENT OBLIGATION | NOTE 4 – 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 50 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, | ||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 56,849 | $ | 51,295 | |||||
Adjustment due to change in estimate of related costs | 748 | 3,570 | |||||||
Accretion of liability | 5,106 | 4,920 | |||||||
Liabilities settled | -3,323 | -2,936 | |||||||
Ending balance | $ | 59,380 | $ | 56,849 | |||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | NOTE 6 – FAIR VALUE MEASUREMENTS | ||||||||||||||||
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. | |||||||||||||||||
Marketable Equity Securities | |||||||||||||||||
The Company’s marketable equity securities and interest rate swap 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. | |||||||||||||||||
The cost, unrealized holding gains or losses, and fair value of the Company’s investments at December 31, 2013 and 2012 are as follows: | |||||||||||||||||
(In thousands) | Gross | Gross | |||||||||||||||
Investments | Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Losses | Gains | Value | ||||||||||||||
2013 | |||||||||||||||||
Available-for-sale | $ | 659 | $ | - | $ | 1,283 | $ | 1,942 | |||||||||
Other cost investments | 7,783 | - | - | 7,783 | |||||||||||||
Total | $ | 8,442 | $ | - | $ | 1,283 | $ | 9,725 | |||||||||
2012 | |||||||||||||||||
Available-for-sale | $ | 5,207 | $ | - | $ | 106,220 | $ | 111,427 | |||||||||
Other cost investments | 7,769 | - | - | 7,769 | |||||||||||||
Total | $ | 12,976 | $ | - | $ | 106,220 | $ | 119,196 | |||||||||
During 2013, the Company sold shares of Sirius XM Radio, Inc. held by it for $135.5 million. In connection with the sale of shares of Sirius XM Radio, Inc., a realized gain of $130.9 million and income tax expense of $48.6 million were reclassified out of accumulated other comprehensive loss into “Gain on marketable securities” and “Income tax benefit,” respectively. The net difference of $82.3 million is reported as a reduction of “Other comprehensive income (loss).” | |||||||||||||||||
Other cost investments include various investments in companies for which there is no readily determinable market value. The Company recognized other-than-temporary impairments of $2.0 million on a cost investment for the year ended December 31, 2012, which was a non-cash impairment charge recorded in “Loss on marketable securities.” | |||||||||||||||||
The Company’s available-for-sale security, Independent News & Media PLC (“INM”), was in an unrealized loss position for an extended period of time. As a result, the Company considered the guidance in ASC 320-10-S99 and reviewed the length of the time and the extent to which the market value was less than cost and the financial condition and near-term prospects of the issuer. After this assessment, the Company concluded that the impairment was other than temporary and recorded a non-cash impairment charge $2.6 million and $4.8 million in “Loss on marketable securities” for the years ended 2012 and 2011, respectively, fully impairing this investment. No further impairments were recognized for the year ended 2013. | |||||||||||||||||
Interest Rate Swap | |||||||||||||||||
The Company previously entered into a $2.5 billion notional amount interest rate swap agreement to effectively convert a portion of its floating-rate debt to a fixed basis, thus reducing the impact of interest rate changes on future interest expense. The interest rate swap agreement matured on September 30, 2013. The swap was designated as a cash flow hedge with the effective portion of the gain or loss on the swap reported as a component of other comprehensive income (loss). Ineffective portions of a cash flow hedging derivative’s change in fair value are recognized currently in earnings. In accordance with ASC 815-20-35-9, as the critical terms of the swap and the floating-rate debt being hedged were the same at inception and remained the same during the current period, no ineffectiveness was recorded in earnings for the year ended December 31, 2013. | |||||||||||||||||
The swap agreement was valued using a discounted cash flow model taking into account the present value of the future cash flows under the terms of the agreement by using market information available as of the reporting date, including prevailing interest rates and credit spread. Due to the fact that the inputs were either directly or indirectly observable, the Company classified the fair value measurements of its swap agreement as Level 2 in accordance with ASC 820-10-35. | |||||||||||||||||
The fair value of the Company’s $2.5 billion notional amount interest rate swap designated as a hedging instrument and recorded in “Other current liabilities” was $76.9 million at December 31, 2012. There was no liability at December 31, 2013 because the swap matured on September 30, 2013. | |||||||||||||||||
The following table details the beginning and ending accumulated other comprehensive loss and the current period activity related to the interest rate swap agreement: | |||||||||||||||||
(In thousands) | Accumulated other | ||||||||||||||||
comprehensive loss | |||||||||||||||||
Balance at December 31, 2011 | $ | 100,292 | |||||||||||||||
Other comprehensive income | 52,112 | ||||||||||||||||
Balance at December 31, 2012 | 48,180 | ||||||||||||||||
Other comprehensive income | 48,180 | ||||||||||||||||
Balance at December 31, 2013 | $ | - | |||||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
INCOME TAXES | NOTE 9 – INCOME TAXES | ||||||||||||||||||
Significant components of the provision for income tax benefit (expense) are as follows: | |||||||||||||||||||
(In thousands) | Years Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Current - Federal | $ | 10,586 | $ | 61,655 | $ | 18,608 | |||||||||||||
Current - foreign | -48,466 | -48,579 | -51,293 | ||||||||||||||||
Current - state | 1,527 | -9,408 | 14,719 | ||||||||||||||||
Total current benefit (expense) | -36,353 | 3,668 | -17,966 | ||||||||||||||||
Deferred - Federal | 126,905 | 261,014 | 126,078 | ||||||||||||||||
Deferred - foreign | 8,932 | 27,970 | 13,708 | ||||||||||||||||
Deferred - state | 22,333 | 15,627 | 4,158 | ||||||||||||||||
Total deferred benefit | 158,170 | 304,611 | 143,944 | ||||||||||||||||
Income tax benefit | $ | 121,817 | $ | 308,279 | $ | 125,978 | |||||||||||||
Current tax expense of $36.4 million was recorded for 2013 as compared to a current tax benefit of $3.7 million for 2012. The change in current tax was primarily due to the Company’s settlement of U.S. federal and foreign tax examinations during 2012. Pursuant to the settlements, the Company recorded a reduction to current income tax expense of approximately $67.3 million during 2012 as compared with reductions to current income tax expense of $30.4 million during 2013, to reflect the net current tax benefits of the settlements. | |||||||||||||||||||
Current tax benefit of $3.7 million was recorded for 2012 as compared to a current tax expense of $18.0 million for 2011 primarily due to the Company’s settlement of U.S. federal and foreign tax examinations during 2012 mentioned above. | |||||||||||||||||||
Deferred tax benefit of $158.2 million for 2013 primarily relates to cancellation of debt income recognized during the year as a result of certain debt restructuring transactions, and is lower when compared with the deferred tax benefit of $304.6 million for 2012. The decrease in deferred tax benefit in 2013 is primarily due to the valuation allowance of $143.5 million recorded against a portion of the Company’s federal and state net operating losses. | |||||||||||||||||||
Deferred tax benefit of $304.6 million for 2012 primarily relates to federal and state net operating loss carryforwards, and is higher when compared with the deferred tax benefit of $143.9 million for 2011. The increase in deferred tax benefit in 2012 is primarily due to additional loss before income taxes in 2012 compared to 2011. | |||||||||||||||||||
Significant components of the Company’s deferred tax liabilities and assets as of December 31, 2013 and 2012 are as follows (1): | |||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||
Intangibles and fixed assets | $ | 2,402,168 | $ | 2,451,874 | |||||||||||||||
Long-term debt | 183,615 | 381,712 | |||||||||||||||||
Investments in nonconsolidated affiliates | - | 49,654 | |||||||||||||||||
Unrealized loss in marketable securities | - | 10,058 | |||||||||||||||||
Other investments | 6,759 | 5,832 | |||||||||||||||||
Other | 6,655 | 5,480 | |||||||||||||||||
Total deferred tax liabilities | 2,599,197 | 2,904,610 | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||||
Accrued expenses | 106,651 | 85,132 | |||||||||||||||||
Investments in nonconsolidated affiliates | 1,824 | - | |||||||||||||||||
Net operating loss carryforwards | 1,287,239 | 1,278,894 | |||||||||||||||||
Bad debt reserves | 9,726 | 12,633 | |||||||||||||||||
Other | 35,527 | 41,011 | |||||||||||||||||
Total gross deferred tax assets | 1,440,967 | 1,417,670 | |||||||||||||||||
Less: Valuation allowance | 327,623 | 183,686 | |||||||||||||||||
Total deferred tax assets | 1,113,344 | 1,233,984 | |||||||||||||||||
Net deferred tax liabilities | $ | 1,485,853 | $ | 1,670,626 | |||||||||||||||
(1) | For comparability, the presentation of the balances at December 31, 2012 were adjusted to align to current year presentation of gross foreign deferred taxes and associated valuation allowances on our foreign subsidiaries. | ||||||||||||||||||
Included in the Company’s net deferred tax liabilities are $52.0 million and $19.2 million of current net deferred tax assets for 2013 and 2012, respectively. The Company presents these assets in “Other current assets” on its consolidated balance sheets. The remaining $1.5 billion and $1.7 billion of net deferred tax liabilities for 2013 and 2012, respectively, are presented in “Deferred tax liabilities” on the consolidated balance sheets. | |||||||||||||||||||
The Company’s net foreign deferred tax liabilities were $19.8 million and $30.3 million for the periods ended December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
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. | |||||||||||||||||||
At December 31, 2013, the Company had recorded net operating loss carryforwards (tax effected) for federal and state income tax purposes of approximately $1.1 billion, expiring in various amounts through 2033. The Company expects to realize the benefits of the majority of its deferred tax assets attributable to federal and state net operating losses based upon its expectations as to future taxable income from deferred tax liabilities that reverse in the relevant federal and state jurisdictions and carryforward periods. The Company has recorded a partial valuation allowance of $143.5 million against these deferred tax assets during 2013 as the reversing deferred tax liabilities that can be used as a source of future taxable income to realize the deferred tax assets was exceeded by the additional federal and state net operating losses generated in the period ended December 31, 2013. In addition, the Company had recorded deferred tax assets for foreign net operating loss carryforwards (tax effected) of approximately $170.8 million as offset in part by an associated valuation allowance of $156.8 million. Additional deferred tax valuation allowance of $23.5 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 to obtain benefits. Due to the Company’s evaluation of negative factors including particular 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. For its remaining gross deferred tax assets, the Company is relying on 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 these intangible assets have an indefinite life. | |||||||||||||||||||
At December 31, 2013, net deferred tax liabilities include a deferred tax asset of $27.1 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. | |||||||||||||||||||
The reconciliation of income tax computed at the U.S. Federal statutory tax rates to income tax benefit is: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||
Income tax benefit atstatutory rates | $ | 246,867 | 35% | $ | 251,814 | 35% | $ | 137,903 | 35% | ||||||||||
State income taxes, net of federal tax effect | 32,768 | 4% | 6,218 | 1% | 18,877 | 5% | |||||||||||||
Foreign income taxes | -22,640 | -3% | 8,782 | 2% | -4,683 | -1% | |||||||||||||
Nondeductible items | -4,870 | -1% | -4,617 | -1% | -3,154 | -1% | |||||||||||||
Changes in valuation allowance and other estimates | -135,161 | -19% | 50,697 | 7% | -15,816 | -4% | |||||||||||||
Other, net | 4,853 | 1% | -4,615 | -1% | -7,149 | -2% | |||||||||||||
Income tax benefit | $ | 121,817 | 17% | $ | 308,279 | 43% | $ | 125,978 | 32% | ||||||||||
A tax benefit was recorded for the year ended December 31, 2013 of 17%. The effective tax rate for 2013 was impacted by the $143.5 million valuation allowance recorded during the period as additional deferred tax expense. The valuation allowance was recorded against a portion of the federal and state net operating losses due to the uncertainty of the ability to utilize those losses in future periods. This expense was partially offset by $20.2 million in net tax benefits recorded during the period due to the settlement of certain U.S. federal and state tax examinations during the year. Foreign income before income taxes was approximately $48.3 million for 2013. | |||||||||||||||||||
A tax benefit was recorded for the year ended December 31, 2012 of 43%. The effective tax rate for 2012 was impacted by the Company’s settlement of U.S. federal and foreign tax examinations during the year. Pursuant to the settlements, the Company recorded a reduction to income tax expense of approximately $60.6 million to reflect the net tax benefits of the settlements. This benefit was partially offset by additional tax recorded during 2012 related to the write-off of deferred tax assets associated with the vesting of certain equity awards. Foreign income before income taxes was approximately $84.0 million for 2012. | |||||||||||||||||||
A tax benefit was recorded for the year ended December 31, 2011 of 32%. The effective tax rate for 2011 was impacted by the Company’s settlement of U.S. federal and state tax examinations during the year. Pursuant to the settlements, the Company recorded a reduction to income tax expense of approximately $16.3 to reflect the net tax benefits of the settlements. This benefit was partially offset by additional tax recorded during 2011 related to the write-off of deferred tax assets associated with the vesting of certain equity awards and the inability to benefit from certain tax loss carryforwards in foreign jurisdictions. Foreign income before income taxes was approximately $94.0 million for 2011. | |||||||||||||||||||
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, 2013 and 2012 was $49.4 million and $50.5 million, respectively. The total amount of unrecognized tax benefits and accrued interest and penalties at December 31, 2013 and 2012 was $178.8 million and $188.9 million, respectively, of which $131.0 million and $158.3 million is included in “Other long-term liabilities”, and $11.6 million and $0.5 million is included in “Accrued Expenses” on the Company’s consolidated balance sheets, respectively. In addition, $36.1 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, 2013. The total amount of unrecognized tax benefits at December 31, 2013 and 2012 that, if recognized, would impact the effective income tax rate is $100.1 million and $107.0 million, respectively. | |||||||||||||||||||
(In thousands) | Years Ended December 31, | ||||||||||||||||||
Unrecognized Tax Benefits | 2013 | 2012 | |||||||||||||||||
Balance at beginning of period | $ | 138,437 | $ | 175,782 | |||||||||||||||
Increases for tax position taken in the current year | 12,004 | 10,575 | |||||||||||||||||
Increases for tax positions taken in previous years | 13,163 | 14,774 | |||||||||||||||||
Decreases for tax position taken in previous years | -21,928 | -55,113 | |||||||||||||||||
Decreases due to settlements with tax authorities | -1,113 | -7,581 | |||||||||||||||||
Decreases due to lapse of statute of limitations | -11,188 | - | |||||||||||||||||
Balance at end of period | $ | 129,375 | $ | 138,437 | |||||||||||||||
The Company and its subsidiaries file income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. During 2013, the Company effectively settled certain U.S. federal and state examinations and as a result reversed liabilities that had been recorded for the uncertain tax positions in those periods. During 2012, the Company effectively settled certain Federal and foreign examinations and as a result reversed liabilities that had been recorded for the uncertain tax positions in those periods. Additionally, during 2012, the Company settled an examination in the United Kingdom and, as a result of the settlement, paid approximately $7.2 million in tax and interest. All federal income tax matters through 2008 are closed and the IRS is currently auditing the Company’s 2009 and 2010 periods. Substantially all material state, local, and foreign income tax matters have been concluded for years through 2005. |
EMPLOYEE_STOCK_AND_SAVINGS_PLA
EMPLOYEE STOCK AND SAVINGS PLANS | 12 Months Ended |
Dec. 31, 2013 | |
EMPLOYEE STOCK AND SAVINGS PLANS | NOTE 11 – EMPLOYEE STOCK AND SAVINGS PLANS |
iHeart 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 iHeart will match a portion of such an employee’s contribution. Employees vest in these iHeart matching contributions based upon their years of service to iHeart. Contributions of $26.6 million, $29.5 million and $27.8 million to these plans for the years ended December 31, 2013, 2012 and 2011, respectively, were expensed. | |
iHeart 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. iHeart suspended all salary and bonus deferrals and company matching contributions to the deferred compensation plan on January 1, 2010. iHeart accounts for the plan in accordance with the provisions of ASC 710-10. Matching credits on amounts deferred may be made in iHeart’s sole discretion and iHeart retains ownership of all assets until distributed. Participants in the plan have the opportunity to allocate their deferrals and any iHeart 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, 2013 was approximately $11.8 million recorded in “Other assets” and $11.8 million recorded in “Other long-term liabilities”, respectively. The asset and liability under the deferred compensation plan at December 31, 2012 was approximately $10.6 million recorded in “Other assets” and $10.6 million recorded in “Other long-term liabilities”, respectively. |
OTHER_INFORMATION
OTHER INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
OTHER INFORMATION | NOTE 12 – OTHER INFORMATION | ||||||||||||
The following table discloses the components of “Other income (expense)” for the years ended December 31, 2013, 2012 and 2011, respectively: | |||||||||||||
(In thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Foreign exchange gain (loss) | $ | 1,772 | $ | -3,018 | $ | -234 | |||||||
Debt modification expenses | -23,555 | - | - | ||||||||||
Other | -197 | 3,268 | -2,935 | ||||||||||
Total other income (expense), net | $ | -21,980 | $ | 250 | $ | -3,169 | |||||||
The following table discloses the increase (decrease) in net deferred income tax liabilities related to each component of other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011, respectively: | |||||||||||||
(In thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Foreign currency translation adjustments and other | $ | -14,421 | $ | 3,210 | $ | -449 | |||||||
Unrealized holding gain on marketable securities | -11,010 | 15,324 | 2,667 | ||||||||||
Unrealized holding gain (loss) on cash flow derivatives | 28,759 | 30,074 | 20,157 | ||||||||||
Total increase (decrease) in deferred tax liabilities | $ | 3,328 | $ | 48,608 | $ | 22,375 | |||||||
The following table discloses the components of “Other current assets” as of December 31, 2013 and 2012, respectively: | |||||||||||||
(In thousands) | As of December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Inventory | $ | 26,872 | $ | 23,110 | |||||||||
Deferred tax asset | 51,967 | 19,249 | |||||||||||
Deposits | 5,126 | 4,223 | |||||||||||
Deferred loan costs | 30,165 | 44,446 | |||||||||||
Other | 47,027 | 43,907 | |||||||||||
Total other current assets | $ | 161,157 | $ | 134,935 | |||||||||
The following table discloses the components of “Other assets” as of December 31, 2013 and 2012, respectively: | |||||||||||||
(In thousands) | As of December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Investments in, and advances to, nonconsolidated affiliates | $ | 238,806 | $ | 370,912 | |||||||||
Other investments | 9,725 | 119,196 | |||||||||||
Notes receivable | 302 | 363 | |||||||||||
Prepaid expenses | 24,231 | 32,382 | |||||||||||
Deferred loan costs | 143,763 | 157,726 | |||||||||||
Deposits | 26,200 | 24,474 | |||||||||||
Prepaid rent | 62,864 | 71,942 | |||||||||||
Other | 15,721 | 28,942 | |||||||||||
Non-qualified plan assets | 11,844 | 10,593 | |||||||||||
Total other assets | $ | 533,456 | $ | 816,530 | |||||||||
The following table discloses the components of “Other current liabilities” as of December 31, 2013 and 2012, respectively: | |||||||||||||
(In thousands) | As of December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Interest rate swap - current portion | $ | - | $ | 76,939 | |||||||||
Redeemable noncontrolling interest | - | 60,950 | |||||||||||
Total other current liabilities | $ | - | $ | 137,889 | |||||||||
The following table discloses the components of “Other long-term liabilities” as of December 31, 2013 and 2012, respectively: | |||||||||||||
(In thousands) | As of December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Unrecognized tax benefits | $ | 131,015 | $ | 158,321 | |||||||||
Asset retirement obligation | 59,125 | 56,047 | |||||||||||
Non-qualified plan liabilities | 11,844 | 10,593 | |||||||||||
Deferred income | 20,273 | 12,121 | |||||||||||
Deferred rent | 120,092 | 106,394 | |||||||||||
Employee related liabilities | 31,617 | 24,265 | |||||||||||
Other | 92,080 | 82,776 | |||||||||||
Total other long-term liabilities | $ | 466,046 | $ | 450,517 | |||||||||
The following table discloses the components of “Accumulated other comprehensive loss,” net of tax, as of December 31, 2013 and 2012, respectively: | |||||||||||||
(In thousands) | As of December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Cumulative currency translation adjustment | $ | -209,392 | $ | -178,372 | |||||||||
Cumulative unrealized gain on securities | 1,101 | 66,982 | |||||||||||
Cumulative other adjustments | 12,218 | 6,286 | |||||||||||
Cumulative unrealized loss on cash flow derivatives | - | -48,180 | |||||||||||
Total accumulated other comprehensive loss | $ | -196,073 | $ | -153,284 | |||||||||
QUARTERLY_RESULTS_OF_OPERATION
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | NOTE 14 – QUARTERLY RESULTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Revenue | $1,343,058 | $1,360,723 | $1,618,097 | $1,602,494 | $1,587,522 | $1,587,331 | $1,694,367 | $1,696,336 | |||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||
Direct operating expenses | 594,817 | 608,571 | 630,357 | 602,803 | 646,113 | 633,770 | 672,132 | 649,097 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 403,363 | 426,083 | 411,341 | 401,479 | 411,354 | 407,501 | 423,803 | 431,355 | |||||||||||||||||||||||||
Corporate expenses | 83,763 | 72,606 | 77,557 | 72,094 | 92,204 | 73,921 | 70,658 | 78,745 | |||||||||||||||||||||||||
Depreciation and amortization | 182,182 | 175,366 | 179,734 | 181,839 | 177,330 | 182,350 | 191,582 | 189,730 | |||||||||||||||||||||||||
Impairment charges | - | - | - | - | - | - | 16,970 | 37,651 | |||||||||||||||||||||||||
Other operating income, net | 2,395 | 3,124 | 1,113 | 1,917 | 6,186 | 42,118 | 13,304 | 968 | |||||||||||||||||||||||||
Operating income | 81,328 | 81,221 | 320,221 | 346,196 | 266,707 | 331,907 | 332,526 | 310,726 | |||||||||||||||||||||||||
Interest expense | 385,525 | 374,016 | 407,508 | 385,867 | 438,404 | 388,210 | 418,014 | 400,930 | |||||||||||||||||||||||||
Gain (loss) on marketable securities | - | - | 130,898 | - | 31 | - | -50 | -4,580 | |||||||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 3,641 | 3,555 | 5,971 | 4,696 | 3,983 | 3,663 | -91,291 | 6,643 | |||||||||||||||||||||||||
Loss on extinguishment of debt | -3,888 | -15,167 | - | - | - | - | -83,980 | -239,556 | |||||||||||||||||||||||||
Other income (expense), net | -1,000 | -1,106 | -18,098 | -1,397 | 1,709 | 824 | -4,591 | 1,929 | |||||||||||||||||||||||||
Income (loss) before income taxes | -305,444 | -305,513 | 31,484 | -36,372 | -165,974 | -51,816 | -265,400 | -325,768 | |||||||||||||||||||||||||
Income tax benefit (expense) | 96,325 | 157,398 | -11,477 | 8,663 | 73,802 | 13,232 | -36,833 | 128,986 | |||||||||||||||||||||||||
Consolidated net income (loss) | -209,119 | -148,115 | 20,007 | -27,709 | -92,172 | -38,584 | -302,233 | -196,782 | |||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | -6,116 | -4,486 | 12,805 | 11,316 | 9,683 | 11,977 | 6,994 | -5,518 | |||||||||||||||||||||||||
Net income (loss) attributable to the Company | ($203,003) | ($143,629) | $7,202 | ($39,025) | ($101,855) | ($50,561) | ($309,227) | ($191,264) | |||||||||||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Nature of Business | Nature of Business | ||||||||||||
The Company is a limited liability company organized under Delaware law, with all of its interests being held by iHeartMedia Capital II, LLC, a direct, wholly owned subsidiary of iHeartMedia, Inc. (“Parent”). Parent 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 iHeart. 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”). | |||||||||||||
iHeart is a wholly-owned subsidiary of the Company. Upon the consummation of the merger, Parent became a public company and iHeart was no longer a public company. Prior to the acquisition, the Company had not conducted any activities, other than activities incident to its formation and in connection with the acquisition, and did not have any assets or liabilities, other than as related to the acquisition. Subsequent to the acquisition, iHeart became a direct, wholly-owned subsidiary of the Company and the business of the Company became that of iHeart and its subsidiaries. As a result, all of the operations of the Company are conducted by iHeart. | |||||||||||||
The Company’s reportable operating 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 are the Company’s media representation business, Katz Media Group, as well as other general support services and initiatives, which are ancillary to its other businesses. | |||||||||||||
During the first quarter of 2012, and in connection with the appointment of the new chief executive officer of the Company’s indirect subsidiary, Clear Channel Outdoor Holdings, Inc. (“CCOH”), the Company reevaluated its segment reporting and determined that its Latin American operations were more appropriately aligned with the operations of its International outdoor advertising segment. As a result, the operations of Latin America are no longer reflected within the Company’s Americas outdoor advertising segment and are currently included in the results of its International outdoor advertising segment. Accordingly, the Company has recast the corresponding segment disclosures for prior periods. | |||||||||||||
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 percent to 50 percent 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 2013 presentation. | |||||||||||||
The Company owns certain radio stations which, under current Federal Communications Commission (“FCC”) rules, are not permitted or transferable. These radio stations were placed in a trust in order to comply with FCC rules at the time of the closing of the merger that resulted in the Company’s acquisition of iHeart. The Company is the beneficial owner of the trust, but the radio stations are managed by an independent trustee. The Company will have to divest all of these radio stations unless any stations may be owned by the Company under then-current FCC rules, in which case the trust will be terminated with respect to such stations. The trust agreement stipulates that the Company must fund any operating shortfalls of the trust activities, and any excess cash flow generated by the trust is distributed to the Company. The Company is also the beneficiary of proceeds from the sale of stations held in the trust. The Company consolidates the trust 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 trust was determined to be a variable interest entity and the Company is its primary beneficiary. | |||||||||||||
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 and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts | ||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. 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 revenue 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 – 5 to 15 years | |||||||||||||
Towers, transmitters and studio equipment – 7 to 20 years | |||||||||||||
Furniture and other equipment – 3 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. | |||||||||||||
Land Leases and Other Structure Licenses | Land Leases and Other Structure Licenses | ||||||||||||
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 from one to 12 months. Most international street furniture display faces are operated through contracts with municipalities for up to 20 years. The leased land and street furniture contracts often 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 license and rent payments in arrears are recorded as an accrued liability. | |||||||||||||
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 Mesirow Financial Consulting LLC (“Mesirow Financial”), 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. In 2013 and 2012, the Company used 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 outdoor segment, Canada constitutes a separate reporting unit and each country in its International outdoor segment constitutes a separate reporting unit. The Company recognized a non-cash impairment charge to goodwill of $10.7 million based on declining future cash flows expected in one country in the International outdoor segment for 2013. The Company had no impairment of goodwill for 2012. The Company recognized a non-cash impairment charge of $1.1 million to reduce goodwill in one country within its International outdoor segment for 2011. | |||||||||||||
Nonconsolidated Affiliates | Nonconsolidated Affiliates | ||||||||||||
In general, investments in which the Company owns 20 percent to 50 percent 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 | ||||||||||||
Other investments are composed primarily of equity securities. These securities are classified as available-for-sale or trading and are carried at fair value based on quoted market prices. Securities are carried at historical value when quoted market prices are unavailable. The net unrealized gains or losses on the available-for-sale securities, net of tax, are reported in accumulated other comprehensive loss as a component of member’s deficit. In addition, the Company holds investments that do not have quoted market prices. The Company periodically assesses the value of available-for-sale and non-marketable securities and records impairment charges in the statement of comprehensive loss for any decline in value that is determined to be other-than-temporary. The average cost method is used to compute the realized gains and losses on sales of equity securities. | |||||||||||||
The Company periodically assesses the value of its available-for-sale securities. Based on these assessments, no impairments existed at December 31, 2013 and the Company concluded that other-than-temporary impairments existed at December 31, 2012 and 2011 and recorded non-cash impairment charges of $4.6 million and $4.8 million, respectively, during each of these years. Such charges are recorded on the statement of operations in “Loss on marketable securities”. | |||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | ||||||||||||
Prior to the expiration of the Company’s interest rate swap agreement on September 30, 2013, the provisions of ASC 815-10 required the Company to recognize it as either an asset or liability in the consolidated balance sheet at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. The interest rate swap was designated and qualified as a hedging instrument, and was characterized as a cash flow hedge. The Company formally documented all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company formally assessed, both at inception and at least quarterly thereafter prior to expiration, whether the derivatives that were used in hedging transactions were highly effective in offsetting changes in either the fair value or cash flows of the hedged item. | |||||||||||||
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, 2013 and 2012. | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion or the entire asset will not be realized. As generally all earnings from the Company’s foreign operations are permanently reinvested and not distributed, the Company’s income tax provision does not include additional U.S. taxes on foreign operations. If any excess cash held by our foreign subsidiaries were needed to fund operations in the United States, we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes. This is a result of significant current and historic deficits in our foreign earnings and profits, which gives us flexibility to make future cash distributions as non-taxable returns of capital. We regularly review our tax liabilities on amounts that may be distributed in future periods and provide for foreign withholding and other current and deferred taxes on any such amounts. It is not practical to determine the amount of federal income taxes, if any, that might become due in the event that the earnings of our foreign operations were distributed. During 2013, the Company recorded additional foreign deferred tax expense of $3.4 million on certain foreign earnings that are expected to be distributed in future periods from the Company’s Asia subsidiaries on which foreign withholding and other taxes have not previously been provided. | |||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||
iHM revenue is recognized as advertisements or programs are broadcast and is generally billed monthly. Outdoor advertising contracts typically cover periods of a few weeks up to one year and are generally billed monthly. Revenue for outdoor advertising space rental is recognized ratably over the term of the contract. Advertising revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for the Company’s media and entertainment and outdoor operations. Payments received in advance of being earned are recorded as deferred income. Revenue arrangements typically contain multiple products and services and revenues are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. | |||||||||||||
Barter transactions represent the exchange of advertising spots or display space for merchandise or services. These transactions are recorded at the estimated fair market value of the advertising spots or display space or the fair value of the merchandise or services received, whichever is most readily determinable. Revenue is recognized on barter and trade transactions when the advertisements are broadcasted or displayed. Expenses are recorded ratably over a period that estimates when the merchandise or service received is utilized, or when the event occurs. Barter and trade revenues and expenses from continuing operations are included in consolidated revenue and selling, general and administrative expenses, respectively. Barter and trade revenues and expenses from continuing operations were as follows: | |||||||||||||
(In millions) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Barter and trade revenues | $ | 66 | $ | 56.5 | $ | 61.2 | |||||||
Barter and trade expenses | 58.5 | 58.8 | 63.4 | ||||||||||
Advertising Expense | Advertising Expense | ||||||||||||
The Company records advertising expense as it is incurred. Advertising expenses were $133.7 million, $113.4 million and $92.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
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 about expected volatility and forfeiture rates, among other factors. | |||||||||||||
The Company does not have any equity incentive plans under which it grants stock awards to employees. Employees of subsidiaries of the Company receive equity awards from Parent’s equity incentive plan or CCOH’s equity incentive plan. Prior to the merger, iHeart granted equity awards to its employees under its own equity incentive plans. | |||||||||||||
Foreign Currency | Foreign Currency | ||||||||||||
Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using the 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 member’s equity, “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in operations. | |||||||||||||
New Accounting Pronouncements | New Accounting Pronouncements | ||||||||||||
In July 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. Under the revised guidance, entities are permitted to designate the Fed Funds effective Swap Rate, also referred to as the overnight index swap rate, as a benchmark interest rate. In addition, the ASU removes the restriction on using different benchmark interest rates for similar hedges. The amendments became effective for any qualifying new or designated hedging relationships entered into on or after July 17, 2013. The Company does not expect the provisions of ASU 2013-10 to have a material effect on the Company’s financial position or results of operations. | |||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under the revised guidance, public and non-public companies are required to present information about reclassification adjustments from accumulated other comprehensive income in their financial statements in a single note or on the face of the financial statements. Public companies are also required to provide this information in their interim statements. The standard is effective prospectively for public entities for fiscal years, and interim periods with those years, beginning after December 15, 2012. The provisions of ASU 2013-02 did not have a material effect on the Company’s financial statement disclosures. | |||||||||||||
In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. Under the revised guidance, new balance sheet offsetting disclosures are limited to the following financial instruments, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement; recognized derivative instruments accounted for under ASC 815, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions. Entities are required to apply the ASU for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The provisions of ASU 2013-01 did not have a material effect on the Company’s financial statement disclosures. | |||||||||||||
In October 2012, the FASB issued ASU No. 2012-04, Technical Corrections and Improvements. Under the revised guidance, changes were made to clarify the FASB Accounting Standards Codification (the “Codification”), correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Additionally, the amendments will make the Codification easier to understand and the fair value measurement guidance easier to apply by eliminating inconsistencies and providing needed clarifications. The guidance is effective for annual and interim reporting periods beginning after December 15, 2012. The provisions of ASU 2012-04 did not have a material effect on the Company’s financial statement disclosures. |
PROPERTY_PLANT_AND_EQUIPMENT_I1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following classes of assets at September 30, 2014 and December 31, 2013, respectively. | The Company’s property, plant and equipment consisted of the following classes of assets at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | (In thousands) | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||
Structures | $ | 3,023,714 | $ | 3,021,152 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Less: accumulated depreciation | 1,380,187 | 1,255,642 | Land, buildings and improvements | $ | 723,268 | $ | 685,431 | |||||||||||||||||||||||||||||||||||
Structures | 3,021,152 | 2,949,458 | ||||||||||||||||||||||||||||||||||||||||
Structures, net | $ | 1,643,527 | $ | 1,765,510 | Towers, transmitters and studio equipment | 440,612 | 427,679 | |||||||||||||||||||||||||||||||||||
Furniture and other equipment | 473,995 | 431,757 | ||||||||||||||||||||||||||||||||||||||||
Land, buildings and improvements | $ | 739,845 | $ | 723,268 | Construction in progress | 123,814 | 105,394 | |||||||||||||||||||||||||||||||||||
Towers, transmitters and studio equipment | 451,651 | 440,612 | ||||||||||||||||||||||||||||||||||||||||
Furniture and other equipment | 525,245 | 473,995 | 4,782,841 | 4,599,719 | ||||||||||||||||||||||||||||||||||||||
Construction in progress | 89,881 | 123,814 | Less: accumulated depreciation | 1,885,211 | 1,562,865 | |||||||||||||||||||||||||||||||||||||
1,806,622 | 1,761,689 | Property, plant and equipment, net | $ | 2,897,630 | $ | 3,036,854 | ||||||||||||||||||||||||||||||||||||
Less: accumulated depreciation | 721,408 | 629,569 | ||||||||||||||||||||||||||||||||||||||||
Other property, plant and equipment, net | $ | 1,085,214 | $ | 1,132,120 | ||||||||||||||||||||||||||||||||||||||
Schedule Of Other Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets at September 30, 2014 and December 31, 2013, respectively: | The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets at December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | September 30, 2014 | December 31, 2013 | (In thousands) | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||||||||||||||||||||||||
Amount | Amortization | Amount | Amortization | Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||||||||||||||||||||
Transit, street furniture and other outdoor contractual rights | $ | 749,372 | $ | -490,255 | $ | 777,521 | $ | -464,548 | Amount | Amortization | Amount | Amortization | ||||||||||||||||||||||||||||||
Customer / advertiser relationships | 1,212,349 | -735,526 | 1,212,745 | -645,988 | Transit, street furniture and other outdoor contractual rights | $ | 777,521 | $ | -464,548 | $ | 785,303 | $ | -403,955 | |||||||||||||||||||||||||||||
Talent contracts | 319,384 | -216,788 | 319,617 | -195,403 | Customer / advertiser relationships | 1,212,745 | -645,988 | 1,210,245 | -526,197 | |||||||||||||||||||||||||||||||||
Representation contracts | 238,107 | -201,215 | 252,961 | -200,058 | Talent contracts | 319,617 | -195,403 | 344,255 | -177,527 | |||||||||||||||||||||||||||||||||
Permanent easements | 174,628 | - | 173,753 | - | Representation contracts | 252,961 | -200,058 | 243,970 | -171,069 | |||||||||||||||||||||||||||||||||
Other | 387,847 | -170,816 | 387,405 | -151,459 | Permanent easements | 173,753 | - | 173,374 | - | |||||||||||||||||||||||||||||||||
Other | 387,405 | -151,459 | 387,973 | -125,580 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 3,081,687 | $ | -1,814,600 | $ | 3,124,002 | $ | -1,657,456 | ||||||||||||||||||||||||||||||||||
Total | $ | 3,124,002 | $ | -1,657,456 | $ | 3,145,120 | $ | -1,404,328 | ||||||||||||||||||||||||||||||||||
Schedule Of Future Amortization Expenses | The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets: | 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) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||
2015 | $ | 240,713 | 2014 | $ | 261,125 | |||||||||||||||||||||||||||||||||||||
2016 | 222,207 | 2015 | 241,637 | |||||||||||||||||||||||||||||||||||||||
2017 | 195,977 | 2016 | 223,146 | |||||||||||||||||||||||||||||||||||||||
2018 | 126,664 | 2017 | 196,839 | |||||||||||||||||||||||||||||||||||||||
2019 | 42,545 | 2018 | 127,275 | |||||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Carrying Amount Of Goodwill | The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments. | The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments. The provisions of ASC 350-20-50-1 require the disclosure of cumulative impairment. As a result of the merger, a new basis in goodwill was recorded in accordance with ASC 805-10. All impairments shown in the table below have been recorded subsequent to the merger and, therefore, do not include any pre-merger impairment. | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | iHM | Americas Outdoor | International | Other | Consolidated | (In thousands) | iHM | Americas Outdoor | International | Other | Consolidated | |||||||||||||||||||||||||||||||
Advertising | Outdoor | Advertising | Outdoor | |||||||||||||||||||||||||||||||||||||||
Advertising | Advertising | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 3,236,688 | $ | 571,932 | $ | 290,316 | $ | 117,149 | $ | 4,216,085 | Balance as of December 31, 2011 | $ | 3,212,427 | $ | 571,932 | $ | 285,261 | $ | 117,098 | $ | 4,186,718 | |||||||||||||||||||||
Impairment | - | - | -10,684 | - | -10,684 | Acquisitions | 24,842 | - | - | 51 | 24,893 | |||||||||||||||||||||||||||||||
Acquisitions | - | - | - | 97 | 97 | Dispositions | -489 | - | -2,729 | - | -3,218 | |||||||||||||||||||||||||||||||
Dispositions | - | - | -456 | - | -456 | Foreign currency | - | - | 7,784 | - | 7,784 | |||||||||||||||||||||||||||||||
Foreign currency | - | - | -974 | - | -974 | Other | -92 | - | - | - | -92 | |||||||||||||||||||||||||||||||
Other | -1,881 | - | - | - | -1,881 | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 3,236,688 | $ | 571,932 | $ | 290,316 | $ | 117,149 | $ | 4,216,085 | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 3,234,807 | $ | 571,932 | $ | 278,202 | $ | 117,246 | $ | 4,202,187 | Impairment | - | - | -10,684 | - | -10,684 | ||||||||||||||||||||||||||
Acquisitions | 28,760 | - | - | 298 | 29,058 | Acquisitions | - | - | - | 97 | 97 | |||||||||||||||||||||||||||||||
Foreign currency | - | - | -18,693 | - | -18,693 | Dispositions | - | - | -456 | - | -456 | |||||||||||||||||||||||||||||||
Other | 60 | - | - | - | 60 | Foreign currency | - | - | -974 | - | -974 | |||||||||||||||||||||||||||||||
Other | -1,881 | - | - | - | -1,881 | |||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3,263,627 | $ | 571,932 | $ | 259,509 | $ | 117,544 | $ | 4,212,612 | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 3,234,807 | $ | 571,932 | $ | 278,202 | $ | 117,246 | $ | 4,202,187 | ||||||||||||||||||||||||||||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||
Schedule of Long-Term Debt | Long-term debt at September 30, 2014 and December 31, 2013, respectively, consisted of the following: | Long-term debt at December 31, 2013 and 2012 consisted of the following: | ||||||||||||||||
(In thousands) | September 30, | December 31, | (In thousands) | December 31, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||||||
Senior Secured Credit Facilities (1) | $ | 7,231,222 | $ | 8,225,754 | 2013 | 2012 | ||||||||||||
Receivables Based Facility due 2017 | — | 247,000 | Senior Secured Credit Facilities: | |||||||||||||||
9.0% Priority Guarantee Notes due 2019 | 1,999,815 | 1,999,815 | Term Loan A Facility Due 2014(1) | $ | - | $ | 846,890 | |||||||||||
9.0% Priority Guarantee Notes due 2021 | 1,750,000 | 1,750,000 | Term Loan B Facility Due 2016 | 1,890,978 | 7,714,843 | |||||||||||||
11.25% Priority Guarantee Notes due 2021 | 575,000 | 575,000 | Term Loan C - Asset Sale Facility Due 2016(2) | 34,776 | 513,732 | |||||||||||||
9.0% Priority Guarantee Notes due 2022 | 1,000,000 | — | Term Loan D Facility Due 2019 | 5,000,000 | - | |||||||||||||
Other secured subsidiary long-term debt (2) | 18,654 | 21,124 | Term Loan E Facility Due 2019 | 1,300,000 | - | |||||||||||||
Receivables Based Facility Due 2017 | 247,000 | - | ||||||||||||||||
Total consolidated secured debt | 12,574,691 | 12,818,693 | 9% Priority Guarantee Notes Due 2019 | 1,999,815 | 1,999,815 | |||||||||||||
9% Priority Guarantee Notes Due 2021 | 1,750,000 | 1,750,000 | ||||||||||||||||
10.75% Senior Cash Pay Notes due 2016 | — | 94,304 | 11.25% Priority Guarantee Notes Due 2021 | 575,000 | - | |||||||||||||
11.0%/11.75% Senior Toggle Notes due 2016 | — | 127,941 | Subsidiary Senior Revolving Credit Facility due 2018 | - | - | |||||||||||||
14.0% Senior Notes due 2021 (3) | 1,661,697 | 1,404,202 | Other Secured Subsidiary Debt(3) | 21,124 | 25,507 | |||||||||||||
iHeart Legacy Notes (4) | 725,000 | 1,436,455 | ||||||||||||||||
10.0% Senior Notes due 2018 | 850,000 | — | Total Consolidated Secured Debt | 12,818,693 | 12,850,787 | |||||||||||||
6.5% Subsidiary Senior Notes due 2022 | 2,725,000 | 2,725,000 | ||||||||||||||||
7.625% Subsidiary Senior Subordinated Notes due 2020 | 2,200,000 | 2,200,000 | Senior Cash Pay Notes Due 2016 | 94,304 | 796,250 | |||||||||||||
Other subsidiary debt | 419 | 10 | Senior Toggle Notes Due 2016(4) | 127,941 | 829,831 | |||||||||||||
Purchase accounting adjustments and original issue discount | -252,028 | -322,392 | Senior Notes Due 2021(5) | 1,404,202 | - | |||||||||||||
iHeart Senior Notes: | ||||||||||||||||||
20,484,779 | 20,484,213 | 5.75% Senior Notes Due 2013 | - | 312,109 | ||||||||||||||
Less: current portion | 3,232 | 453,734 | 5.5% Senior Notes Due 2014 | 461,455 | 461,455 | |||||||||||||
4.9% Senior Notes Due 2015 | 250,000 | 250,000 | ||||||||||||||||
Total long-term debt | $ | 20,481,547 | $ | 20,030,479 | 5.5% Senior Notes Due 2016 | 250,000 | 250,000 | |||||||||||
6.875% Senior Notes Due 2018 | 175,000 | 175,000 | ||||||||||||||||
7.25% Senior Notes Due 2027 | 300,000 | 300,000 | ||||||||||||||||
(1) | Term Loan B and Term Loan C mature in 2016. Term Loan D and Term Loan E mature in 2019. | Subsidiary Senior Notes: | ||||||||||||||||
(2) | Other secured subsidiary long-term debt matures at various dates from 2014 through 2025. | 6.5% Series A Senior Notes Due 2022 | 735,750 | 735,750 | ||||||||||||||
(3) | 14.0% Senior Notes due 2021 are subject to required payments at various dates from 2018 through 2021. | 6.5% Series B Senior Notes Due 2022 | 1,989,250 | 1,989,250 | ||||||||||||||
(4) | iHeart’s Legacy Notes, all of which were issued prior to the acquisition by iHeartMedia, Inc. and consist of Senior Notes maturing at various dates from 2016 through 2027. | Subsidiary Senior Subordinated Notes: | ||||||||||||||||
7.625% Series A Senior Notes Due 2020 | 275,000 | 275,000 | ||||||||||||||||
7.625% Series B Senior Notes Due 2020 | 1,925,000 | 1,925,000 | ||||||||||||||||
Other iHeart Subsidiary Debt | 10 | 5,586 | ||||||||||||||||
Purchase accounting adjustments and original issue discount | -322,392 | -408,921 | ||||||||||||||||
20,484,213 | 20,747,097 | |||||||||||||||||
Less: current portion | 453,734 | 381,728 | ||||||||||||||||
Total long-term debt | $ | 20,030,479 | $ | 20,365,369 | ||||||||||||||
(1) | Term Loan A would have matured during 2014. The outstanding balance was prepaid during the first quarter of 2013. | |||||||||||||||||
(2) | Term Loan C is subject to an amortization schedule with required payments at various dates from 2014 through 2016. | |||||||||||||||||
(3) | Other secured subsidiary long-term debt matures at various dates from 2014 through 2028. | |||||||||||||||||
(4) | Senior Toggle Notes are subject to required payments at various dates from 2015 through 2016. | |||||||||||||||||
(5) | The Senior Notes due 2021 are subject to required payments at various dates from 2018 through 2021. | |||||||||||||||||
Schedule of Debt Repurchases, Maturities and Other | Notes repurchased and held by CC Finco are eliminated in consolidation. | |||||||||||||||||
(In thousands) | Year Ended | |||||||||||||||||
December 31, | ||||||||||||||||||
2011 | ||||||||||||||||||
CC Finco, LLC | ||||||||||||||||||
Principal amount of debt repurchased | $ | 80,000 | ||||||||||||||||
-20,476 | ||||||||||||||||||
Purchase accounting adjustments(1) | ||||||||||||||||||
-4,274 | ||||||||||||||||||
Gain recorded in “Loss on extinguishment of debt”(2) | ||||||||||||||||||
Cash paid for repurchases of long-term debt | $ | 55,250 | ||||||||||||||||
(1) | Represents unamortized fair value purchase accounting discounts recorded as a result of the merger. | |||||||||||||||||
(2) | CC Finco repurchased certain of iHeart’s senior notes at a discount, resulting in a gain on the extinguishment of debt. | |||||||||||||||||
Schedule of Maturities of Long-Term Debt | Future maturities of long-term debt at December 31, 2013 are as follows: | |||||||||||||||||
(in thousands) | ||||||||||||||||||
2014 | $ | 484,413 | ||||||||||||||||
2015 | 256,422 | |||||||||||||||||
2016 | 2,384,739 | |||||||||||||||||
2017 | 247,074 | |||||||||||||||||
2018 | 175,084 | |||||||||||||||||
Thereafter | 17,258,873 | |||||||||||||||||
Total (1) | $ | 20,806,605 | ||||||||||||||||
(1) | Excludes purchase accounting adjustments and original issue discount of $322.4 million, which is amortized through interest expense over the life of the underlying debt obligations. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The Company’s income tax benefit (expense) for the three and nine months ended September 30, 2014 and 2013, respectively, consisted of the following components: | Significant components of the provision for income tax benefit (expense) are as follows: | ||||||||||||||||||||||||||||||||||
(In thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | (In thousands) | Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Current tax benefit (expense) | $ | (11,689 | ) | $ | 2,088 | $ | (47,276 | ) | $ | (36,706 | ) | Current - Federal | $ | 10,586 | $ | 61,655 | $ | 18,608 | ||||||||||||||||||
Deferred tax benefit (expense) | (12,687 | ) | 71,714 | (44,866 | ) | 195,356 | Current - foreign | -48,466 | -48,579 | -51,293 | ||||||||||||||||||||||||||
Current - state | 1,527 | -9,408 | 14,719 | |||||||||||||||||||||||||||||||||
Income tax benefit (expense) | $ | (24,376 | ) | $ | 73,802 | $ | (92,142 | ) | $ | 158,650 | ||||||||||||||||||||||||||
Total current benefit (expense) | -36,353 | 3,668 | -17,966 | |||||||||||||||||||||||||||||||||
Deferred - Federal | 126,905 | 261,014 | 126,078 | |||||||||||||||||||||||||||||||||
Deferred - foreign | 8,932 | 27,970 | 13,708 | |||||||||||||||||||||||||||||||||
Deferred - state | 22,333 | 15,627 | 4,158 | |||||||||||||||||||||||||||||||||
Total deferred benefit | 158,170 | 304,611 | 143,944 | |||||||||||||||||||||||||||||||||
Income tax benefit | $ | 121,817 | $ | 308,279 | $ | 125,978 | ||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax liabilities and assets as of December 31, 2013 and 2012 are as follows (1): | |||||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||||||||||||||||
Intangibles and fixed assets | $ | 2,402,168 | $ | 2,451,874 | ||||||||||||||||||||||||||||||||
Long-term debt | 183,615 | 381,712 | ||||||||||||||||||||||||||||||||||
Investments in nonconsolidated affiliates | - | 49,654 | ||||||||||||||||||||||||||||||||||
Unrealized loss in marketable securities | - | 10,058 | ||||||||||||||||||||||||||||||||||
Other investments | 6,759 | 5,832 | ||||||||||||||||||||||||||||||||||
Other | 6,655 | 5,480 | ||||||||||||||||||||||||||||||||||
Total deferred tax liabilities | 2,599,197 | 2,904,610 | ||||||||||||||||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||||||||||||||||
Accrued expenses | 106,651 | 85,132 | ||||||||||||||||||||||||||||||||||
Investments in nonconsolidated affiliates | 1,824 | - | ||||||||||||||||||||||||||||||||||
Net operating loss carryforwards | 1,287,239 | 1,278,894 | ||||||||||||||||||||||||||||||||||
Bad debt reserves | 9,726 | 12,633 | ||||||||||||||||||||||||||||||||||
Other | 35,527 | 41,011 | ||||||||||||||||||||||||||||||||||
Total gross deferred tax assets | 1,440,967 | 1,417,670 | ||||||||||||||||||||||||||||||||||
Less: Valuation allowance | 327,623 | 183,686 | ||||||||||||||||||||||||||||||||||
Total deferred tax assets | 1,113,344 | 1,233,984 | ||||||||||||||||||||||||||||||||||
Net deferred tax liabilities | $ | 1,485,853 | $ | 1,670,626 | ||||||||||||||||||||||||||||||||
(1) | For comparability, the presentation of the balances at December 31, 2012 were adjusted to align to current year presentation of gross foreign deferred taxes and associated valuation allowances on our foreign subsidiaries. | |||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of income tax computed at the U.S. Federal statutory tax rates to income tax benefit is: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||
Income tax benefit atstatutory rates | $ | 246,867 | 35% | $ | 251,814 | 35% | $ | 137,903 | 35% | |||||||||||||||||||||||||||
State income taxes, net of federal tax effect | 32,768 | 4% | 6,218 | 1% | 18,877 | 5% | ||||||||||||||||||||||||||||||
Foreign income taxes | -22,640 | -3% | 8,782 | 2% | -4,683 | -1% | ||||||||||||||||||||||||||||||
Nondeductible items | -4,870 | -1% | -4,617 | -1% | -3,154 | -1% | ||||||||||||||||||||||||||||||
Changes in valuation allowance and other estimates | -135,161 | -19% | 50,697 | 7% | -15,816 | -4% | ||||||||||||||||||||||||||||||
Other, net | 4,853 | 1% | -4,615 | -1% | -7,149 | -2% | ||||||||||||||||||||||||||||||
Income tax benefit | $ | 121,817 | 17% | $ | 308,279 | 43% | $ | 125,978 | 32% | |||||||||||||||||||||||||||
Schedule of Unrecognized Tax Benefits | The total amount of unrecognized tax benefits at December 31, 2013 and 2012 that, if recognized, would impact the effective income tax rate is $100.1 million and $107.0 million, respectively. | |||||||||||||||||||||||||||||||||||
(In thousands) | Years Ended December 31, | |||||||||||||||||||||||||||||||||||
Unrecognized Tax Benefits | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 138,437 | $ | 175,782 | ||||||||||||||||||||||||||||||||
Increases for tax position taken in the current year | 12,004 | 10,575 | ||||||||||||||||||||||||||||||||||
Increases for tax positions taken in previous years | 13,163 | 14,774 | ||||||||||||||||||||||||||||||||||
Decreases for tax position taken in previous years | -21,928 | -55,113 | ||||||||||||||||||||||||||||||||||
Decreases due to settlements with tax authorities | -1,113 | -7,581 | ||||||||||||||||||||||||||||||||||
Decreases due to lapse of statute of limitations | -11,188 | - | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 129,375 | $ | 138,437 | ||||||||||||||||||||||||||||||||
SUPPLEMENTAL_DISCLOSURES_Table
SUPPLEMENTAL DISCLOSURES (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Schedule Of Cash Paid For Interest And Income Taxes | During the nine months ended September 30, 2014 and 2013, cash paid for interest and income taxes, net of income tax refunds of $6.0 million and $1.4 million, respectively, was as follows: | ||||||||||||||||
(In thousands) | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Interest | $ | 1,214,129 | $ | 1,189,876 | |||||||||||||
Income taxes | 30,384 | 38,366 | |||||||||||||||
Schedule Of Cash Paid For Interest And Income Taxes | The following table discloses the deferred income tax (asset) liability related to each component of other comprehensive income (loss) for the three and nine months ended September 30, 2014 and 2013, respectively: | ||||||||||||||||
(In thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency translation adjustments and other | $ | - | $ | 3,742 | $ | 8,181 | $ | -12,385 | |||||||||
Unrealized holding gain on marketable securities | - | 28,199 | - | -11,010 | |||||||||||||
Unrealized holding gain on cash flow derivatives | - | 10,254 | - | 28,759 | |||||||||||||
Total increase in deferred tax liabilities | $ | - | $ | 42,195 | $ | 8,181 | $ | 5,364 | |||||||||
MEMBERS_DEFICIT_AND_COMPREHENS1
MEMBER'S DEFICIT AND COMPREHENSIVE LOSS (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||
Schedule Of Changes In Member's Deficit and Other Comprehensive Loss | The following table shows the changes in member’s deficit attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total ownership interest: | The following table shows the changes in member’s 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 | Consolidated | (In thousands) | The Company | Noncontrolling | Consolidated | |||||||||||||||||||||||
Interests | Interests | |||||||||||||||||||||||||||||
Balances at January 1, 2014 | $ | -8,942,166 | $ | 245,531 | $ | -8,696,635 | Balances at January 1, 2013 | $ | -8,299,188 | $ | 303,997 | $ | -7,995,191 | |||||||||||||||||
Net income (loss) | -725,672 | 13,679 | -711,993 | Net income (loss) | -606,883 | 23,366 | -583,517 | |||||||||||||||||||||||
Dividends and other payments to noncontrolling interests | - | -32,581 | -32,581 | Dividends and other payments to noncontrolling interests | - | -91,887 | -91,887 | |||||||||||||||||||||||
Foreign currency translation adjustments | -62,754 | -14,758 | -77,512 | Foreign currency translation adjustments | -29,755 | -3,246 | -33,001 | |||||||||||||||||||||||
Unrealized holding gain on marketable securities | 533 | 72 | 605 | Unrealized holding gain on marketable securities | 16,439 | 137 | 16,576 | |||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | - | - | - | Unrealized holding gain on cash flow derivatives | 48,180 | - | 48,180 | |||||||||||||||||||||||
Other adjustments to comprehensive loss | - | - | - | Other adjustments to comprehensive loss | 5,932 | 800 | 6,732 | |||||||||||||||||||||||
Other, net | 1,488 | 7,108 | 8,596 | Other, net | 6,694 | 12,531 | 19,225 | |||||||||||||||||||||||
Reclassifications | 3,309 | - | 3,309 | Reclassifications | -83,585 | -167 | -83,752 | |||||||||||||||||||||||
Balances at September 30, 2014 | $ | -9,725,262 | $ | 219,051 | $ | -9,506,211 | Balances at December 31, 2013 | $ | -8,942,166 | $ | 245,531 | $ | -8,696,635 | |||||||||||||||||
Balances at January 1, 2013 | $ | -8,299,188 | $ | 303,997 | $ | -7,995,191 | ||||||||||||||||||||||||
Net income (loss) | -297,656 | 16,372 | -281,284 | (In thousands) | The Company | Noncontrolling | Consolidated | |||||||||||||||||||||||
Dividends and other payments to noncontrolling interests | - | -58,942 | -58,942 | Interests | ||||||||||||||||||||||||||
Foreign currency translation adjustments | -26,374 | -2,152 | -28,526 | Balances at January 1, 2012 | $ | -7,993,736 | $ | 521,794 | $ | -7,471,942 | ||||||||||||||||||||
Unrealized holding gain on marketable securities | 15,594 | 25 | 15,619 | Net income (loss) | -424,479 | 13,289 | -411,190 | |||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | 48,180 | - | 48,180 | Dividends and other payments to noncontrolling interests | - | -251,666 | -251,666 | |||||||||||||||||||||||
Other adjustments to comprehensive loss | -884 | -114 | -998 | Foreign currency translation adjustments | 34,433 | 5,809 | 40,242 | |||||||||||||||||||||||
Other, net | 6,271 | 7,872 | 14,143 | Unrealized holding gain (loss) on marketable securities | 23,396 | -293 | 23,103 | |||||||||||||||||||||||
Reclassifications | -83,585 | -168 | -83,753 | Unrealized holding gain on cash flow derivatives | 52,112 | - | 52,112 | |||||||||||||||||||||||
Other adjustments to comprehensive loss | 1,006 | 129 | 1,135 | |||||||||||||||||||||||||||
Balances at September 30, 2013 | $ | -8,637,642 | $ | 266,890 | $ | -8,370,752 | Other, net | 6,268 | 14,702 | 20,970 | ||||||||||||||||||||
Reclassifications | 1,812 | 233 | 2,045 | |||||||||||||||||||||||||||
Balances at December 31, 2012 | $ | -8,299,188 | $ | 303,997 | $ | -7,995,191 | ||||||||||||||||||||||||
Schedule of Stock Options and Valuation Assumptions | The following assumptions were used to calculate the fair value of the options granted during the years ended December 31, 2012 and 2011: | |||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||
2013(1) | 2012 | 2011 | ||||||||||||||||||||||||||||
Expected volatility | N/A | 71% – 77% | 67% | |||||||||||||||||||||||||||
Expected life in years | N/A | 6.3 – 6.5 | 6.3 – 6.5 | |||||||||||||||||||||||||||
Risk-free interest rate | N/A | 0.97% – 1.55% | 1.22% – 2.37% | |||||||||||||||||||||||||||
Dividend yield | N/A | 0% | 0% | |||||||||||||||||||||||||||
(1) No options were granted in 2013 | ||||||||||||||||||||||||||||||
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, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Expected volatility | 55% – 56% | 54% – 56% | 57% | |||||||||||||||||||||||||||
Expected life in years | 6.3 | 6.3 | 6.3 | |||||||||||||||||||||||||||
Risk-free interest rate | 1.05% – 2.19% | 0.92% – 1.48% | 1.26% – 2.75% | |||||||||||||||||||||||||||
Dividend yield | 0% | 0% | 0% | |||||||||||||||||||||||||||
Schedule of Stock Options Vested and Expected to Vest Outstanding | The following table presents a summary of Parent’s stock options outstanding at and stock option activity during the year ended December 31, 2013 (“Price” reflects the weighted average exercise price per share): | |||||||||||||||||||||||||||||
(In thousands, except per share data) | Options | Price | Weighted | Aggregate | ||||||||||||||||||||||||||
Average | Intrinsic | |||||||||||||||||||||||||||||
Remaining | Value | |||||||||||||||||||||||||||||
Contractual | ||||||||||||||||||||||||||||||
Term | ||||||||||||||||||||||||||||||
Outstanding, January 1, 2013 | 2,792 | $ | 30.82 | |||||||||||||||||||||||||||
Granted (1) | - | - | ||||||||||||||||||||||||||||
Exercised | - | - | ||||||||||||||||||||||||||||
Forfeited | -63 | 10 | ||||||||||||||||||||||||||||
Expired | -220 | 10.63 | ||||||||||||||||||||||||||||
Outstanding, December 31, 2013 (2) | 2,509 | 33.11 | 5.5 years | - | ||||||||||||||||||||||||||
Exercisable | 1,423 | 32.03 | 4.9 years | - | ||||||||||||||||||||||||||
Expected to Vest | 1,062 | 35.08 | 6.2 years | - | ||||||||||||||||||||||||||
(1) | The weighted average grant date fair value of options granted during the years ended December 31, 2012, and 2011 was $2.68 and $2.69 per share, respectively. No options were granted during the year ended December 31, 2013. | |||||||||||||||||||||||||||||
(2) | Non-cash compensation expense has not been recorded with respect to 0.6 million shares as the vesting of these options is subject to performance conditions that have not yet been determined probable to meet. | |||||||||||||||||||||||||||||
The following table presents a summary of CCOH’s stock options outstanding at and stock option activity during the year ended December 31, 2013 (“Price” reflects the weighted average exercise price per share): | ||||||||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||
Options | Price | Weighted | Aggregate | |||||||||||||||||||||||||||
Average | Intrinsic | |||||||||||||||||||||||||||||
Remaining | Value | |||||||||||||||||||||||||||||
Contractual | ||||||||||||||||||||||||||||||
Term | ||||||||||||||||||||||||||||||
Outstanding, January 1, 2013 | 8,381 | $ | 9.22 | |||||||||||||||||||||||||||
Granted (1) | 517 | 7.78 | ||||||||||||||||||||||||||||
Exercised (2) | -1,088 | 3.89 | ||||||||||||||||||||||||||||
Forfeited | -226 | 7.11 | ||||||||||||||||||||||||||||
Expired | -675 | 13.58 | ||||||||||||||||||||||||||||
Outstanding, December 31, 2013 | 6,909 | 9.6 | 5.9 years | $15,545 | ||||||||||||||||||||||||||
Exercisable | 4,264 | 10.9 | 4.7 years | $8,581 | ||||||||||||||||||||||||||
Expected to vest | 2,514 | 7.49 | 7.9 years | $6,660 | ||||||||||||||||||||||||||
(1) | The weighted average grant date fair value of CCOH options granted during the years ended December 31, 2013, 2012 and 2011 was $4.10, $4.43 and $8.30 per share, respectively. | |||||||||||||||||||||||||||||
(2) | Cash received from option exercises during the years ended December 31, 2013, 2012 and 2011 was $4.2 million, $6.4 million and $1.4 million, respectively. The total intrinsic value of the options exercised during the years ended December 31, 2013, 2012 and 2011 was $5.0 million, $7.9 million and $1.5 million, respectively. | |||||||||||||||||||||||||||||
Schedule of Unvested Stock Options Activity | A summary of Parent’s unvested options and changes during the year ended December 31, 2013 is presented below: | |||||||||||||||||||||||||||||
(In thousands, except per share data) | Options | Weighted | ||||||||||||||||||||||||||||
Average Grant | ||||||||||||||||||||||||||||||
Date Fair Value | ||||||||||||||||||||||||||||||
Unvested, January 1, 2013 | 1,588 | $ | 11.38 | |||||||||||||||||||||||||||
Granted | - | - | ||||||||||||||||||||||||||||
Vested (1) | -439 | 14.4 | ||||||||||||||||||||||||||||
Forfeited | -63 | 4.68 | ||||||||||||||||||||||||||||
Unvested, December 31, 2013 | 1,086 | 10.74 | ||||||||||||||||||||||||||||
(1) | The total fair value of the options vested during the years ended December 31, 2013, 2012 and 2011 was $6.3 million, $3.9 million and $3.8 million, respectively. | |||||||||||||||||||||||||||||
A summary of CCOH’s unvested options at and changes during the year ended December 31, 2013 is presented below: | ||||||||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||
Options | Weighted | |||||||||||||||||||||||||||||
Average Grant | ||||||||||||||||||||||||||||||
Date Fair Value | ||||||||||||||||||||||||||||||
Unvested, January 1, 2013 | 3,833 | $ | 5.19 | |||||||||||||||||||||||||||
Granted | 517 | 4.1 | ||||||||||||||||||||||||||||
Vested (1) | -1,479 | 4.8 | ||||||||||||||||||||||||||||
Forfeited | -226 | 5.21 | ||||||||||||||||||||||||||||
Unvested, December 31, 2013 | 2,645 | 5.21 | ||||||||||||||||||||||||||||
(1) | The total fair value of CCOH options vested during the years ended December 31, 2013, 2012 and 2011 was $7.1 million, $11.5 million and $8.2 million, respectively. | |||||||||||||||||||||||||||||
Schedule of Restricted Stock and Restricted Stock Units Activity | The following table presents a summary of Parent’s restricted stock outstanding and restricted stock activity as of and during the year ended December 31, 2013 (“Price” reflects the weighted average share price at the date of grant): | |||||||||||||||||||||||||||||
(In thousands, except per share data) | Awards | Price | ||||||||||||||||||||||||||||
Outstanding, January 1, 2013 | 2,607 | $ | 5.69 | |||||||||||||||||||||||||||
Granted | 1,956 | 3.86 | ||||||||||||||||||||||||||||
Vested (restriction lapsed) | -543 | 16.44 | ||||||||||||||||||||||||||||
Forfeited | -101 | 2.95 | ||||||||||||||||||||||||||||
Outstanding, December 31, 2013 | 3,919 | 3.35 | ||||||||||||||||||||||||||||
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, 2013 (“Price” reflects the weighted average share price at the date of grant): | ||||||||||||||||||||||||||||||
(In thousands, except per share data) | Awards | Price | ||||||||||||||||||||||||||||
Outstanding, January 1, 2013 | 1,085 | $ | 6.26 | |||||||||||||||||||||||||||
Granted | 1,105 | 7.51 | ||||||||||||||||||||||||||||
Vested (restriction lapsed) | -15 | 6.61 | ||||||||||||||||||||||||||||
Forfeited | -283 | 7.15 | ||||||||||||||||||||||||||||
Outstanding, December 31, 2013 | 1,892 | 6.83 | ||||||||||||||||||||||||||||
SEGMENT_DATA_Tables
SEGMENT DATA (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Segment Results | The following table presents the Company’s reportable segment results for the three and nine months ended September 30, 2014 and 2013. | The following table presents the Company’s reportable segment results for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | iHM | Americas | International | Other | Corporate | Eliminations | Consolidated | (In thousands) | iHM | Americas | International | Other | Corporate and | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
Outdoor | Outdoor | and other | Outdoor | Outdoor | other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | Advertising | reconciling | Advertising | Advertising | reconciling | |||||||||||||||||||||||||||||||||||||||||||||||||||||
items | items | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 830,509 | $ | 329,500 | $ | 413,294 | $ | 73,712 | $ | - | $ | -16,981 | $ | 1,630,034 | Revenue | $ | 3,131,595 | $ | 1,290,452 | $ | 1,655,738 | $ | 227,864 | $ | - | $ | -62,605 | $ | 6,243,044 | |||||||||||||||||||||||||||||
Direct operating expenses | 242,517 | 140,739 | 260,095 | 5,103 | - | -2,473 | 645,981 | Direct operating expenses | 931,976 | 566,669 | 1,028,059 | 25,271 | - | -8,556 | 2,543,419 | |||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 269,009 | 55,257 | 84,356 | 35,563 | - | -14,498 | 429,687 | Selling, general and administrative expenses | 1,020,097 | 220,732 | 322,840 | 140,241 | - | -54,049 | 1,649,861 | |||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | - | - | - | 78,212 | -10 | 78,202 | Depreciation and amortization | 271,126 | 196,597 | 203,927 | 39,291 | 19,887 | - | 730,828 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 61,606 | 48,973 | 50,105 | 8,389 | 6,792 | - | 175,865 | Impairment charges | - | - | - | - | 16,970 | - | 16,970 | |||||||||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | - | - | 35 | - | 35 | Corporate expenses | - | - | - | - | 324,182 | - | 324,182 | |||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | - | - | 47,172 | - | 47,172 | Other operating income, net | - | - | - | - | 22,998 | - | 22,998 | |||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 257,377 | $ | 84,531 | $ | 18,738 | $ | 24,657 | $ | -37,867 | $ | - | $ | 347,436 | Operating income (loss) | $ | 908,396 | $ | 306,454 | $ | 100,912 | $ | 23,061 | $ | (338,041) | $ | - | $ | 1,000,782 | |||||||||||||||||||||||||||||
Intersegment revenues | $ | 10 | $ | 721 | $ | - | $ | 16,250 | $ | - | $ | - | $ | 16,981 | Intersegment revenues | $ | - | $ | 2,473 | $ | - | $ | 60,132 | $ | - | $ | - | $ | 62,605 | |||||||||||||||||||||||||||||
Capital expenditures | $ | 9,336 | $ | 18,980 | $ | 22,860 | $ | 1,235 | $ | 1,176 | $ | - | $ | 53,587 | Segment assets | $ | 8,064,671 | $ | 3,693,308 | $ | 2,029,687 | $ | 534,363 | $ | 775,273 | $ | - | $ | 15,097,302 | |||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 2,246 | $ | - | $ | 2,246 | Capital expenditures | $ | 75,742 | $ | 88,991 | $ | 108,548 | $ | 9,933 | $ | 41,312 | $ | - | $ | 324,526 | |||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 16,715 | $ | - | $ | 16,715 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 823,863 | $ | 331,346 | $ | 391,667 | $ | 57,460 | $ | - | $ | (16,814 | ) | $ | 1,587,522 | Revenue | $ | 3,084,780 | $ | 1,279,257 | $ | 1,667,687 | $ | 281,879 | $ | - | $ | (66,719) | $ | 6,246,884 | ||||||||||||||||||||||||||||
Direct operating expenses | 249,084 | 140,972 | 255,122 | 5,718 | - | (2,153 | ) | 648,743 | Direct operating expenses | 878,626 | 582,340 | 1,021,152 | 25,088 | - | -12,965 | 2,494,241 | ||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 260,264 | 55,739 | 75,698 | 34,314 | - | (14,661 | ) | 411,354 | Selling, general and administrative expenses | 993,116 | 211,245 | 363,417 | 152,394 | - | -53,754 | 1,666,418 | ||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | - | - | - | 89,574 | - | 89,574 | Depreciation and amortization | 271,399 | 192,023 | 205,258 | 45,568 | 15,037 | - | 729,285 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 64,745 | 48,530 | 49,090 | 9,925 | 5,040 | - | 177,330 | Impairment charges | - | - | - | - | 37,651 | - | 37,651 | |||||||||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | - | - | - | - | - | Corporate expenses | - | - | - | - | 297,366 | - | 297,366 | |||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | - | - | 6,186 | - | 6,186 | Other operating income, net | - | - | - | - | 48,127 | - | 48,127 | |||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 249,770 | $ | 86,105 | $ | 11,757 | $ | 7,503 | $ | -88,428 | $ | - | $ | 266,707 | Operating income (loss) | $ | 941,639 | $ | 293,649 | $ | 77,860 | $ | 58,829 | $ | -301,927 | $ | - | $ | 1,070,050 | |||||||||||||||||||||||||||||
Intersegment revenues | $ | - | $ | 1,110 | $ | - | $ | 15,704 | $ | - | $ | - | $ | 16,814 | Intersegment revenues | $ | - | $ | 1,175 | $ | 80 | $ | 65,464 | $ | - | $ | - | $ | 66,719 | |||||||||||||||||||||||||||||
Capital expenditures | $ | 22,171 | $ | 13,838 | $ | 19,983 | $ | 2,070 | $ | 6,518 | $ | - | $ | 64,580 | Segment assets | $ | 8,201,798 | $ | 3,835,235 | $ | 2,256,309 | $ | 815,435 | $ | 1,183,936 | $ | - | $ | 16,292,713 | |||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 2,754 | $ | - | $ | 2,754 | Capital expenditures | $ | 65,821 | $ | 117,647 | $ | 150,129 | $ | 17,438 | $ | 39,245 | $ | - | $ | 390,280 | |||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 28,540 | $ | - | $ | 28,540 | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,986,828 | $ | 1,252,725 | $ | 1,751,149 | $ | 234,542 | $ | - | $ | -63,892 | $ | 6,161,352 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | iHM | Americas | International | Other | Corporate | Eliminations | Consolidated | Direct operating expenses | 857,622 | 566,313 | 1,064,562 | 27,807 | - | -11,837 | 2,504,467 | |||||||||||||||||||||||||||||||||||||||||||
Outdoor | Outdoor | and other | Selling, general and administrative expenses | 971,066 | 198,989 | 339,043 | 147,481 | - | -52,055 | 1,604,524 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | Advertising | reconciling | Depreciation and amortization | 268,245 | 211,009 | 219,955 | 49,827 | 14,270 | - | 763,306 | ||||||||||||||||||||||||||||||||||||||||||||||||
items | Impairment charges | - | - | - | - | 7,614 | - | 7,614 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Corporate expenses | - | - | - | - | 239,399 | - | 239,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,307,193 | $ | 917,404 | $ | 1,241,846 | $ | 184,236 | $ | - | $ | (47,943 | ) | $ | 4,602,736 | Other operating income, net | - | - | - | - | 12,682 | - | 12,682 | |||||||||||||||||||||||||||||||||||
Direct operating expenses | 678,681 | 413,761 | 781,730 | 17,839 | - | (6,313 | ) | 1,885,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 787,357 | 158,789 | 254,045 | 107,521 | - | (41,620 | ) | 1,266,092 | Operating income (loss) | $ | 889,895 | $ | 276,414 | $ | 127,589 | $ | 9,427 | $ | -248,601 | $ | - | $ | 1,054,724 | |||||||||||||||||||||||||||||||||||
Corporate expenses | - | - | - | - | 233,114 | (10 | ) | 233,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 185,656 | 144,094 | 150,763 | 25,763 | 18,522 | - | 524,798 | Intersegment revenues | $ | - | $ | 4,141 | $ | - | $ | 59,751 | $ | - | $ | - | $ | 63,892 | ||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | - | - | 4,937 | - | 4,937 | Segment assets | $ | 8,364,246 | $ | 3,886,098 | $ | 2,166,173 | $ | 809,212 | $ | 1,316,310 | $ | - | $ | 16,542,039 | ||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | - | - | 45,709 | - | 45,709 | Capital expenditures | $ | 50,198 | $ | 122,505 | $ | 166,044 | $ | 5,737 | $ | 19,490 | $ | - | $ | 363,974 | ||||||||||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 20,667 | $ | - | $ | 20,667 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 655,499 | $ | 200,760 | $ | 55,308 | $ | 33,113 | $ | -210,864 | $ | - | $ | 733,816 | ||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenues | $ | 10 | $ | 2,791 | $ | - | $ | 45,142 | $ | - | $ | - | $ | 47,943 | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 30,020 | $ | 48,390 | $ | 84,215 | $ | 4,121 | $ | 28,262 | $ | - | $ | 195,008 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | - | - | - | 8,064 | - | 8,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,286,040 | $ | 952,832 | $ | 1,187,262 | $ | 167,778 | $ | - | $ | (45,235 | ) | $ | 4,548,677 | |||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | 685,099 | 419,676 | 762,167 | 18,535 | - | (6,368 | ) | 1,879,109 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 755,351 | 165,232 | 238,786 | 105,556 | - | (38,867 | ) | 1,226,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | - | - | - | 245,702 | - | 245,702 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 200,615 | 144,256 | 150,013 | 29,797 | 14,565 | - | 539,246 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | - | - | 9,694 | - | 9,694 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 644,975 | $ | 223,668 | $ | 36,296 | $ | 13,890 | $ | -250,573 | $ | - | $ | 668,256 | ||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenues | $ | - | $ | 1,253 | $ | - | $ | 43,982 | $ | - | $ | - | $ | 45,235 | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 58,335 | $ | 43,489 | $ | 68,683 | $ | 6,765 | $ | 19,988 | $ | - | $ | 197,260 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | $ | - | $ | - | $ | - | $ | - | $ | 14,093 | $ | - | $ | 14,093 |
GUARANTOR_SUBSIDIARIES_Tables
GUARANTOR SUBSIDIARIES (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated Financial Information | The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d): | The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d): | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | As of September 30, 2014 | (In thousands) | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Guarantor | Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Cash and cash equivalents | $ | - | $ | 9 | $ | 182,152 | $ | 525,990 | $ | - | $ | 708,151 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 8 | $ | 67,274 | $ | 455,074 | $ | - | $ | 522,356 | Accounts receivable, net of allowance | - | - | 739,658 | 714,688 | - | 1,454,346 | |||||||||||||||||||||||||||||||
Accounts receivable, net of allowance | - | - | 711,713 | 689,738 | - | 1,401,451 | Intercompany receivables(1) | - | 3,022,719 | - | 61,825 | -3,084,544 | - | |||||||||||||||||||||||||||||||||||||
Intercompany receivables (1) | - | 1,933,907 | - | 157,794 | -2,091,701 | - | Prepaid expenses | - | 1,743 | 43,831 | 144,066 | - | 189,640 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses | - | 3,879 | 61,261 | 140,766 | - | 205,906 | Other current assets | - | 22,184 | 69,474 | 341,948 | -272,449 | 161,157 | |||||||||||||||||||||||||||||||||||||
Other current assets | - | 24,488 | 75,870 | 79,327 | -9,879 | 169,806 | ||||||||||||||||||||||||||||||||||||||||||||
Total Current Assets | - | 3,046,655 | 1,035,115 | 1,788,517 | -3,356,993 | 2,513,294 | ||||||||||||||||||||||||||||||||||||||||||||
Total Current Assets | - | 1,962,282 | 916,118 | 1,522,699 | -2,101,580 | 2,299,519 | Structures, net | - | - | - | 1,765,510 | - | 1,765,510 | |||||||||||||||||||||||||||||||||||||
Structures, net | - | - | - | 1,643,527 | - | 1,643,527 | Other property, plant and equipment, net | - | - | 815,358 | 316,762 | - | 1,132,120 | |||||||||||||||||||||||||||||||||||||
Other property, plant and equipment, net | - | - | 793,627 | 291,587 | - | 1,085,214 | Indefinite-lived intangibles - licenses | - | - | 2,416,406 | - | - | 2,416,406 | |||||||||||||||||||||||||||||||||||||
Indefinite-lived intangibles - licenses | - | - | 2,426,179 | - | - | 2,426,179 | Indefinite-lived intangibles - permits | - | - | - | 1,067,783 | - | 1,067,783 | |||||||||||||||||||||||||||||||||||||
Indefinite-lived intangibles - permits | - | - | - | 1,067,341 | - | 1,067,341 | Other intangibles, net | - | - | 970,926 | 495,620 | - | 1,466,546 | |||||||||||||||||||||||||||||||||||||
Other intangibles, net | - | - | 825,666 | 441,421 | - | 1,267,087 | Goodwill | - | - | 3,348,299 | 853,888 | - | 4,202,187 | |||||||||||||||||||||||||||||||||||||
Goodwill | - | - | 3,377,417 | 835,195 | - | 4,212,612 | Intercompany notes receivable | - | 962,000 | - | - | -962,000 | - | |||||||||||||||||||||||||||||||||||||
Intercompany notes receivable | - | 962,000 | - | - | -962,000 | - | Long-term intercompany receivable | - | - | - | 879,108 | -879,108 | - | |||||||||||||||||||||||||||||||||||||
Long-term intercompany receivable | - | - | - | 875,975 | -875,975 | - | Investment in subsidiaries | -9,053,312 | 3,876,744 | 231,141 | - | 4,945,427 | - | |||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | -9,756,838 | 4,073,687 | 13,446 | - | 5,669,705 | - | Other assets | - | 109,231 | 51,920 | 686,900 | -314,595 | 533,456 | |||||||||||||||||||||||||||||||||||||
Other assets | - | 108,279 | 56,562 | 525,637 | -385,922 | 304,556 | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | -9,053,312 | $ | 7,994,630 | $ | 8,869,165 | $ | 7,854,088 | $ | -567,269 | $ | 15,097,302 | ||||||||||||||||||||||||||||||||||||||
Total Assets | $ | -9,756,838 | $ | 7,106,248 | $ | 8,409,015 | $ | 7,203,382 | $ | 1,344,228 | $ | 14,306,035 | ||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | - | $ | - | $ | 45,289 | $ | 86,081 | $ | - | $ | 131,370 | ||||||||||||||||||||||||||||||||||||||
Accrued expenses | - | -133,481 | 361,977 | 578,714 | - | 807,210 | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | - | $ | - | $ | 55,917 | $ | 74,386 | $ | - | $ | 130,303 | Intercompany payable(1) | - | - | 3,084,544 | - | -3,084,544 | - | |||||||||||||||||||||||||||||||
Accrued expenses | - | -110,265 | 379,978 | 525,393 | - | 795,106 | Accrued interest | - | 219,921 | 241 | 3,966 | -29,284 | 194,844 | |||||||||||||||||||||||||||||||||||||
Intercompany payable (1) | - | - | 2,091,701 | - | -2,091,701 | - | Deferred income | - | - | 61,684 | 110,750 | - | 172,434 | |||||||||||||||||||||||||||||||||||||
Accrued interest | - | 163,089 | - | 3,241 | -9,879 | 156,451 | Current portion of long-term debt | - | 437,735 | - | 15,999 | - | 453,734 | |||||||||||||||||||||||||||||||||||||
Deferred income | - | - | 85,445 | 125,823 | - | 211,268 | ||||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | - | - | - | - | - | - | Total Current Liabilities | - | 524,175 | 3,553,735 | 795,510 | -3,113,828 | 1,759,592 | |||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - | - | 80 | 3,152 | - | 3,232 | Long-term debt | - | 15,798,376 | 4,000 | 4,919,377 | -691,274 | 20,030,479 | |||||||||||||||||||||||||||||||||||||
Long-term intercompany payable | - | 879,108 | - | - | -879,108 | - | ||||||||||||||||||||||||||||||||||||||||||||
Total Current Liabilities | - | 52,824 | 2,613,121 | 731,995 | -2,101,580 | 1,296,360 | Intercompany long-term debt | - | - | 962,000 | - | -962,000 | - | |||||||||||||||||||||||||||||||||||||
Long-term debt | - | 15,990,390 | 4,893 | 4,929,622 | -443,358 | 20,481,547 | Deferred income taxes | - | -175,925 | 1,056,586 | 656,941 | 218 | 1,537,820 | |||||||||||||||||||||||||||||||||||||
Long-term intercompany payable | - | 875,975 | - | - | -875,975 | - | Other long-term liabilities | - | 22,207 | 193,599 | 250,240 | - | 466,046 | |||||||||||||||||||||||||||||||||||||
Intercompany long-term debt | - | - | 962,000 | - | -962,000 | - | Total member’s interest (deficit) | -9,053,312 | -9,053,311 | 3,099,245 | 1,232,020 | 5,078,723 | -8,696,635 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | - | -76,841 | 1,007,196 | 649,675 | 2,087 | 1,582,117 | ||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | - | 20,737 | 194,244 | 237,241 | - | 452,222 | Total Liabilities and Member’s Equity | $ | -9,053,312 | $ | 7,994,630 | $ | 8,869,165 | $ | 7,854,088 | $ | -567,269 | $ | 15,097,302 | |||||||||||||||||||||||||||||||
Total member’s interest (deficit) | -9,756,838 | -9,756,837 | 3,627,561 | 654,849 | 5,725,054 | -9,506,211 | ||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Member’s Equity (Deficit) | $ | -9,756,838 | $ | 7,106,248 | $ | 8,409,015 | $ | 7,203,382 | $ | 1,344,228 | $ | 14,306,035 | (1) | The intercompany payable balance includes approximately $7.3 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder. | ||||||||||||||||||||||||||||||||||||
(1) | The intercompany payable balance includes approximately $6.7 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder. | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | As of December 31, 2013 | Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | Cash and cash equivalents | $ | - | $ | 11 | $ | 333,768 | $ | 891,231 | $ | - | $ | 1,225,010 | ||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Guarantor | Accounts receivable, net of allowance | - | - | 683,072 | 757,097 | - | 1,440,169 | ||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Intercompany receivables (1) | - | 4,032,992 | 166,019 | - | -4,199,011 | - | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 9 | $ | 182,152 | $ | 525,990 | $ | - | $ | 708,151 | Prepaid expenses | - | 2,397 | 33,190 | 152,052 | 187,639 | ||||||||||||||||||||||||||||||||
Accounts receivable, net of allowance | - | - | 727,419 | 713,082 | - | 1,440,501 | Other current assets | - | 36,446 | 64,894 | 248,325 | -214,730 | 134,935 | |||||||||||||||||||||||||||||||||||||
Intercompany receivables (1) | - | 3,022,719 | - | 61,825 | -3,084,544 | - | ||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses | - | 1,743 | 56,070 | 145,672 | - | 203,485 | Total Current Assets | - | 4,071,846 | 1,280,943 | 2,048,705 | -4,413,741 | 2,987,753 | |||||||||||||||||||||||||||||||||||||
Other current assets | - | 22,184 | 69,474 | 341,948 | -272,449 | 161,157 | Structures, net | - | - | - | 1,890,693 | - | 1,890,693 | |||||||||||||||||||||||||||||||||||||
Other Property, plant and equipment, net | - | - | 827,623 | 318,538 | - | 1,146,161 | ||||||||||||||||||||||||||||||||||||||||||||
Total Current Assets | - | 3,046,655 | 1,035,115 | 1,788,517 | -3,356,993 | 2,513,294 | Indefinite-lived intangibles - licenses | - | - | 2,423,979 | - | - | 2,423,979 | |||||||||||||||||||||||||||||||||||||
Structures, net | - | - | - | 1,765,510 | - | 1,765,510 | Indefinite-lived intangibles - permits | - | - | - | 1,070,720 | - | 1,070,720 | |||||||||||||||||||||||||||||||||||||
Other property, plant and equipment, net | - | - | 815,358 | 316,762 | - | 1,132,120 | Other intangibles, net | - | - | 1,174,818 | 565,974 | - | 1,740,792 | |||||||||||||||||||||||||||||||||||||
Indefinite-lived intangibles - licenses | - | - | 2,416,406 | - | - | 2,416,406 | Goodwill | - | - | 3,350,083 | 866,002 | - | 4,216,085 | |||||||||||||||||||||||||||||||||||||
Indefinite-lived intangibles - permits | - | - | - | 1,067,783 | - | 1,067,783 | Intercompany notes receivable | - | 962,000 | - | - | -962,000 | - | |||||||||||||||||||||||||||||||||||||
Other intangibles, net | - | - | 970,926 | 495,620 | - | 1,466,546 | Long-term intercompany receivable | - | - | - | 729,157 | -729,157 | - | |||||||||||||||||||||||||||||||||||||
Goodwill | - | - | 3,348,299 | 853,888 | - | 4,202,187 | Investment in subsidiaries | -8,518,574 | 3,848,000 | 552,184 | - | 4,118,390 | - | |||||||||||||||||||||||||||||||||||||
Intercompany notes receivable | - | 962,000 | - | - | -962,000 | - | Other assets | - | 115,188 | 333,607 | 848,431 | -480,696 | 816,530 | |||||||||||||||||||||||||||||||||||||
Long-term intercompany receivable | - | - | - | 879,108 | -879,108 | - | ||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | -9,053,312 | 3,876,744 | 231,141 | - | 4,945,427 | - | Total Assets | $ | -8,518,574 | $ | 8,997,034 | $ | 9,943,237 | $ | 8,338,220 | $ | -2,467,204 | $ | 16,292,713 | |||||||||||||||||||||||||||||||
Other assets | - | 109,231 | 51,920 | 686,900 | -314,595 | 533,456 | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | - | $ | - | $ | 37,436 | $ | 95,790 | $ | - | $ | 133,226 | ||||||||||||||||||||||||||||||||||||||
Total Assets | $ | -9,053,312 | $ | 7,994,630 | $ | 8,869,165 | $ | 7,854,088 | $ | -567,269 | $ | 15,097,302 | Accrued expenses | - | -104,972 | 319,466 | 561,561 | - | 776,055 | |||||||||||||||||||||||||||||||
Intercompany payable (1) | - | - | 4,032,992 | 166,019 | -4,199,011 | - | ||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | - | 210,874 | - | -113 | -30,189 | 180,572 | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | - | $ | - | $ | 45,289 | $ | 86,081 | $ | - | $ | 131,370 | Deferred income | - | - | 62,901 | 109,771 | - | 172,672 | |||||||||||||||||||||||||||||||
Accrued expenses | - | -133,481 | 361,977 | 578,714 | - | 807,210 | Other current liabilities | - | 76,939 | - | 60,950 | - | 137,889 | |||||||||||||||||||||||||||||||||||||
Intercompany payable (1) | - | - | 3,084,544 | - | -3,084,544 | - | Current portion of long-term debt | - | 372,321 | - | 9,407 | - | 381,728 | |||||||||||||||||||||||||||||||||||||
Accrued interest | - | 219,921 | 241 | 3,966 | -29,284 | 194,844 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred income | - | - | 65,710 | 110,750 | - | 176,460 | Total Current Liabilities | - | 555,162 | 4,452,795 | 1,003,385 | -4,229,200 | 1,782,142 | |||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | - | 437,735 | - | 15,999 | - | 453,734 | Long-term debt | - | 16,310,694 | 4,000 | 4,935,388 | -884,713 | 20,365,369 | |||||||||||||||||||||||||||||||||||||
Long-term intercompany payable | - | 729,157 | - | - | -729,157 | - | ||||||||||||||||||||||||||||||||||||||||||||
Total Current Liabilities | $ | - | 524,175 | 3,557,761 | 795,510 | -3,113,828 | 1,763,618 | Intercompany long-term debt | - | - | 962,000 | - | -962,000 | - | ||||||||||||||||||||||||||||||||||||
Long-term debt | - | 15,798,376 | 4,000 | 4,919,377 | -691,274 | 20,030,479 | Deferred income taxes | - | -107,878 | 1,089,659 | 705,935 | 2,160 | 1,689,876 | |||||||||||||||||||||||||||||||||||||
Long-term intercompany payable | - | 879,108 | - | - | -879,108 | - | Other long-term liabilities | - | 28,473 | 182,142 | 239,902 | - | 450,517 | |||||||||||||||||||||||||||||||||||||
Intercompany long-term debt | - | - | 962,000 | - | -962,000 | - | Total member’s interest (deficit) | -8,518,574 | -8,518,574 | 3,252,641 | 1,453,610 | 4,335,706 | -7,995,191 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | - | -175,925 | 1,056,586 | 656,941 | 218 | 1,537,820 | ||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | - | 22,207 | 189,573 | 250,240 | - | 462,020 | Total Liabilities and Member’s Equity | $ | -8,518,574 | $ | 8,997,034 | $ | 9,943,237 | $ | 8,338,220 | $ | -2,467,204 | $ | 16,292,713 | |||||||||||||||||||||||||||||||
Total member’s interest (deficit) | -9,053,312 | -9,053,311 | 3,099,245 | 1,232,020 | 5,078,723 | -8,696,635 | ||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Member’s Equity (Deficit) | $ | -9,053,312 | $ | 7,994,630 | $ | 8,869,165 | $ | 7,854,088 | $ | -567,269 | $ | 15,097,302 | (1) | The intercompany payable balance includes approximately $7.3 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder. | ||||||||||||||||||||||||||||||||||||
(1) | The intercompany payable balance includes approximately $7.3 billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder. | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated Financial Information | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Three Months Ended September 30, 2014 | (In thousands) | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | - | $ | - | $ | 885,035 | $ | 749,713 | $ | -4,714 | $ | 1,630,034 | Revenue | $ | - | $ | - | $ | 3,287,967 | $ | 2,973,493 | $ | -18,416 | $ | 6,243,044 | |||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | - | - | 244,412 | 403,429 | -1,860 | 645,981 | Direct operating expenses | - | - | 946,379 | 1,604,236 | -7,196 | 2,543,419 | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | - | - | 289,452 | 143,089 | -2,854 | 429,687 | Selling, general and administrative expenses | - | - | 1,103,616 | 557,465 | -11,220 | 1,649,861 | |||||||||||||||||||||||||||||||||||||
Corporate expenses | - | 2,532 | 42,122 | 33,548 | - | 78,202 | Corporate expenses | - | 10,819 | 188,964 | 124,399 | - | 324,182 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 75,112 | 100,753 | - | 175,865 | Depreciation and amortization | - | - | 326,185 | 404,643 | - | 730,828 | |||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | 35 | - | - | 35 | Impairment charge | - | - | 3,820 | 13,150 | - | 16,970 | |||||||||||||||||||||||||||||||||||||
Other operating income, net | - | - | 42,548 | 4,624 | - | 47,172 | Other operating income, net | - | - | 11 | 22,987 | - | 22,998 | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | - | -2,532 | 276,450 | 73,518 | - | 347,436 | Operating income (loss) | - | -10,819 | 719,014 | 292,587 | - | 1,000,782 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | - | 357,316 | 12,871 | 61,185 | 1,244 | 432,616 | Interest expense, net | - | 1,396,249 | 39,991 | 171,682 | 41,529 | 1,649,451 | |||||||||||||||||||||||||||||||||||||
Gain on marketable securities | - | - | - | - | - | - | Gain (loss) on marketable securities | - | - | 170,133 | -18 | -39,236 | 130,879 | |||||||||||||||||||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -112,851 | 155,113 | 822 | 4,178 | -43,307 | 3,955 | Equity in earnings (loss) of nonconsolidated affiliates | -501,897 | 439,900 | -94,224 | -77,410 | 155,935 | -77,696 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | - | -4,839 | - | - | -1 | -4,840 | Loss on extinguishment of debt | - | -87,868 | - | - | - | -87,868 | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | - | -5 | 290 | 3,088 | -756 | 2,617 | Other income (expense), net | - | -23,551 | 25,534 | 258 | -24,221 | -21,980 | |||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | -112,851 | -209,579 | 264,691 | 19,599 | -45,308 | -83,448 | Income (loss) before income taxes | -501,897 | -1,078,587 | 780,466 | 43,735 | 50,949 | -705,334 | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | - | 96,728 | -111,033 | -10,071 | - | -24,376 | Income tax benefit (expense) | - | 576,690 | -421,063 | -33,810 | - | 121,817 | |||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | -112,851 | -112,851 | 153,658 | 9,528 | -45,308 | -107,824 | Consolidated net income (loss) | -501,897 | -501,897 | 359,403 | 9,925 | 50,949 | -583,517 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -1,455 | 8,483 | - | 7,028 | Less amount attributable to noncontrolling interest | - | - | -768 | 24,134 | - | 23,366 | |||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | -112,851 | $ | -112,851 | $ | 155,113 | $ | 1,045 | $ | -45,308 | $ | -114,852 | Net income (loss) attributable to the Company | -501,897 | -501,897 | 360,171 | -14,209 | 50,949 | -606,883 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | - | - | 16,966 | -80,029 | - | -63,063 | Foreign currency translation adjustments | - | - | 15,380 | -48,381 | - | -33,001 | |||||||||||||||||||||||||||||||||||||
Unrealized gain on securities and derivatives: | Unrealized gain on securities and derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gain on marketable securities | - | - | - | -1,337 | 1,263 | -74 | Unrealized holding gain on marketable securities | - | - | 15,390 | 4,441 | -3,255 | 16,576 | |||||||||||||||||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | - | - | - | - | - | - | Unrealized holding gain on cash flow derivatives | - | 48,180 | - | - | - | 48,180 | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains on securities included in net income (loss) | - | - | - | - | - | - | Other adjustments to comprehensive income (loss) | - | - | - | 6,732 | - | 6,732 | |||||||||||||||||||||||||||||||||||||
Equity in subsidiary comprehensive income | -54,656 | -54,656 | -78,855 | - | 188,167 | - | Reclassification adjustment for realized gain on securities included in consolidated net income (loss) | - | - | -82,321 | -1,431 | - | -83,752 | |||||||||||||||||||||||||||||||||||||
Equity in subsidiary comprehensive income (loss) | -39,534 | -87,714 | -36,445 | - | 163,693 | - | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | -167,507 | -167,507 | 93,224 | -80,321 | 144,122 | -177,989 | ||||||||||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -7,233 | -2,511 | - | -9,744 | Comprehensive income (loss) | -541,431 | -541,431 | 272,175 | -52,848 | 211,387 | -652,148 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -282 | -2,194 | - | -2,476 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -167,507 | $ | -167,507 | $ | 100,457 | $ | -77,810 | $ | 144,122 | $ | -168,245 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -541,431 | $ | -541,431 | $ | 272,457 | $ | -50,654 | $ | 211,387 | $ | -649,672 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | (In thousands) | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | - | $ | - | $ | 862,813 | $ | 729,887 | $ | -5,178 | $ | 1,587,522 | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||
Operating expenses: | Company | Issuer | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | - | - | 251,928 | 398,591 | -1,776 | 648,743 | Revenue | $ | - | $ | - | $ | 3,288,779 | $ | 2,974,108 | $ | -16,003 | $ | 6,246,884 | |||||||||||||||||||||||||||||||
Selling, general and administrative expenses | - | - | 279,792 | 134,964 | -3,402 | 411,354 | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | 2,609 | 57,246 | 29,719 | - | 89,574 | Direct operating expenses | - | - | 888,651 | 1,613,571 | -7,981 | 2,494,241 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 78,627 | 98,703 | - | 177,330 | Selling, general and administrative expenses | - | - | 1,085,611 | 588,829 | -8,022 | 1,666,418 | |||||||||||||||||||||||||||||||||||||
Other operating income (expense), net | - | - | -418 | 6,604 | - | 6,186 | Corporate expenses | - | 10,829 | 170,705 | 115,832 | - | 297,366 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 328,633 | 400,652 | - | 729,285 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | - | -2,609 | 194,802 | 74,514 | - | 266,707 | Impairment charges | - | - | - | 37,651 | - | 37,651 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | - | 377,789 | 13,125 | 39,804 | 7,686 | 438,404 | Other operating income (expense), net | - | - | -2,825 | 50,952 | - | 48,127 | |||||||||||||||||||||||||||||||||||||
Gain on marketable securities | - | - | 49 | -18 | - | 31 | ||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -94,169 | 130,633 | 7,210 | 4,030 | -43,721 | 3,983 | Operating income (loss) | - | -10,829 | 812,354 | 268,525 | - | 1,070,050 | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | - | -156 | 440 | 1,425 | - | 1,709 | Interest expense, net | - | 1,307,703 | 23,143 | 139,824 | 78,353 | 1,549,023 | |||||||||||||||||||||||||||||||||||||
Loss on marketable securities | - | -1 | -2,001 | -2,578 | - | -4,580 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | -94,169 | -249,921 | 189,376 | 40,147 | -51,407 | -165,974 | Equity in earnings (loss) of nonconsolidated affiliates | -336,674 | 492,819 | -174,774 | 19,464 | 17,722 | 18,557 | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | - | 155,752 | -77,584 | -4,366 | - | 73,802 | Loss on extinguishment of debt | - | -33,652 | - | -221,071 | - | -254,723 | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | - | -1 | 3,960 | 5,743 | -9,452 | 250 | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | -94,169 | -94,169 | 111,792 | 35,781 | -51,407 | -92,172 | ||||||||||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | 1,911 | 7,772 | - | 9,683 | Income (loss) before income taxes | -336,674 | -859,367 | 616,396 | -69,741 | -70,083 | -719,469 | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | - | 522,693 | -246,380 | 31,966 | - | 308,279 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | -94,169 | $ | -94,169 | $ | 109,881 | $ | 28,009 | $ | -51,407 | $ | -101,855 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Consolidated net income (loss) | -336,674 | -336,674 | 370,016 | -37,775 | -70,083 | -411,190 | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | - | - | -3,985 | 44,487 | - | 40,502 | Less amount attributable to noncontrolling interest | - | - | -10,613 | 23,902 | - | 13,289 | |||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on securities and derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gain (loss) on marketable securities | - | - | - | 710 | -697 | 13 | Net income (loss) attributable to the Company | -336,674 | -336,674 | 380,629 | -61,677 | -70,083 | -424,479 | |||||||||||||||||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | - | 17,114 | - | - | - | 17,114 | Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains on securities included in net income (loss) | - | - | -1 | -1,432 | - | -1,433 | Foreign currency translation adjustments | - | - | -399 | 40,641 | - | 40,242 | |||||||||||||||||||||||||||||||||||||
Equity in subsidiary comprehensive loss | 47,724 | 30,610 | 37,724 | - | -116,058 | - | Unrealized gain (loss) on securities and derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gain (loss) on marketable securities | - | - | 25,676 | -8,151 | 5,578 | 23,103 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | -46,445 | -46,445 | 143,619 | 71,774 | -168,162 | -45,659 | Unrealized holding gain on cash flow derivatives | - | 52,112 | - | - | - | 52,112 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | 3,128 | 6,041 | - | 9,169 | Other adjustments to comprehensive income (loss) | 2 | -2 | - | 1,135 | - | 1,135 | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized loss on securities included in consolidated net income (loss) | - | - | - | 2,045 | - | 2,045 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -46,445 | $ | -46,445 | $ | 140,491 | $ | 65,733 | $ | -168,162 | $ | -54,828 | Equity in subsidiary comprehensive income (loss) | 107,179 | 55,069 | 33,967 | - | -196,215 | - | |||||||||||||||||||||||||||||||
Comprehensive income (loss) | -229,493 | -229,495 | 439,873 | -26,007 | -260,720 | -305,842 | ||||||||||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | 4,175 | 1,703 | - | 5,878 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | Comprehensive income (loss) attributable to the Company | $ | -229,493 | $ | -229,495 | $ | 435,698 | $ | -27,710 | $ | -260,720 | $ | -311,720 | ||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | - | $ | - | $ | 2,437,625 | $ | 2,180,031 | $ | -14,920 | $ | 4,602,736 | ||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | - | - | 688,009 | 1,203,313 | -5,624 | 1,885,698 | ||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | - | - | 852,065 | 423,323 | -9,296 | 1,266,092 | (In thousands) | Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | 7,792 | 127,734 | 97,578 | - | 233,104 | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 225,888 | 298,910 | - | 524,798 | Company | Issuer | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | 4,937 | - | - | 4,937 | Revenue | $ | - | $ | - | $ | 3,121,308 | $ | 3,059,676 | $ | -19,632 | $ | 6,161,352 | |||||||||||||||||||||||||||||||
Other operating income, net | - | - | 38,184 | 7,525 | - | 45,709 | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | - | - | 858,191 | 1,652,860 | -6,584 | 2,504,467 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | - | -7,792 | 577,176 | 164,432 | - | 733,816 | Selling, general and administrative expenses | - | - | 1,052,832 | 564,740 | -13,048 | 1,604,524 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | - | 1,090,483 | 38,886 | 159,678 | 15,288 | 1,304,335 | Corporate expenses | - | 10,878 | 127,501 | 101,020 | - | 239,399 | |||||||||||||||||||||||||||||||||||||
Gain on marketable securities | - | - | - | 62,895 | -62,895 | - | Depreciation and amortization | - | - | 327,240 | 436,066 | - | 763,306 | |||||||||||||||||||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -642,984 | 256,622 | 17,764 | -8,863 | 368,073 | -9,388 | Impairment charges | - | - | - | 7,614 | - | 7,614 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | - | 127,703 | -181,080 | - | -2,882 | -56,259 | Other operating income, net | - | - | 4,091 | 8,591 | - | 12,682 | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | - | -88 | 1,090 | 16,936 | -1,623 | 16,315 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | - | -10,878 | 759,635 | 305,967 | - | 1,054,724 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | -642,984 | -714,038 | 376,064 | 75,722 | 285,385 | -619,851 | Interest expense, net | - | 1,361,008 | 2,370 | 27,321 | 75,547 | 1,466,246 | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | - | 71,054 | -123,834 | -39,362 | - | -92,142 | Loss on marketable securities | - | - | - | -4,827 | - | -4,827 | |||||||||||||||||||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -230,822 | 629,915 | 54,407 | 26,987 | -453,529 | 26,958 | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | -642,984 | -642,984 | 252,230 | 36,360 | 285,385 | -711,993 | Loss on extinguishment of debt | - | -5,721 | -1 | - | 4,275 | -1,447 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -4,392 | 18,071 | - | 13,679 | Other income (expense), net | - | - | 590 | -3,759 | - | -3,169 | |||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | -642,984 | $ | -642,984 | $ | 256,622 | $ | 18,289 | $ | 285,385 | $ | -725,672 | Income (loss) before income taxes | -230,822 | -747,692 | 812,261 | 297,047 | -524,801 | -394,007 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Income tax benefit (expense) | - | 516,870 | -274,930 | -115,962 | - | 125,978 | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | - | - | 6,257 | -83,769 | - | -77,512 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on securities and derivatives: | Consolidated net income (loss) | -230,822 | -230,822 | 537,331 | 181,085 | -524,801 | -268,029 | |||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gain on marketable securities | - | - | -1 | -2,512 | 3,118 | 605 | Less amount attributable to noncontrolling interest | - | - | 13,792 | 20,273 | - | 34,065 | |||||||||||||||||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||
Other adjustments to comprehensive income (loss) | - | - | - | - | - | - | Net income (loss) attributable to the Company | -230,822 | -230,822 | 523,539 | 160,812 | -524,801 | -302,094 | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains on securities included in net income (loss) | - | -8,181 | - | 11,490 | - | 3,309 | Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||||||||||||
Equity in subsidiary comprehensive loss | -62,030 | -53,849 | -77,010 | - | 192,889 | - | Foreign currency translation adjustments | - | - | 1,267 | -30,914 | - | -29,647 | |||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on securities and derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | -705,014 | -705,014 | 185,868 | -56,502 | 481,392 | -799,270 | Unrealized holding gain (loss) on marketable securities | - | - | 4,610 | -2,874 | -1,960 | -224 | |||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -8,724 | -5,962 | - | -14,686 | Unrealized holding gain on cash flow derivatives | - | 33,775 | - | - | - | 33,775 | |||||||||||||||||||||||||||||||||||||
Other adjustments to comprehensive income (loss) | - | - | - | -1,361 | - | -1,361 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -705,014 | $ | -705,014 | $ | 194,592 | $ | -50,540 | $ | 481,392 | $ | -784,584 | Reclassification adjustment for realized loss on securities included in consolidated net income (loss) | - | - | - | 5,148 | - | 5,148 | |||||||||||||||||||||||||||||||
Equity in subsidiary comprehensive income (loss) | 5,518 | -28,257 | -38,702 | - | 61,441 | - | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | -225,304 | -225,304 | 490,714 | 130,811 | -465,320 | -294,403 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Nine Months Ended September 30, 2013 | Less amount attributable to noncontrolling interest | - | - | -4,594 | 8,918 | - | 4,324 | ||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Comprehensive income (loss) attributable to the Company | $ | -225,304 | $ | -225,304 | $ | 495,308 | $ | 121,893 | $ | -465,320 | $ | -298,727 | ||||||||||||||||||||||||||||||||||
Revenue | $ | - | $ | - | $ | 2,401,245 | $ | 2,160,620 | $ | -13,188 | $ | 4,548,677 | ||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | - | - | 695,222 | 1,188,887 | -5,000 | 1,879,109 | ||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | - | - | 819,804 | 414,442 | -8,188 | 1,226,058 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | - | 8,126 | 146,141 | 91,435 | - | 245,702 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 241,904 | 297,342 | - | 539,246 | ||||||||||||||||||||||||||||||||||||||||||||
Other operating income (expense), net | - | - | -2,710 | 12,404 | - | 9,694 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | - | -8,126 | 495,464 | 180,918 | - | 668,256 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | - | 1,039,587 | 26,798 | 132,068 | 32,984 | 1,231,437 | ||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on marketable securities | - | - | 170,182 | -18 | -39,235 | 130,929 | ||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -225,437 | 430,607 | -51,315 | 13,878 | -154,138 | 13,595 | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | - | -3,888 | - | - | - | -3,888 | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | - | -18,060 | 644 | 27 | - | -17,389 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | -225,437 | -639,054 | 588,177 | 62,737 | -226,357 | -439,934 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | - | 413,617 | -216,801 | -38,166 | - | 158,650 | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | -225,437 | -225,437 | 371,376 | 24,571 | -226,357 | -281,284 | ||||||||||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -1,351 | 17,723 | - | 16,372 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | -225,437 | $ | -225,437 | $ | 372,727 | $ | 6,848 | $ | -226,357 | $ | -297,656 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | - | - | 11,875 | -40,401 | - | -28,526 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on securities and derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gain (loss) on marketable securities | - | - | 15,390 | 1,491 | -1,262 | 15,619 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gain on cash flow derivatives | - | 48,180 | - | - | - | 48,180 | ||||||||||||||||||||||||||||||||||||||||||||
Other adjustments to comprehensive income (loss) | - | - | - | -998 | - | -998 | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains on securities included in net income (loss) | - | - | -82,321 | -1,432 | - | -83,753 | ||||||||||||||||||||||||||||||||||||||||||||
Equity in subsidiary comprehensive loss | -45,808 | -93,988 | -40,551 | - | 180,347 | - | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | -271,245 | -271,245 | 277,120 | -34,492 | -47,272 | -347,134 | ||||||||||||||||||||||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | - | - | -1,619 | -789 | - | -2,408 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | -271,245 | $ | -271,245 | $ | 278,739 | $ | -33,703 | $ | -47,272 | $ | -344,726 | ||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated Financial Information | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Nine Months Ended September 30, 2014 | (In thousands) | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | $ | -642,984 | $ | -642,984 | $ | 252,230 | $ | 36,360 | $ | 285,385 | $ | -711,993 | Consolidated net income (loss) | $ | -501,897 | $ | -501,897 | $ | 359,403 | $ | 9,925 | $ | 50,949 | $ | -583,517 | |||||||||||||||||||||||||
Reconciling items: | Reconciling items: | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 225,888 | 298,910 | - | 524,798 | Impairment charges | - | - | 3,820 | 13,150 | - | 16,970 | |||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | 4,937 | - | - | 4,937 | Depreciation and amortization | - | - | 326,185 | 404,643 | - | 730,828 | |||||||||||||||||||||||||||||||||||||
Deferred taxes | - | 99,084 | -44,703 | -9,515 | - | 44,866 | Deferred taxes | - | -96,806 | 3,870 | -65,234 | - | -158,170 | |||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | - | - | 6,659 | 5,490 | - | 12,149 | Provision for doubtful accounts | - | - | 15,052 | 5,191 | - | 20,243 | |||||||||||||||||||||||||||||||||||||
Amortization of deferred financing charges and note discounts, net | - | 78,315 | - | -19,497 | 15,288 | 74,106 | Amortization of deferred financing charges and note discounts, net | - | 141,886 | -3,621 | -55,452 | 41,529 | 124,342 | |||||||||||||||||||||||||||||||||||||
Share-based compensation | - | - | 2,352 | 5,712 | - | 8,064 | Share-based compensation | - | - | 8,990 | 7,725 | - | 16,715 | |||||||||||||||||||||||||||||||||||||
Loss on disposal of operating assets | - | - | -38,184 | -7,525 | - | -45,709 | Gain on disposal of operating assets | - | - | -11 | -22,987 | - | -22,998 | |||||||||||||||||||||||||||||||||||||
Gain (loss) on marketable securities | - | - | - | -62,895 | 62,895 | - | (Gain) loss on marketable securities | - | - | -170,133 | 18 | 39,236 | -130,879 | |||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of nonconsolidated affiliates | 642,984 | -256,622 | -17,764 | 8,863 | -368,073 | 9,388 | Equity in (earnings) loss of nonconsolidated affiliates | 501,897 | -439,900 | 94,224 | 77,410 | -155,935 | 77,696 | |||||||||||||||||||||||||||||||||||||
(Gain) loss on extinguishment of debt | - | -127,703 | 181,080 | - | 2,882 | 56,259 | Loss on extinguishment of debt | - | 87,868 | - | - | - | 87,868 | |||||||||||||||||||||||||||||||||||||
Other reconciling items, net | - | - | 100 | -16,391 | - | -16,291 | Other reconciling items, net | - | 1 | -111 | 20,014 | - | 19,904 | |||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||||||||||||||||||||||||||||||||||||||||
(Increase) decrease in accounts receivable | - | - | 8,753 | -7,242 | - | 1,511 | (Increase) decrease in accounts receivable | - | - | -72,752 | 43,147 | - | -29,605 | |||||||||||||||||||||||||||||||||||||
Increase in deferred income | - | - | 20,980 | 20,267 | - | 41,247 | Increase in accrued expenses | - | - | 8,072 | 18,033 | - | 26,105 | |||||||||||||||||||||||||||||||||||||
Increase (decrease) in accrued expenses | - | 23,216 | 17,856 | -30,952 | - | 10,120 | Increase (decrease) in accounts payable | - | - | 7,853 | -10,473 | - | -2,620 | |||||||||||||||||||||||||||||||||||||
Increase (decrease) in accounts payable | - | - | 10,629 | -9,210 | - | 1,419 | Increase in accrued interest | - | 11,714 | 321 | 4,087 | -108 | 16,014 | |||||||||||||||||||||||||||||||||||||
Increase (decrease) in accrued interest | - | -20,928 | -241 | -717 | 13,996 | -7,890 | Increase in deferred income | - | - | 6,953 | 555 | - | 7,508 | |||||||||||||||||||||||||||||||||||||
Changes in other operating assets and liabilities | - | -3,582 | -7,793 | -13,014 | -11,052 | -35,441 | Changes in other operating assets and liabilities | - | -35,373 | 40,257 | -8,524 | 108 | -3,532 | |||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | - | -851,204 | 622,779 | 198,644 | 1,321 | -28,460 | Net cash provided by (used for) operating activities | - | -832,507 | 628,372 | 441,228 | -24,221 | 212,872 | |||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of property, plant and equipment | - | - | -59,419 | -135,589 | - | -195,008 | Proceeds from sale of other investments | - | - | 75 | 355,073 | -219,577 | 135,571 | |||||||||||||||||||||||||||||||||||||
Acquisition of operating assets | - | - | -2,712 | -567 | - | -3,279 | Purchases of businesses | - | - | -97 | - | - | -97 | |||||||||||||||||||||||||||||||||||||
Purchases of investment assets | - | - | -8,437 | -291,121 | 291,038 | -8,520 | Purchases of property, plant and equipment | - | - | -118,024 | -206,502 | - | -324,526 | |||||||||||||||||||||||||||||||||||||
Proceeds from sale of investment securities | - | - | - | 609,161 | -372,517 | 236,644 | Proceeds from disposal of assets | - | - | 39,464 | 42,134 | - | 81,598 | |||||||||||||||||||||||||||||||||||||
Proceeds from disposal of assets | - | - | -1,458 | 11,825 | - | 10,367 | Purchases of other operating assets | - | - | -11,049 | -10,483 | - | -21,532 | |||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | - | - | -125,000 | - | 125,000 | - | Dividends from subsidiaries | - | 329,867 | 200,785 | - | -530,652 | - | |||||||||||||||||||||||||||||||||||||
Dividends from subsidiaries | 864 | - | 363,329 | - | -364,193 | - | Change in other, net | -270 | - | -1,236 | -3,143 | 270 | -4,379 | |||||||||||||||||||||||||||||||||||||
Change in other, net | - | - | -1,071 | -2,532 | - | -3,603 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) investing activities | -270 | 329,867 | 109,918 | 177,079 | -749,959 | -133,365 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) investing activities | 864 | - | 165,232 | 191,177 | -320,672 | 36,601 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | Draws on credit facilities | - | 269,500 | - | 2,752 | - | 272,252 | |||||||||||||||||||||||||||||||||||||||||||
Draws on credit facilities | - | 65,000 | - | 820 | - | 65,820 | Payments on credit facilities | - | -22,500 | - | -4,815 | - | -27,315 | |||||||||||||||||||||||||||||||||||||
Payments on credit facilities | - | -312,000 | - | -3,032 | - | -315,032 | Intercompany funding | - | 1,160,225 | -805,529 | -378,917 | 24,221 | - | |||||||||||||||||||||||||||||||||||||
Intercompany funding | - | 1,085,584 | -902,889 | -182,695 | - | - | Proceeds from long-term debt | - | 575,000 | - | - | - | 575,000 | |||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | - | 2,080,450 | - | - | -17,975 | 2,062,475 | Payments on long-term debt | - | -1,461,811 | - | -6,626 | 219,577 | -1,248,860 | |||||||||||||||||||||||||||||||||||||
Payments on long-term debt | - | -2,042,256 | - | -35 | 97,727 | -1,944,564 | Payments to repurchase noncontrolling interests | - | - | - | -61,143 | - | -61,143 | |||||||||||||||||||||||||||||||||||||
Investments from Parent | - | - | - | 125,000 | -125,000 | - | Dividends and other payments to noncontrolling interests | - | - | - | -91,887 | - | -91,887 | |||||||||||||||||||||||||||||||||||||
Payments to repurchase noncontrolling interests | - | - | - | - | - | - | Dividends paid | - | - | -84,377 | -446,275 | 530,652 | - | |||||||||||||||||||||||||||||||||||||
Dividends and other payments to noncontrolling interests | - | -864 | - | -397,534 | 365,817 | -32,581 | Deferred financing charges | - | -18,046 | - | -344 | - | -18,390 | |||||||||||||||||||||||||||||||||||||
Deferred financing charges | - | -24,711 | - | -4 | -1,218 | -25,933 | Change in other, net | 270 | 270 | - | 4,191 | -270 | 4,461 | |||||||||||||||||||||||||||||||||||||
Change in other, net | -864 | - | - | 1,319 | - | 455 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) financing activities | 270 | 502,638 | -889,906 | -983,064 | 774,180 | -595,882 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) financing activities | -864 | 851,203 | -902,889 | -456,161 | 319,351 | -189,360 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | -484 | - | -484 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | -4,576 | - | -4,576 | ||||||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | - | -2 | -151,616 | -365,241 | - | -516,859 | ||||||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | - | -1 | -114,878 | -70,916 | - | -185,795 | Cash and cash equivalents at beginning of period | - | 11 | 333,768 | 891,231 | - | 1,225,010 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | - | 9 | 182,152 | 525,990 | - | 708,151 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 9 | $ | 182,152 | $ | 525,990 | $ | - | $ | 708,151 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 8 | $ | 67,274 | $ | 455,074 | $ | - | $ | 522,356 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Nine Months Ended September 30, 2013 | (In thousands) | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | $ | -225,437 | $ | -225,437 | $ | 371,376 | $ | 24,571 | $ | -226,357 | $ | -281,284 | Consolidated net income (loss) | $ | -336,674 | $ | -336,674 | $ | 370,016 | $ | -37,775 | $ | -70,083 | $ | -411,190 | |||||||||||||||||||||||||
Reconciling items: | Reconciling items: | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 241,904 | 297,342 | - | 539,246 | Impairment charges | - | - | - | 37,651 | - | 37,651 | |||||||||||||||||||||||||||||||||||||
Deferred taxes | - | -67,214 | -94,804 | -33,338 | - | -195,356 | Depreciation and amortization | - | - | 328,633 | 400,652 | - | 729,285 | |||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | - | - | 10,172 | 3,538 | - | 13,710 | Deferred taxes | - | -164,449 | 20,143 | -160,305 | - | -304,611 | |||||||||||||||||||||||||||||||||||||
Amortization of deferred financing charges and note discounts, net | - | 106,150 | -3,622 | -42,254 | 32,984 | 93,258 | Provision for doubtful accounts | - | - | 4,459 | 7,256 | - | 11,715 | |||||||||||||||||||||||||||||||||||||
Share-based compensation | - | - | 8,446 | 5,647 | - | 14,093 | Amortization of deferred financing charges and note discounts, net | - | 196,549 | -7,534 | -103,271 | 78,253 | 164,097 | |||||||||||||||||||||||||||||||||||||
(Gain) loss on disposal of operating assets | - | - | 2,710 | -12,404 | - | -9,694 | Share-based compensation | - | - | 17,951 | 10,589 | - | 28,540 | |||||||||||||||||||||||||||||||||||||
Gain (loss) on marketable securities | - | - | -170,182 | 18 | 39,235 | -130,929 | (Gain) loss on disposal of operating assets | - | - | 2,825 | -50,952 | - | -48,127 | |||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of non consolidated affiliates | 225,437 | -430,607 | 51,315 | -13,878 | 154,138 | -13,595 | Loss on marketable securities | - | 1 | 2,001 | 2,578 | - | 4,580 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | - | 3,888 | - | - | - | 3,888 | Equity in (earnings) loss of nonconsolidated affiliates | 336,674 | -492,819 | 174,774 | -19,464 | -17,722 | -18,557 | |||||||||||||||||||||||||||||||||||||
Other reconciling items, net | - | 1 | -152 | 18,742 | - | 18,591 | Loss on extinguishment of debt | - | 33,652 | - | 221,071 | - | 254,723 | |||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | Other reconciling items, net | - | - | -7,707 | 21,941 | - | 14,234 | |||||||||||||||||||||||||||||||||||||||||||
(Increase) decrease in accounts receivable | - | - | -45,500 | 49,205 | - | 3,705 | Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||||||||||||||||||||||||||||||||||
Increase in deferred income | - | - | 6,469 | 21,707 | - | 28,176 | (Increase) decrease in accounts receivable | - | - | 12,256 | -46,494 | - | -34,238 | |||||||||||||||||||||||||||||||||||||
Increase (decrease) in accrued expenses | - | -37,640 | 50,331 | -28,005 | - | -15,314 | Increase in accrued expenses | - | - | 9,432 | 25,442 | - | 34,874 | |||||||||||||||||||||||||||||||||||||
Increase (decrease) in accounts payable | - | - | 9,921 | -22,049 | - | -12,128 | Increase in accounts payable | - | - | 11,312 | 2,551 | - | 13,863 | |||||||||||||||||||||||||||||||||||||
Increase (decrease) in accrued interest | - | -68,401 | 37,546 | 2,981 | -18,842 | -46,716 | Increase (decrease) in accrued interest | - | 21,731 | - | -2,377 | 869 | 20,223 | |||||||||||||||||||||||||||||||||||||
Changes in other operating assets and liabilities | - | -14,407 | -33,450 | 18,207 | 18,842 | -10,808 | Increase in deferred income | - | - | 9,521 | 23,961 | - | 33,482 | |||||||||||||||||||||||||||||||||||||
Changes in other operating assets and liabilities | - | -60,782 | -16,167 | 32,406 | -869 | -45,412 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | - | -733,667 | 442,480 | 290,030 | - | -1,157 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | - | -802,791 | 931,915 | 365,460 | -9,452 | 485,132 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of property, plant and equipment | - | - | -82,677 | -114,583 | - | -197,260 | Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||
Acquisition of other operating assets | - | - | -1,745 | -842 | - | -2,587 | Proceeds from sale of other investments | - | - | - | 50,149 | -50,419 | - | |||||||||||||||||||||||||||||||||||||
Proceeds from disposal of assets | - | - | 75 | 355,073 | -219,577 | 135,571 | Purchases of businesses | - | - | -45,395 | -4,721 | - | -50,116 | |||||||||||||||||||||||||||||||||||||
Proceeds from sale of investment securities | - | - | 22,318 | 17,479 | - | 39,797 | Purchases of property, plant and equipment | - | - | -114,023 | -276,257 | - | -390,280 | |||||||||||||||||||||||||||||||||||||
Dividends from subsidiaries | -393 | 329,867 | - | - | -329,474 | - | Proceeds from disposal of assets | - | - | 3,223 | 56,442 | - | 59,665 | |||||||||||||||||||||||||||||||||||||
Change in other, net | - | - | -1,236 | -2,271 | - | -3,507 | Purchases of other operating assets | - | - | 9,107 | -5,719 | - | -14,826 | |||||||||||||||||||||||||||||||||||||
Dividends from subsidiaries | - | 1,925,661 | 1,916,209 | - | -3,841,870 | - | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) investing activities | -393 | 329,867 | -63,265 | 254,856 | -549,051 | -27,986 | Change in other, net | - | - | 2,700 | -4,857 | 693 | -1,464 | |||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | Net cash provided by (used for) investing activities | - | 1,925,661 | 1,916,209 | - | -3,841,870 | - | |||||||||||||||||||||||||||||||||||||||||||
Draws on credit facilities | - | 269,500 | - | 2,752 | - | 272,252 | ||||||||||||||||||||||||||||||||||||||||||||
Payments on credit facilities | - | -22,500 | - | -1,344 | - | -23,844 | Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||
Intercompany funding | - | 1,028,726 | -549,015 | -479,711 | - | - | Draws on credit facilities | - | 602,500 | - | 2,063 | - | 604,563 | |||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | - | 575,000 | - | 51 | - | 575,051 | Payments on credit facilities | - | -1,928,051 | - | -3,368 | - | -1,931,419 | |||||||||||||||||||||||||||||||||||||
Payments on long-term debt | - | -1,437,435 | - | -5,478 | 219,577 | -1,223,336 | Intercompany funding | - | 914,258 | -896,192 | -18,066 | - | - | |||||||||||||||||||||||||||||||||||||
Payments to repurchase noncontrolling interests | - | - | - | -61,143 | - | -61,143 | Proceeds from long-term debt | - | - | - | 4,917,643 | - | 4,917,643 | |||||||||||||||||||||||||||||||||||||
Dividends and other payments to noncontrolling interests | - | - | -84,377 | -259,352 | 329,867 | -13,862 | Payments on long-term debt | - | -695,342 | -927 | -2,700,786 | 50,149 | -3,346,906 | |||||||||||||||||||||||||||||||||||||
Deferred financing charges | - | -9,885 | - | -337 | - | -10,222 | Payments to repurchase noncontrolling interests | - | - | - | -7,040 | - | -7,040 | |||||||||||||||||||||||||||||||||||||
Change in other, net | 393 | 393 | - | 1,610 | -393 | 2,003 | Dividends and other payments to noncontrolling interests | - | - | - | -251,665 | - | -251,665 | |||||||||||||||||||||||||||||||||||||
Dividends paid | - | - | -1,916,207 | -1,935,115 | 3,851,622 | - | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) financing activities | 393 | 403,799 | -633,392 | -802,952 | 549,051 | -483,101 | Deferred financing charges | - | -13,629 | - | -69,988 | - | -83,617 | |||||||||||||||||||||||||||||||||||||
Change in other, net | - | -2,596 | - | 6,381 | -693 | 3,092 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | -1,714 | - | -1,714 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash used for financing activities | - | -1,122,860 | -2,813,326 | -59,941 | 3,900,778 | -95,349 | ||||||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | - | -1 | -254,177 | -259,780 | - | -513,958 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | - | 11 | 333,768 | 891,231 | - | 1,225,010 | Effect of exchange rate changes on cash | - | - | - | 3,566 | - | 3,566 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 10 | $ | 79,591 | $ | 631,451 | $ | - | $ | 711,052 | Net increase (decrease) in cash and cash equivalents | - | 10 | -127,804 | 124,122 | - | -3,672 | |||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | - | 1 | 461,572 | 767,109 | - | 1,228,682 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 11 | $ | 333,768 | $ | 891,231 | $ | - | $ | 1,225,010 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | $ | -230,822 | $ | -230,822 | $ | 537,331 | $ | 181,085 | $ | -524,801 | $ | -268,029 | ||||||||||||||||||||||||||||||||||||||
Reconciling items: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | - | - | - | 7,614 | - | 7,614 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | - | - | 327,240 | 436,066 | - | 763,306 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred taxes | - | -250,572 | 109,795 | -3,167 | - | -143,944 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | - | - | 7,604 | 6,119 | - | 13,723 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing charges and note discounts, net | - | 222,908 | -6,144 | -104,277 | 75,547 | 188,034 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | - | - | 9,754 | 10,913 | - | 20,667 | ||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of operating assets | - | - | -4,091 | -8,591 | - | -12,682 | ||||||||||||||||||||||||||||||||||||||||||||
Loss on marketable securities | - | - | - | 4,827 | - | 4,827 | ||||||||||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of nonconsolidated affiliates | 230,822 | -629,915 | 54,407 | -26,987 | -453,529 | -26,958 | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | - | 5,721 | 1 | - | -4,275 | 1,447 | ||||||||||||||||||||||||||||||||||||||||||||
Other reconciling items, net | - | - | 1,083 | 15,940 | - | 17,023 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Increase) decrease in accounts receivable | - | - | -13,090 | 5,255 | - | -7,835 | ||||||||||||||||||||||||||||||||||||||||||||
Decrease in accrued expenses | - | - | -97,655 | -29,587 | - | -127,242 | ||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in accounts payable | - | - | -6,419 | 12,655 | - | 6,236 | ||||||||||||||||||||||||||||||||||||||||||||
Increase in accrued interest | - | 16,866 | 20,813 | 1,127 | 364 | 39,170 | ||||||||||||||||||||||||||||||||||||||||||||
Decrease in deferred income | - | - | -427 | -10,349 | - | -10,776 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in other operating assets and liabilities | - | 22,480 | -121,109 | 9,193 | -364 | -89,720 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | - | -843,334 | 710,359 | 507,836 | - | 374,861 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of other investments | - | - | -700 | 174,616 | -167,022 | 6,894 | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of businesses | - | - | -207 | -46,149 | - | -46,356 | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of property, plant and equipment | - | - | -69,650 | -292,631 | - | -362,281 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from disposal of assets | - | - | 41,387 | 12,883 | - | 54,270 | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of other operating assets | - | - | -6,201 | -14,794 | - | -20,995 | ||||||||||||||||||||||||||||||||||||||||||||
Investment in iHeart notes | - | - | - | -55,250 | 55,250 | - | ||||||||||||||||||||||||||||||||||||||||||||
Dividends from subsidiaries | - | 250 | - | - | -250 | - | ||||||||||||||||||||||||||||||||||||||||||||
Change in other, net | - | -250 | 69 | -16,761 | 17,324 | 382 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash used for investing activities | - | - | -35,302 | -238,086 | -94,698 | -368,086 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Draws on credit facilities | - | 55,000 | - | - | - | 55,000 | ||||||||||||||||||||||||||||||||||||||||||||
Payments on credit facilities | - | -956,181 | - | -4,151 | - | -960,332 | ||||||||||||||||||||||||||||||||||||||||||||
Intercompany funding | - | 1,494,919 | -1,414,366 | -80,553 | - | - | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | - | 1,724,650 | 1,604 | 5,012 | - | 4,917,643 | ||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | - | -1,428,051 | -22,155 | -115,115 | 167,022 | -1,398,299 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of long-term debt | - | - | - | - | -55,250 | -55,250 | ||||||||||||||||||||||||||||||||||||||||||||
Payments to repurchase noncontrolling interests | - | - | - | -4,682 | - | -4,682 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends and other payments to noncontrolling interests | - | - | - | -3,571 | - | -3,571 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid | - | - | - | -250 | 250 | - | ||||||||||||||||||||||||||||||||||||||||||||
Deferred financing charges | - | -46,697 | 38 | - | - | -46,659 | ||||||||||||||||||||||||||||||||||||||||||||
Change in other, net | - | -306 | 1,032 | 1,009 | -17,324 | -15,589 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) financing activities | - | 843,334 | -1,433,847 | -202,301 | 94,698 | -698,116 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | - | - | - | -903 | - | -903 | ||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | - | - | -758,790 | 66,546 | - | -692,244 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | - | 1 | 1,220,362 | 700,563 | - | 1,920,926 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | - | $ | 1 | 461,572 | $ | 767,109 | $ | - | $ | 1,228,682 | |||||||||||||||||||||||||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Barter and Trade Revenues and Expenses | Barter and trade revenues and expenses from continuing operations were as follows: | ||||||||||||
(In millions) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Barter and trade revenues | $ | 66 | $ | 56.5 | $ | 61.2 | |||||||
Barter and trade expenses | 58.5 | 58.8 | 63.4 |
INVESTMENTS_Tables
INVESTMENTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Investments in Nonconsolidated Affiliates | The following table summarizes the Company’s investments in nonconsolidated affiliates: | ||||||||||||
(In thousands) | ARN | All | Total | ||||||||||
Others | |||||||||||||
Balance at December 31, 2011 | $ | 347,377 | $ | 12,310 | $ | 359,687 | |||||||
Cash advances (repayments) | -8,758 | 3,082 | -5,676 | ||||||||||
Acquisitions of investments, net | - | 2,704 | 2,704 | ||||||||||
Equity in earnings (loss) | 18,621 | -64 | 18,557 | ||||||||||
Foreign currency transaction adjustment | -1,189 | - | -1,189 | ||||||||||
Foreign currency translation adjustment | 8,085 | -10 | 8,075 | ||||||||||
Distributions received | -11,074 | -642 | -11,716 | ||||||||||
Other | - | 470 | 470 | ||||||||||
Balance at December 31, 2012 | $ | 353,062 | $ | 17,850 | $ | 370,912 | |||||||
Cash advances (repayments) | - | 3,051 | 3,051 | ||||||||||
Acquisitions of investments, net | - | 1,354 | 1,354 | ||||||||||
Equity in loss | -75,318 | -2,378 | -77,696 | ||||||||||
Foreign currency transaction adjustment | -37,068 | 4 | -37,064 | ||||||||||
Distributions received | -19,926 | -1,750 | -21,676 | ||||||||||
Other | - | -76 | -76 | ||||||||||
Balance at December 31, 2013 | $ | 220,750 | $ | 18,055 | $ | 238,805 | |||||||
ASSET_RETIREMENT_OBLIGATION_Ta
ASSET RETIREMENT OBLIGATION (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Schedule of Change in Asset Retirement Obligation | The following table presents the activity related to the Company’s asset retirement obligation: | ||||||||
(In thousands) | Years Ended December 31, | ||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 56,849 | $ | 51,295 | |||||
Adjustment due to change in estimate of related costs | 748 | 3,570 | |||||||
Accretion of liability | 5,106 | 4,920 | |||||||
Liabilities settled | -3,323 | -2,936 | |||||||
Ending balance | $ | 59,380 | $ | 56,849 | |||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule of Fair Value of Available-for-Sale and Other Investments | The cost, unrealized holding gains or losses, and fair value of the Company’s investments at December 31, 2013 and 2012 are as follows: | ||||||||||||||||
(In thousands) | Gross | Gross | |||||||||||||||
Investments | Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Losses | Gains | Value | ||||||||||||||
2013 | |||||||||||||||||
Available-for-sale | $ | 659 | $ | - | $ | 1,283 | $ | 1,942 | |||||||||
Other cost investments | 7,783 | - | - | 7,783 | |||||||||||||
Total | $ | 8,442 | $ | - | $ | 1,283 | $ | 9,725 | |||||||||
2012 | |||||||||||||||||
Available-for-sale | $ | 5,207 | $ | - | $ | 106,220 | $ | 111,427 | |||||||||
Other cost investments | 7,769 | - | - | 7,769 | |||||||||||||
Total | $ | 12,976 | $ | - | $ | 106,220 | $ | 119,196 | |||||||||
Schedule of Accumulated Other Comprehensive Loss on Interest Rate Swaps | The following table details the beginning and ending accumulated other comprehensive loss and the current period activity related to the interest rate swap agreement: | ||||||||||||||||
(In thousands) | Accumulated other | ||||||||||||||||
comprehensive loss | |||||||||||||||||
Balance at December 31, 2011 | $ | 100,292 | |||||||||||||||
Other comprehensive income | 52,112 | ||||||||||||||||
Balance at December 31, 2012 | 48,180 | ||||||||||||||||
Other comprehensive income | 48,180 | ||||||||||||||||
Balance at December 31, 2013 | $ | - | |||||||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule of Future Minimum Rental Commitments | As of December 31, 2013, 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 | ||||||||||||||
2014 | $ | 401,390 | $ | 533,454 | $ | 44,224 | $ | 84,009 | |||||||||
2015 | 377,981 | 422,395 | 27,007 | 76,770 | |||||||||||||
2016 | 309,239 | 341,684 | 14,382 | 72,223 | |||||||||||||
2017 | 266,063 | 200,411 | 2,454 | 30,618 | |||||||||||||
2018 | 226,722 | 987 | 152 | 11,000 | |||||||||||||
Thereafter | 1,344,727 | 539,324 | 23,532 | - | |||||||||||||
Total | $ | 2,926,122 | $ | 2,038,255 | $ | 111,751 | $ | 274,620 | |||||||||
OTHER_INFORMATION_Tables
OTHER INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Other Income (Expense) | The following table discloses the components of “Other income (expense)” for the years ended December 31, 2013, 2012 and 2011, respectively: | ||||||||||||
(In thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Foreign exchange gain (loss) | $ | 1,772 | $ | -3,018 | $ | -234 | |||||||
Debt modification expenses | -23,555 | - | - | ||||||||||
Other | -197 | 3,268 | -2,935 | ||||||||||
Total other income (expense), net | $ | -21,980 | $ | 250 | $ | -3,169 | |||||||
Schedule of Defered Tax (Asset) Liablity Related to Other comprhensive Income (Loss) | The following table discloses the increase (decrease) in net deferred income tax liabilities related to each component of other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011, respectively: | ||||||||||||
(In thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Foreign currency translation adjustments and other | $ | -14,421 | $ | 3,210 | $ | -449 | |||||||
Unrealized holding gain on marketable securities | -11,010 | 15,324 | 2,667 | ||||||||||
Unrealized holding gain (loss) on cash flow derivatives | 28,759 | 30,074 | 20,157 | ||||||||||
Total increase (decrease) in deferred tax liabilities | $ | 3,328 | $ | 48,608 | $ | 22,375 | |||||||
Schedule of Other Current Assets | The following table discloses the components of “Other current assets” as of December 31, 2013 and 2012, respectively: | ||||||||||||
(In thousands) | As of December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Inventory | $ | 26,872 | $ | 23,110 | |||||||||
Deferred tax asset | 51,967 | 19,249 | |||||||||||
Deposits | 5,126 | 4,223 | |||||||||||
Deferred loan costs | 30,165 | 44,446 | |||||||||||
Other | 47,027 | 43,907 | |||||||||||
Total other current assets | $ | 161,157 | $ | 134,935 | |||||||||
Schedule of Other Assets | The following table discloses the components of “Other assets” as of December 31, 2013 and 2012, respectively: | ||||||||||||
(In thousands) | As of December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Investments in, and advances to, nonconsolidated affiliates | $ | 238,806 | $ | 370,912 | |||||||||
Other investments | 9,725 | 119,196 | |||||||||||
Notes receivable | 302 | 363 | |||||||||||
Prepaid expenses | 24,231 | 32,382 | |||||||||||
Deferred loan costs | 143,763 | 157,726 | |||||||||||
Deposits | 26,200 | 24,474 | |||||||||||
Prepaid rent | 62,864 | 71,942 | |||||||||||
Other | 15,721 | 28,942 | |||||||||||
Non-qualified plan assets | 11,844 | 10,593 | |||||||||||
Total other assets | $ | 533,456 | $ | 816,530 | |||||||||
Schedule of Other Current Liabilities | The following table discloses the components of “Other current liabilities” as of December 31, 2013 and 2012, respectively: | ||||||||||||
(In thousands) | As of December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Interest rate swap - current portion | $ | - | $ | 76,939 | |||||||||
Redeemable noncontrolling interest | - | 60,950 | |||||||||||
Total other current liabilities | $ | - | $ | 137,889 | |||||||||
Schedule of Other Long-Term Liabilities | The following table discloses the increase (decrease) in net deferred income tax liabilities related to each component of other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011, respectively: | ||||||||||||
(In thousands) | Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Foreign currency translation adjustments and other | $ | -14,421 | $ | 3,210 | $ | -449 | |||||||
Unrealized holding gain on marketable securities | -11,010 | 15,324 | 2,667 | ||||||||||
Unrealized holding gain (loss) on cash flow derivatives | 28,759 | 30,074 | 20,157 | ||||||||||
Total increase (decrease) in deferred tax liabilities | $ | 3,328 | $ | 48,608 | $ | 22,375 | |||||||
Schedule of Accumulated Other Comprehensive Loss | The following table discloses the components of “Accumulated other comprehensive loss,” net of tax, as of December 31, 2013 and 2012, respectively: | ||||||||||||
(In thousands) | As of December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Cumulative currency translation adjustment | $ | -209,392 | $ | -178,372 | |||||||||
Cumulative unrealized gain on securities | 1,101 | 66,982 | |||||||||||
Cumulative other adjustments | 12,218 | 6,286 | |||||||||||
Cumulative unrealized loss on cash flow derivatives | - | -48,180 | |||||||||||
Total accumulated other comprehensive loss | $ | -196,073 | $ | -153,284 | |||||||||
QUARTERLY_RESULTS_OF_OPERATION1
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Schedule of Quarterly Results of Operations (Unaudited) | (In thousands, except per share data) | ||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Revenue | $1,343,058 | $1,360,723 | $1,618,097 | $1,602,494 | $1,587,522 | $1,587,331 | $1,694,367 | $1,696,336 | |||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||
Direct operating expenses | 594,817 | 608,571 | 630,357 | 602,803 | 646,113 | 633,770 | 672,132 | 649,097 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 403,363 | 426,083 | 411,341 | 401,479 | 411,354 | 407,501 | 423,803 | 431,355 | |||||||||||||||||||||||||
Corporate expenses | 83,763 | 72,606 | 77,557 | 72,094 | 92,204 | 73,921 | 70,658 | 78,745 | |||||||||||||||||||||||||
Depreciation and amortization | 182,182 | 175,366 | 179,734 | 181,839 | 177,330 | 182,350 | 191,582 | 189,730 | |||||||||||||||||||||||||
Impairment charges | - | - | - | - | - | - | 16,970 | 37,651 | |||||||||||||||||||||||||
Other operating income, net | 2,395 | 3,124 | 1,113 | 1,917 | 6,186 | 42,118 | 13,304 | 968 | |||||||||||||||||||||||||
Operating income | 81,328 | 81,221 | 320,221 | 346,196 | 266,707 | 331,907 | 332,526 | 310,726 | |||||||||||||||||||||||||
Interest expense | 385,525 | 374,016 | 407,508 | 385,867 | 438,404 | 388,210 | 418,014 | 400,930 | |||||||||||||||||||||||||
Gain (loss) on marketable securities | - | - | 130,898 | - | 31 | - | -50 | -4,580 | |||||||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 3,641 | 3,555 | 5,971 | 4,696 | 3,983 | 3,663 | -91,291 | 6,643 | |||||||||||||||||||||||||
Loss on extinguishment of debt | -3,888 | -15,167 | - | - | - | - | -83,980 | -239,556 | |||||||||||||||||||||||||
Other income (expense), net | -1,000 | -1,106 | -18,098 | -1,397 | 1,709 | 824 | -4,591 | 1,929 | |||||||||||||||||||||||||
Income (loss) before income taxes | -305,444 | -305,513 | 31,484 | -36,372 | -165,974 | -51,816 | -265,400 | -325,768 | |||||||||||||||||||||||||
Income tax benefit (expense) | 96,325 | 157,398 | -11,477 | 8,663 | 73,802 | 13,232 | -36,833 | 128,986 | |||||||||||||||||||||||||
Consolidated net income (loss) | -209,119 | -148,115 | 20,007 | -27,709 | -92,172 | -38,584 | -302,233 | -196,782 | |||||||||||||||||||||||||
Less amount attributable to noncontrolling interest | -6,116 | -4,486 | 12,805 | 11,316 | 9,683 | 11,977 | 6,994 | -5,518 | |||||||||||||||||||||||||
Net income (loss) attributable to the Company | ($203,003) | ($143,629) | $7,202 | ($39,025) | ($101,855) | ($50,561) | ($309,227) | ($191,264) | |||||||||||||||||||||||||
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Detail) | Sep. 30, 2014 | Dec. 31, 2013 |
Percentage of ownership | 100.00% | |
Minimum [Member] | ||
Percentage of ownership | 20.00% | 20.00% |
Maximum [Member] | ||
Percentage of ownership | 50.00% | 50.00% |
Recovered_Sheet1
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Property, Plant And Equipment) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment | |||
Structures, gross | $3,023,714 | $3,021,152 | |
Accumulated depreciation, structures | 1,380,187 | 1,255,642 | |
Structures, net | 1,643,527 | 1,765,510 | 1,890,693 |
Property, plant and equipment | 1,806,622 | 1,761,689 | |
Less: accumulated depreciation | 721,408 | 629,569 | |
Other property, plant and equipment, net | 1,085,214 | 1,132,120 | 1,146,161 |
Land, Buildings and Improvements [Member] | |||
Property, Plant and Equipment | |||
Property, plant and equipment | 739,845 | 723,268 | |
Towers, transmitters and studio equipment [Member] | |||
Property, Plant and Equipment | |||
Property, plant and equipment | 451,651 | 440,612 | |
Furniture and other equipment [Member] | |||
Property, Plant and Equipment | |||
Property, plant and equipment | 525,245 | 473,995 | |
Construction in progress [Member] | |||
Property, Plant and Equipment | |||
Property, plant and equipment | $89,881 | $123,814 |
Recovered_Sheet2
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Other Intangible Assets) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Other Intangible Assets | |||
Gross Carrying Amount | $3,081,687 | $3,124,002 | $3,145,120 |
Accumulated Amortization | -1,814,600 | -1,657,456 | -1,404,328 |
Transit, street furniture and other outdoor contractual rights [Member] | |||
Other Intangible Assets | |||
Gross Carrying Amount | 749,372 | 777,521 | 785,303 |
Accumulated Amortization | -490,255 | -464,548 | -403,955 |
Customer/advertiser relationships [Member] | |||
Other Intangible Assets | |||
Gross Carrying Amount | 1,212,349 | 1,212,745 | 1,210,245 |
Accumulated Amortization | -735,526 | -645,988 | -526,197 |
Talent contracts [Member] | |||
Other Intangible Assets | |||
Gross Carrying Amount | 319,384 | 319,617 | 344,255 |
Accumulated Amortization | -216,788 | -195,403 | -177,527 |
Representation contracts [Member] | |||
Other Intangible Assets | |||
Gross Carrying Amount | 238,107 | 252,961 | 243,970 |
Accumulated Amortization | -201,215 | -200,058 | -171,069 |
Permanent easements [Member] | |||
Other Intangible Assets | |||
Gross Carrying Amount | 174,628 | 173,753 | 173,374 |
Accumulated Amortization | 0 | 0 | 0 |
Other [Member] | |||
Other Intangible Assets | |||
Gross Carrying Amount | 387,847 | 387,405 | 387,973 |
Accumulated Amortization | ($170,816) | ($151,459) | ($125,580) |
Property_Plant_And_Equipment_I2
Property, Plant And Equipment, Intangible Assets And Goodwill (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Amortization expense | $65,700,000 | $70,200,000 | $198,900,000 | $213,200,000 | $289,000,000 | $300,000,000 | $328,300,000 |
Goodwill recognition | 29,058,000 | 97,000 | 24,893,000 | ||||
Increase in property, plant and equipment | 5,300,000 | ||||||
Increase in intangible assets | 15,200,000 | ||||||
Increase in goodwill | 24,700,000 | ||||||
Assumed liabilities | 700,000 | ||||||
Stucture impairment | 1,300,000 | 1,700,000 | |||||
Goodwill impairment charge | -10,684,000 | ||||||
International Outdoor Advertising [Member] | |||||||
Goodwill recognition | 0 | 0 | 0 | ||||
Goodwill impairment charge | -10,684,000 | -1,100,000 | |||||
Cumulative impairments | 315,900,000 | ||||||
Aloha Station Trust, LLC [Member] | |||||||
Number of radio stations exchanged | 2 | ||||||
Radio Station Portfolio | 29 | ||||||
Radio Stations Acquired | 28 | ||||||
Goodwill recognition | 28,800,000 | ||||||
Gain on sale of radio stations | 43,500,000 | ||||||
Brunswick Station Trust, LLC [Member] | |||||||
Number of Radio Stations Placed in Trust | 1 | ||||||
iHM [Member] | |||||||
Goodwill recognition | 28,760,000 | 0 | 24,842,000 | ||||
Goodwill impairment charge | 0 | ||||||
Cumulative impairments | 3,500,000,000 | ||||||
Americas Outdoor Advertising [Member] | |||||||
Goodwill recognition | 0 | 0 | 0 | ||||
Goodwill impairment charge | 0 | ||||||
Cumulative impairments | 2,600,000,000 | ||||||
Other [Member] | |||||||
Goodwill recognition | 298,000 | 97,000 | 51,000 | ||||
Goodwill impairment charge | 0 | ||||||
Cumulative impairments | 212,000,000 | ||||||
FCC licenses [Member] | |||||||
Impairment of intangibles | 2,000,000 | ||||||
Billboard Permits [Member] | |||||||
Impairment of intangibles | 2,500,000 | 35,900,000 | 6,500,000 | ||||
International Neon Business [Member] | |||||||
Gain (loss) on disposal | 39,700,000 | ||||||
Radio Stations [Member] | |||||||
Gain (loss) on disposal | 500,000 | ||||||
Disposal proceeds | 22,700,000 | ||||||
Radio stations sold | 27 | ||||||
Times Square Outdoor Advertising Assets [Member] | |||||||
Gain (loss) on disposal | 12,200,000 | ||||||
Disposal proceeds | 18,700,000 | ||||||
Green Bay Radio Stations [Member] | |||||||
Gain (loss) on disposal | 500,000 | ||||||
Disposal proceeds | 17,600,000 | ||||||
Radio stations sold | 5 | ||||||
WOR [Member] | |||||||
Purchase price | 30,000,000 | ||||||
WFNX [Member] | |||||||
Purchase price | 14,500,000 | ||||||
Traffic Business [Member] | |||||||
Purchase price | 24,300,000 | ||||||
Increase in property, plant and equipment | 17,200,000 | ||||||
Increase in intangible assets | 35,000,000 | ||||||
Increase in goodwill | 70,600,000 | ||||||
Repayment of intercompany debt | 95,000,000 | ||||||
Brouwer & Partners [Member] | |||||||
Purchase price | $12,500,000 |
Property_Plant_And_Equipment_I3
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Future Amortization Expenses) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant And Equipment, Intangible Assets And Goodwill [Abstract] | ||
2014 | $261,125 | |
2015 | 240,713 | 241,637 |
2016 | 222,207 | 223,146 |
2017 | 195,977 | 196,839 |
2018 | 126,664 | 127,275 |
2019 | $42,545 |
Property_Plant_And_Equipment_I4
Property, Plant And Equipment, Intangible Assets And Goodwill (Schedule Of Changes In Carrying Amount Of Goodwill) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ||||
Balance | $4,202,187 | $4,216,085 | $4,186,718 | |
Impairment | -10,684 | |||
Acquisitions | 29,058 | 97 | 24,893 | |
Dispositions | -456 | -3,218 | ||
Foreign currency | -18,693 | -974 | 7,784 | |
Other | 60 | -1,881 | -92 | |
Balance | 4,212,612 | 4,202,187 | 4,216,085 | |
iHM [Member] | ||||
Goodwill [Line Items] | ||||
Balance | 3,234,807 | 3,236,688 | 3,212,427 | |
Impairment | 0 | |||
Acquisitions | 28,760 | 0 | 24,842 | |
Dispositions | 0 | -489 | ||
Foreign currency | 0 | 0 | 0 | |
Other | 60 | -1,881 | -92 | |
Balance | 3,263,627 | 3,234,807 | 3,236,688 | |
Americas Outdoor Advertising [Member] | ||||
Goodwill [Line Items] | ||||
Balance | 571,932 | 571,932 | 571,932 | |
Impairment | 0 | |||
Acquisitions | 0 | 0 | 0 | |
Dispositions | 0 | 0 | ||
Foreign currency | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | |
Balance | 571,932 | 571,932 | 571,932 | |
International Outdoor Advertising [Member] | ||||
Goodwill [Line Items] | ||||
Balance | 278,202 | 290,316 | 285,261 | |
Impairment | -10,684 | -1,100 | ||
Acquisitions | 0 | 0 | 0 | |
Dispositions | -456 | -2,729 | ||
Foreign currency | -18,693 | -974 | 7,784 | |
Other | 0 | 0 | 0 | |
Balance | 259,509 | 278,202 | 290,316 | 285,261 |
Other [Member] | ||||
Goodwill [Line Items] | ||||
Balance | 117,246 | 117,149 | 117,098 | |
Impairment | 0 | |||
Acquisitions | 298 | 97 | 51 | |
Dispositions | 0 | 0 | ||
Foreign currency | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | |
Balance | $117,544 | $117,246 | $117,149 |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Total debt | $20,484,779 | $20,484,213 | $20,747,097 |
Less: current portion | 3,232 | 453,734 | 381,728 |
Total long-term debt | 20,481,547 | 20,030,479 | 20,365,369 |
Senior Secured Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 7,231,222 | 8,225,754 | |
Receivables Based Facility Due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 247,000 | 0 |
9.0% Priority Guarantee Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 1,999,815 | 1,999,815 | 1,999,815 |
Latest maturity date | 2019 | ||
9.0% Priority Guarantee Notes Due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 1,750,000 | 1,750,000 | 1,750,000 |
Latest maturity date | 2021 | ||
11.25% Priority Guarantee Notes Due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 575,000 | 575,000 | 0 |
Latest maturity date | 2021 | ||
9% Priority Guarantee Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 1,000,000 | ||
Stated interest rate | 9.00% | ||
Other secured subsidiary long-term debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 18,654 | 21,124 | |
Senior Cash Pay Notes Due 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 94,304 | 796,250 |
Stated interest rate | 10.75% | 10.75% | |
Earliest maturity date | 2016 | 2016 | 2016 |
Latest maturity date | 2016 | 2016 | 2016 |
Senior Toggle Notes Due 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 127,941 | 829,831 |
Stated interest rate | 11.00% | 11.00% | |
Earliest maturity date | 2015 | 2015 | 2015 |
Latest maturity date | 2016 | 2016 | 2016 |
Senior Notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 1,661,697 | 1,404,202 | 0 |
Stated interest rate | 14.00% | 14.00% | |
Earliest maturity date | 2018 | 2018 | 2018 |
Latest maturity date | 2021 | 2021 | 2021 |
iHeart Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 725,000 | 1,436,455 | |
Earliest maturity date | 2016 | 2016 | |
Latest maturity date | 2027 | 2027 | |
Senior Notes 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 850,000 | ||
Stated interest rate | 10.00% | ||
Earliest maturity date | 2018 | ||
Latest maturity date | 2018 | ||
Subsidiary Senior Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 2,725,000 | 2,725,000 | |
Earliest maturity date | 2022 | 2022 | |
Latest maturity date | 2022 | 2022 | |
Subsidiary Senior Subordinated Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 2,200,000 | 2,200,000 | |
Earliest maturity date | 2020 | 2020 | |
Latest maturity date | 2020 | 2020 | |
Other subsidiary debt due 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 419 | 10 | |
Purchase Accounting Adjustments And Original Issue Discount [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | -252,028 | -322,392 | -408,921 |
Subsidiary Senior Revolving Credit Facility Due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 0 | |
Senior Notes 575 Due 2013 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 312,109 | |
Stated interest rate | 5.75% | 5.75% | |
Earliest maturity date | 2013 | 2013 | |
Latest maturity date | 2013 | 2013 | |
Senior Notes 55 Due 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 461,455 | 461,455 | |
Stated interest rate | 5.50% | 5.50% | |
Earliest maturity date | 2014 | 2014 | |
Latest maturity date | 2014 | 2014 | |
Senior Notes 49 Due 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 250,000 | 250,000 | |
Stated interest rate | 4.90% | 4.90% | |
Earliest maturity date | 2015 | 2015 | |
Latest maturity date | 2015 | 2015 | |
Senior Notes 55 Due 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 250,000 | 250,000 | |
Stated interest rate | 5.50% | 5.50% | |
Earliest maturity date | 2016 | 2016 | |
Latest maturity date | 2016 | 2016 | |
Senior Debentures 6875 Due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 175,000 | 175,000 | |
Stated interest rate | 6.88% | 6.88% | |
Earliest maturity date | 2018 | 2018 | |
Latest maturity date | 2018 | 2018 | |
Senior Debentures 725 Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 300,000 | 300,000 | |
Stated interest rate | 7.25% | 7.25% | |
Earliest maturity date | 2027 | 2027 | |
Latest maturity date | 2027 | 2027 | |
6.5% Series A Senior Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 735,750 | 735,750 | |
Stated interest rate | 6.50% | 6.50% | |
Earliest maturity date | 2022 | 2022 | |
Latest maturity date | 2022 | 2022 | |
6.5% Series B Senior Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 1,989,250 | 1,989,250 | |
Stated interest rate | 6.50% | 6.50% | |
Earliest maturity date | 2022 | 2022 | |
Latest maturity date | 2022 | 2022 | |
7.625% Series A Senior Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 275,000 | 275,000 | |
Stated interest rate | 7.63% | 7.63% | |
Earliest maturity date | 2020 | 2020 | |
Latest maturity date | 2020 | 2020 | |
7.625% Series B Senior Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 1,925,000 | 1,925,000 | |
Stated interest rate | 7.63% | 7.63% | |
Earliest maturity date | 2020 | 2020 | |
Latest maturity date | 2020 | 2020 | |
Other Clear Channel Subsidiary Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 10 | 5,586 | |
Total Consolidated Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 12,574,691 | 12,818,693 | 12,850,787 |
Total Consolidated Secured Debt [Member] | Senior Secured Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Earliest maturity date | 2014 | 2014 | |
Latest maturity date | 2019 | 2019 | |
Total Consolidated Secured Debt [Member] | Receivables Based Facility Due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Earliest maturity date | 2017 | 2017 | 2017 |
Latest maturity date | 2017 | 2017 | 2017 |
Total Consolidated Secured Debt [Member] | 9.0% Priority Guarantee Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 9.00% | 9.00% | 9.00% |
Earliest maturity date | 2019 | 2019 | 2019 |
Latest maturity date | 2019 | 2019 | 2019 |
Total Consolidated Secured Debt [Member] | 9.0% Priority Guarantee Notes Due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 9.00% | 9.00% | 9.00% |
Earliest maturity date | 2021 | 2021 | 2021 |
Latest maturity date | 2021 | 2021 | 2021 |
Total Consolidated Secured Debt [Member] | 11.25% Priority Guarantee Notes Due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 11.25% | 11.25% | 11.25% |
Earliest maturity date | 2021 | 2021 | 2021 |
Latest maturity date | 2021 | 2021 | 2021 |
Total Consolidated Secured Debt [Member] | 9% Priority Guarantee Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 9.00% | 9.00% | |
Earliest maturity date | 2022 | 2022 | |
Latest maturity date | 2022 | 2022 | |
Total Consolidated Secured Debt [Member] | Other secured subsidiary long-term debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 21,124 | 25,507 | |
Earliest maturity date | 2014 | 2014 | |
Latest maturity date | 2025 | 2025 | |
Total Consolidated Secured Debt [Member] | Term Loan A Facility Due 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 846,890 | |
Latest maturity date | 2014 | 2014 | |
Total Consolidated Secured Debt [Member] | Term Loan B Facility Due 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 1,890,978 | 7,714,843 | |
Earliest maturity date | 2016 | 2016 | |
Latest maturity date | 2016 | 2016 | |
Total Consolidated Secured Debt [Member] | Term Loan C Asset Sale Facility Due 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 34,776 | 513,732 | |
Earliest maturity date | 2016 | 2016 | |
Latest maturity date | 2016 | 2016 | |
Total Consolidated Secured Debt [Member] | Term LoanD Facility Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 5,000,000 | 0 | |
Earliest maturity date | 2019 | 2019 | |
Latest maturity date | 2019 | 2019 | |
Total Consolidated Secured Debt [Member] | Term LoanE Facility Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $1,300,000 | $0 | |
Earliest maturity date | 2019 | 2019 | |
Latest maturity date | 2019 | 2019 | |
Total Consolidated Secured Debt [Member] | Subsidiary Senior Revolving Credit Facility Due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Earliest maturity date | 2018 | 2018 | |
Latest maturity date | 2018 | 2018 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||||||
Feb. 14, 2014 | Mar. 15, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 14, 2014 | Mar. 31, 2013 | Jun. 06, 2014 | Jun. 30, 2011 | Feb. 19, 2014 | Aug. 22, 2014 | Sep. 29, 2014 | Sep. 10, 2014 | Oct. 01, 2014 | |
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Weighted average interest rate | 8.10% | 7.60% | 6.70% | 8.10% | 7.60% | 6.70% | |||||||||||||||||||
Principal amount | $8,225,800,000 | $8,225,800,000 | |||||||||||||||||||||||
Letters Of Credit Outstanding Amount | 110,000,000 | 118,900,000 | 110,000,000 | 118,900,000 | |||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Voluntary debt prepayment | 222,200,000 | ||||||||||||||||||||||||
Loss on extinguishment of debt | -4,840,000 | -83,980,000 | 0 | 0 | -3,888,000 | -239,556,000 | 0 | 0 | -15,167,000 | -56,259,000 | -3,888,000 | -87,868,000 | -254,723,000 | -1,447,000 | |||||||||||
Prepayment of indebtedness outstanding under credit facilities | 500,000,000 | ||||||||||||||||||||||||
Repayment | 227,000,000 | ||||||||||||||||||||||||
Certain Covenants [Abstract] | |||||||||||||||||||||||||
Purchase accounting adjustment and original issue discount | 322,400,000 | 322,400,000 | |||||||||||||||||||||||
Use Of Proceeds [Abstract] | |||||||||||||||||||||||||
Special cash dividends date paid | 15-Mar-12 | ||||||||||||||||||||||||
Dividends paid to noncontrolling interest | 32,581,000 | 58,942,000 | 91,887,000 | 251,666,000 | |||||||||||||||||||||
Post Amendments [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Line of credit facility maximum borrowing capacity | 10,000,000 | ||||||||||||||||||||||||
Subsidiary Holder [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2022 | ||||||||||||||||||||||||
Accrued interest payment terms | Bear interest at a rate of 9.0% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2015. | ||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Portion of debt held by subsidiary | 227,000,000 | ||||||||||||||||||||||||
Face value of debt repaid | 61,900,000 | 61,900,000 | |||||||||||||||||||||||
Redemption date | 15-Sep-17 | ||||||||||||||||||||||||
Payments for repurchases of debt | 63,100,000 | 63,100,000 | |||||||||||||||||||||||
Loss on extinguishment of debt | -3,900,000 | ||||||||||||||||||||||||
9% Priority Guarantee Notes Due 2022 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Stated interest rate | 9.00% | 9.00% | |||||||||||||||||||||||
Principal amount | 750,000,000 | 750,000,000 | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Percentage of aggregate principal redeemable | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption percentage of face value after redemption date | 109.00% | 109.00% | |||||||||||||||||||||||
Redemption percentage of face value before redemption date | 40.00% | 40.00% | |||||||||||||||||||||||
9% Priority Guarantee Notes Due 2022 [Member] | Subsidiary Holder [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Stated interest rate | 9.00% | 9.00% | |||||||||||||||||||||||
Principal amount | 250,000,000 | 250,000,000 | |||||||||||||||||||||||
Debt issue price percentage | 101.00% | 101.00% | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Percentage of aggregate principal redeemable | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption percentage of face value after redemption date | 109.00% | 109.00% | |||||||||||||||||||||||
Redemption percentage of face value before redemption date | 40.00% | 40.00% | |||||||||||||||||||||||
Clear Channel Senior Notes, 5.5% [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Principle ammount of debt redeemed at redemption date | 567,100,000 | ||||||||||||||||||||||||
Clear Channel Senior Notes, 5.5% [Member] | Subsidiary Holder [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Face value of debt repaid | 52,900,000 | 52,900,000 | |||||||||||||||||||||||
Principle ammount of debt redeemed at redemption date | 158,500,000 | ||||||||||||||||||||||||
Clear Channel Senior Notes, 5.5% [Member] | C C Holdings Finco [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Face value of debt repaid | 80,000,000 | ||||||||||||||||||||||||
Repurchase of long-term debt | 57,100,000 | ||||||||||||||||||||||||
Tranche A Term Loan [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Loss on extinguishment of debt as a result of write-off of deferred debt issuance costs | 3,900,000 | ||||||||||||||||||||||||
Prepayment of debt | 846,900,000 | 846,900,000 | |||||||||||||||||||||||
Subsidiary Senior Revolving Credit Facility Due 2018 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Line of credit facility maximum borrowing capacity | 75,000,000 | 75,000,000 | |||||||||||||||||||||||
Letters Of Credit Outstanding Amount | 34,100,000 | 34,100,000 | |||||||||||||||||||||||
CCWH Senior Subordinated Notes [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Principal amount | 2,700,000,000 | 2,700,000,000 | |||||||||||||||||||||||
CCWH Senior Subordinated Notes [Member] | C C O H [Member] | |||||||||||||||||||||||||
Use Of Proceeds [Abstract] | |||||||||||||||||||||||||
Proceeds from issuance of senior secured debt | 2,170,400,000 | ||||||||||||||||||||||||
CCWH Senior Subordinated Notes [Member] | C C Holdings Finco [Member] | |||||||||||||||||||||||||
Use Of Proceeds [Abstract] | |||||||||||||||||||||||||
Proceeds from issuance of senior secured debt | 1,925,700,000 | ||||||||||||||||||||||||
6.5% Series A Senior Notes Due 2022 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2022 | 2022 | |||||||||||||||||||||||
Stated interest rate | 6.50% | 6.50% | 6.50% | 6.50% | |||||||||||||||||||||
Accrued interest payment terms | Interest on the CCWH Senior Notes is payable to the trustee weekly in arrears and to the noteholders on May 15 and November 15 of each year, which began on May 15, 2013. | ||||||||||||||||||||||||
Principal amount | 735,750,000 | 735,750,000 | |||||||||||||||||||||||
Earliest maturity date | 2022 | 2022 | |||||||||||||||||||||||
Discount | 7,400,000 | 7,400,000 | |||||||||||||||||||||||
Percentage of principal sale price | 99.00% | ||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Percentage of aggregate principal redeemable | 40.00% | 40.00% | |||||||||||||||||||||||
Redemption percentage of face value after redemption date | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption percentage of face value before redemption date | 106.50% | 106.50% | |||||||||||||||||||||||
Certain Covenants [Abstract] | |||||||||||||||||||||||||
Maximum ratio of total debt to EBITDA | 7 | 7 | |||||||||||||||||||||||
Maximum ratio of senior debt to EBITDA | 5 | 5 | |||||||||||||||||||||||
6.5% Series B Senior Notes Due 2022 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2022 | 2022 | |||||||||||||||||||||||
Stated interest rate | 6.50% | 6.50% | 6.50% | 6.50% | |||||||||||||||||||||
Accrued interest payment terms | Interest on the CCWH Senior Notes is payable to the trustee weekly in arrears and to the noteholders on May 15 and November 15 of each year, which began on May 15, 2013. | ||||||||||||||||||||||||
Principal amount | 1,989,250,000 | 1,989,250,000 | |||||||||||||||||||||||
Earliest maturity date | 2022 | 2022 | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Percentage of aggregate principal redeemable | 40.00% | 40.00% | |||||||||||||||||||||||
Redemption percentage of face value after redemption date | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption percentage of face value before redemption date | 106.50% | 106.50% | |||||||||||||||||||||||
Certain Covenants [Abstract] | |||||||||||||||||||||||||
Maximum ratio of total debt to EBITDA | 7 | 7 | |||||||||||||||||||||||
Maximum ratio of senior debt to EBITDA | 5 | 5 | |||||||||||||||||||||||
Use Of Proceeds [Abstract] | |||||||||||||||||||||||||
Maximum permissable dividends | 525,000,000 | 525,000,000 | |||||||||||||||||||||||
CCWH Senior Subordinated Notes [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Principal amount | 2,200,000,000 | 2,200,000,000 | |||||||||||||||||||||||
Deferred finance costs | 33,000,000 | ||||||||||||||||||||||||
Use Of Proceeds [Abstract] | |||||||||||||||||||||||||
Dividend paid per share | 6.0832 | ||||||||||||||||||||||||
Related party loan to CCOI | 2,167,000,000 | 2,167,000,000 | |||||||||||||||||||||||
Dividends paid to noncontrolling interest | 244,700,000 | ||||||||||||||||||||||||
7.625% Series B Senior Subordinated Notes [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2020 | 2020 | |||||||||||||||||||||||
Stated interest rate | 7.63% | 7.63% | 7.63% | 7.63% | |||||||||||||||||||||
Accrued interest payment terms | Interest on the CCWH Subordinated Notes is payable to the trustee weekly in arrears and to the noteholders on March 15 and September 15 of each year, which began on September 15, 2012. | ||||||||||||||||||||||||
Principal amount | 1,925,000,000 | 1,925,000,000 | |||||||||||||||||||||||
Earliest maturity date | 2020 | 2020 | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Percentage of aggregate principal redeemable | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption percentage of face value after redemption date | 40.00% | 40.00% | |||||||||||||||||||||||
Redemption percentage of face value before redemption date | 107.63% | 107.63% | |||||||||||||||||||||||
Redemption date | 15-Mar-15 | ||||||||||||||||||||||||
Certain Covenants [Abstract] | |||||||||||||||||||||||||
Maximum ratio of senior debt to EBITDA | 7 | 7 | |||||||||||||||||||||||
Use Of Proceeds [Abstract] | |||||||||||||||||||||||||
Maximum permissable dividends | 525,000,000 | 525,000,000 | |||||||||||||||||||||||
7.625% Series A Senior Subordinated Notes [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2020 | 2020 | |||||||||||||||||||||||
Stated interest rate | 7.63% | 7.63% | 7.63% | 7.63% | |||||||||||||||||||||
Accrued interest payment terms | Interest on the CCWH Subordinated Notes is payable to the trustee weekly in arrears and to the noteholders on March 15 and September 15 of each year, which began on September 15, 2012. | ||||||||||||||||||||||||
Principal amount | 275,000,000 | 275,000,000 | |||||||||||||||||||||||
Earliest maturity date | 2020 | 2020 | |||||||||||||||||||||||
Deferred finance costs | 40,000,000 | 40,000,000 | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Percentage of aggregate principal redeemable | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption percentage of face value after redemption date | 40.00% | 40.00% | |||||||||||||||||||||||
Redemption percentage of face value before redemption date | 107.63% | 107.63% | |||||||||||||||||||||||
Redemption date | 15-Mar-15 | ||||||||||||||||||||||||
Certain Covenants [Abstract] | |||||||||||||||||||||||||
Maximum ratio of senior debt to EBITDA | 7 | 7 | |||||||||||||||||||||||
Initial Notes [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Deferred finance costs | 39,500,000 | ||||||||||||||||||||||||
Additional Notes [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Principal amount | 750,000,000 | ||||||||||||||||||||||||
Deferred finance costs | 7,100,000 | ||||||||||||||||||||||||
Discount | 46,200,000 | ||||||||||||||||||||||||
Percentage of principal sale price | 93.85% | ||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Proceeds available for repayment of debt | 703,800,000 | ||||||||||||||||||||||||
Use Of Proceeds [Abstract] | |||||||||||||||||||||||||
Proceeds available for general corporate purposes | 500,000,000 | ||||||||||||||||||||||||
Existing CCWH Senior Notes [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Redemption date | 19-Dec-12 | ||||||||||||||||||||||||
Repurchase of long-term debt | 1,724,700,000 | 1,724,700,000 | |||||||||||||||||||||||
Debt called not tendered | 775,300,000 | 775,300,000 | |||||||||||||||||||||||
Senior Notes due 2021 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2021 | 2021 | 2021 | ||||||||||||||||||||||
Stated interest rate | 14.00% | 14.00% | 14.00% | 14.00% | |||||||||||||||||||||
Accrued interest payment terms | The Senior Notes due 2021 mature on February 1, 2021. Interest on the Senior Notes due 2021 is payable semi-annually on February 1 and August 1 of each year, which began on August 1, 2013. Interest on the 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"). | ||||||||||||||||||||||||
Principal amount | 1,400,000,000 | 1,400,000,000 | |||||||||||||||||||||||
Earliest maturity date | 2018 | 2018 | 2018 | ||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Portion of debt held by subsidiary | 421,000,000 | 421,900,000 | |||||||||||||||||||||||
Percentage of aggregate principal redeemable | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption percentage of face value after redemption date | 60.00% | 60.00% | |||||||||||||||||||||||
Redemption date | 1-Aug-15 | ||||||||||||||||||||||||
Principal amount exchanged for debt | 622,500,000 | 1,200,000,000 | 622,500,000 | ||||||||||||||||||||||
Principal debt amount exchanged for Senior Cash Pay Notes | 389,200,000 | 348,000,000 | 389,200,000 | ||||||||||||||||||||||
Principal debt amount exchanged for Senor Toggle Notes | 233,300,000 | 853,000,000 | 233,300,000 | ||||||||||||||||||||||
Principal amount exchanged for cash | 64,200,000 | ||||||||||||||||||||||||
Payments for debt modification costs | 5,500,000 | 17,900,000 | |||||||||||||||||||||||
Senior Notes 2018 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2018 | ||||||||||||||||||||||||
Stated interest rate | 10.00% | 10.00% | |||||||||||||||||||||||
Accrued interest payment terms | Bear interest at a rate of 10.0% per annum, payable semi-annually on January 15 and July 15 of each year, beginning on July 15, 2014 | ||||||||||||||||||||||||
Earliest maturity date | 2018 | ||||||||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed | |||||||||||||||||||||||||
Long Term Debt Assumed Upon Business Combination | 850,000,000 | ||||||||||||||||||||||||
Senior Cash Pay Notes Due 2016 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2016 | 2016 | 2016 | ||||||||||||||||||||||
Stated interest rate | 10.75% | 10.75% | 10.75% | 10.75% | |||||||||||||||||||||
Principal amount | 94,300,000 | 94,300,000 | |||||||||||||||||||||||
Earliest maturity date | 2016 | 2016 | 2016 | ||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Voluntary debt prepayment | 94,300,000 | ||||||||||||||||||||||||
Face value of debt repaid | 94,300,000 | ||||||||||||||||||||||||
Redemption percentage of face value before redemption date | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption date | 1-Aug-12 | ||||||||||||||||||||||||
Principal amount exchanged for debt | 353,800,000 | 348,100,000 | 353,800,000 | ||||||||||||||||||||||
Principal amount exchanged for cash | 14,200,000 | 14,200,000 | |||||||||||||||||||||||
Senior Toggle Notes Due 2016 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2016 | 2016 | 2016 | ||||||||||||||||||||||
Stated interest rate | 11.00% | 11.00% | 11.00% | 11.00% | |||||||||||||||||||||
Accrued interest payment terms | IHeart may elect on each interest election date to pay all or 50% of such interest on the senior toggle notes in cash or by increasing the principal amount of the senior toggle notes or by issuing new senior toggle notes (such increase or issuance, "PIK Interest"). Interest on the senior toggle notes payable in cash will accrue at a rate of 11.00% per annum and PIK Interest will accrue at a rate of 11.75% per annum. | ||||||||||||||||||||||||
Principal amount | 127,900,000 | 127,900,000 | |||||||||||||||||||||||
Earliest maturity date | 2015 | 2015 | 2015 | ||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Portion of debt held by subsidiary | 452,700,000 | ||||||||||||||||||||||||
Voluntary debt prepayment | 127,900,000 | ||||||||||||||||||||||||
Face value of debt repaid | 127,900,000 | ||||||||||||||||||||||||
Redemption percentage of face value before redemption date | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption date | 1-Aug-12 | ||||||||||||||||||||||||
Principal amount exchanged for debt | 212,100,000 | 917,200,000 | 212,100,000 | ||||||||||||||||||||||
Principal amount exchanged for cash | 8,500,000 | 8,500,000 | |||||||||||||||||||||||
Portion of debt held by subsidiary exchanged for cash | 31,700,000 | ||||||||||||||||||||||||
Loss on extinguishment of debt as a result of write-off of deferred debt issuance costs | 84,000,000 | ||||||||||||||||||||||||
Applicable high yield discount obligation payment | 25,300,000 | 25,300,000 | |||||||||||||||||||||||
iHeart Senior Notes, 4.9% [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Principle ammount of debt redeemed at redemption date | 241,000,000 | ||||||||||||||||||||||||
iHeart Senior Notes, 4.9% [Member] | Subsidiary Holder [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Face value of debt repaid | 9,000,000 | 9,000,000 | |||||||||||||||||||||||
iHeart Senior Notes [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2027 | 2027 | |||||||||||||||||||||||
Earliest maturity date | 2016 | 2016 | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Loss on extinguishment of debt | -47,500,000 | ||||||||||||||||||||||||
9.0% Priority Guarantee Notes Due 2019 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2019 | ||||||||||||||||||||||||
Accrued interest payment terms | Bear interest at a rate of 9.0% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, which began on June 15, 2013 | ||||||||||||||||||||||||
Principal amount | 2,000,000,000 | 2,000,000,000 | |||||||||||||||||||||||
Deferred finance costs | 11,900,000 | 11,900,000 | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Percentage of aggregate principal redeemable | 40.00% | 40.00% | |||||||||||||||||||||||
Redemption percentage of face value after redemption date | 109.00% | 109.00% | |||||||||||||||||||||||
Redemption percentage of face value before redemption date | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption date | 15-Jul-15 | ||||||||||||||||||||||||
9.0% Priority Guarantee Notes Due 2021 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2021 | ||||||||||||||||||||||||
Accrued interest payment terms | Bear interest at a rate of 9.0% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, which began on September 1, 2011 | ||||||||||||||||||||||||
Principal amount | 1,750,000,000 | 1,750,000,000 | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Percentage of aggregate principal redeemable | 40.00% | 40.00% | |||||||||||||||||||||||
Redemption percentage of face value after redemption date | 109.00% | 109.00% | |||||||||||||||||||||||
Redemption percentage of face value before redemption date | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption date | 1-Mar-16 | ||||||||||||||||||||||||
11.25% Priority Guarantee Notes Due 2021 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 2021 | ||||||||||||||||||||||||
Accrued interest payment terms | Bear interest at a rate of 11.25% per annum, payable semi-annually on March 1 and September 1 of each year, which began on September 1, 2013 | ||||||||||||||||||||||||
Principal amount | 575,000,000 | 575,000,000 | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Percentage of aggregate principal redeemable | 100.00% | 100.00% | |||||||||||||||||||||||
Redemption percentage of face value after redemption date | 40.00% | 40.00% | |||||||||||||||||||||||
Redemption percentage of face value before redemption date | 111.25% | 111.25% | |||||||||||||||||||||||
Redemption date | 1-Mar-16 | ||||||||||||||||||||||||
Pik [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Earliest maturity date | 1-Feb-21 | ||||||||||||||||||||||||
Senior Notes [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Principal amount | 1,400,000,000 | 1,400,000,000 | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Portion of debt held by subsidiary | 288,500,000 | ||||||||||||||||||||||||
Senior Notes, 5% [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | Mar-12 | ||||||||||||||||||||||||
Stated interest rate | 5.00% | ||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Portion of debt held by subsidiary | 50,100,000 | ||||||||||||||||||||||||
Face value of debt repaid | 249,900,000 | 203,800,000 | |||||||||||||||||||||||
Senior Notes, 5.75% [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | Jan-13 | ||||||||||||||||||||||||
Stated interest rate | 5.75% | 5.75% | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Portion of debt held by subsidiary | 187,900,000 | ||||||||||||||||||||||||
Face value of debt repaid | 312,100,000 | 312,100,000 | |||||||||||||||||||||||
Senior Notes, 6.25% [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Portion of debt held by subsidiary | 57,300,000 | ||||||||||||||||||||||||
Repayment | 692,700,000 | ||||||||||||||||||||||||
Senior Notes, 4.4% [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Portion of debt held by subsidiary | 109,800,000 | ||||||||||||||||||||||||
Repayment | 140,200,000 | ||||||||||||||||||||||||
On August 1, 2015 [Member] | 6.5% Series A Senior Notes Due 2022 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Deferred finance costs | 30,000,000 | 30,000,000 | |||||||||||||||||||||||
On August 1, 2015 [Member] | Senior Toggle Notes Due 2016 [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Obligated payment to bondholders | 30,000,000 | 30,000,000 | |||||||||||||||||||||||
On May 2, 2016 [Member] | Senior Cash Pay Notes Due 2016 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Maximum aggregate principal outstanding | 500,000,000 | 500,000,000 | |||||||||||||||||||||||
First Redemption Portion [Member] | Senior Notes due 2021 [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Percentage of aggregate principal redeemable | 30.00% | 30.00% | |||||||||||||||||||||||
Redemption percentage of face value before redemption date | 109.00% | 109.00% | |||||||||||||||||||||||
Second Redemption Portion [Member] | Senior Notes due 2021 [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Percentage of aggregate principal redeemable | 30.00% | 30.00% | |||||||||||||||||||||||
Redemption percentage of face value before redemption date | 112.00% | 112.00% | |||||||||||||||||||||||
After Exchange [Member] | Senior Notes due 2021 [Member] | C C Holdings Finco [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Portion of debt held by subsidiary | 199,100,000 | ||||||||||||||||||||||||
Senior Secured Credit Facility [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Principal amount | 500,000,000 | 500,000,000 | |||||||||||||||||||||||
Base maximum incremental term loans permitted | 1,500,000,000 | 1,500,000,000 | |||||||||||||||||||||||
Percentage of EBITDA over base maximum incremental | 65.00% | 65.00% | |||||||||||||||||||||||
Margin percentages | 0.50% | ||||||||||||||||||||||||
Percentage of subsidary stock as collateral | 100.00% | 100.00% | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Voluntary debt prepayment | 170,500,000 | ||||||||||||||||||||||||
Face value of debt repaid | 2,096,200,000 | ||||||||||||||||||||||||
Permissable amount to be repaid with cash on hand | 200,000,000 | 200,000,000 | |||||||||||||||||||||||
Exchange of debt | 2,000,000,000 | 2,000,000,000 | |||||||||||||||||||||||
Loss on extinguishment of debt as a result of write-off of deferred debt issuance costs | 15,200,000 | ||||||||||||||||||||||||
Prepayment of debt | 7,600,000 | 500,000,000 | |||||||||||||||||||||||
Payment Terms Percentages [Abstract] | |||||||||||||||||||||||||
Consolidated leverage ratio | 7.00% | 7.00% | |||||||||||||||||||||||
Certain Covenants [Abstract] | |||||||||||||||||||||||||
Consolidated EBITDA for preceeding four quarters | 1,900,000,000 | 1,900,000,000 | |||||||||||||||||||||||
EBITDA Adjustment - Closures and consolidation of facilities | 77,500,000 | 77,500,000 | |||||||||||||||||||||||
EBITDA Adjustment - Non-recurring or unusual gains or losses | 39,300,000 | 39,300,000 | |||||||||||||||||||||||
EBITDA Adjustment - Non-cash items | 41,300,000 | 41,300,000 | |||||||||||||||||||||||
EBITDA Adjustment - Various other items | 19,300,000 | 19,300,000 | |||||||||||||||||||||||
EBITDA Adjustment - Cash received from nonconsolidated affiliates | 20,000,000 | 20,000,000 | |||||||||||||||||||||||
Maximum ratio of total debt to EBITDA | 9 | 9 | |||||||||||||||||||||||
Current ratio of total debt to EBITDA | 6.3 | 6.3 | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Scenario, Forecast [Member] | |||||||||||||||||||||||||
Certain Covenants [Abstract] | |||||||||||||||||||||||||
Maximum ratio of total debt to EBITDA | 8.75 | 8.75 | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Post Amendments [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Base maximum incremental term loans permitted | 5,000,000,000 | 5,000,000,000 | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Maximum [Member] | |||||||||||||||||||||||||
Payment Terms Percentages [Abstract] | |||||||||||||||||||||||||
Percentage of excess cash flow permitted to prepay outstanding debt | 50.00% | 50.00% | |||||||||||||||||||||||
Percentage of proceeds of asset sales permitted to prepay outstanding debt | 100.00% | 100.00% | |||||||||||||||||||||||
Percentage of proceeds of subsidiary sales permitted to prepay outstanding debt | 100.00% | 100.00% | |||||||||||||||||||||||
Percentage of net proceeds of debt permitted to prepay outstanding debt | 100.00% | 100.00% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Median [Member] | |||||||||||||||||||||||||
Payment Terms Percentages [Abstract] | |||||||||||||||||||||||||
Percentage of excess cash flow permitted to prepay outstanding debt | 25.00% | 25.00% | |||||||||||||||||||||||
Percentage of proceeds of subsidiary sales permitted to prepay outstanding debt | 75.00% | 75.00% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Minimum [Member] | |||||||||||||||||||||||||
Payment Terms Percentages [Abstract] | |||||||||||||||||||||||||
Percentage of excess cash flow permitted to prepay outstanding debt | 0.00% | 0.00% | |||||||||||||||||||||||
Percentage of proceeds of subsidiary sales permitted to prepay outstanding debt | 50.00% | 50.00% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Clear Channel Senior Notes, 5.5% [Member] | Subsidiary Holder [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Face value of debt repaid | 57,100,000 | 57,100,000 | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Tranche B Term Loan [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 29-Jan-16 | ||||||||||||||||||||||||
Principal amount | 1,891,000,000 | 1,891,000,000 | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Voluntary debt prepayment | 129,800,000 | ||||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Tranche B Term Loan [Member] | Base Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Weighted average interest rate | 2.65% | 2.65% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Tranche B Term Loan [Member] | Euro Currency Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Weighted average interest rate | 3.65% | 3.65% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Tranche C Term Loan [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 29-Jan-16 | ||||||||||||||||||||||||
Principal amount | 34,800,000 | 34,800,000 | |||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Voluntary debt prepayment | 10,000,000 | ||||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Tranche C Term Loan [Member] | Base Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Weighted average interest rate | 2.65% | 2.65% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Tranche C Term Loan [Member] | Euro Currency Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Weighted average interest rate | 3.65% | 3.65% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | TrancheD Term Loan [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 30-Jan-19 | ||||||||||||||||||||||||
Principal amount | 5,000,000,000 | 5,000,000,000 | |||||||||||||||||||||||
Earliest maturity date | 1/30/19 | ||||||||||||||||||||||||
Senior Secured Credit Facility [Member] | TrancheD Term Loan [Member] | Base Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Weighted average interest rate | 5.75% | 5.75% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | TrancheD Term Loan [Member] | Euro Currency Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Weighted average interest rate | 6.75% | 6.75% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | TrancheE Term Loan [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Latest maturity date | 30-Jul-19 | ||||||||||||||||||||||||
Principal amount | 1,300,000,000 | 1,300,000,000 | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | TrancheE Term Loan [Member] | Base Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Weighted average interest rate | 6.50% | 6.50% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | TrancheE Term Loan [Member] | Euro Currency Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Weighted average interest rate | 7.50% | 7.50% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Tranche A Term Loan [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Voluntary debt prepayment | 16,200,000 | ||||||||||||||||||||||||
Face value of debt repaid | 846,900,000 | 846,900,000 | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Tranche A Term Loan [Member] | Base Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Weighted average interest rate | 2.40% | 2.40% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Tranche A Term Loan [Member] | Euro Currency Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Weighted average interest rate | 3.40% | 3.40% | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Term Loan B [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Face value of debt repaid | 245,900,000 | 729,000,000 | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Term Loan C [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Face value of debt repaid | 4,100,000 | 12,100,000 | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Delayed Draw Term Loan Facilities Due 2016 [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Voluntary debt prepayment | 14,500,000 | ||||||||||||||||||||||||
Senior Secured Credit Facility [Member] | On October 30, 2015 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Maximum aggregate principal outstanding | 500,000,000 | 500,000,000 | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | One Day Prior [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Maximum aggregate principal outstanding | 500,000,000 | 500,000,000 | |||||||||||||||||||||||
Senior Secured Credit Facility [Member] | Subsequent Event [Member] | Clear Channel Senior Notes, 5.5% [Member] | Subsidiary Holder [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Payments for repurchases of debt | 55,500,000 | ||||||||||||||||||||||||
Receivables Based Facility Due 2017 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Principal amount | 247,000,000 | 269,500,000 | 247,000,000 | 269,500,000 | |||||||||||||||||||||
Line of credit facility maximum borrowing capacity | 535,000,000 | 535,000,000 | |||||||||||||||||||||||
Percentage of eligible accounts receivable | 90.00% | ||||||||||||||||||||||||
Certain Covenants [Abstract] | |||||||||||||||||||||||||
Aggregate percentage of commitments | 10.00% | 10.00% | |||||||||||||||||||||||
Minimum fixed charge coverage ratio | 100.00% | 100.00% | |||||||||||||||||||||||
Receivables Based Facility Due 2017 [Member] | Fed Fund Rate [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Margin percentages | 0.50% | ||||||||||||||||||||||||
Receivables Based Facility Due 2017 [Member] | Maximum [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Initial commitment fee rate | 0.38% | 0.38% | |||||||||||||||||||||||
Receivables Based Facility Due 2017 [Member] | Maximum [Member] | Base Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Margin percentages | 1.00% | ||||||||||||||||||||||||
Receivables Based Facility Due 2017 [Member] | Maximum [Member] | Euro Currency Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Margin percentages | 2.00% | ||||||||||||||||||||||||
Receivables Based Facility Due 2017 [Member] | Minimum [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Line of credit facility maximum borrowing capacity | 50,000,000 | 50,000,000 | |||||||||||||||||||||||
Initial commitment fee rate | 0.25% | 0.25% | |||||||||||||||||||||||
Receivables Based Facility Due 2017 [Member] | Minimum [Member] | Base Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Margin percentages | 0.50% | ||||||||||||||||||||||||
Receivables Based Facility Due 2017 [Member] | Minimum [Member] | Euro Currency Rate Loans [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Margin percentages | 1.50% | ||||||||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||||||||
Payment Terms [Abstract] | |||||||||||||||||||||||||
Prepayment of debt | 1,918,100,000 | ||||||||||||||||||||||||
Revolving Credit Facility [Member] | Post Amendments [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Line of credit facility maximum borrowing capacity | 625,000,000 | ||||||||||||||||||||||||
Revolving Credit Facility [Member] | Before Amendments [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Line of credit facility maximum borrowing capacity | 783,500,000 | ||||||||||||||||||||||||
Level 2 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Market value | 20,300,000,000 | 20,500,000,000 | 20,300,000,000 | 20,500,000,000 | |||||||||||||||||||||
Level 1 [Member] | |||||||||||||||||||||||||
Long Term Debt Other Disclosures [Abstract] | |||||||||||||||||||||||||
Market value | $20,500,000,000 | $18,600,000,000 | $20,500,000,000 | $18,600,000,000 |
Supplemental_Disclosures_Sched
Supplemental Disclosures (Schedule Of Income Tax Benefit (Expense) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Disclosures [Abstract] | ||||||||||||||
Current tax benefit (expense) | ($11,689) | $2,088 | ($47,276) | ($36,706) | ($36,353) | $3,668 | ($17,966) | |||||||
Deferred tax benefit (expense) | -12,687 | 71,714 | -44,866 | 195,356 | 158,170 | 304,611 | 143,944 | |||||||
Income tax benefit (expense) | ($24,376) | ($36,833) | $73,802 | ($11,477) | $96,325 | $128,986 | $13,232 | $8,663 | $157,398 | ($92,142) | $158,650 | $121,817 | $308,279 | $125,978 |
Supplemental_Disclosures_Sched1
Supplemental Disclosures (Schedule Of Cash Paid For Interest And Income Taxes) (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Supplemental Disclosures [Abstract] | ||
Interest | $1,214,129 | $1,189,876 |
Income taxes | $30,384 | $38,366 |
Supplemental_Disclosures_Narra
Supplemental Disclosures (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 18, 2014 | |
Equity Method Investments [Line Items] | ||||||||
Percentage of ownership | 100.00% | 100.00% | ||||||
Impairment of equity method investment | $2,600,000 | $4,800,000 | ||||||
Reclassification of AOCI due to the sale of equity method investment | 0 | 0 | 0 | -998,000 | 6,732,000 | 1,135,000 | -1,361,000 | |
Effective tax rate | -29.20% | 44.50% | -14.90% | 36.10% | 17.00% | 43.00% | 32.00% | |
Income tax refunds | 6,000,000 | 1,400,000 | ||||||
ARN [Member] | ||||||||
Equity Method Investments [Line Items] | ||||||||
Percentage of ownership | 50.00% | 50.00% | ||||||
Impairment of equity method investment | 95,400,000 | |||||||
Loss on sale of equity method investment | 2,400,000 | |||||||
Date of sale of equity method investment | 18-Feb-14 | |||||||
ARN [Member] | Realized Foreign Exchange Gain Loss On Sale [Member] | ||||||||
Equity Method Investments [Line Items] | ||||||||
Reclassification of AOCI due to the sale of equity method investment | $11,500,000 |
Supplemental_Disclosures_Sched2
Supplemental Disclosures (Schedule Of Accumulated Other Comprehensive Loss - Deferred Tax Liabilities) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Measurements [Abstract] | |||||||
Foreign currency translation adjustments and other | $0 | $3,742 | $8,181 | ($12,385) | ($14,421) | $3,210 | ($449) |
Unrealized holding gain on marketable securities | 0 | 28,199 | 0 | -11,010 | -11,010 | 15,324 | 2,667 |
Unrealized holding gain on cash flow derivatives | 0 | 10,254 | 0 | 28,759 | 28,759 | 30,074 | 20,157 |
Total increase in deferred tax liabilities | $0 | $42,195 | $8,181 | $5,364 | $3,328 | $48,608 | $22,375 |
Recovered_Sheet3
Commitments And Contingencies (Narrative) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Permit | Sign | |||
Sign | Lawsuits | |||
Lawsuits | Permit | |||
Los Angeles Litigation [Abstract] | ||||
Lawsuit date | 31-Dec-08 | 31-Dec-08 | ||
Settlement agreement date | 30-Nov-06 | 30-Nov-06 | ||
Ruling date | 31-Dec-09 | 31-Jan-10 | ||
Conversion from static to digital | 83 | 83 | ||
Invalidation date | 12-Apr-13 | 12-Apr-13 | ||
Digital modernization permits issued to Company | 82 | 82 | ||
Turn off date | 15-Apr-13 | 15-Apr-13 | ||
Upholding date | 10-Dec-12 | |||
Review request date | 1/22/13 | |||
Review denial date | 2/27/13 | |||
Digital displays operating | 77 | |||
Digital displays not invalidated | 2 | |||
Digital modernization permits issued to competitor | 13 | |||
Further proceedings conducted date | 16-Apr-13 | |||
Demolition denial date | 22-Nov-13 | |||
Attorney's fees denial date | 21-Jan-14 | |||
Deferred consideration payment from acquisitions | $30,000,000 | |||
Rent expense | 1,160,000,000 | 1,140,000,000 | 1,160,000,000 | |
Stockholder Litigation [Abstract] | ||||
Derivative lawsuits | 2 | |||
Lawsuit filing date | 3/31/12 | |||
Breach date | 31-Dec-09 | |||
Binding memorandum of understanding date | 28-Mar-13 | |||
Stipulation of Settlement execution date | 8-Jul-13 | |||
Original Stipulation of Settlement 8-K filing date | 9-Jul-13 | |||
Settlement approval date | 9-Sep-13 | |||
Right to appeal expiration date | 9-Oct-13 | |||
Repayment demand notification date | 19-Oct-13 | |||
Demand repayment amount | 200,000,000 | |||
Repayment date | 8-Nov-13 | |||
Declared dividend | $200,000,000 | |||
Note amendment date | 23-Oct-13 | |||
Dividend declaration 8-K filing date | 21-Oct-13 | |||
Note amendment 8-K filing date | 23-Oct-13 | |||
Demand and dividend 8-K filing date | 8-Nov-13 |
Guarantees_Narrative_Detail
Guarantees (Narrative) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Guarantees [Abstract] | ||
Surety bonds outstanding | $46.80 | $49.10 |
Commercial standby letters of credit outstanding | 110 | 118.9 |
Outstanding bank guarantees related to international subsidiaries | 55.9 | 57.4 |
Cash collateral of bank guarantees | 15.1 | 13.3 |
Cash securing letters of credit | 33 | |
Letters of credit as collateral | $2 |
Recovered_Sheet4
Certain Relationships And Related Party Transactions (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Certain Relationships And Related Party Transactions [Abstract] | |||||||
Managment agreement maturity date | 2018 | 2018 | |||||
Management fee, rate per year | $15,000,000 | $15,000,000 | |||||
Management fees and reimbursed expenses | 3,700,000 | 3,800,000 | 11,300,000 | 11,900,000 | 15,800,000 | 15,900,000 | 15,700,000 |
Total authorized stock repurchase amount | 100,000,000 | ||||||
CC Finco, LLC [Member] | |||||||
Certain Relationships And Related Party Transactions [Abstract] | |||||||
Total authorized stock repurchase amount | $692,887 | $16,400,000 | |||||
Shares of class A common stock | 111,291 | 1,553,971 |
Recovered_Sheet5
Member's Deficit And Comprehensive Loss (Detail) (Non Wholly Owned Subsidiary [Member], USD $) | 1 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jul. 21, 2014 |
Non Wholly Owned Subsidiary [Member] | |
Equity Transactions [Line Items] | |
Dividend declared by non wholly owned subsidiary | $175 |
Portion of divedend entitled to company | 88.00% |
Portion of divedend entitled to non controlling interests | 12.00% |
Payment to non controlling interest | $21 |
Common stock dividends per share | $0.49 |
Recovered_Sheet6
Member's Deficit And Comprehensive Loss (Schedule Of Changes In Equity) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Balances | ($8,370,752) | ($7,995,191) | ($7,471,941) | ($8,696,635) | ($7,995,191) | ($7,995,191) | ($7,471,941) | ($7,204,686) | ||||||
Net income (loss), The Company | -114,852 | -309,227 | -101,855 | 7,202 | -203,003 | -191,264 | -50,561 | -39,025 | -143,629 | -725,672 | -297,656 | -606,883 | -424,479 | -302,094 |
Net income (loss), Noncontrolling Interests | -7,028 | -6,994 | -9,683 | -12,805 | 6,116 | 5,518 | -11,977 | -11,316 | 4,486 | -13,679 | -16,372 | -23,366 | -13,289 | -34,065 |
Consolidated net loss | -107,824 | -302,233 | -92,172 | 20,007 | -209,119 | -196,782 | -38,584 | -27,709 | -148,115 | -711,993 | -281,284 | -583,517 | -411,190 | -268,029 |
Dividends and other payments to noncontrolling interests | -32,581 | -58,942 | -91,887 | -251,666 | ||||||||||
Foreign currency translation adjustments | -63,063 | 40,502 | -77,512 | -28,526 | -33,001 | 40,242 | -29,647 | |||||||
Unrealized holding gain on marketable securities | -74 | 13 | 605 | 15,619 | 16,576 | 23,103 | -224 | |||||||
Unrealized holding gain on cash flow derivatives | 0 | 17,114 | 0 | 48,180 | 48,180 | 52,112 | 33,775 | |||||||
Other adjustments to comprehensive loss | 0 | 0 | 0 | -998 | 6,732 | 1,135 | -1,361 | |||||||
Other, net | 8,596 | 14,143 | 19,225 | 20,970 | ||||||||||
Reclassifications | 0 | -1,433 | 3,309 | -83,753 | -83,752 | 2,045 | 5,148 | |||||||
Balances | -9,506,211 | -8,696,635 | -8,370,752 | -7,995,191 | -9,506,211 | -8,370,752 | -8,696,635 | -7,995,191 | -7,471,941 | |||||
Scenario, Previously Reported [Member] | ||||||||||||||
Balances | -7,471,942 | |||||||||||||
Noncontrolling Interest [Member] | ||||||||||||||
Balances | 303,997 | 521,794 | 245,531 | 303,997 | 303,997 | 521,794 | ||||||||
Net income (loss), Noncontrolling Interests | 13,679 | 16,372 | 23,366 | 13,289 | ||||||||||
Dividends and other payments to noncontrolling interests | -32,581 | -58,942 | -91,887 | -251,666 | ||||||||||
Foreign currency translation adjustments | -14,758 | -2,152 | -3,246 | 5,809 | ||||||||||
Unrealized holding gain on marketable securities | 72 | 25 | 137 | -293 | ||||||||||
Unrealized holding gain on cash flow derivatives | 0 | 0 | 0 | 0 | ||||||||||
Other adjustments to comprehensive loss | 0 | -114 | 800 | 129 | ||||||||||
Other, net | 7,108 | 7,872 | 12,531 | 14,702 | ||||||||||
Reclassifications | 0 | -168 | -167 | 233 | ||||||||||
Balances | 219,051 | 245,531 | 266,890 | 303,997 | 219,051 | 266,890 | 245,531 | 303,997 | ||||||
The Company [Member] | ||||||||||||||
Balances | -8,299,188 | -7,993,736 | -8,942,166 | -8,299,188 | -8,299,188 | -7,993,736 | ||||||||
Net income (loss), The Company | -725,672 | -297,656 | -606,883 | -424,479 | ||||||||||
Dividends and other payments to noncontrolling interests | 0 | 0 | 0 | 0 | ||||||||||
Foreign currency translation adjustments | -62,754 | -26,374 | -29,755 | 34,433 | ||||||||||
Unrealized holding gain on marketable securities | 533 | 15,594 | 16,439 | 23,396 | ||||||||||
Unrealized holding gain on cash flow derivatives | 0 | 48,180 | 48,180 | 52,112 | ||||||||||
Other adjustments to comprehensive loss | 0 | -884 | 5,932 | 1,006 | ||||||||||
Other, net | 1,488 | 6,271 | 6,694 | 6,268 | ||||||||||
Reclassifications | 3,309 | -83,585 | -83,585 | 1,812 | ||||||||||
Balances | ($9,725,262) | ($8,942,166) | ($8,637,642) | ($8,299,188) | ($9,725,262) | ($8,637,642) | ($8,942,166) | ($8,299,188) |
Segment_Data_Schedule_Of_Opera
Segment Data (Schedule Of Operating Segment Results) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue | $1,630,034 | $1,694,367 | $1,587,522 | $1,618,097 | $1,343,058 | $1,696,336 | $1,587,331 | $1,602,494 | $1,360,723 | $4,602,736 | $4,548,677 | $6,243,044 | $6,246,884 | $6,161,352 |
Direct operating expenses | 645,981 | 672,132 | 648,743 | 630,357 | 594,817 | 649,097 | 633,770 | 602,803 | 608,571 | 1,885,698 | 1,879,109 | 2,543,419 | 2,494,241 | 2,504,467 |
Selling, general and administrative expenses | 429,687 | 423,803 | 411,354 | 411,341 | 403,363 | 431,355 | 407,501 | 401,479 | 426,083 | 1,266,092 | 1,226,058 | 1,649,861 | 1,666,418 | 1,604,524 |
Depreciation and amortization | 175,865 | 191,582 | 177,330 | 179,734 | 182,182 | 189,730 | 182,350 | 181,839 | 175,366 | 524,798 | 539,246 | 730,828 | 729,285 | 763,306 |
Impairment charges | 35 | 16,970 | 0 | 0 | 0 | 37,651 | 0 | 0 | 0 | 4,937 | 0 | 16,970 | 37,651 | 7,614 |
Corporate expenses | 78,202 | 70,658 | 89,574 | 77,557 | 83,763 | 78,745 | 73,921 | 72,094 | 72,606 | 233,104 | 245,702 | 324,182 | 297,366 | 239,399 |
Other operating income, net | 47,172 | 13,304 | 6,186 | 1,113 | 2,395 | 968 | 42,118 | 1,917 | 3,124 | 45,709 | 9,694 | 22,998 | 48,127 | 12,682 |
Operating income (loss) | 347,436 | 332,526 | 266,707 | 320,221 | 81,328 | 310,726 | 331,907 | 346,196 | 81,221 | 733,816 | 668,256 | 1,000,782 | 1,070,050 | 1,054,724 |
Intersegment revenues | 16,981 | 16,814 | 47,943 | 45,235 | 62,605 | 66,719 | 63,892 | |||||||
Segment assets | 14,306,035 | 15,097,302 | 16,292,713 | 14,306,035 | 15,097,302 | 16,292,713 | 16,542,039 | |||||||
Capital expenditures | 53,587 | 64,580 | 195,008 | 197,260 | 324,526 | 390,280 | 362,281 | |||||||
Share-based compensation expense | 2,246 | 2,754 | 8,064 | 14,093 | 16,715 | 28,540 | 20,667 | |||||||
Scenario, Previously Reported [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Direct operating expenses | 646,113 | |||||||||||||
Corporate expenses | 92,204 | |||||||||||||
Capital expenditures | 363,974 | |||||||||||||
iHM [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue | 830,509 | 823,863 | 2,307,193 | 2,286,040 | 3,131,595 | 3,084,780 | 2,986,828 | |||||||
Direct operating expenses | 242,517 | 249,084 | 678,681 | 685,099 | 931,976 | 878,626 | 857,622 | |||||||
Selling, general and administrative expenses | 269,009 | 260,264 | 787,357 | 755,351 | 1,020,097 | 993,116 | 971,066 | |||||||
Depreciation and amortization | 61,606 | 64,745 | 185,656 | 200,615 | 271,126 | 271,399 | 268,245 | |||||||
Impairment charges | 0 | 0 | 0 | |||||||||||
Corporate expenses | 0 | 0 | 0 | |||||||||||
Other operating income, net | 0 | 0 | 0 | |||||||||||
Operating income (loss) | 257,377 | 249,770 | 655,499 | 644,975 | 908,396 | 941,639 | 889,895 | |||||||
Intersegment revenues | 10 | 10 | 0 | 0 | 0 | 0 | ||||||||
Segment assets | 8,064,671 | 8,201,798 | 8,064,671 | 8,201,798 | 8,364,246 | |||||||||
Capital expenditures | 9,336 | 22,171 | 30,020 | 58,335 | 75,742 | 65,821 | 50,198 | |||||||
Share-based compensation expense | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Americas Outdoor Advertising [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue | 329,500 | 331,346 | 917,404 | 952,832 | 1,290,452 | 1,279,257 | 1,252,725 | |||||||
Direct operating expenses | 140,739 | 140,972 | 413,761 | 419,676 | 566,669 | 582,340 | 566,313 | |||||||
Selling, general and administrative expenses | 55,257 | 55,739 | 158,789 | 165,232 | 220,732 | 211,245 | 198,989 | |||||||
Depreciation and amortization | 48,973 | 48,530 | 144,094 | 144,256 | 196,597 | 192,023 | 211,009 | |||||||
Impairment charges | 0 | 0 | 0 | |||||||||||
Corporate expenses | 0 | 0 | 0 | |||||||||||
Other operating income, net | 0 | 0 | 0 | |||||||||||
Operating income (loss) | 84,531 | 86,105 | 200,760 | 223,668 | 306,454 | 293,649 | 276,414 | |||||||
Intersegment revenues | 721 | 1,110 | 2,791 | 1,253 | 2,473 | 1,175 | 4,141 | |||||||
Segment assets | 3,693,308 | 3,835,235 | 3,693,308 | 3,835,235 | 3,886,098 | |||||||||
Capital expenditures | 18,980 | 13,838 | 48,390 | 43,489 | 88,991 | 117,647 | 122,505 | |||||||
Share-based compensation expense | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
International Outdoor Advertising [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue | 413,294 | 391,667 | 1,241,846 | 1,187,262 | 1,655,738 | 1,667,687 | 1,751,149 | |||||||
Direct operating expenses | 260,095 | 255,122 | 781,730 | 762,167 | 1,028,059 | 1,021,152 | 1,064,562 | |||||||
Selling, general and administrative expenses | 84,356 | 75,698 | 254,045 | 238,786 | 322,840 | 363,417 | 339,043 | |||||||
Depreciation and amortization | 50,105 | 49,090 | 150,763 | 150,013 | 203,927 | 205,258 | 219,955 | |||||||
Impairment charges | 0 | 0 | 0 | |||||||||||
Corporate expenses | 0 | 0 | 0 | |||||||||||
Other operating income, net | 0 | 0 | 0 | |||||||||||
Operating income (loss) | 18,738 | 11,757 | 55,308 | 36,296 | 100,912 | 77,860 | 127,589 | |||||||
Intersegment revenues | 0 | 0 | 0 | 80 | 0 | |||||||||
Segment assets | 2,029,687 | 2,256,309 | 2,029,687 | 2,256,309 | 2,166,173 | |||||||||
Capital expenditures | 22,860 | 19,983 | 84,215 | 68,683 | 108,548 | 150,129 | 166,044 | |||||||
Share-based compensation expense | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue | 73,712 | 57,460 | 184,236 | 167,778 | 227,864 | 281,879 | 234,542 | |||||||
Direct operating expenses | 5,103 | 5,718 | 17,839 | 18,535 | 25,271 | 25,088 | 27,807 | |||||||
Selling, general and administrative expenses | 35,563 | 34,314 | 107,521 | 105,556 | 140,241 | 152,394 | 147,481 | |||||||
Depreciation and amortization | 8,389 | 9,925 | 25,763 | 29,797 | 39,291 | 45,568 | 49,827 | |||||||
Impairment charges | 0 | 0 | 0 | |||||||||||
Corporate expenses | 0 | 0 | 0 | |||||||||||
Other operating income, net | 0 | 0 | 0 | |||||||||||
Operating income (loss) | 24,657 | 7,503 | 33,113 | 13,890 | 23,061 | 58,829 | 9,427 | |||||||
Intersegment revenues | 16,250 | 15,704 | 45,142 | 43,982 | 60,132 | 65,464 | 59,751 | |||||||
Segment assets | 534,363 | 815,435 | 534,363 | 815,435 | 809,212 | |||||||||
Capital expenditures | 1,235 | 2,070 | 4,121 | 6,765 | 9,933 | 17,438 | 5,737 | |||||||
Share-based compensation expense | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
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 | 6,792 | 5,040 | 18,522 | 14,565 | 19,887 | 15,037 | 14,270 | |||||||
Impairment charges | 35 | 4,937 | 16,970 | 37,651 | 7,614 | |||||||||
Corporate expenses | 78,212 | 89,574 | 233,114 | 245,702 | 324,182 | 297,366 | 239,399 | |||||||
Other operating income, net | 47,172 | 6,186 | 45,709 | 9,694 | 22,998 | 48,127 | 12,682 | |||||||
Operating income (loss) | -37,867 | -88,428 | -210,864 | -250,573 | -338,041 | -301,927 | -248,601 | |||||||
Intersegment revenues | 0 | 0 | 0 | 0 | 0 | |||||||||
Segment assets | 775,273 | 1,183,936 | 775,273 | 1,183,936 | 1,316,310 | |||||||||
Capital expenditures | 1,176 | 6,518 | 28,262 | 19,988 | 41,312 | 39,245 | 19,490 | |||||||
Share-based compensation expense | 2,246 | 2,754 | 8,064 | 14,093 | 16,715 | 28,540 | 20,667 | |||||||
Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue | -16,981 | -16,814 | -47,943 | -45,235 | -62,605 | -66,719 | -63,892 | |||||||
Direct operating expenses | -2,473 | -2,153 | -6,313 | -6,368 | -8,556 | -12,965 | -11,837 | |||||||
Selling, general and administrative expenses | -14,498 | -14,661 | -41,620 | -38,867 | -54,049 | -53,754 | -52,055 | |||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||||||||
Impairment charges | 0 | 0 | 0 | |||||||||||
Corporate expenses | -10 | -10 | 0 | 0 | 0 | |||||||||
Other operating income, net | 0 | 0 | 0 | |||||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||||
Intersegment revenues | 0 | 0 | 0 | |||||||||||
Segment assets | 0 | 0 | 0 | 0 | 0 | |||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Share-based compensation expense | $0 | $0 | $0 |
Schedule_of_Consolidated_Balan
Schedule of Consolidated Balance Sheet (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||||
Cash and cash equivalents | $522,356 | $708,151 | $711,052 | $1,225,010 | $1,228,682 | $1,920,926 |
Accounts receivable, net of allowance | 1,401,451 | 1,440,501 | 1,440,169 | |||
Prepaid expenses | 205,906 | 203,485 | 187,639 | |||
Other current assets | 169,806 | 161,157 | 134,935 | |||
Total Current Assets | 2,299,519 | 2,513,294 | 2,987,753 | |||
Structures, net | 1,643,527 | 1,765,510 | 1,890,693 | |||
Other property, plant and equipment, net | 1,085,214 | 1,132,120 | 1,146,161 | |||
Indefinite-lived intangibles - licenses | 2,426,179 | 2,416,406 | 2,423,979 | |||
Indefinite-lived intangibles - permits | 1,067,341 | 1,067,783 | 1,070,720 | |||
Other intangibles, net | 1,267,087 | 1,466,546 | 1,740,792 | |||
Goodwill | 4,212,612 | 4,202,187 | 4,216,085 | 4,186,718 | ||
Other assets | 304,556 | 533,456 | 816,530 | |||
Total Assets | 14,306,035 | 15,097,302 | 16,292,713 | 16,542,039 | ||
Accounts payable | 130,303 | 131,370 | 133,226 | |||
Accrued expenses | 795,106 | 807,210 | 776,055 | |||
Intercompany payable | 6,700,000 | 7,300,000 | ||||
Accrued interest | 156,451 | 194,844 | 180,572 | |||
Deferred income | 211,268 | 176,460 | 172,672 | |||
Other current liabilities | 0 | 137,889 | ||||
Current portion of long-term debt | 3,232 | 453,734 | 381,728 | |||
Total Current Liabilities | 1,296,360 | 1,763,618 | 1,782,142 | |||
Long-term debt | 20,481,547 | 20,030,479 | 20,365,369 | |||
Deferred income taxes | 1,582,117 | 1,537,820 | 1,689,876 | |||
Other long-term liabilities | 452,222 | 462,020 | 450,517 | |||
Total member's interest (deficit) | -9,506,211 | -8,696,635 | -8,370,752 | -7,995,191 | -7,471,941 | -7,204,686 |
Total Liabilities and Member's Deficit | 14,306,035 | 15,097,302 | 16,292,713 | |||
Scenario, Previously Reported [Member] | ||||||
Accounts receivable, net of allowance | 1,454,346 | |||||
Prepaid expenses | 189,640 | |||||
Deferred income | 172,434 | |||||
Total Current Liabilities | 1,759,592 | |||||
Other long-term liabilities | 466,046 | |||||
Total member's interest (deficit) | -7,471,942 | |||||
Parent Company [Member] | ||||||
Investment in subsidiaries | -9,756,838 | -9,053,312 | -8,518,574 | |||
Total Assets | -9,756,838 | -9,053,312 | -8,518,574 | |||
Total member's interest (deficit) | -9,756,838 | -9,053,312 | -8,518,574 | |||
Total Liabilities and Member's Deficit | -9,756,838 | -9,053,312 | -8,518,574 | |||
Subsidiary Issuer [Member] | ||||||
Cash and cash equivalents | 8 | 9 | 10 | 11 | 1 | 1 |
Intercompany receivables | 1,933,907 | 3,022,719 | 4,032,992 | |||
Prepaid expenses | 3,879 | 1,743 | 2,397 | |||
Other current assets | 24,488 | 22,184 | 36,446 | |||
Total Current Assets | 1,962,282 | 3,046,655 | 4,071,846 | |||
21 Intercompany notes receivable Intercompany?Loan?Receivables 12/31/2013... - 962,000 - - (962,000) - | 962,000 | 962,000 | 962,000 | |||
Investment in subsidiaries | 4,073,687 | 3,876,744 | 3,848,000 | |||
Other assets | 108,279 | 109,231 | 115,188 | |||
Total Assets | 7,106,248 | 7,994,630 | 8,997,034 | |||
Accrued expenses | -110,265 | -133,481 | -104,972 | |||
Accrued interest | 163,089 | 219,921 | 210,874 | |||
Long-term intercompany payable | 729,157 | |||||
Other current liabilities | 76,939 | |||||
Current portion of long-term debt | 437,735 | 372,321 | ||||
Total Current Liabilities | 52,824 | 524,175 | 555,162 | |||
Long-term debt | 15,990,390 | 15,798,376 | 16,310,694 | |||
Long-term intercompany payable | 875,975 | 879,108 | ||||
Deferred income taxes | -76,841 | -175,925 | -107,878 | |||
Other long-term liabilities | 20,737 | 22,207 | 28,473 | |||
Total member's interest (deficit) | -9,756,837 | -9,053,311 | -8,518,574 | |||
Total Liabilities and Member's Deficit | 7,106,248 | 7,994,630 | 8,997,034 | |||
Subsidiary Issuer [Member] | Scenario, Previously Reported [Member] | ||||||
Prepaid expenses | 1,743 | |||||
Total Current Liabilities | 524,175 | |||||
Other long-term liabilities | 22,207 | |||||
Guarantor Subsidiaries [Member] | ||||||
Cash and cash equivalents | 67,274 | 182,152 | 79,591 | 333,768 | 461,572 | 1,220,362 |
Accounts receivable, net of allowance | 711,713 | 727,419 | 683,072 | |||
Intercompany receivables | 166,019 | |||||
Prepaid expenses | 61,261 | 56,070 | 33,190 | |||
Other current assets | 75,870 | 69,474 | 64,894 | |||
Total Current Assets | 916,118 | 1,035,115 | 1,280,943 | |||
Other property, plant and equipment, net | 793,627 | 815,358 | 827,623 | |||
Indefinite-lived intangibles - licenses | 2,426,179 | 2,416,406 | 2,423,979 | |||
Other intangibles, net | 825,666 | 970,926 | 1,174,818 | |||
Goodwill | 3,377,417 | 3,348,299 | 3,350,083 | |||
Investment in subsidiaries | 13,446 | 231,141 | 552,184 | |||
Other assets | 56,562 | 51,920 | 333,607 | |||
Total Assets | 8,409,015 | 8,869,165 | 9,943,237 | |||
Accounts payable | 55,917 | 45,289 | 37,436 | |||
Accrued expenses | 379,978 | 361,977 | 319,466 | |||
Intercompany payable | 2,091,701 | 3,084,544 | 4,032,992 | |||
Accrued interest | 241 | |||||
Deferred income | 85,445 | 65,710 | 62,901 | |||
Current portion of long-term debt | 80 | |||||
Total Current Liabilities | 2,613,121 | 3,557,761 | 4,452,795 | |||
Long-term debt | 4,893 | 4,000 | 4,000 | |||
Intercompany long-term debt | 962,000 | 962,000 | 962,000 | |||
Deferred income taxes | 1,007,196 | 1,056,586 | 1,089,659 | |||
Other long-term liabilities | 194,244 | 189,573 | 182,142 | |||
Total member's interest (deficit) | 3,627,561 | 3,099,245 | 3,252,641 | |||
Total Liabilities and Member's Deficit | 8,409,015 | 8,869,165 | 9,943,237 | |||
Guarantor Subsidiaries [Member] | Scenario, Previously Reported [Member] | ||||||
Accounts receivable, net of allowance | 739,658 | |||||
Prepaid expenses | 43,831 | |||||
Deferred income | 61,684 | |||||
Total Current Liabilities | 3,553,735 | |||||
Other long-term liabilities | 193,599 | |||||
Non-Guarantor Subsidiaries [Member] | ||||||
Cash and cash equivalents | 455,074 | 525,990 | 631,451 | 891,231 | 767,109 | 700,563 |
Accounts receivable, net of allowance | 689,738 | 713,082 | 757,097 | |||
Intercompany receivables | 157,794 | 61,825 | ||||
Prepaid expenses | 140,766 | 145,672 | 152,052 | |||
Other current assets | 79,327 | 341,948 | 248,325 | |||
Total Current Assets | 1,522,699 | 1,788,517 | 2,048,705 | |||
Structures, net | 1,643,527 | 1,765,510 | 1,890,693 | |||
Other property, plant and equipment, net | 291,587 | 316,762 | 318,538 | |||
Indefinite-lived intangibles - permits | 1,067,341 | 1,067,783 | 1,070,720 | |||
Other intangibles, net | 441,421 | 495,620 | 565,974 | |||
Goodwill | 835,195 | 853,888 | 866,002 | |||
Long-term intercompany receivable | 875,975 | 879,108 | 729,157 | |||
Other assets | 525,637 | 686,900 | 848,431 | |||
Total Assets | 7,203,382 | 7,854,088 | 8,338,220 | |||
Accounts payable | 74,386 | 86,081 | 95,790 | |||
Accrued expenses | 525,393 | 578,714 | 561,561 | |||
Intercompany payable | 166,019 | |||||
Accrued interest | 3,241 | 3,966 | -113 | |||
Deferred income | 125,823 | 110,750 | 109,771 | |||
Other current liabilities | 60,950 | |||||
Current portion of long-term debt | 3,152 | 15,999 | 9,407 | |||
Total Current Liabilities | 731,995 | 795,510 | 1,003,385 | |||
Long-term debt | 4,929,622 | 4,919,377 | 4,935,388 | |||
Deferred income taxes | 649,675 | 656,941 | 705,935 | |||
Other long-term liabilities | 237,241 | 250,240 | 239,902 | |||
Total member's interest (deficit) | 654,849 | 1,232,020 | 1,453,610 | |||
Total Liabilities and Member's Deficit | 7,203,382 | 7,854,088 | 8,338,220 | |||
Non-Guarantor Subsidiaries [Member] | Scenario, Previously Reported [Member] | ||||||
Accounts receivable, net of allowance | 714,688 | |||||
Prepaid expenses | 144,066 | |||||
Deferred income | 110,750 | |||||
Total Current Liabilities | 795,510 | |||||
Other long-term liabilities | 250,240 | |||||
Eliminations [Member] | ||||||
Intercompany receivables | -2,091,701 | -3,084,544 | -4,199,011 | |||
Other current assets | -9,879 | -272,449 | -214,730 | |||
Total Current Assets | -2,101,580 | -3,356,993 | -4,413,741 | |||
21 Intercompany notes receivable Intercompany?Loan?Receivables 12/31/2013... - 962,000 - - (962,000) - | -962,000 | -962,000 | -962,000 | |||
Long-term intercompany receivable | -875,975 | -879,108 | -729,157 | |||
Investment in subsidiaries | 5,669,705 | 4,945,427 | 4,118,390 | |||
Other assets | -385,922 | -314,595 | -480,696 | |||
Total Assets | 1,344,228 | -567,269 | -2,467,204 | |||
Intercompany payable | -2,091,701 | -3,084,544 | -4,199,011 | |||
Accrued interest | -9,879 | -29,284 | -30,189 | |||
Long-term intercompany payable | -729,157 | |||||
Total Current Liabilities | -2,101,580 | -3,113,828 | -4,229,200 | |||
Long-term debt | -443,358 | -691,274 | -884,713 | |||
Long-term intercompany payable | -875,975 | -879,108 | ||||
Intercompany long-term debt | -962,000 | -962,000 | -962,000 | |||
Deferred income taxes | 2,087 | 218 | 2,160 | |||
Total member's interest (deficit) | 5,725,054 | 5,078,723 | 4,335,706 | |||
Total Liabilities and Member's Deficit | 1,344,228 | -567,269 | -2,467,204 | |||
Eliminations [Member] | Scenario, Previously Reported [Member] | ||||||
Total Current Liabilities | ($3,113,828) |
Schedule_of_Consolidated_Balan1
Schedule of Consolidated Balance Sheet (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Borrowing under senior secured credit facility | $6.70 | $7.30 |
Schedule_of_Consolidated_Incom
Schedule of Consolidated Income statement (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | $1,630,034 | $1,694,367 | $1,587,522 | $1,618,097 | $1,343,058 | $1,696,336 | $1,587,331 | $1,602,494 | $1,360,723 | $4,602,736 | $4,548,677 | $6,243,044 | $6,246,884 | $6,161,352 |
Operating expenses: | ||||||||||||||
Direct operating expenses | 645,981 | 672,132 | 648,743 | 630,357 | 594,817 | 649,097 | 633,770 | 602,803 | 608,571 | 1,885,698 | 1,879,109 | 2,543,419 | 2,494,241 | 2,504,467 |
Selling, general and administrative expenses | 429,687 | 423,803 | 411,354 | 411,341 | 403,363 | 431,355 | 407,501 | 401,479 | 426,083 | 1,266,092 | 1,226,058 | 1,649,861 | 1,666,418 | 1,604,524 |
Corporate expenses | 78,202 | 70,658 | 89,574 | 77,557 | 83,763 | 78,745 | 73,921 | 72,094 | 72,606 | 233,104 | 245,702 | 324,182 | 297,366 | 239,399 |
Depreciation and amortization | 175,865 | 191,582 | 177,330 | 179,734 | 182,182 | 189,730 | 182,350 | 181,839 | 175,366 | 524,798 | 539,246 | 730,828 | 729,285 | 763,306 |
Impairment charge | 35 | 16,970 | 0 | 0 | 0 | 37,651 | 0 | 0 | 0 | 4,937 | 0 | 16,970 | 37,651 | 7,614 |
Other operating income (expense), net | 47,172 | 13,304 | 6,186 | 1,113 | 2,395 | 968 | 42,118 | 1,917 | 3,124 | 45,709 | 9,694 | 22,998 | 48,127 | 12,682 |
Operating income (loss) | 347,436 | 332,526 | 266,707 | 320,221 | 81,328 | 310,726 | 331,907 | 346,196 | 81,221 | 733,816 | 668,256 | 1,000,782 | 1,070,050 | 1,054,724 |
Interest expense, net | 432,616 | 418,014 | 438,404 | 407,508 | 385,525 | 400,930 | 388,210 | 385,867 | 374,016 | 1,304,335 | 1,231,437 | 1,649,451 | 1,549,023 | 1,466,246 |
Gain (loss) on marketable securities | 0 | -50 | 31 | 130,898 | 0 | -4,580 | 0 | 0 | 0 | 0 | 130,929 | 130,879 | -4,580 | -4,827 |
Equity in earnings (loss) of nonconsolidated affiliates | 3,955 | -91,291 | 3,983 | 5,971 | 3,641 | 6,643 | 3,663 | 4,696 | 3,555 | -9,388 | 13,595 | -77,696 | 18,557 | 26,958 |
Loss on extinguishment of debt | -4,840 | -83,980 | 0 | 0 | -3,888 | -239,556 | 0 | 0 | -15,167 | -56,259 | -3,888 | -87,868 | -254,723 | -1,447 |
Other income (expense), net | 2,617 | -4,591 | 1,709 | -18,098 | -1,000 | 1,929 | 824 | -1,397 | -1,106 | 16,315 | -17,389 | -21,980 | 250 | -3,169 |
Income (loss) before income taxes | -83,448 | -265,400 | -165,974 | 31,484 | -305,444 | -325,768 | -51,816 | -36,372 | -305,513 | -619,851 | -439,934 | -705,334 | -719,469 | -394,007 |
Income tax benefit (expense) | -24,376 | -36,833 | 73,802 | -11,477 | 96,325 | 128,986 | 13,232 | 8,663 | 157,398 | -92,142 | 158,650 | 121,817 | 308,279 | 125,978 |
Consolidated net income (loss) | -107,824 | -302,233 | -92,172 | 20,007 | -209,119 | -196,782 | -38,584 | -27,709 | -148,115 | -711,993 | -281,284 | -583,517 | -411,190 | -268,029 |
Less amount attributable to noncontrolling interest | 7,028 | 6,994 | 9,683 | 12,805 | -6,116 | -5,518 | 11,977 | 11,316 | -4,486 | 13,679 | 16,372 | 23,366 | 13,289 | 34,065 |
Net income (loss) attributable to the Company | -114,852 | -309,227 | -101,855 | 7,202 | -203,003 | -191,264 | -50,561 | -39,025 | -143,629 | -725,672 | -297,656 | -606,883 | -424,479 | -302,094 |
Other comprehensive income (loss), net of tax: | ||||||||||||||
Foreign currency translation adjustments | -63,063 | 40,502 | -77,512 | -28,526 | -33,001 | 40,242 | -29,647 | |||||||
Unrealized gain (loss) on securities and derivatives: | ||||||||||||||
Unrealized holding gain (loss) on marketable securities | -74 | 13 | 605 | 15,619 | 16,576 | 23,103 | -224 | |||||||
Unrealized holding gain on cash flow derivatives | 0 | 17,114 | 0 | 48,180 | 48,180 | 52,112 | 33,775 | |||||||
Other adjustments to comprehensive income (loss) | 0 | 0 | 0 | -998 | 6,732 | 1,135 | -1,361 | |||||||
Reclassification adjustment for realized gain (loss) on securities included in net income (loss) | 0 | -1,433 | 3,309 | -83,753 | -83,752 | 2,045 | 5,148 | |||||||
Comprehensive income (loss) | -177,989 | -45,659 | -799,270 | -347,134 | -652,148 | -305,842 | -294,403 | |||||||
Less amount attributable to noncontrolling interest | -9,744 | 9,169 | -14,686 | -2,408 | -2,476 | 5,878 | 4,324 | |||||||
Comprehensive income (loss) attributable to the Company | -168,245 | -54,828 | -784,584 | -344,726 | -649,672 | -311,720 | -298,727 | |||||||
Parent Company [Member] | ||||||||||||||
Operating expenses: | ||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -112,851 | -94,169 | -642,984 | -225,437 | -501,897 | -336,674 | -230,822 | |||||||
Income (loss) before income taxes | -112,851 | -94,169 | -642,984 | -225,437 | -501,897 | -336,674 | -230,822 | |||||||
Consolidated net income (loss) | -112,851 | -94,169 | -642,984 | -225,437 | -501,897 | -336,674 | -230,822 | |||||||
Net income (loss) attributable to the Company | -112,851 | -94,169 | -642,984 | -225,437 | -501,897 | -336,674 | -230,822 | |||||||
Unrealized gain (loss) on securities and derivatives: | ||||||||||||||
Other adjustments to comprehensive income (loss) | 2 | |||||||||||||
Equity in subsidiary comprehensive income | -54,656 | 47,724 | -62,030 | -45,808 | -39,534 | 107,179 | 5,518 | |||||||
Comprehensive income (loss) | -167,507 | -46,445 | -705,014 | -271,245 | -541,431 | -229,493 | -225,304 | |||||||
Comprehensive income (loss) attributable to the Company | -167,507 | -46,445 | -705,014 | -271,245 | -541,431 | -229,493 | -225,304 | |||||||
Subsidiary Issuer [Member] | ||||||||||||||
Operating expenses: | ||||||||||||||
Corporate expenses | 2,532 | 2,609 | 7,792 | 8,126 | 10,819 | 10,829 | 10,878 | |||||||
Operating income (loss) | -2,532 | -2,609 | -7,792 | -8,126 | -10,819 | -10,829 | -10,878 | |||||||
Interest expense, net | 357,316 | 377,789 | 1,090,483 | 1,039,587 | 1,396,249 | 1,307,703 | 1,361,008 | |||||||
Gain (loss) on marketable securities | -1 | |||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 155,113 | 130,633 | 256,622 | 430,607 | 439,900 | 492,819 | 629,915 | |||||||
Loss on extinguishment of debt | -4,839 | 127,703 | -3,888 | -87,868 | -33,652 | -5,721 | ||||||||
Other income (expense), net | -5 | -156 | -88 | -18,060 | -23,551 | -1 | ||||||||
Income (loss) before income taxes | -209,579 | -249,921 | -714,038 | -639,054 | -1,078,587 | -859,367 | -747,692 | |||||||
Income tax benefit (expense) | 96,728 | 155,752 | 71,054 | 413,617 | 576,690 | 522,693 | 516,870 | |||||||
Consolidated net income (loss) | -112,851 | -94,169 | -642,984 | -225,437 | -501,897 | -336,674 | -230,822 | |||||||
Net income (loss) attributable to the Company | -112,851 | -94,169 | -642,984 | -225,437 | -501,897 | -336,674 | -230,822 | |||||||
Unrealized gain (loss) on securities and derivatives: | ||||||||||||||
Unrealized holding gain on cash flow derivatives | 17,114 | 48,180 | 48,180 | 52,112 | 33,775 | |||||||||
Other adjustments to comprehensive income (loss) | -2 | |||||||||||||
Reclassification adjustment for realized gain (loss) on securities included in net income (loss) | -8,181 | |||||||||||||
Equity in subsidiary comprehensive income | -54,656 | 30,610 | -53,849 | -93,988 | -87,714 | 55,069 | -28,257 | |||||||
Comprehensive income (loss) | -167,507 | -46,445 | -705,014 | -271,245 | -541,431 | -229,495 | -225,304 | |||||||
Comprehensive income (loss) attributable to the Company | -167,507 | -46,445 | -705,014 | -271,245 | -541,431 | -229,495 | -225,304 | |||||||
Guarantor Subsidiaries [Member] | ||||||||||||||
Revenue | 885,035 | 862,813 | 2,437,625 | 2,401,245 | 3,287,967 | 3,288,779 | 3,121,308 | |||||||
Operating expenses: | ||||||||||||||
Direct operating expenses | 244,412 | 251,928 | 688,009 | 695,222 | 946,379 | 888,651 | 858,191 | |||||||
Selling, general and administrative expenses | 289,452 | 279,792 | 852,065 | 819,804 | 1,103,616 | 1,085,611 | 1,052,832 | |||||||
Corporate expenses | 42,122 | 57,246 | 127,734 | 146,141 | 188,964 | 170,705 | 127,501 | |||||||
Depreciation and amortization | 75,112 | 78,627 | 225,888 | 241,904 | 326,185 | 328,633 | 327,240 | |||||||
Impairment charge | 35 | 4,937 | 3,820 | |||||||||||
Other operating income (expense), net | 42,548 | -418 | 38,184 | -2,710 | 11 | -2,825 | 4,091 | |||||||
Operating income (loss) | 276,450 | 194,802 | 577,176 | 495,464 | 719,014 | 812,354 | 759,635 | |||||||
Interest expense, net | 12,871 | 13,125 | 38,886 | 26,798 | 39,991 | 23,143 | 2,370 | |||||||
Gain (loss) on marketable securities | 49 | 170,182 | 170,133 | -2,001 | ||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 822 | 7,210 | 17,764 | -51,315 | -94,224 | -174,774 | 54,407 | |||||||
Loss on extinguishment of debt | -181,080 | -1 | ||||||||||||
Other income (expense), net | 290 | 440 | 1,090 | 644 | 25,534 | 3,960 | 590 | |||||||
Income (loss) before income taxes | 264,691 | 189,376 | 376,064 | 588,177 | 780,466 | 616,396 | 812,261 | |||||||
Income tax benefit (expense) | -111,033 | -77,584 | -123,834 | -216,801 | -421,063 | -246,380 | -274,930 | |||||||
Consolidated net income (loss) | 153,658 | 111,792 | 252,230 | 371,376 | 359,403 | 370,016 | 537,331 | |||||||
Less amount attributable to noncontrolling interest | -1,455 | 1,911 | -4,392 | -1,351 | -768 | -10,613 | 13,792 | |||||||
Net income (loss) attributable to the Company | 155,113 | 109,881 | 256,622 | 372,727 | 360,171 | 380,629 | 523,539 | |||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Foreign currency translation adjustments | 16,966 | -3,985 | 6,257 | 11,875 | 15,380 | -399 | 1,267 | |||||||
Unrealized gain (loss) on securities and derivatives: | ||||||||||||||
Unrealized holding gain (loss) on marketable securities | -1 | 15,390 | 15,390 | 25,676 | 4,610 | |||||||||
Reclassification adjustment for realized gain (loss) on securities included in net income (loss) | -1 | -82,321 | -82,321 | |||||||||||
Equity in subsidiary comprehensive income | -78,855 | 37,724 | -77,010 | -40,551 | -36,445 | 33,967 | -38,702 | |||||||
Comprehensive income (loss) | 93,224 | 143,619 | 185,868 | 277,120 | 272,175 | 439,873 | 490,714 | |||||||
Less amount attributable to noncontrolling interest | -7,233 | 3,128 | -8,724 | -1,619 | -282 | 4,175 | -4,594 | |||||||
Comprehensive income (loss) attributable to the Company | 100,457 | 140,491 | 194,592 | 278,739 | 272,457 | 435,698 | 495,308 | |||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||||
Revenue | 749,713 | 729,887 | 2,180,031 | 2,160,620 | 2,973,493 | 2,974,108 | 3,059,676 | |||||||
Operating expenses: | ||||||||||||||
Direct operating expenses | 403,429 | 398,591 | 1,203,313 | 1,188,887 | 1,604,236 | 1,613,571 | 1,652,860 | |||||||
Selling, general and administrative expenses | 143,089 | 134,964 | 423,323 | 414,442 | 557,465 | 588,829 | 564,740 | |||||||
Corporate expenses | 33,548 | 29,719 | 97,578 | 91,435 | 124,399 | 115,832 | 101,020 | |||||||
Depreciation and amortization | 100,753 | 98,703 | 298,910 | 297,342 | 404,643 | 400,652 | 436,066 | |||||||
Impairment charge | 13,150 | 37,651 | 7,614 | |||||||||||
Other operating income (expense), net | 4,624 | 6,604 | 7,525 | 12,404 | 22,987 | 50,952 | 8,591 | |||||||
Operating income (loss) | 73,518 | 74,514 | 164,432 | 180,918 | 292,587 | 268,525 | 305,967 | |||||||
Interest expense, net | 61,185 | 39,804 | 159,678 | 132,068 | 171,682 | 139,824 | 27,321 | |||||||
Gain (loss) on marketable securities | -18 | 62,895 | -18 | -18 | -2,578 | -4,827 | ||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 4,178 | 4,030 | -8,863 | 13,878 | -77,410 | 19,464 | 26,987 | |||||||
Loss on extinguishment of debt | -221,071 | |||||||||||||
Other income (expense), net | 3,088 | 1,425 | 16,936 | 27 | 258 | 5,743 | -3,759 | |||||||
Income (loss) before income taxes | 19,599 | 40,147 | 75,722 | 62,737 | 43,735 | -69,741 | 297,047 | |||||||
Income tax benefit (expense) | -10,071 | -4,366 | -39,362 | -38,166 | -33,810 | 31,966 | -115,962 | |||||||
Consolidated net income (loss) | 9,528 | 35,781 | 36,360 | 24,571 | 9,925 | -37,775 | 181,085 | |||||||
Less amount attributable to noncontrolling interest | 8,483 | 7,772 | 18,071 | 17,723 | 24,134 | 23,902 | 20,273 | |||||||
Net income (loss) attributable to the Company | 1,045 | 28,009 | 18,289 | 6,848 | -14,209 | -61,677 | 160,812 | |||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Foreign currency translation adjustments | -80,029 | 44,487 | -83,769 | -40,401 | -48,381 | 40,641 | -30,914 | |||||||
Unrealized gain (loss) on securities and derivatives: | ||||||||||||||
Unrealized holding gain (loss) on marketable securities | -1,337 | 710 | -2,512 | 1,491 | 4,441 | -8,151 | -2,874 | |||||||
Other adjustments to comprehensive income (loss) | -998 | 6,732 | 1,135 | -1,361 | ||||||||||
Reclassification adjustment for realized gain (loss) on securities included in net income (loss) | -1,432 | 11,490 | -1,432 | -1,431 | 2,045 | 5,148 | ||||||||
Comprehensive income (loss) | -80,321 | 71,774 | -56,502 | -34,492 | -52,848 | -26,007 | 130,811 | |||||||
Less amount attributable to noncontrolling interest | -2,511 | 6,041 | -5,962 | -789 | -2,194 | 1,703 | 8,918 | |||||||
Comprehensive income (loss) attributable to the Company | -77,810 | 65,733 | -50,540 | -33,703 | -50,654 | -27,710 | 121,893 | |||||||
Eliminations [Member] | ||||||||||||||
Revenue | -4,714 | -5,178 | -14,920 | -13,188 | -18,416 | -16,003 | -19,632 | |||||||
Operating expenses: | ||||||||||||||
Direct operating expenses | -1,860 | -1,776 | -5,624 | -5,000 | -7,196 | -7,981 | -6,584 | |||||||
Selling, general and administrative expenses | -2,854 | -3,402 | -9,296 | -8,188 | -11,220 | -8,022 | -13,048 | |||||||
Interest expense, net | 1,244 | 7,686 | 15,288 | 32,984 | 41,529 | 78,353 | 75,547 | |||||||
Gain (loss) on marketable securities | -62,895 | -39,235 | -39,236 | |||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | -43,307 | -43,721 | 368,073 | -154,138 | 155,935 | 17,722 | -453,529 | |||||||
Loss on extinguishment of debt | -1 | -2,882 | 4,275 | |||||||||||
Other income (expense), net | -756 | -1,623 | -24,221 | -9,452 | ||||||||||
Income (loss) before income taxes | -45,308 | -51,407 | 285,385 | -226,357 | 50,949 | -70,083 | -524,801 | |||||||
Consolidated net income (loss) | -45,308 | -51,407 | 285,385 | -226,357 | 50,949 | -70,083 | -524,801 | |||||||
Net income (loss) attributable to the Company | -45,308 | -51,407 | 285,385 | -226,357 | 50,949 | -70,083 | -524,801 | |||||||
Unrealized gain (loss) on securities and derivatives: | ||||||||||||||
Unrealized holding gain (loss) on marketable securities | 1,263 | -697 | 3,118 | -1,262 | -3,255 | 5,578 | -1,960 | |||||||
Equity in subsidiary comprehensive income | 188,167 | -116,058 | 192,889 | 180,347 | 163,693 | -196,215 | 61,441 | |||||||
Comprehensive income (loss) | 144,122 | -168,162 | 481,392 | -47,272 | 211,387 | -260,720 | -465,320 | |||||||
Comprehensive income (loss) attributable to the Company | $144,122 | ($168,162) | $481,392 | ($47,272) | $211,387 | ($260,720) | ($465,320) |
Schedule_of_Consolidated_Cash_
Schedule of Consolidated Cash Flow (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ||||||||||||||
Consolidated net income (loss) | ($107,824) | ($302,233) | ($92,172) | $20,007 | ($209,119) | ($196,782) | ($38,584) | ($27,709) | ($148,115) | ($711,993) | ($281,284) | ($583,517) | ($411,190) | ($268,029) |
Reconciling items: | ||||||||||||||
Depreciation and amortization | 175,865 | 191,582 | 177,330 | 179,734 | 182,182 | 189,730 | 182,350 | 181,839 | 175,366 | 524,798 | 539,246 | 730,828 | 729,285 | 763,306 |
Impairment charges | 35 | 16,970 | 0 | 0 | 0 | 37,651 | 0 | 0 | 0 | 4,937 | 0 | 16,970 | 37,651 | 7,614 |
Deferred taxes | 12,687 | -71,714 | 44,866 | -195,356 | -158,170 | -304,611 | -143,944 | |||||||
Provision for doubtful accounts | 12,149 | 13,710 | 20,243 | 11,715 | 13,723 | |||||||||
Amortization of deferred financing charges and note discounts, net | 74,106 | 93,258 | 124,342 | 164,097 | 188,034 | |||||||||
Share-based compensation | 2,246 | 2,754 | 8,064 | 14,093 | 16,715 | 28,540 | 20,667 | |||||||
(Gain) loss on disposal of operating assets | -45,709 | -9,694 | -22,998 | -48,127 | -12,682 | |||||||||
(Gain) loss on marketable securities | 0 | -130,929 | -130,879 | 4,580 | 4,827 | |||||||||
Equity in (earnings) loss of non consolidated affiliates | -3,955 | 91,291 | -3,983 | -5,971 | -3,641 | -6,643 | -3,663 | -4,696 | -3,555 | 9,388 | -13,595 | 77,696 | -18,557 | -26,958 |
(Gain) loss on extinguishment of debt | 4,840 | 83,980 | 0 | 0 | 3,888 | 239,556 | 0 | 0 | 15,167 | 56,259 | 3,888 | 87,868 | 254,723 | 1,447 |
Other reconciling items, net | -16,291 | 18,591 | 19,904 | 14,234 | 17,023 | |||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||||||||
(Increase) decrease in accounts receivable | 1,511 | 3,705 | -29,605 | -34,238 | -7,835 | |||||||||
Decrease in deferred income | 41,247 | 28,176 | 7,508 | 33,482 | -10,776 | |||||||||
Decrease in accrued expenses | 10,120 | -15,314 | 26,105 | 34,874 | -127,242 | |||||||||
Increase (decrease) in accounts payable | 1,419 | -12,128 | -2,620 | 13,863 | 6,236 | |||||||||
Increase (decrease) in accrued interest | -7,890 | -46,716 | 16,014 | 20,223 | 39,170 | |||||||||
Changes in other operating assets and liabilities | -35,441 | -10,808 | -3,532 | -45,412 | -89,720 | |||||||||
Net cash provided by (used for) operating activities | -28,460 | -1,157 | 212,872 | 485,132 | 374,861 | |||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property, plant and equipment | -53,587 | -64,580 | -195,008 | -197,260 | -324,526 | -390,280 | -362,281 | |||||||
Acquisition of operating assets | -3,279 | -2,587 | -21,532 | -14,826 | -20,995 | |||||||||
Proceeds from sale of other investments | -8,520 | 0 | 135,571 | |||||||||||
Proceeds from sale of investment securities | 236,644 | 135,571 | 135,571 | 0 | 6,894 | |||||||||
Purchases of businesses | -97 | -50,116 | -46,356 | |||||||||||
Proceeds from disposal of assets | 10,367 | 39,797 | 81,598 | 59,665 | 54,270 | |||||||||
Change in other, net | -3,603 | -3,507 | -4,379 | -1,464 | 382 | |||||||||
Net cash provided by (used for) investing activities | 36,601 | -27,986 | -133,365 | -397,021 | -368,086 | |||||||||
Cash flows from financing activities: | ||||||||||||||
Draws on credit facilities | 65,820 | 272,252 | 272,252 | 604,563 | 55,000 | |||||||||
Payments on credit facilities | -315,032 | -23,844 | -27,315 | -1,931,419 | -960,332 | |||||||||
Proceeds from long-term debt | 2,062,475 | 575,051 | 575,000 | 4,917,643 | 1,731,266 | |||||||||
Payments on long-term debt | -1,944,564 | -1,223,336 | -1,248,860 | -3,346,906 | -1,398,299 | |||||||||
Repurchases of long-term debt | 0 | 0 | -55,250 | |||||||||||
Payments to repurchase noncontrolling interests | 0 | -61,143 | -61,143 | -7,040 | -4,682 | |||||||||
Dividends and other payments to noncontrolling interests | -32,581 | -13,862 | -91,887 | -251,665 | -3,571 | |||||||||
Deferred financing charges | -25,933 | -10,222 | -18,390 | -83,617 | -46,659 | |||||||||
Change in other, net | 455 | 2,003 | 4,461 | 3,092 | -15,589 | |||||||||
Net cash provided by (used for) financing activities | -189,360 | -483,101 | -595,882 | -95,349 | -698,116 | |||||||||
Effect of exchange rate changes on cash | -4,576 | -1,714 | -484 | 3,566 | -903 | |||||||||
Net decrease in cash and cash equivalents | -185,795 | -513,958 | -516,859 | -3,672 | -692,244 | |||||||||
Cash and cash equivalents at beginning of period | 711,052 | 1,225,010 | 1,228,682 | 708,151 | 1,225,010 | 1,225,010 | 1,228,682 | 1,920,926 | ||||||
Cash and cash equivalents at end of period | 522,356 | 708,151 | 711,052 | 1,225,010 | 522,356 | 711,052 | 708,151 | 1,225,010 | 1,228,682 | |||||
Consolidating Adjustments [Member] | ||||||||||||||
Reconciling items: | ||||||||||||||
Equity in (earnings) loss of non consolidated affiliates | -26,958 | |||||||||||||
Parent Company [Member] | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Consolidated net income (loss) | -112,851 | -94,169 | -642,984 | -225,437 | -501,897 | -336,674 | -230,822 | |||||||
Reconciling items: | ||||||||||||||
Equity in (earnings) loss of non consolidated affiliates | 112,851 | 94,169 | 642,984 | 225,437 | 501,897 | 336,674 | 230,822 | |||||||
Cash flows from investing activities: | ||||||||||||||
Dividends from subsidiaries | 864 | -393 | ||||||||||||
Change in other, net | -270 | |||||||||||||
Net cash provided by (used for) investing activities | 864 | -393 | -270 | |||||||||||
Cash flows from financing activities: | ||||||||||||||
Change in other, net | -864 | 393 | 270 | |||||||||||
Net cash provided by (used for) financing activities | -864 | 393 | 270 | |||||||||||
Parent Company [Member] | Consolidating Adjustments [Member] | ||||||||||||||
Reconciling items: | ||||||||||||||
Equity in (earnings) loss of non consolidated affiliates | 230,822 | |||||||||||||
Subsidiary Issuer [Member] | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Consolidated net income (loss) | -112,851 | -94,169 | -642,984 | -225,437 | -501,897 | -336,674 | -230,822 | |||||||
Reconciling items: | ||||||||||||||
Deferred taxes | 99,084 | -67,214 | -96,806 | -164,449 | -250,572 | |||||||||
Amortization of deferred financing charges and note discounts, net | 78,315 | 106,150 | 141,886 | 196,549 | 222,908 | |||||||||
(Gain) loss on marketable securities | 1 | |||||||||||||
Equity in (earnings) loss of non consolidated affiliates | -155,113 | -130,633 | -256,622 | -430,607 | -439,900 | -492,819 | -629,915 | |||||||
(Gain) loss on extinguishment of debt | 4,839 | -127,703 | 3,888 | 87,868 | 33,652 | 5,721 | ||||||||
Other reconciling items, net | 1 | 1 | ||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||||||||
Decrease in accrued expenses | 23,216 | -37,640 | ||||||||||||
Increase (decrease) in accrued interest | -20,928 | -68,401 | 11,714 | 21,731 | 16,866 | |||||||||
Changes in other operating assets and liabilities | -3,582 | -14,407 | -35,373 | -60,782 | 22,480 | |||||||||
Net cash provided by (used for) operating activities | -851,204 | -733,667 | -832,507 | -802,791 | -843,334 | |||||||||
Cash flows from investing activities: | ||||||||||||||
Dividends from subsidiaries | 329,867 | 329,867 | 1,925,661 | 250 | ||||||||||
Change in other, net | -250 | |||||||||||||
Net cash provided by (used for) investing activities | 329,867 | 329,867 | 1,925,661 | |||||||||||
Cash flows from financing activities: | ||||||||||||||
Draws on credit facilities | 65,000 | 269,500 | 269,500 | 602,500 | 55,000 | |||||||||
Payments on credit facilities | -312,000 | -22,500 | -22,500 | -1,928,051 | -956,181 | |||||||||
Intercompany funding | 1,085,584 | 1,028,726 | 1,160,225 | 914,258 | 1,494,919 | |||||||||
Proceeds from long-term debt | 2,080,450 | 575,000 | 575,000 | |||||||||||
Payments on long-term debt | -2,042,256 | -1,437,435 | -1,461,811 | -695,342 | -1,428,051 | |||||||||
Dividends and other payments to noncontrolling interests | -864 | |||||||||||||
Deferred financing charges | -24,711 | -9,885 | -18,046 | -13,629 | -46,697 | |||||||||
Change in other, net | 393 | 270 | -2,596 | -306 | ||||||||||
Net cash provided by (used for) financing activities | 851,203 | 403,799 | 502,638 | -1,122,860 | 843,334 | |||||||||
Net decrease in cash and cash equivalents | -1 | -1 | -2 | 10 | ||||||||||
Cash and cash equivalents at beginning of period | 11 | 1 | 9 | 11 | 11 | 1 | 1 | |||||||
Cash and cash equivalents at end of period | 8 | 9 | 10 | 11 | 8 | 10 | 9 | 11 | 1 | |||||
Subsidiary Issuer [Member] | Consolidating Adjustments [Member] | ||||||||||||||
Reconciling items: | ||||||||||||||
Equity in (earnings) loss of non consolidated affiliates | -629,915 | |||||||||||||
Guarantor Subsidiaries [Member] | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Consolidated net income (loss) | 153,658 | 111,792 | 252,230 | 371,376 | 359,403 | 370,016 | 537,331 | |||||||
Reconciling items: | ||||||||||||||
Depreciation and amortization | 75,112 | 78,627 | 225,888 | 241,904 | 326,185 | 328,633 | 327,240 | |||||||
Impairment charges | 35 | 4,937 | 3,820 | |||||||||||
Deferred taxes | -44,703 | -94,804 | 3,870 | 20,143 | 109,795 | |||||||||
Provision for doubtful accounts | 6,659 | 10,172 | 15,052 | 4,459 | 7,604 | |||||||||
Amortization of deferred financing charges and note discounts, net | -3,622 | -3,621 | -7,534 | -6,144 | ||||||||||
Share-based compensation | 2,352 | 8,446 | 8,990 | 17,951 | 9,754 | |||||||||
(Gain) loss on disposal of operating assets | -38,184 | 2,710 | -11 | 2,825 | -4,091 | |||||||||
(Gain) loss on marketable securities | -170,182 | -170,133 | 2,001 | |||||||||||
Equity in (earnings) loss of non consolidated affiliates | -822 | -7,210 | -17,764 | 51,315 | 94,224 | 174,774 | -54,407 | |||||||
(Gain) loss on extinguishment of debt | 181,080 | 1 | ||||||||||||
Other reconciling items, net | 100 | -152 | -111 | -7,707 | 1,083 | |||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||||||||
(Increase) decrease in accounts receivable | 8,753 | -45,500 | -72,752 | 12,256 | -13,090 | |||||||||
Decrease in deferred income | 20,980 | 6,469 | 6,953 | 9,521 | -427 | |||||||||
Decrease in accrued expenses | 17,856 | 50,331 | 8,072 | 9,432 | -97,655 | |||||||||
Increase (decrease) in accounts payable | 10,629 | 9,921 | 7,853 | 11,312 | -6,419 | |||||||||
Increase (decrease) in accrued interest | -241 | 37,546 | 321 | 20,813 | ||||||||||
Changes in other operating assets and liabilities | -7,793 | -33,450 | 40,257 | -16,167 | -121,109 | |||||||||
Net cash provided by (used for) operating activities | 622,779 | 442,480 | 628,372 | 931,915 | 710,359 | |||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property, plant and equipment | -59,419 | -82,677 | -118,024 | -114,023 | -69,650 | |||||||||
Acquisition of operating assets | -2,712 | -1,745 | -11,049 | 9,107 | -6,201 | |||||||||
Proceeds from sale of other investments | -8,437 | 75 | ||||||||||||
Proceeds from sale of investment securities | 75 | -700 | ||||||||||||
Purchases of businesses | -97 | -45,395 | -207 | |||||||||||
Proceeds from disposal of assets | -1,458 | 22,318 | 39,464 | 3,223 | 41,387 | |||||||||
Investments in subsidiaries | -125,000 | |||||||||||||
Dividends from subsidiaries | 363,329 | 200,785 | 1,916,209 | |||||||||||
Change in other, net | -1,071 | -1,236 | -1,236 | 2,700 | 69 | |||||||||
Net cash provided by (used for) investing activities | 165,232 | -63,265 | 109,918 | 1,916,209 | -35,302 | |||||||||
Cash flows from financing activities: | ||||||||||||||
Intercompany funding | -902,889 | -549,015 | -805,529 | -896,192 | -1,414,366 | |||||||||
Payments on long-term debt | -927 | -22,155 | ||||||||||||
Dividends and other payments to noncontrolling interests | -84,377 | |||||||||||||
Dividends paid | -84,377 | -1,916,207 | ||||||||||||
Deferred financing charges | 38 | |||||||||||||
Change in other, net | 1,032 | |||||||||||||
Net cash provided by (used for) financing activities | -902,889 | -633,392 | -889,906 | -2,813,326 | -1,433,847 | |||||||||
Net decrease in cash and cash equivalents | -114,878 | -254,177 | -151,616 | -127,804 | -758,790 | |||||||||
Cash and cash equivalents at beginning of period | 333,768 | 461,572 | 182,152 | 333,768 | 333,768 | 461,572 | 1,220,362 | |||||||
Cash and cash equivalents at end of period | 67,274 | 182,152 | 79,591 | 333,768 | 67,274 | 79,591 | 182,152 | 333,768 | 461,572 | |||||
Guarantor Subsidiaries [Member] | Consolidating Adjustments [Member] | ||||||||||||||
Reconciling items: | ||||||||||||||
Equity in (earnings) loss of non consolidated affiliates | 54,407 | |||||||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Consolidated net income (loss) | 9,528 | 35,781 | 36,360 | 24,571 | 9,925 | -37,775 | 181,085 | |||||||
Reconciling items: | ||||||||||||||
Depreciation and amortization | 100,753 | 98,703 | 298,910 | 297,342 | 404,643 | 400,652 | 436,066 | |||||||
Impairment charges | 13,150 | 37,651 | 7,614 | |||||||||||
Deferred taxes | -9,515 | -33,338 | -65,234 | -160,305 | -3,167 | |||||||||
Provision for doubtful accounts | 5,490 | 3,538 | 5,191 | 7,256 | 6,119 | |||||||||
Amortization of deferred financing charges and note discounts, net | -19,497 | -42,254 | -55,452 | -103,271 | -104,277 | |||||||||
Share-based compensation | 5,712 | 5,647 | 7,725 | 10,589 | 10,913 | |||||||||
(Gain) loss on disposal of operating assets | -7,525 | -12,404 | -22,987 | -50,952 | -8,591 | |||||||||
(Gain) loss on marketable securities | -62,895 | 18 | 18 | 2,578 | 4,827 | |||||||||
Equity in (earnings) loss of non consolidated affiliates | -4,178 | -4,030 | 8,863 | -13,878 | 77,410 | -19,464 | -26,987 | |||||||
(Gain) loss on extinguishment of debt | 221,071 | |||||||||||||
Other reconciling items, net | -16,391 | 18,742 | 20,014 | 21,941 | 15,940 | |||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||||||||
(Increase) decrease in accounts receivable | -7,242 | 49,205 | 43,147 | -46,494 | 5,255 | |||||||||
Decrease in deferred income | 20,267 | 21,707 | 555 | 23,961 | -10,349 | |||||||||
Decrease in accrued expenses | -30,952 | -28,005 | 18,033 | 25,442 | -29,587 | |||||||||
Increase (decrease) in accounts payable | -9,210 | -22,049 | -10,473 | 2,551 | 12,655 | |||||||||
Increase (decrease) in accrued interest | -717 | 2,981 | 4,087 | -2,377 | 1,127 | |||||||||
Changes in other operating assets and liabilities | -13,014 | 18,207 | -8,524 | 32,406 | 9,193 | |||||||||
Net cash provided by (used for) operating activities | 198,644 | 290,030 | 441,228 | 365,460 | 507,836 | |||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property, plant and equipment | -135,589 | -114,583 | -206,502 | -276,257 | -292,631 | |||||||||
Acquisition of operating assets | -567 | -842 | -10,483 | -5,719 | -14,794 | |||||||||
Proceeds from sale of other investments | -291,121 | 355,073 | ||||||||||||
Proceeds from sale of investment securities | 609,161 | 355,073 | 50,149 | 174,616 | ||||||||||
Purchases of businesses | -4,721 | -46,149 | ||||||||||||
Proceeds from disposal of assets | 11,825 | 17,479 | 42,134 | 56,442 | 12,883 | |||||||||
Investments in subsidiaries | -55,250 | |||||||||||||
Change in other, net | -2,532 | -2,271 | -3,143 | -4,857 | -16,761 | |||||||||
Net cash provided by (used for) investing activities | 191,177 | 254,856 | 177,079 | -238,086 | ||||||||||
Cash flows from financing activities: | ||||||||||||||
Draws on credit facilities | 820 | 2,752 | 2,752 | 2,063 | ||||||||||
Payments on credit facilities | -3,032 | -1,344 | -4,815 | -3,368 | -4,151 | |||||||||
Intercompany funding | -182,695 | -479,711 | -378,917 | -18,066 | -80,553 | |||||||||
Proceeds from long-term debt | 51 | 4,917,643 | ||||||||||||
Payments on long-term debt | -35 | -5,478 | -6,626 | -2,700,786 | -115,115 | |||||||||
Investments from Parent | 125,000 | |||||||||||||
Payments to repurchase noncontrolling interests | -61,143 | -61,143 | -7,040 | -4,682 | ||||||||||
Dividends and other payments to noncontrolling interests | -397,534 | -259,352 | -91,887 | -251,665 | -3,571 | |||||||||
Dividends paid | -446,275 | -1,935,115 | -250 | |||||||||||
Deferred financing charges | -4 | -337 | -344 | -69,988 | ||||||||||
Change in other, net | 1,319 | 1,610 | 4,191 | 6,381 | 1,009 | |||||||||
Net cash provided by (used for) financing activities | -456,161 | -802,952 | -983,064 | -59,941 | -202,301 | |||||||||
Effect of exchange rate changes on cash | -4,576 | -1,714 | -484 | 3,566 | -903 | |||||||||
Net decrease in cash and cash equivalents | -70,916 | -259,780 | -365,241 | 124,122 | 66,546 | |||||||||
Cash and cash equivalents at beginning of period | 891,231 | 767,109 | 525,990 | 891,231 | 891,231 | 767,109 | 700,563 | |||||||
Cash and cash equivalents at end of period | 455,074 | 525,990 | 631,451 | 891,231 | 455,074 | 631,451 | 525,990 | 891,231 | 767,109 | |||||
Non-Guarantor Subsidiaries [Member] | Consolidating Adjustments [Member] | ||||||||||||||
Reconciling items: | ||||||||||||||
Equity in (earnings) loss of non consolidated affiliates | -26,987 | |||||||||||||
Eliminations [Member] | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Consolidated net income (loss) | -45,308 | -51,407 | 285,385 | -226,357 | 50,949 | -70,083 | -524,801 | |||||||
Reconciling items: | ||||||||||||||
Amortization of deferred financing charges and note discounts, net | 15,288 | 32,984 | 41,529 | 78,253 | 75,547 | |||||||||
(Gain) loss on marketable securities | 62,895 | 39,235 | 39,236 | |||||||||||
Equity in (earnings) loss of non consolidated affiliates | 43,307 | 43,721 | -368,073 | 154,138 | -155,935 | -17,722 | 453,529 | |||||||
(Gain) loss on extinguishment of debt | 1 | 2,882 | -4,275 | |||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||||||||
Increase (decrease) in accrued interest | 13,996 | -18,842 | -108 | 869 | 364 | |||||||||
Changes in other operating assets and liabilities | -11,052 | 18,842 | 108 | -869 | -364 | |||||||||
Net cash provided by (used for) operating activities | 1,321 | -24,221 | -9,452 | |||||||||||
Cash flows from investing activities: | ||||||||||||||
Proceeds from sale of other investments | 291,038 | -219,577 | ||||||||||||
Proceeds from sale of investment securities | -372,517 | -219,577 | -50,419 | -167,022 | ||||||||||
Investments in subsidiaries | 125,000 | 55,250 | ||||||||||||
Dividends from subsidiaries | -364,193 | -329,474 | -530,652 | -3,841,870 | -250 | |||||||||
Change in other, net | 270 | 693 | 17,324 | |||||||||||
Net cash provided by (used for) investing activities | -320,672 | -549,051 | -749,959 | -3,841,870 | -94,698 | |||||||||
Cash flows from financing activities: | ||||||||||||||
Intercompany funding | 24,221 | |||||||||||||
Proceeds from long-term debt | -17,975 | |||||||||||||
Payments on long-term debt | 97,727 | 219,577 | 219,577 | 50,149 | 167,022 | |||||||||
Investments from Parent | -125,000 | |||||||||||||
Repurchases of long-term debt | -55,250 | |||||||||||||
Dividends and other payments to noncontrolling interests | 365,817 | 329,867 | ||||||||||||
Dividends paid | 530,652 | 3,851,622 | 250 | |||||||||||
Deferred financing charges | -1,218 | |||||||||||||
Change in other, net | -393 | -270 | -693 | -17,324 | ||||||||||
Net cash provided by (used for) financing activities | 319,351 | 549,051 | 774,180 | 3,900,778 | 94,698 | |||||||||
Eliminations [Member] | Consolidating Adjustments [Member] | ||||||||||||||
Reconciling items: | ||||||||||||||
Equity in (earnings) loss of non consolidated affiliates | ($453,529) |
Recovered_Sheet7
Summary of Significant Accounting Policies (Narrative) (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | |
Percentage of ownership | 100.00% | |||
Impairment | ($10,684,000) | |||
Other than temporary impairment for available for sale securities | 4,600,000 | 4,800,000 | ||
Additional deferred foreign tax expense | 3,400,000 | |||
Advertising expenses | 133,700,000 | 113,400,000 | 92,200,000 | |
International Outdoor Advertising [Member] | ||||
Impairment | ($10,684,000) | ($1,100,000) | ||
Minimum [Member] | ||||
Percentage of ownership | 20.00% | 20.00% | ||
Minimum [Member] | Building and Improvements [Member] | ||||
Useful life | 10 years | |||
Minimum [Member] | Structures [Member] | ||||
Useful life | 5 years | |||
Minimum [Member] | Towers, Transmitters and Studio Equipment [Member] | ||||
Useful life | 7 years | |||
Minimum [Member] | Furniture and other equipment [Member] | ||||
Useful life | 3 years | |||
Maximum [Member] | ||||
Percentage of ownership | 50.00% | 50.00% | ||
Maximum [Member] | Building and Improvements [Member] | ||||
Useful life | 39 years | |||
Maximum [Member] | Structures [Member] | ||||
Useful life | 15 years | |||
Maximum [Member] | Towers, Transmitters and Studio Equipment [Member] | ||||
Useful life | 20 years | |||
Maximum [Member] | Furniture and other equipment [Member] | ||||
Useful life | 20 years |
Barter_and_Trade_Revenues_and_
Barter and Trade Revenues and Expenses from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Barter and trade revenues | $66 | $56.50 | $61.20 |
Barter and trade expenses | $58.50 | $58.80 | $63.40 |
Property_Plant_And_Equipment_I5
Property, Plant And Equipment, Intangible Assets And Goodwill (Property, Plant And Equipment) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment | ||
Property, plant and equipment | $4,782,841 | $4,599,719 |
Less: accumulated depreciation | 1,885,211 | 1,562,865 |
Property, plant and equipment, net | 2,897,630 | 3,036,854 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment | ||
Property, plant and equipment | 723,268 | 685,431 |
Structures [Member] | ||
Property, Plant and Equipment | ||
Property, plant and equipment | 3,021,152 | 2,949,458 |
Towers, transmitters and studio equipment [Member] | ||
Property, Plant and Equipment | ||
Property, plant and equipment | 440,612 | 427,679 |
Furniture and other equipment [Member] | ||
Property, Plant and Equipment | ||
Property, plant and equipment | 473,995 | 431,757 |
Construction in progress [Member] | ||
Property, Plant and Equipment | ||
Property, plant and equipment | $123,814 | $105,394 |
Investments_Narrative_Detail
Investments (Narrative) (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2014 |
Sale of Equity Method Investment [Abstract] | ||||
Percentage of ownership | 100.00% | |||
Other than temporary impairment for equity method investments | $2.60 | $4.80 | ||
Australian Radio Network [Member] | ||||
Sale of Equity Method Investment [Abstract] | ||||
Percentage of ownership | 50.00% | |||
Other than temporary impairment for equity method investments | $95.40 |
Investments_Schedule_Of_Invest
Investments (Schedule Of Investment In Nonconsolidated affiliates) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment, beginning balance | $370,912 | $359,687 | $238,805 | $370,912 | $370,912 | $359,687 | ||||||||
Cash advances (repayments) | 3,051 | -5,676 | 3,051 | -5,676 | ||||||||||
Acquisitions of investments, net | 1,354 | 2,704 | ||||||||||||
Equity in earnings (loss) | 3,955 | -91,291 | 3,983 | 5,971 | 3,641 | 6,643 | 3,663 | 4,696 | 3,555 | -9,388 | 13,595 | -77,696 | 18,557 | 26,958 |
Foreign currency transaction adjustment | -37,064 | -1,189 | ||||||||||||
Foreign currency translation adjustment | 8,075 | |||||||||||||
Distributions received | -21,676 | -11,716 | ||||||||||||
Other | -76 | 470 | -76 | 470 | ||||||||||
Investment, ending balance | 238,805 | 370,912 | 238,805 | 370,912 | 359,687 | |||||||||
ARN [Member] | ||||||||||||||
Investment, beginning balance | 353,062 | 347,377 | 353,062 | 353,062 | 347,377 | |||||||||
Cash advances (repayments) | 0 | -8,758 | 0 | -8,758 | ||||||||||
Acquisitions of investments, net | 0 | 0 | ||||||||||||
Equity in earnings (loss) | -75,318 | 18,621 | ||||||||||||
Foreign currency transaction adjustment | -37,068 | -1,189 | ||||||||||||
Foreign currency translation adjustment | 8,085 | |||||||||||||
Distributions received | -19,926 | -11,074 | ||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||
Investment, ending balance | 220,750 | 353,062 | 220,750 | 353,062 | ||||||||||
All Others [Member] | ||||||||||||||
Investment, beginning balance | 17,850 | 12,310 | 17,850 | 17,850 | 12,310 | |||||||||
Cash advances (repayments) | 3,051 | 3,082 | 3,051 | 3,082 | ||||||||||
Acquisitions of investments, net | 1,354 | 2,704 | ||||||||||||
Equity in earnings (loss) | -2,378 | -64 | ||||||||||||
Foreign currency transaction adjustment | 4 | 0 | ||||||||||||
Foreign currency translation adjustment | -10 | |||||||||||||
Distributions received | -1,750 | -642 | ||||||||||||
Other | -76 | 470 | -76 | 470 | ||||||||||
Investment, ending balance | $18,055 | $17,850 | $18,055 | $17,850 |
Asset_Retirement_Obligation_Na
Asset Retirement Obligation (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Asset Retirement Obligation [Line Items] | |
Asset Retirement Obligations Description | 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 50 years. |
Asset_Retirement_Obligation_Sc
Asset Retirement Obligation (Schedule Of ARO Activity) (Detail) (Asset Retirement Obligation Costs [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation Costs [Member] | ||
Beginning balance | $56,849 | $51,295 |
Adjustment due to change in estimate of related costs | 748 | 3,570 |
Accretion of liability | 5,106 | 4,920 |
Liabilities settled | -3,323 | -2,936 |
Ending balance | $59,380 | $56,849 |
LongTerm_Debt_Schedule_Of_Repa
Long-Term Debt (Schedule Of Repayments, Maturities and Other) (Detail) (CC Finco, LLC [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 |
CC Finco, LLC [Member] | |
Debt Instrument [Line Items] | |
Principal amount of debt repurchased | $80,000 |
Purchase accounting adjustments | -20,476 |
Gain recorded in "Loss on extinguishment of debt" | -4,274 |
Cash paid for repurchases of long-term debt | $55,250 |
LongTerm_Debt_Schedule_of_Debt
Long-Term Debt (Schedule of Debt Maturities) (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule Of Long Term Debt Maturities [Line Items] | |
2014 | $484,413 |
2015 | 256,422 |
2016 | 2,384,739 |
2017 | 247,074 |
2018 | 175,084 |
Thereafter | 17,258,873 |
Total | $20,806,605 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Available For Sale Securities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ||
Cost | $8,442 | $12,976 |
Gross Unrealized Losses | 0 | 0 |
Gross Unrealized Gains | 1,283 | 106,220 |
Fair value | 9,725 | 119,196 |
Available-for-sale Securities [Member] | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ||
Cost | 659 | 5,207 |
Gross Unrealized Losses | 0 | 0 |
Gross Unrealized Gains | 1,283 | 106,220 |
Fair value | 1,942 | 111,427 |
Cost-method Investments [Member] | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ||
Cost | 7,783 | 7,769 |
Gross Unrealized Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Fair value | $7,783 | $7,769 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Realized gain on sale of marketable securities | $0 | $130,929,000 | $130,879,000 | ($4,580,000) | ($4,827,000) | |||||||||
Income tax expense | 24,376,000 | 36,833,000 | -73,802,000 | 11,477,000 | -96,325,000 | -128,986,000 | -13,232,000 | -8,663,000 | -157,398,000 | 92,142,000 | -158,650,000 | -121,817,000 | -308,279,000 | -125,978,000 |
Reduction of "Other comprehensive income (loss)" | 0 | 1,433,000 | -3,309,000 | 83,753,000 | 83,752,000 | -2,045,000 | -5,148,000 | |||||||
Proceeds from sale of other investments | 236,644,000 | 135,571,000 | 135,571,000 | 0 | 6,894,000 | |||||||||
Other than temporary impairment of cost investments | 2,000,000 | |||||||||||||
Other than temporary impairment for equity method investments | 2,600,000 | 4,800,000 | ||||||||||||
Interest Rate Swap Maturity Date | 30-Sep-13 | |||||||||||||
Interest rate swap fair value | 0 | 76,939,000 | 0 | 76,939,000 | ||||||||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Notional amount | 2,500,000,000 | 2,500,000,000 | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Realized gain on sale of marketable securities | 130,900,000 | |||||||||||||
Income tax expense | 48,600,000 | |||||||||||||
Reduction of "Other comprehensive income (loss)" | 82,300,000 | |||||||||||||
Proceeds from sale of other investments | $135,500,000 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule Of Accumulated Other Comprehensive Loss - Interest Rate Swaps) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Balance at beginning of year | $48,180 | $100,292 |
Other comprehensive income | 48,180 | 52,112 |
Balance at end of year | $0 | $48,180 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Schedule Of Future Commitments) (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Non-Cancelable Operating Leases [Abstract] | |
2014 | $401,390 |
2015 | 377,981 |
2016 | 309,239 |
2017 | 266,063 |
2018 | 226,722 |
Thereafter | 1,344,727 |
Total | 2,926,122 |
Non-Cancelable Contracts [Abstract] | |
2014 | 533,454 |
2015 | 422,395 |
2016 | 341,684 |
2017 | 200,411 |
2018 | 987 |
Thereafter | 539,324 |
Total | 2,038,255 |
Capital Expenditure Commitments [Abstract] | |
2014 | 44,224 |
2015 | 27,007 |
2016 | 14,382 |
2017 | 2,454 |
2018 | 152 |
Thereafter | 23,532 |
Total | 111,751 |
Employment/Talent Contracts Future Minimum Payments Due [Abstract] | |
2014 | 84,009 |
2015 | 76,770 |
2016 | 72,223 |
2017 | 30,618 |
2018 | 11,000 |
Thereafter | 0 |
Total | $274,620 |
Income_Taxes_Schedule_Of_Provi
Income Taxes (Schedule Of Provision For Income Tax Benefit (Expense) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current - Federal | $10,586 | $61,655 | $18,608 | |||||||||||
Current - foreign | -48,466 | -48,579 | -51,293 | |||||||||||
Current - state | 1,527 | -9,408 | 14,719 | |||||||||||
Total current benefit (expense) | -11,689 | 2,088 | -47,276 | -36,706 | -36,353 | 3,668 | -17,966 | |||||||
Deferred - Federal | 126,905 | 261,014 | 126,078 | |||||||||||
Deferred - foreign | 8,932 | 27,970 | 13,708 | |||||||||||
Deferred - state | 22,333 | 15,627 | 4,158 | |||||||||||
Total deferred benefit | -12,687 | 71,714 | -44,866 | 195,356 | 158,170 | 304,611 | 143,944 | |||||||
Income tax benefit | ($24,376) | ($36,833) | $73,802 | ($11,477) | $96,325 | $128,986 | $13,232 | $8,663 | $157,398 | ($92,142) | $158,650 | $121,817 | $308,279 | $125,978 |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Reconciliation Tax Settlements [Abstract] | |||||||
Total current benefit (expense) | ($11,689,000) | $2,088,000 | ($47,276,000) | ($36,706,000) | ($36,353,000) | $3,668,000 | ($17,966,000) |
Reduction to current income tax expense | -30,400,000 | -67,300,000 | |||||
Total deferred benefit | -12,687,000 | 71,714,000 | -44,866,000 | 195,356,000 | 158,170,000 | 304,611,000 | 143,944,000 |
Valuation Allowance [Abstract] | |||||||
Valuation allowance | 143,500,000 | ||||||
Deferred Tax Assets Net Current Classification [Abstract] | |||||||
Current net deferred tax assets included in net deferred tax liabilities | 52,000,000 | 19,200,000 | |||||
Net deferred tax liabilities | 1,485,853,000 | 1,670,626,000 | |||||
Foreign deferred tax liabilities | 19,800,000 | 30,300,000 | |||||
Net operating loss carryforwards (tax effected) | 1,100,000,000 | ||||||
Deferred Tax Assets Operating Loss Carryforwards Components [Abstract] | |||||||
Foreign net operating loss carryforwards | 170,800,000 | ||||||
Deferred tax asset foreign other | 23,500,000 | ||||||
Valuation allowance foreign | 156,800,000 | ||||||
Deferred tax assets related to stock-based compensation expense included in net deferred tax liabilities | 27,100,000 | ||||||
Reduction to income tax expense to reflect the net benefits of tax settlements | 20,200,000 | 60,600,000 | |||||
Foreign income before taxes | 48,300,000 | 84,000,000 | 94,000,000 | ||||
Valuation allowance | 143,500,000 | ||||||
Effective tax rate | -29.20% | 44.50% | -14.90% | 36.10% | 17.00% | 43.00% | 32.00% |
Valuation allowance | 327,623,000 | 183,686,000 | 16,300,000 | ||||
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued [Abstract] | |||||||
Interest and penalties accrued related to unrecognized tax benefits | 49,400,000 | 50,500,000 | |||||
Total unrecognized tax benefits and accrued interest and penalties | 178,800,000 | 188,900,000 | |||||
Portion of unrecognized tax benefits, interest and penalties recorded in "Other long-term liabilities" | 131,000,000 | 158,300,000 | |||||
Noncurrent portion of unrecognized tax benefits netted against deferred tax assets | 36,100,000 | ||||||
Unrecognized tax benefits that would impact effective tax rate | 100,100,000 | 107,000,000 | |||||
Portion of unrecognized tax benefits included in "Accrued Expenses" | 11,600,000 | 500,000 | |||||
Income tax settlement inclusive of interest paid to foreign tax agencies | $7,200,000 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Liabilities And Assets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Deferred tax liabilities: | |||
Intangibles and fixed assets | $2,402,168 | $2,451,874 | |
Long-term debt | 183,615 | 381,712 | |
Investments in nonconsolidated affiliates | 0 | 49,654 | |
Unrealized loss in marketable securities | 0 | 10,058 | |
Other investments | 6,759 | 5,832 | |
Other | 6,655 | 5,480 | |
Total deferred tax liabilities | 2,599,197 | 2,904,610 | |
Deferred tax assets: | |||
Accrued expenses | 106,651 | 85,132 | |
Investments in nonconsolidated affiliates | 1,824 | 0 | |
Net operating loss carryforwards | 1,287,239 | 1,278,894 | |
Bad debt reserves | 9,726 | 12,633 | |
Other | 35,527 | 41,011 | |
Total gross deferred tax assets | 1,440,967 | 1,417,670 | |
Less: Valuation allowance | 327,623 | 183,686 | 16,300 |
Total deferred tax assets | 1,113,344 | 1,233,984 | |
Net deferred tax liabilities | $1,485,853 | $1,670,626 |
Income_Taxes_Schedule_Of_Compu
Income Taxes (Schedule Of Computation From Income Tax At Federal Rate To Income Tax Benefit (Expense) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Income Tax Rates [Abstract] | ||||||||||||||
Income tax benefit at statutory rates | $246,867 | $251,814 | $137,903 | |||||||||||
State income taxes, net of federal tax effect | 32,768 | 6,218 | 18,877 | |||||||||||
Foreign income taxes | -22,640 | 8,782 | -4,683 | |||||||||||
Nondeductible items | -4,870 | -4,617 | -3,154 | |||||||||||
Changes in valuation allowance and other estimates | -135,161 | 50,697 | -15,816 | |||||||||||
Other, net | 4,853 | -4,615 | -7,149 | |||||||||||
Income tax benefit | ($24,376) | ($36,833) | $73,802 | ($11,477) | $96,325 | $128,986 | $13,232 | $8,663 | $157,398 | ($92,142) | $158,650 | $121,817 | $308,279 | $125,978 |
Reconciliation of Income Tax Rates Percentages [Abstract] | ||||||||||||||
Income tax benefit at statutory rates | 35.00% | 35.00% | 35.00% | |||||||||||
State income taxes, net of federal tax effects | 4.00% | 1.00% | 5.00% | |||||||||||
Foreign income taxes | -3.00% | 2.00% | -1.00% | |||||||||||
Nondeductible items | -1.00% | -1.00% | -1.00% | |||||||||||
Changes in valuation allowance and other estimates | -19.00% | 7.00% | -4.00% | |||||||||||
Other, net | 1.00% | -1.00% | -2.00% | |||||||||||
Income tax benefit | -29.20% | 44.50% | -14.90% | 36.10% | 17.00% | 43.00% | 32.00% |
Income_Taxes_Schedule_Of_Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of period | $138,437 | $175,782 |
Increases for tax position taken in the current year | 12,004 | 10,575 |
Increases for tax positions taken in previous years | 13,163 | 14,774 |
Decreases for tax position taken in previous years | -21,928 | -55,113 |
Decreases due to settlements with tax authorities | -1,113 | -7,581 |
Decreases due to lapse of statute of limitations | -11,188 | 0 |
Balance at end of period | $129,375 | $138,437 |
Shareholders_Interest_Schedule
Shareholder's Interest (Schedule Of Assumptions Used In Fair Value Calculation) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Parent Company [Member] | Minimum [Member] | |||
Member's Interest [Abstract] | |||
Expected volatility, minimum | 71.00% | 67.00% | |
Expected life in years | 6 years 3 months 18 days | 6 years 3 months 18 days | |
Risk-free interest rate, minimum | 0.97% | 1.22% | |
Dividend yield | 0.00% | 0.00% | |
Parent Company [Member] | Maximum [Member] | |||
Member's Interest [Abstract] | |||
Expected volatility, maximum | 77.00% | 67.00% | |
Expected life in years | 6 years 6 months | 6 years 6 months | |
Risk-free interest rate, maximum | 1.55% | 2.37% | |
Dividend yield | 0.00% | 0.00% | |
CCOH [Member] | Minimum [Member] | |||
Member's Interest [Abstract] | |||
Expected volatility, minimum | 55.00% | 54.00% | 57.00% |
Expected life in years | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 4 months 18 days |
Risk-free interest rate, minimum | 1.05% | 0.92% | 1.26% |
Dividend yield | 0.00% | 0.00% | 0.00% |
CCOH [Member] | Maximum [Member] | |||
Member's Interest [Abstract] | |||
Expected volatility, maximum | 56.00% | 56.00% | 57.00% |
Expected life in years | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 3 months 18 days |
Risk-free interest rate, maximum | 2.19% | 1.48% | 2.75% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Shareholders_Interest_Schedule1
Shareholder's Interest (Schedule Of Stock Options Outstanding) (Detail) (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Outstanding | 5 years 6 months |
Exercisable | 4 years 10 months 24 days |
Expected to vest | 6 years 2 months 12 days |
CCOH [Member] | |
Outstanding beginning | 8,381 |
Granted | 517 |
Exercised | -1,088 |
Forfeited | -226 |
Expired | -675 |
Outstanding, ending | 6,909 |
Exercisable | 4,264 |
Expected to vest | 2,514 |
Outstanding, beginning | 9.22 |
Granted | 7.78 |
Exercised | 3.89 |
Forfeited | 7.11 |
Expired | 13.58 |
Outstanding, ending | 9.6 |
Exercisable | 10.9 |
Expected to vest | 7.49 |
Outstanding | 5 years 10 months 24 days |
Exercisable | 4 years 8 months 12 days |
Expected to vest | 7 years 10 months 24 days |
Outstanding | 15,545 |
Exercisable | 8,581 |
Expected to vest | 6,660 |
Parent Company [Member] | |
Outstanding beginning | 2,792 |
Granted | 0 |
Exercised | 0 |
Forfeited | -63 |
Expired | -220 |
Outstanding, ending | 2,509 |
Exercisable | 1,423 |
Expected to vest | 1,062 |
Outstanding, beginning | 30.82 |
Granted | 0 |
Exercised | 0 |
Forfeited | 10 |
Expired | 10.63 |
Outstanding, ending | 33.11 |
Exercisable | 32.03 |
Expected to vest | 35.08 |
Outstanding | 0 |
Exercisable | 0 |
Expected to vest | 0 |
Shareholders_Interest_Narrativ
Shareholder's Interest (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 19, 2012 | Mar. 21, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average grant date fair value of options granted | $2.68 | $2.69 | |||||||
Shares vested that are subject to performance conditions that have not yet been determined probable to meet | 600,000 | ||||||||
Total share based compensation expense | $2,246,000 | $2,754,000 | $8,064,000 | $14,093,000 | $16,715,000 | $28,540,000 | $20,667,000 | ||
Tax benefit related to the share-based compensation expense | 6,300,000 | 10,800,000 | 7,900,000 | ||||||
Unrecognized compensation cost, net of estimated forfeitures, related to unvested share-based compensation arrangements that will vest based on service conditions | 22,900,000 | ||||||||
Options granted vest based on market conditions | 19,600,000 | ||||||||
Reversal of expense related to cancelled executives stock options | 6,600,000 | ||||||||
2008 Executive Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options granted under the iHeart 2008 Executive Incentive Plan | 2,000,000 | 2,500,000 | |||||||
Replacement stock options | 1,800,000 | 1,300,000 | |||||||
Incremental compensation expense | 1,700,000 | 1,000,000 | |||||||
Stock options repurchased | 900,000 | ||||||||
Restricted stock awards forfeited | 600,000 | ||||||||
Compensation expense recognized related to tax assistance program | 2,600,000 | ||||||||
Restricted shares issued in connection with the tax assistance program | 1,500,000 | ||||||||
Ccoh Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of options vested | 7,100,000 | ||||||||
Restricted stock awards forfeited | 283,000 | ||||||||
Parent Company [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of options vested | 6,300,000 | 3,900,000 | 3,800,000 | ||||||
Restricted stock awards forfeited | 63,000 | ||||||||
CCOH [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average grant date fair value of options granted | $4.10 | $4.43 | $8.30 | ||||||
Fair value of options vested | 11,500,000 | 8,200,000 | |||||||
Cash received for options exercised | 4,200,000 | 6,400,000 | 1,400,000 | ||||||
Total instrinsic value of the options exercised | $5,000,000 | $7,900,000 | $1,500,000 | ||||||
Restricted stock awards forfeited | 226,000 |
Shareholders_Interest_Schedule2
Shareholder's Interest (Schedule Of Unvested Options) (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
CCOH [Member] | |
Unvested, beginning | 3,833 |
Granted | 517 |
Vested | -1,479 |
Forfeited | -226 |
Unvested, ending | 2,645 |
Unvested, beginning | $5.19 |
Granted | $4.10 |
Vested | $4.80 |
Forfeited | $5.21 |
Unvested, ending | $5.21 |
Parent Company [Member] | |
Unvested, beginning | 1,588 |
Granted | 0 |
Vested | -439 |
Forfeited | -63 |
Unvested, ending | 1,086 |
Unvested, beginning | $11.38 |
Granted | $0 |
Vested | $14.40 |
Forfeited | $4.68 |
Unvested, ending | $10.74 |
Shareholders_Interest_Schedule3
Shareholder's Interest (Schedule Of Restricted Stock Awards) (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
CCMH Restricted Stock [Member] | |
Outstanding beginning | 2,607 |
Granted | 1,956 |
Vested (restriction lapsed) | -543 |
Forfeited | -101 |
Outstanding, ending | 3,919 |
Outstanding beginning | $5.69 |
Granted | $3.86 |
Vested (restriction lapsed) | $16.44 |
Forfeited | $2.95 |
Outstanding ending | $3.35 |
Ccoh Restricted Stock [Member] | |
Outstanding beginning | 1,085 |
Granted | 1,105 |
Vested (restriction lapsed) | -15 |
Forfeited | -283 |
Outstanding, ending | 1,892 |
Outstanding beginning | $6.26 |
Granted | $7.51 |
Vested (restriction lapsed) | $6.61 |
Forfeited | $7.15 |
Outstanding ending | $6.83 |
Employee_Stock_And_Savings_Nar
Employee Stock And Savings (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | |||
Contribution | $26.60 | $29.50 | $27.80 |
Deferred compensation plan assets | 11.8 | 10.6 | |
Deferred compensation plan liabilities | $11.80 | $10.60 | |
Deferred Compensation [Member] | |||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | |||
Maximum annual election of deferment | 50.00% | ||
Deferred Bonus [Member] | |||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | |||
Maximum annual election of deferment | 80.00% |
Other_Information_Schedule_Of_
Other Information (Schedule Of Other Income (Expense) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Information [Abstract] | ||||||||||||||
Foreign exchange gain (loss) | $1,772 | ($3,018) | ($234) | |||||||||||
Debt modification expenses | -23,555 | 0 | 0 | |||||||||||
Other | -197 | 3,268 | -2,935 | |||||||||||
Total other income (expense), net | $2,617 | ($4,591) | $1,709 | ($18,098) | ($1,000) | $1,929 | $824 | ($1,397) | ($1,106) | $16,315 | ($17,389) | ($21,980) | $250 | ($3,169) |
Other_Information_Schedule_Of_1
Other Information (Schedule Of Income Tax Benefit (Expense) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Measurements [Abstract] | |||||||
Foreign currency translation adjustments and other | $0 | $3,742 | $8,181 | ($12,385) | ($14,421) | $3,210 | ($449) |
Unrealized holding gain on marketable securities | 0 | 28,199 | 0 | -11,010 | -11,010 | 15,324 | 2,667 |
Unrealized holding gain (loss) on cash flow derivatives | 0 | 10,254 | 0 | 28,759 | 28,759 | 30,074 | 20,157 |
Total increase (decrease) in deferred tax liabilities | $0 | $42,195 | $8,181 | $5,364 | $3,328 | $48,608 | $22,375 |
Other_Information_Schedule_Of_2
Other Information (Schedule Of Other Current Assets) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Other Information [Abstract] | |||
Inventory | $26,872 | $23,110 | |
Deferred tax asset | 51,967 | 19,249 | |
Deposits | 5,126 | 4,223 | |
Deferred loan costs | 30,165 | 44,446 | |
Other | 47,027 | 43,907 | |
Total other current assets | $169,806 | $161,157 | $134,935 |
Other_Information_Schedule_Of_3
Other Information (Schedule Of Other Assets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Information [Abstract] | ||
Investments in, and advances to, nonconsolidated affiliates | $238,806 | $370,912 |
Other investments | 9,725 | 119,196 |
Notes receivable | 302 | 363 |
Prepaid expenses | 24,231 | 32,382 |
Deferred loan costs | 143,763 | 157,726 |
Deposits | 26,200 | 24,474 |
Prepaid rent | 62,864 | 71,942 |
Other | 15,721 | 28,942 |
Non-qualified plan assets | 11,844 | 10,593 |
Total other assets | $533,456 | $816,530 |
Other_Information_Schedule_Of_4
Other Information (Schedule Of Other Current Liabilities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Information [Abstract] | ||
Interest rate swap - current portion | $0 | $76,939 |
Redeemable noncontrolling interest | 0 | 60,950 |
Total other current liabilities | $0 | $137,889 |
Other_Information_Schedule_Of_5
Other Information (Schedule Of Other Long-Term Liabilities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Information [Abstract] | ||
Unrecognized tax benefits | $131,015 | $158,321 |
Asset retirement obligation | 59,125 | 56,047 |
Non-qualified plan liabilities | 11,844 | 10,593 |
Deferred income | 20,273 | 12,121 |
Deferred rent | 120,092 | 106,394 |
Employee related liabilities | 31,617 | 24,265 |
Other | 92,080 | 82,776 |
Total other long-term liabilities | $466,046 | $450,517 |
Other_Information_Schedule_Of_6
Other Information (Schedule Of Accumulated Other Comprehensive Loss) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Other Information [Abstract] | ||||
Cumulative currency translation adjustment | ($209,392) | ($178,372) | ||
Cumulative unrealized gain on securities | 1,101 | 66,982 | ||
Cumulative other adjustments | 12,218 | 6,286 | ||
Cumulative unrealized loss on cash flow derivatives | 0 | -48,180 | -100,292 | |
Total accumulated other comprehensive loss | ($254,985) | ($196,073) | ($153,284) |
Segment_Data_Narrative_Detail
Segment Data (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Geographic Areas Revenues From External Customers [Abstract] | ||||||||||||||
Revenues derived from foreign operations | $1,630,034,000 | $1,694,367,000 | $1,587,522,000 | $1,618,097,000 | $1,343,058,000 | $1,696,336,000 | $1,587,331,000 | $1,602,494,000 | $1,360,723,000 | $4,602,736,000 | $4,548,677,000 | $6,243,044,000 | $6,246,884,000 | $6,161,352,000 |
Foreign Operations [Member] | ||||||||||||||
Geographic Areas Revenues From External Customers [Abstract] | ||||||||||||||
Revenues derived from foreign operations | 1,700,000,000 | 1,700,000,000 | 1,800,000,000 | |||||||||||
Geographic Areas Long Lived Assets [Abstract] | ||||||||||||||
Identifiable long-lived assets derived from foreign operations | 760,500,000 | 805,200,000 | 760,500,000 | 805,200,000 | 797,700,000 | |||||||||
Us Operations [Member] | ||||||||||||||
Geographic Areas Revenues From External Customers [Abstract] | ||||||||||||||
Revenues derived from foreign operations | 4,500,000,000 | 4,500,000,000 | 4,300,000,000 | |||||||||||
Geographic Areas Long Lived Assets [Abstract] | ||||||||||||||
Identifiable long-lived assets derived from foreign operations | $2,100,000,000 | $2,200,000,000 | $2,100,000,000 | $2,200,000,000 | $2,300,000,000 |
Recovered_Sheet8
Quarterly Results of Operations (Unaudited) (Schedule Of CY Quarterly Profit And Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | $1,630,034 | $1,694,367 | $1,587,522 | $1,618,097 | $1,343,058 | $1,696,336 | $1,587,331 | $1,602,494 | $1,360,723 | $4,602,736 | $4,548,677 | $6,243,044 | $6,246,884 | $6,161,352 |
Operating Expenses [Abstract] | ||||||||||||||
Direct operating expenses | 645,981 | 672,132 | 648,743 | 630,357 | 594,817 | 649,097 | 633,770 | 602,803 | 608,571 | 1,885,698 | 1,879,109 | 2,543,419 | 2,494,241 | 2,504,467 |
Selling, general and administrative expenses | 429,687 | 423,803 | 411,354 | 411,341 | 403,363 | 431,355 | 407,501 | 401,479 | 426,083 | 1,266,092 | 1,226,058 | 1,649,861 | 1,666,418 | 1,604,524 |
Corporate expenses | 78,202 | 70,658 | 89,574 | 77,557 | 83,763 | 78,745 | 73,921 | 72,094 | 72,606 | 233,104 | 245,702 | 324,182 | 297,366 | 239,399 |
Depreciation and amortization | 175,865 | 191,582 | 177,330 | 179,734 | 182,182 | 189,730 | 182,350 | 181,839 | 175,366 | 524,798 | 539,246 | 730,828 | 729,285 | 763,306 |
Impairment charges | 35 | 16,970 | 0 | 0 | 0 | 37,651 | 0 | 0 | 0 | 4,937 | 0 | 16,970 | 37,651 | 7,614 |
Other operating income, net | 47,172 | 13,304 | 6,186 | 1,113 | 2,395 | 968 | 42,118 | 1,917 | 3,124 | 45,709 | 9,694 | 22,998 | 48,127 | 12,682 |
Operating income | 347,436 | 332,526 | 266,707 | 320,221 | 81,328 | 310,726 | 331,907 | 346,196 | 81,221 | 733,816 | 668,256 | 1,000,782 | 1,070,050 | 1,054,724 |
Interest expense | 432,616 | 418,014 | 438,404 | 407,508 | 385,525 | 400,930 | 388,210 | 385,867 | 374,016 | 1,304,335 | 1,231,437 | 1,649,451 | 1,549,023 | 1,466,246 |
Gain (loss) on marketable securities | 0 | -50 | 31 | 130,898 | 0 | -4,580 | 0 | 0 | 0 | 0 | 130,929 | 130,879 | -4,580 | -4,827 |
Equity in earnings (loss) of nonconsolidated affiliates | 3,955 | -91,291 | 3,983 | 5,971 | 3,641 | 6,643 | 3,663 | 4,696 | 3,555 | -9,388 | 13,595 | -77,696 | 18,557 | 26,958 |
Loss on extinguishment of debt | -4,840 | -83,980 | 0 | 0 | -3,888 | -239,556 | 0 | 0 | -15,167 | -56,259 | -3,888 | -87,868 | -254,723 | -1,447 |
Other income (expense), net | 2,617 | -4,591 | 1,709 | -18,098 | -1,000 | 1,929 | 824 | -1,397 | -1,106 | 16,315 | -17,389 | -21,980 | 250 | -3,169 |
Income (loss) before income taxes | -83,448 | -265,400 | -165,974 | 31,484 | -305,444 | -325,768 | -51,816 | -36,372 | -305,513 | -619,851 | -439,934 | -705,334 | -719,469 | -394,007 |
Income tax benefit (expense) | -24,376 | -36,833 | 73,802 | -11,477 | 96,325 | 128,986 | 13,232 | 8,663 | 157,398 | -92,142 | 158,650 | 121,817 | 308,279 | 125,978 |
Consolidated net income (loss) | -107,824 | -302,233 | -92,172 | 20,007 | -209,119 | -196,782 | -38,584 | -27,709 | -148,115 | -711,993 | -281,284 | -583,517 | -411,190 | -268,029 |
Less amount attributable to noncontrolling interest | 7,028 | 6,994 | 9,683 | 12,805 | -6,116 | -5,518 | 11,977 | 11,316 | -4,486 | 13,679 | 16,372 | 23,366 | 13,289 | 34,065 |
Net income (loss) attributable to the Company | -114,852 | -309,227 | -101,855 | 7,202 | -203,003 | -191,264 | -50,561 | -39,025 | -143,629 | -725,672 | -297,656 | -606,883 | -424,479 | -302,094 |
Scenario, Previously Reported [Member] | ||||||||||||||
Operating Expenses [Abstract] | ||||||||||||||
Direct operating expenses | 646,113 | |||||||||||||
Corporate expenses | $92,204 |