Delaware | 86-0812139 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
200 East Basse Road, Suite 100 San Antonio, Texas | 78209 | |
(Address of principal executive offices) | (Zip Code) |
Class | Outstanding at November 7, 2016 |
- - - - - - - - - - - - - - - - - - - - - - - - - - | - - - - - - - - - - - - - - - - - - - - - - - - - - |
Class A Common Stock, $.01 par value Class B Common Stock, $.01 par value | 47,326,266 315,000,000 |
Page No. | ||
Part I -- Financial Information | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II -- Other Information | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
(In thousands, except share data) | September 30, 2016 | December 31, 2015 | |||||
(Unaudited) | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 394,324 | $ | 412,743 | |||
Accounts receivable, net of allowance of $25,184 in 2016 and $25,348 in 2015 | 627,855 | 697,583 | |||||
Prepaid expenses | 136,523 | 127,730 | |||||
Assets held for sale | 55,184 | 295,075 | |||||
Other current assets | 68,945 | 34,566 | |||||
Total Current Assets | 1,282,831 | 1,567,697 | |||||
PROPERTY, PLANT AND EQUIPMENT | |||||||
Structures, net | 1,254,395 | 1,391,880 | |||||
Other property, plant and equipment, net | 238,929 | 236,106 | |||||
INTANGIBLE ASSETS AND GOODWILL | |||||||
Indefinite-lived intangibles | 961,194 | 971,327 | |||||
Other intangibles, net | 311,819 | 342,864 | |||||
Goodwill | 738,638 | 758,575 | |||||
OTHER ASSETS | |||||||
Due from iHeartCommunications | 769,465 | 930,799 | |||||
Other assets | 118,325 | 107,540 | |||||
Total Assets | $ | 5,675,596 | $ | 6,306,788 | |||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 71,131 | $ | 100,210 | |||
Accrued expenses | 485,802 | 507,665 | |||||
Dividends payable | — | 217,017 | |||||
Deferred income | 100,167 | 91,411 | |||||
Current portion of long-term debt | 9,662 | 4,310 | |||||
Total Current Liabilities | 666,762 | 920,613 | |||||
Long-term debt | 5,108,271 | 5,106,513 | |||||
Deferred tax liability | 638,037 | 608,910 | |||||
Other long-term liabilities | 257,549 | 240,419 | |||||
Commitments and Contingent liabilities (Note 4) | |||||||
SHAREHOLDERS’ DEFICIT | |||||||
Noncontrolling interest | 183,206 | 187,775 | |||||
Preferred stock, $.01 par value, 150,000,000 shares authorized, no shares issued and outstanding | — | — | |||||
Class A common stock, par value $.01 per share, authorized 750,000,000 shares, issued 47,912,625 and 46,661,114 shares in 2016 and 2015, respectively | 479 | 467 | |||||
Class B common stock, $.01 par value, 600,000,000 shares authorized, 315,000,000 shares issued and outstanding | 3,150 | 3,150 | |||||
Additional paid-in capital | 3,429,456 | 3,961,515 | |||||
Accumulated deficit | (4,228,707 | ) | (4,268,637 | ) | |||
Accumulated other comprehensive loss | (378,628 | ) | (451,833 | ) | |||
Cost of shares (611,127 in 2016 and 233,868 in 2015) held in treasury | (3,979 | ) | (2,104 | ) | |||
Total Shareholders’ Deficit | (995,023 | ) | (569,667 | ) | |||
Total Liabilities and Shareholders’ Deficit | $ | 5,675,596 | $ | 6,306,788 |
(In thousands, except per share data) | Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue | $ | 673,057 | $ | 696,277 | $ | 1,975,924 | $ | 2,034,139 | |||||||
Operating expenses: | |||||||||||||||
Direct operating expenses (excludes depreciation and amortization) | 366,086 | 372,716 | 1,075,841 | 1,108,029 | |||||||||||
Selling, general and administrative expenses (excludes depreciation and amortization) | 126,164 | 132,559 | 388,532 | 392,211 | |||||||||||
Corporate expenses (excludes depreciation and amortization) | 28,058 | 28,347 | 85,949 | 87,254 | |||||||||||
Depreciation and amortization | 85,780 | 93,040 | 258,149 | 280,539 | |||||||||||
Impairment charges | 7,274 | 21,631 | 7,274 | 21,631 | |||||||||||
Other operating income, net | 1,095 | 5,029 | 226,485 | 244 | |||||||||||
Operating income | 60,790 | 53,013 | 386,664 | 144,719 | |||||||||||
Interest expense | 93,313 | 88,088 | 281,836 | 266,060 | |||||||||||
Interest income on Due from iHeartCommunications | 12,429 | 15,630 | 36,433 | 45,932 | |||||||||||
Equity in loss of nonconsolidated affiliates | (727 | ) | (812 | ) | (1,374 | ) | (641 | ) | |||||||
Other income (expense), net | (6,524 | ) | (17,742 | ) | (46,198 | ) | 17,472 | ||||||||
Income (loss) before income taxes | (27,345 | ) | (37,999 | ) | 93,689 | (58,578 | ) | ||||||||
Income tax benefit (expense) | 3,603 | 22,797 | (37,597 | ) | 19,709 | ||||||||||
Consolidated net income (loss) | (23,742 | ) | (15,202 | ) | 56,092 | (38,869 | ) | ||||||||
Less amount attributable to noncontrolling interest | 7,329 | 7,379 | 16,162 | 15,820 | |||||||||||
Net income (loss) attributable to the Company | $ | (31,071 | ) | $ | (22,581 | ) | $ | 39,930 | $ | (54,689 | ) | ||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency translation adjustments | 7,214 | (21,316 | ) | 43,584 | (99,903 | ) | |||||||||
Unrealized holding gain (loss) on marketable securities | (290 | ) | (149 | ) | (635 | ) | 540 | ||||||||
Reclassification adjustments | — | — | 32,823 | — | |||||||||||
Other adjustments to comprehensive income (loss) | 193 | — | (3,551 | ) | (1,154 | ) | |||||||||
Other comprehensive income (loss) | 7,117 | (21,465 | ) | 72,221 | (100,517 | ) | |||||||||
Comprehensive income (loss) | (23,954 | ) | (44,046 | ) | 112,151 | (155,206 | ) | ||||||||
Less amount attributable to noncontrolling interest | 575 | (7,123 | ) | (984 | ) | (9,884 | ) | ||||||||
Comprehensive income (loss) attributable to the Company | $ | (24,529 | ) | $ | (36,923 | ) | $ | 113,135 | $ | (145,322 | ) | ||||
Net income (loss) attributable to the Company per common share: | |||||||||||||||
Basic | $ | (0.09 | ) | $ | (0.06 | ) | $ | 0.11 | $ | (0.15 | ) | ||||
Weighted average common shares outstanding – Basic | 360,454 | 359,689 | 360,202 | 359,442 | |||||||||||
Diluted | $ | (0.09 | ) | $ | (0.06 | ) | $ | 0.11 | $ | (0.15 | ) | ||||
Weighted average common shares outstanding – Diluted | 360,454 | 359,689 | 361,417 | 359,442 | |||||||||||
Dividends declared per share | $ | — | $ | — | $ | 1.49 | $ | — |
(In thousands) | Nine Months Ended September 30, | ||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Consolidated net income (loss) | $ | 56,092 | $ | (38,869 | ) | ||
Reconciling items: | |||||||
Impairment charges | 7,274 | 21,631 | |||||
Depreciation and amortization | 258,149 | 280,539 | |||||
Deferred taxes | 28,593 | (6,924 | ) | ||||
Provision for doubtful accounts | 8,444 | 8,686 | |||||
Amortization of deferred financing charges and note discounts, net | 7,907 | 6,520 | |||||
Share-based compensation | 8,140 | 6,045 | |||||
Gain on disposal of operating and other assets | (232,026 | ) | (7,378 | ) | |||
Equity in loss of nonconsolidated affiliates | 1,374 | 641 | |||||
Other reconciling items, net | 45,315 | (18,064 | ) | ||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||
(Increase) decrease in accounts receivable | 49,690 | (37,314 | ) | ||||
Increase in prepaid expenses and other current assets | (39,653 | ) | (25,917 | ) | |||
Decrease in accrued expenses | (22,053 | ) | (69,694 | ) | |||
Increase (decrease) in accounts payable | (26,548 | ) | 2,942 | ||||
Increase (decrease) in accrued interest | 5,057 | (1,108 | ) | ||||
Increase in deferred income | 8,509 | 20,528 | |||||
Changes in other operating assets and liabilities | 25,893 | (16,018 | ) | ||||
Net cash provided by operating activities | $ | 190,157 | $ | 126,246 | |||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (148,005 | ) | (138,618 | ) | |||
Proceeds from disposal of assets | 591,764 | 8,479 | |||||
Purchases of other operating assets | (1,689 | ) | (1,614 | ) | |||
Change in other, net | (30,349 | ) | (2,272 | ) | |||
Net cash provided by (used for) investing activities | $ | 411,721 | $ | (134,025 | ) | ||
Cash flows from financing activities: | |||||||
Payments on credit facilities | (1,728 | ) | (3,304 | ) | |||
Payments on long-term debt | (1,976 | ) | (41 | ) | |||
Net transfers from iHeartCommunications | 161,335 | 34,148 | |||||
Payments to purchase noncontrolling interests | — | (234 | ) | ||||
Dividends and other payments to noncontrolling interests | (21,046 | ) | (28,088 | ) | |||
Dividends paid | (755,149 | ) | — | ||||
Change in other, net | (679 | ) | 2,912 | ||||
Net cash provided by (used for) financing activities | $ | (619,243 | ) | $ | 5,393 | ||
Effect of exchange rate changes on cash | (1,054 | ) | (10,880 | ) | |||
Net decrease in cash and cash equivalents | (18,419 | ) | (13,266 | ) | |||
Cash and cash equivalents at beginning of period | 412,743 | 186,204 | |||||
Cash and cash equivalents at end of period | $ | 394,324 | $ | 172,938 | |||
SUPPLEMENTAL DISCLOSURES: | |||||||
Cash paid for interest | 271,833 | 261,516 | |||||
Cash paid for income taxes | 34,800 | 29,408 |
(In thousands) | September 30, 2016 | December 31, 2015 | |||||
Land, buildings and improvements | $ | 163,663 | $ | 167,739 | |||
Structures | 2,755,221 | 2,824,794 | |||||
Furniture and other equipment | 158,437 | 156,046 | |||||
Construction in progress | 70,667 | 54,701 | |||||
3,147,988 | 3,203,280 | ||||||
Less: accumulated depreciation | 1,654,664 | 1,575,294 | |||||
Property, plant and equipment, net | $ | 1,493,324 | $ | 1,627,986 |
(In thousands) | September 30, 2016 | December 31, 2015 | |||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Transit, street furniture and other outdoor contractual rights | $ | 589,703 | $ | (438,087 | ) | $ | 635,772 | $ | (457,060 | ) | |||||
Permanent easements | 157,347 | — | 156,349 | — | |||||||||||
Other | 4,598 | (1,742 | ) | 9,687 | (1,884 | ) | |||||||||
Total | $ | 751,648 | $ | (439,829 | ) | $ | 801,808 | $ | (458,944 | ) |
(In thousands) | |||
2017 | $ | 29,550 | |
2018 | $ | 20,736 | |
2019 | $ | 16,346 | |
2020 | $ | 14,133 | |
2021 | $ | 14,085 |
(In thousands) | Americas | International | Consolidated | ||||||||
Balance as of December 31, 2014 | $ | 584,574 | $ | 232,538 | $ | 817,112 | |||||
Acquisitions | — | 10,998 | 10,998 | ||||||||
Foreign currency | (709 | ) | (19,644 | ) | (20,353 | ) | |||||
Assets held for sale | (49,182 | ) | — | (49,182 | ) | ||||||
Balance as of December 31, 2015 | $ | 534,683 | $ | 223,892 | $ | 758,575 | |||||
Impairment | — | (7,274 | ) | (7,274 | ) | ||||||
Dispositions | (6,934 | ) | — | (6,934 | ) | ||||||
Foreign currency | (1,805 | ) | 6,413 | 4,608 | |||||||
Assets held for sale | (10,337 | ) | — | (10,337 | ) | ||||||
Balance as of September 30, 2016 | $ | 515,607 | $ | 223,031 | $ | 738,638 |
(In thousands) | September 30, 2016 | December 31, 2015 | |||||
Clear Channel Worldwide Holdings Senior Notes: | |||||||
6.5% Series A Senior Notes Due 2022 | $ | 735,750 | $ | 735,750 | |||
6.5% Series B Senior Notes Due 2022 | 1,989,250 | 1,989,250 | |||||
Clear Channel Worldwide Holdings Senior Subordinated Notes: | |||||||
7.625% Series A Senior Subordinated Notes Due 2020 | 275,000 | 275,000 | |||||
7.625% Series B Senior Subordinated Notes Due 2020 | 1,925,000 | 1,925,000 | |||||
Senior Revolving Credit Facility Due 2018(1) | — | — | |||||
Clear Channel International B.V. Senior Notes Due 2020 | 225,000 | 225,000 | |||||
Other debt | 18,405 | 19,003 | |||||
Original issue discount | (7,003 | ) | (7,769 | ) | |||
Long-term debt fees | (43,469 | ) | (50,411 | ) | |||
Total debt | $ | 5,117,933 | $ | 5,110,823 | |||
Less: current portion | 9,662 | 4,310 | |||||
Total long-term debt | $ | 5,108,271 | $ | 5,106,513 |
(1) | The Senior revolving credit facility provides for borrowings up to $75.0 million (the revolving credit commitment). As of September 30, 2016, we had $53.7 million of letters of credit outstanding, and $21.3 million of availability, under the senior revolving credit facility. |
(In thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Current tax benefit (expense) | $ | (10,260 | ) | $ | 9,562 | $ | (9,004 | ) | $ | 12,785 | |||||
Deferred tax benefit (expense) | 13,863 | 13,235 | (28,593 | ) | 6,924 | ||||||||||
Income tax benefit (expense) | $ | 3,603 | $ | 22,797 | $ | (37,597 | ) | $ | 19,709 |
(In thousands) | The Company | Noncontrolling Interests | Consolidated | ||||||||
Balances as of January 1, 2016 | $ | (757,442 | ) | $ | 187,775 | $ | (569,667 | ) | |||
Net income | 39,930 | 16,162 | 56,092 | ||||||||
Dividends declared | (540,034 | ) | — | (540,034 | ) | ||||||
Dividends and other payments to noncontrolling interests | — | (21,046 | ) | (21,046 | ) | ||||||
Share-based compensation | 8,140 | — | 8,140 | ||||||||
Foreign currency translation adjustments | 45,230 | (1,646 | ) | 43,584 | |||||||
Unrealized holding loss on marketable securities | (635 | ) | — | (635 | ) | ||||||
Reclassification adjustments | 32,161 | 662 | 32,823 | ||||||||
Other adjustments to comprehensive loss | (3,551 | ) | — | (3,551 | ) | ||||||
Other, net | (2,028 | ) | 1,299 | (729 | ) | ||||||
Balances as of September 30, 2016 | $ | (1,178,229 | ) | $ | 183,206 | $ | (995,023 | ) | |||
Balances as of January 1, 2015 | $ | (344,275 | ) | $ | 203,334 | $ | (140,941 | ) | |||
Net income (loss) | (54,689 | ) | 15,820 | (38,869 | ) | ||||||
Dividends and other payments to noncontrolling interests | — | (28,088 | ) | (28,088 | ) | ||||||
Share-based compensation | 6,045 | — | 6,045 | ||||||||
Foreign currency translation adjustments | (90,019 | ) | (9,884 | ) | (99,903 | ) | |||||
Unrealized holding gain on marketable securities | 540 | — | 540 | ||||||||
Other adjustments to comprehensive loss | (1,154 | ) | — | (1,154 | ) | ||||||
Other, net | 2,837 | 1,701 | 4,538 | ||||||||
Balances as of September 30, 2015 | $ | (480,715 | ) | $ | 182,883 | $ | (297,832 | ) |
(In thousands, except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
NUMERATOR: | |||||||||||||||
Net income (loss) attributable to the Company – common shares | $ | (31,071 | ) | $ | (22,581 | ) | $ | 39,930 | $ | (54,689 | ) | ||||
DENOMINATOR: | |||||||||||||||
Weighted average common shares outstanding - basic | 360,454 | 359,689 | 360,202 | 359,442 | |||||||||||
Stock options and restricted stock(1) | — | — | 1,215 | — | |||||||||||
Weighted average common shares outstanding - diluted | 360,454 | 359,689 | 361,417 | 359,442 | |||||||||||
Net income (loss) attributable to the Company per common share: | |||||||||||||||
Basic | $ | (0.09 | ) | $ | (0.06 | ) | $ | 0.11 | $ | (0.15 | ) | ||||
Diluted | $ | (0.09 | ) | $ | (0.06 | ) | $ | 0.11 | $ | (0.15 | ) |
(1) | Outstanding equity awards of 8.1 million and 8.8 million for the three months ended September 30, 2016 and 2015, respectively, and 5.4 million and 8.8 million for the nine months ended September 30, 2016 and 2015, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive. |
(In thousands) | Americas | International | Corporate and other reconciling items | Consolidated | |||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||
Revenue | $ | 322,997 | $ | 350,060 | $ | — | $ | 673,057 | |||||||
Direct operating expenses | 142,989 | 223,097 | — | 366,086 | |||||||||||
Selling, general and administrative expenses | 54,500 | 71,664 | — | 126,164 | |||||||||||
Corporate expenses | — | — | 28,058 | 28,058 | |||||||||||
Depreciation and amortization | 47,242 | 37,018 | 1,520 | 85,780 | |||||||||||
Impairment charges | — | — | 7,274 | 7,274 | |||||||||||
Other operating income, net | — | — | 1,095 | 1,095 | |||||||||||
Operating income (loss) | $ | 78,266 | $ | 18,281 | $ | (35,757 | ) | $ | 60,790 | ||||||
Capital expenditures | $ | 19,114 | $ | 30,803 | $ | 1,033 | $ | 50,950 | |||||||
Share-based compensation expense | $ | — | $ | — | $ | 2,697 | $ | 2,697 | |||||||
Three Months Ended September 30, 2015 | |||||||||||||||
Revenue | $ | 347,336 | $ | 348,941 | $ | — | $ | 696,277 | |||||||
Direct operating expenses | 149,072 | 223,644 | — | 372,716 | |||||||||||
Selling, general and administrative expenses | 59,539 | 73,020 | — | 132,559 | |||||||||||
Corporate expenses | — | — | 28,347 | 28,347 | |||||||||||
Depreciation and amortization | 50,121 | 41,564 | 1,355 | 93,040 | |||||||||||
Impairment charges | — | — | 21,631 | 21,631 | |||||||||||
Other operating income, net | — | — | 5,029 | 5,029 | |||||||||||
Operating income (loss) | $ | 88,604 | $ | 10,713 | $ | (46,304 | ) | $ | 53,013 | ||||||
Capital expenditures | $ | 18,557 | $ | 28,665 | $ | 1,363 | $ | 48,585 | |||||||
Share-based compensation expense | $ | — | $ | — | $ | 2,316 | $ | 2,316 |
(In thousands) | Americas | International | Corporate and other reconciling items | Consolidated | |||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||
Revenue | $ | 931,058 | $ | 1,044,866 | $ | — | $ | 1,975,924 | |||||||
Direct operating expenses | 421,039 | 654,802 | — | 1,075,841 | |||||||||||
Selling, general and administrative expenses | 167,660 | 220,872 | — | 388,532 | |||||||||||
Corporate expenses | — | — | 85,949 | 85,949 | |||||||||||
Depreciation and amortization | 140,883 | 113,075 | 4,191 | 258,149 | |||||||||||
Impairment Charges | — | — | 7,274 | 7,274 | |||||||||||
Other operating income, net | — | — | 226,485 | 226,485 | |||||||||||
Operating income | $ | 201,476 | $ | 56,117 | $ | 129,071 | $ | 386,664 | |||||||
Capital expenditures | $ | 47,808 | $ | 97,487 | $ | 2,710 | $ | 148,005 | |||||||
Share-based compensation expense | $ | — | $ | — | $ | 8,140 | $ | 8,140 | |||||||
Nine Months Ended September 30, 2015 | |||||||||||||||
Revenue | $ | 984,485 | $ | 1,049,654 | $ | — | $ | 2,034,139 | |||||||
Direct operating expenses | 445,018 | 663,011 | — | 1,108,029 | |||||||||||
Selling, general and administrative expenses | 172,522 | 219,689 | — | 392,211 | |||||||||||
Corporate expenses | — | — | 87,254 | 87,254 | |||||||||||
Depreciation and amortization | 151,574 | 124,961 | 4,004 | 280,539 | |||||||||||
Impairment charges | — | — | 21,631 | 21,631 | |||||||||||
Other operating income, net | — | — | 244 | 244 | |||||||||||
Operating income (loss) | $ | 215,371 | $ | 41,993 | $ | (112,645 | ) | $ | 144,719 | ||||||
Capital expenditures | $ | 50,916 | $ | 85,522 | $ | 2,180 | $ | 138,618 | |||||||
Share-based compensation expense | $ | — | $ | — | $ | 6,045 | $ | 6,045 |
(In thousands) | September 30, 2016 | ||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Cash and cash equivalents | $ | 185,066 | $ | — | $ | 55,102 | $ | 154,156 | $ | — | $ | 394,324 | |||||||||||
Accounts receivable, net of allowance | — | — | 182,295 | 445,560 | — | 627,855 | |||||||||||||||||
Intercompany receivables | — | 476,481 | 2,466,623 | 3,456 | (2,946,560 | ) | — | ||||||||||||||||
Prepaid expenses | 2,935 | 3,433 | 63,768 | 66,387 | — | 136,523 | |||||||||||||||||
Assets held for sale | — | — | 55,184 | — | — | 55,184 | |||||||||||||||||
Other current assets | (1,166 | ) | 1,168 | 34,501 | 34,442 | — | 68,945 | ||||||||||||||||
Total Current Assets | 186,835 | 481,082 | 2,857,473 | 704,001 | (2,946,560 | ) | 1,282,831 | ||||||||||||||||
Structures, net | — | — | 760,291 | 494,104 | — | 1,254,395 | |||||||||||||||||
Other property, plant and equipment, net | — | — | 119,069 | 119,860 | — | 238,929 | |||||||||||||||||
Indefinite-lived intangibles | — | — | 951,439 | 9,755 | — | 961,194 | |||||||||||||||||
Other intangibles, net | — | — | 261,229 | 50,590 | — | 311,819 | |||||||||||||||||
Goodwill | — | — | 505,478 | 233,160 | — | 738,638 | |||||||||||||||||
Due from iHeartCommunications | 769,465 | — | — | — | — | 769,465 | |||||||||||||||||
Intercompany notes receivable | 182,026 | 5,092,747 | — | — | (5,274,773 | ) | — | ||||||||||||||||
Other assets | 188,193 | 235,996 | 1,104,268 | 64,060 | (1,474,192 | ) | 118,325 | ||||||||||||||||
Total Assets | $ | 1,326,519 | $ | 5,809,825 | $ | 6,559,247 | $ | 1,675,530 | $ | (9,695,525 | ) | $ | 5,675,596 | ||||||||||
Accounts payable | $ | — | $ | — | $ | 7,175 | $ | 63,956 | $ | — | $ | 71,131 | |||||||||||
Intercompany payable | 2,466,623 | — | 479,937 | — | (2,946,560 | ) | — | ||||||||||||||||
Accrued expenses | 1,521 | — | 82,004 | 402,277 | — | 485,802 | |||||||||||||||||
Deferred income | — | — | 41,712 | 58,455 | — | 100,167 | |||||||||||||||||
Current portion of long-term debt | — | — | 86 | 9,576 | — | 9,662 | |||||||||||||||||
Total Current Liabilities | 2,468,144 | — | 610,914 | 534,264 | (2,946,560 | ) | 666,762 | ||||||||||||||||
Long-term debt | — | 4,884,129 | 1,734 | 222,408 | — | 5,108,271 | |||||||||||||||||
Intercompany notes payable | — | — | 5,027,695 | 247,078 | (5,274,773 | ) | — | ||||||||||||||||
Deferred tax liability | 772 | 1,367 | 633,610 | 2,288 | — | 638,037 | |||||||||||||||||
Other long-term liabilities | 1,493 | — | 128,082 | 127,974 | — | 257,549 | |||||||||||||||||
Total shareholders' equity (deficit) | (1,143,890 | ) | 924,329 | 157,212 | 541,518 | (1,474,192 | ) | (995,023 | ) | ||||||||||||||
Total Liabilities and Shareholders' Equity (Deficit) | $ | 1,326,519 | $ | 5,809,825 | $ | 6,559,247 | $ | 1,675,530 | $ | (9,695,525 | ) | $ | 5,675,596 |
(In thousands) | December 31, 2015 | ||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Cash and cash equivalents | $ | 218,701 | $ | — | $ | 18,455 | $ | 175,587 | $ | — | $ | 412,743 | |||||||||||
Accounts receivable, net of allowance | — | — | 210,252 | 487,331 | — | 697,583 | |||||||||||||||||
Intercompany receivables | — | 461,549 | 1,921,025 | 8,003 | (2,390,577 | ) | — | ||||||||||||||||
Prepaid expenses | 1,423 | 3,433 | 62,039 | 60,835 | — | 127,730 | |||||||||||||||||
Assets held for sale | — | — | 295,075 | — | — | 295,075 | |||||||||||||||||
Other current assets | — | — | 1,823 | 32,743 | — | 34,566 | |||||||||||||||||
Total Current Assets | 220,124 | 464,982 | 2,508,669 | 764,499 | (2,390,577 | ) | 1,567,697 | ||||||||||||||||
Structures, net | — | — | 868,586 | 523,294 | — | 1,391,880 | |||||||||||||||||
Other property, plant and equipment, net | — | — | 129,339 | 106,767 | — | 236,106 | |||||||||||||||||
Indefinite-lived intangibles | — | — | 962,074 | 9,253 | — | 971,327 | |||||||||||||||||
Other intangibles, net | — | — | 272,307 | 70,557 | — | 342,864 | |||||||||||||||||
Goodwill | — | — | 522,750 | 235,825 | — | 758,575 | |||||||||||||||||
Due from iHeartCommunications | 930,799 | — | — | — | — | 930,799 | |||||||||||||||||
Intercompany notes receivable | 182,026 | 5,107,392 | — | — | (5,289,418 | ) | — | ||||||||||||||||
Other assets | 78,341 | 307,054 | 1,214,311 | 45,393 | (1,537,559 | ) | 107,540 | ||||||||||||||||
Total Assets | $ | 1,411,290 | $ | 5,879,428 | $ | 6,478,036 | $ | 1,755,588 | $ | (9,217,554 | ) | $ | 6,306,788 | ||||||||||
Accounts payable | $ | — | $ | — | $ | 12,124 | $ | 88,086 | $ | — | $ | 100,210 | |||||||||||
Intercompany payable | 1,915,287 | — | 475,290 | — | (2,390,577 | ) | — | ||||||||||||||||
Accrued expenses | 953 | (707 | ) | 108,480 | 398,939 | — | 507,665 | ||||||||||||||||
Dividends payable | 217,017 | — | — | — | — | 217,017 | |||||||||||||||||
Deferred income | — | — | 37,471 | 53,940 | — | 91,411 | |||||||||||||||||
Current portion of long-term debt | — | — | 65 | 4,245 | — | 4,310 | |||||||||||||||||
Total Current Liabilities | 2,133,257 | (707 | ) | 633,430 | 545,210 | (2,390,577 | ) | 920,613 | |||||||||||||||
Long-term debt | — | 4,877,578 | 1,014 | 227,921 | — | 5,106,513 | |||||||||||||||||
Intercompany notes payable | — | — | 5,032,499 | 256,919 | (5,289,418 | ) | — | ||||||||||||||||
Deferred tax liability | 772 | 1,367 | 599,541 | 7,230 | — | 608,910 | |||||||||||||||||
Other long-term liabilities | 1,587 | — | 133,227 | 105,605 | — | 240,419 | |||||||||||||||||
Total shareholders' equity (deficit) | (724,326 | ) | 1,001,190 | 78,325 | 612,703 | (1,537,559 | ) | (569,667 | ) | ||||||||||||||
Total Liabilities and Shareholders' Equity (Deficit) | $ | 1,411,290 | $ | 5,879,428 | $ | 6,478,036 | $ | 1,755,588 | $ | (9,217,554 | ) | $ | 6,306,788 |
(In thousands) | Three Months Ended September 30, 2016 | ||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenue | $ | — | $ | — | $ | 287,526 | $ | 385,531 | $ | — | $ | 673,057 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Direct operating expenses | — | — | 122,893 | 243,193 | — | 366,086 | |||||||||||||||||
Selling, general and administrative expenses | — | — | 46,946 | 79,218 | — | 126,164 | |||||||||||||||||
Corporate expenses | 3,400 | — | 13,884 | 10,774 | — | 28,058 | |||||||||||||||||
Depreciation and amortization | — | — | 45,525 | 40,255 | — | 85,780 | |||||||||||||||||
Impairment charges | — | — | — | 7,274 | — | 7,274 | |||||||||||||||||
Other operating income (expense), net | (108 | ) | — | 3,319 | (2,116 | ) | — | 1,095 | |||||||||||||||
Operating income (loss) | (3,508 | ) | — | 61,597 | 2,701 | — | 60,790 | ||||||||||||||||
Interest (income) expense, net | (236 | ) | 88,972 | (639 | ) | 5,216 | — | 93,313 | |||||||||||||||
Interest income on Due from iHeartCommunications | 12,429 | — | — | — | — | 12,429 | |||||||||||||||||
Intercompany interest income | 4,034 | 85,410 | 12,920 | — | (102,364 | ) | — | ||||||||||||||||
Intercompany interest expense | 12,429 | — | 89,444 | 491 | (102,364 | ) | — | ||||||||||||||||
Equity in loss of nonconsolidated affiliates | (31,335 | ) | (27,115 | ) | (30,183 | ) | (833 | ) | 88,739 | (727 | ) | ||||||||||||
Other income (expense), net | 668 | — | (907 | ) | (6,285 | ) | — | (6,524 | ) | ||||||||||||||
Loss before income taxes | (29,905 | ) | (30,677 | ) | (45,378 | ) | (10,124 | ) | 88,739 | (27,345 | ) | ||||||||||||
Income tax benefit (expense) | (1,166 | ) | 1,168 | 14,043 | (10,442 | ) | — | 3,603 | |||||||||||||||
Consolidated net loss | (31,071 | ) | (29,509 | ) | (31,335 | ) | (20,566 | ) | 88,739 | (23,742 | ) | ||||||||||||
Less amount attributable to noncontrolling interest | — | — | — | 7,329 | — | 7,329 | |||||||||||||||||
Net loss attributable to the Company | $ | (31,071 | ) | $ | (29,509 | ) | $ | (31,335 | ) | $ | (27,895 | ) | $ | 88,739 | $ | (31,071 | ) | ||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | (5,714 | ) | 12,928 | — | 7,214 | ||||||||||||||||
Unrealized holding loss on marketable securities | — | — | — | (290 | ) | — | (290 | ) | |||||||||||||||
Other adjustments to comprehensive income | — | — | (2 | ) | 195 | — | 193 | ||||||||||||||||
Equity in subsidiary comprehensive income | 6,542 | 9,528 | 9,276 | — | (25,346 | ) | — | ||||||||||||||||
Comprehensive loss | (24,529 | ) | (19,981 | ) | (27,775 | ) | (15,062 | ) | 63,393 | (23,954 | ) | ||||||||||||
Less amount attributable to noncontrolling interest | — | — | (2,982 | ) | 3,557 | — | 575 | ||||||||||||||||
Comprehensive loss attributable to the Company | $ | (24,529 | ) | $ | (19,981 | ) | $ | (24,793 | ) | $ | (18,619 | ) | $ | 63,393 | $ | (24,529 | ) |
(In thousands) | Three Months Ended September 30, 2015 | ||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenue | $ | — | $ | — | $ | 311,096 | $ | 385,181 | $ | — | $ | 696,277 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Direct operating expenses | — | — | 127,922 | 244,794 | — | 372,716 | |||||||||||||||||
Selling, general and administrative expenses | — | — | 51,238 | 81,321 | — | 132,559 | |||||||||||||||||
Corporate expenses | 3,122 | — | 13,848 | 11,377 | — | 28,347 | |||||||||||||||||
Depreciation and amortization | — | — | 48,402 | 44,638 | — | 93,040 | |||||||||||||||||
Impairment charges | — | — | 21,631 | — | — | 21,631 | |||||||||||||||||
Other operating income (expense), net | (121 | ) | — | 996 | 4,154 | — | 5,029 | ||||||||||||||||
Operating income (loss) | (3,243 | ) | — | 49,051 | 7,205 | — | 53,013 | ||||||||||||||||
Interest expense, net | 2 | 88,084 | 232 | (230 | ) | — | 88,088 | ||||||||||||||||
Interest income on Due from iHeartCommunications | 15,630 | — | — | — | — | 15,630 | |||||||||||||||||
Intercompany interest income | 4,021 | 85,147 | 15,802 | — | (104,970 | ) | — | ||||||||||||||||
Intercompany interest expense | 15,630 | — | 89,168 | 172 | (104,970 | ) | — | ||||||||||||||||
Equity in loss of nonconsolidated affiliates | (23,425 | ) | (16,699 | ) | (19,030 | ) | (1,150 | ) | 59,492 | (812 | ) | ||||||||||||
Other income (expense), net | 356 | — | (734 | ) | (17,364 | ) | — | (17,742 | ) | ||||||||||||||
Loss before income taxes | (22,293 | ) | (19,636 | ) | (44,311 | ) | (11,251 | ) | 59,492 | (37,999 | ) | ||||||||||||
Income tax benefit (expense) | (288 | ) | 489 | 20,886 | 1,710 | — | 22,797 | ||||||||||||||||
Consolidated net loss | (22,581 | ) | (19,147 | ) | (23,425 | ) | (9,541 | ) | 59,492 | (15,202 | ) | ||||||||||||
Less amount attributable to noncontrolling interest | — | — | — | 7,379 | — | 7,379 | |||||||||||||||||
Net loss attributable to the Company | $ | (22,581 | ) | $ | (19,147 | ) | $ | (23,425 | ) | $ | (16,920 | ) | $ | 59,492 | $ | (22,581 | ) | ||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | (9,038 | ) | (12,278 | ) | — | (21,316 | ) | ||||||||||||||
Unrealized holding loss on marketable securities | — | — | — | (149 | ) | — | (149 | ) | |||||||||||||||
Equity in subsidiary comprehensive loss | (14,342 | ) | (3,769 | ) | (5,304 | ) | — | 23,415 | — | ||||||||||||||
Comprehensive loss | (36,923 | ) | (22,916 | ) | (37,767 | ) | (29,347 | ) | 82,907 | (44,046 | ) | ||||||||||||
Less amount attributable to noncontrolling interest | — | — | — | (7,123 | ) | — | (7,123 | ) | |||||||||||||||
Comprehensive loss attributable to the Company | $ | (36,923 | ) | $ | (22,916 | ) | $ | (37,767 | ) | $ | (22,224 | ) | $ | 82,907 | $ | (36,923 | ) |
(In thousands) | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenue | $ | — | $ | — | $ | 833,840 | $ | 1,142,084 | $ | — | $ | 1,975,924 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Direct operating expenses | — | — | 365,478 | 710,363 | — | 1,075,841 | |||||||||||||||||
Selling, general and administrative expenses | — | — | 146,347 | 242,185 | — | 388,532 | |||||||||||||||||
Corporate expenses | 9,822 | — | 44,946 | 31,181 | — | 85,949 | |||||||||||||||||
Depreciation and amortization | — | — | 134,763 | 123,386 | — | 258,149 | |||||||||||||||||
Impairment charges | — | — | — | 7,274 | — | 7,274 | |||||||||||||||||
Other operating income (expense), net | (312 | ) | — | 291,168 | (64,371 | ) | — | 226,485 | |||||||||||||||
Operating income (loss) | (10,134 | ) | — | 433,474 | (36,676 | ) | — | 386,664 | |||||||||||||||
Interest (income) expense, net | (886 | ) | 265,091 | 557 | 17,074 | — | 281,836 | ||||||||||||||||
Interest income on Due from iHeartCommunications | 36,433 | — | — | — | — | 36,433 | |||||||||||||||||
Intercompany interest income | 12,102 | 256,289 | 37,944 | — | (306,335 | ) | — | ||||||||||||||||
Intercompany interest expense | 36,433 | — | 268,391 | 1,511 | (306,335 | ) | — | ||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | 36,647 | (144,270 | ) | (153,409 | ) | (2,166 | ) | 261,824 | (1,374 | ) | |||||||||||||
Other income (expense), net | 2,373 | — | (1,916 | ) | (46,655 | ) | — | (46,198 | ) | ||||||||||||||
Income (loss) before income taxes | 41,874 | (153,072 | ) | 47,145 | (104,082 | ) | 261,824 | 93,689 | |||||||||||||||
Income tax benefit (expense) | (1,944 | ) | 3,078 | (10,498 | ) | (28,233 | ) | — | (37,597 | ) | |||||||||||||
Consolidated net income (loss) | 39,930 | (149,994 | ) | 36,647 | (132,315 | ) | 261,824 | 56,092 | |||||||||||||||
Less amount attributable to noncontrolling interest | — | — | — | 16,162 | — | 16,162 | |||||||||||||||||
Net income (loss) attributable to the Company | $ | 39,930 | $ | (149,994 | ) | $ | 36,647 | $ | (148,477 | ) | $ | 261,824 | $ | 39,930 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | (8,761 | ) | 52,345 | — | 43,584 | ||||||||||||||||
Unrealized holding loss on marketable securities | — | — | — | (635 | ) | — | (635 | ) | |||||||||||||||
Reclassification adjustments | — | — | 662 | 32,161 | — | 32,823 | |||||||||||||||||
Other adjustments to comprehensive income | — | — | — | (3,551 | ) | — | (3,551 | ) | |||||||||||||||
Equity in subsidiary comprehensive income | 73,205 | 73,133 | 79,000 | — | (225,338 | ) | — | ||||||||||||||||
Comprehensive income (loss) | 113,135 | (76,861 | ) | 107,548 | (68,157 | ) | 36,486 | 112,151 | |||||||||||||||
Less amount attributable to noncontrolling interest | — | — | (2,304 | ) | 1,320 | — | (984 | ) | |||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | 113,135 | $ | (76,861 | ) | $ | 109,852 | $ | (69,477 | ) | $ | 36,486 | $ | 113,135 |
(In thousands) | Nine Months Ended September 30, 2015 | ||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenue | $ | — | $ | — | $ | 869,722 | $ | 1,164,417 | $ | — | $ | 2,034,139 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Direct operating expenses | — | — | 377,936 | 730,093 | — | 1,108,029 | |||||||||||||||||
Selling, general and administrative expenses | — | — | 147,196 | 245,015 | — | 392,211 | |||||||||||||||||
Corporate expenses | 9,614 | — | 43,355 | 34,285 | — | 87,254 | |||||||||||||||||
Depreciation and amortization | — | — | 146,090 | 134,449 | — | 280,539 | |||||||||||||||||
Impairment charges | — | — | 21,631 | — | — | 21,631 | |||||||||||||||||
Other operating income (expense), net | (341 | ) | — | (5,959 | ) | 6,544 | — | 244 | |||||||||||||||
Operating income (loss) | (9,955 | ) | — | 127,555 | 27,119 | — | 144,719 | ||||||||||||||||
Interest expense, net | 14 | 264,245 | 1,207 | 594 | — | 266,060 | |||||||||||||||||
Interest income on Due from iHeartCommunications | 45,932 | — | — | — | — | 45,932 | |||||||||||||||||
Intercompany interest income | 12,046 | 255,356 | 46,355 | — | (313,757 | ) | — | ||||||||||||||||
Intercompany interest expense | 45,932 | — | 267,402 | 423 | (313,757 | ) | — | ||||||||||||||||
Equity in loss of nonconsolidated affiliates | (33,457 | ) | (970 | ) | (10,136 | ) | (1,938 | ) | 45,860 | (641 | ) | ||||||||||||
Other income, net | 2,039 | 3,440 | 20,515 | 16,053 | (24,575 | ) | 17,472 | ||||||||||||||||
Income (loss) before income taxes | (29,341 | ) | (6,419 | ) | (84,320 | ) | 40,217 | 21,285 | (58,578 | ) | |||||||||||||
Income tax benefit (expense) | (773 | ) | (8,094 | ) | 50,863 | (22,287 | ) | — | 19,709 | ||||||||||||||
Consolidated net income (loss) | (30,114 | ) | (14,513 | ) | (33,457 | ) | 17,930 | 21,285 | (38,869 | ) | |||||||||||||
Less amount attributable to noncontrolling interest | — | — | — | 15,820 | — | 15,820 | |||||||||||||||||
Net income (loss) attributable to the Company | $ | (30,114 | ) | $ | (14,513 | ) | $ | (33,457 | ) | $ | 2,110 | $ | 21,285 | $ | (54,689 | ) | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | — | (3,440 | ) | (16,064 | ) | (80,399 | ) | — | (99,903 | ) | |||||||||||||
Unrealized holding gain on marketable securities | — | — | — | 540 | — | 540 | |||||||||||||||||
Other adjustments to comprehensive loss | — | — | — | (1,154 | ) | — | (1,154 | ) | |||||||||||||||
Equity in subsidiary comprehensive loss | (90,633 | ) | (43,130 | ) | (74,569 | ) | — | 208,332 | — | ||||||||||||||
Comprehensive loss | (120,747 | ) | (61,083 | ) | (124,090 | ) | (78,903 | ) | 229,617 | (155,206 | ) | ||||||||||||
Less amount attributable to noncontrolling interest | — | — | — | (9,884 | ) | — | (9,884 | ) | |||||||||||||||
Comprehensive loss attributable to the Company | $ | (120,747 | ) | $ | (61,083 | ) | $ | (124,090 | ) | $ | (69,019 | ) | $ | 229,617 | $ | (145,322 | ) |
(In thousands) | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Consolidated net income (loss) | $ | 39,930 | $ | (149,994 | ) | $ | 36,647 | $ | (132,315 | ) | $ | 261,824 | $ | 56,092 | |||||||||
Reconciling items: | |||||||||||||||||||||||
Depreciation and amortization | — | — | 134,763 | 123,386 | — | 258,149 | |||||||||||||||||
Impairment charges | — | — | — | 7,274 | — | 7,274 | |||||||||||||||||
Deferred taxes | — | — | 34,069 | (5,476 | ) | — | 28,593 | ||||||||||||||||
Provision for doubtful accounts | — | — | 5,239 | 3,205 | — | 8,444 | |||||||||||||||||
Amortization of deferred financing charges and note discounts, net | — | 6,551 | — | 1,356 | — | 7,907 | |||||||||||||||||
Share-based compensation | — | — | 4,363 | 3,777 | — | 8,140 | |||||||||||||||||
(Gain) loss on disposal of operating assets, net | — | — | (292,766 | ) | 60,740 | — | (232,026 | ) | |||||||||||||||
Equity in (earnings) loss of nonconsolidated affiliates | (36,647 | ) | 144,270 | 153,409 | 2,166 | (261,824 | ) | 1,374 | |||||||||||||||
Other reconciling items, net | — | — | (190 | ) | 45,505 | — | 45,315 | ||||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||||||||||||||
Decrease in accounts receivable | — | — | 25,166 | 24,524 | — | 49,690 | |||||||||||||||||
Increase in prepaids and other current assets | (1,511 | ) | — | (25,076 | ) | (13,066 | ) | — | (39,653 | ) | |||||||||||||
Increase (decrease) in accrued expenses | 213 | (461 | ) | (31,497 | ) | 9,692 | — | (22,053 | ) | ||||||||||||||
Decrease in accounts payable | — | — | (4,958 | ) | (21,590 | ) | — | (26,548 | ) | ||||||||||||||
Increase (decrease) in accrued interest | — | — | (612 | ) | 5,669 | — | 5,057 | ||||||||||||||||
Increase in deferred income | — | — | 3,993 | 4,516 | — | 8,509 | |||||||||||||||||
Changes in other operating assets and liabilities | — | — | 9,735 | 16,158 | — | 25,893 | |||||||||||||||||
Net cash provided by operating activities | $ | 1,985 | $ | 366 | $ | 52,285 | $ | 135,521 | $ | — | $ | 190,157 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Purchases of property, plant and equipment | — | — | (44,547 | ) | (103,458 | ) | — | (148,005 | ) | ||||||||||||||
Proceeds from disposal of assets | — | — | 355,138 | 236,626 | — | 591,764 | |||||||||||||||||
Purchases of other operating assets | — | — | (1,444 | ) | (245 | ) | — | (1,689 | ) | ||||||||||||||
Decrease in intercompany notes receivable, net | — | 14,646 | — | — | (14,646 | ) | — | ||||||||||||||||
Dividends from subsidiaries | — | — | 235,467 | — | (235,467 | ) | — | ||||||||||||||||
Change in other, net | — | (79 | ) | (2 | ) | (30,347 | ) | 79 | (30,349 | ) | |||||||||||||
Net cash provided by (used for) investing activities | $ | — | $ | 14,567 | $ | 544,612 | $ | 102,576 | $ | (250,034 | ) | $ | 411,721 | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Payments on credit facilities | — | — | — | (1,728 | ) | — | (1,728 | ) | |||||||||||||||
Payments on long-term debt | — | — | (57 | ) | (1,919 | ) | — | (1,976 | ) | ||||||||||||||
Net transfers to iHeartCommunications | 161,335 | — | — | — | — | 161,335 | |||||||||||||||||
Dividends and other payments from (to) noncontrolling interests | — | — | 2,967 | (24,013 | ) | — | (21,046 | ) | |||||||||||||||
Dividends paid | (755,148 | ) | — | (914 | ) | (234,554 | ) | 235,467 | (755,149 | ) | |||||||||||||
Decrease in intercompany notes payable, net | — | — | (3,613 | ) | (11,033 | ) | 14,646 | — | |||||||||||||||
Intercompany funding | 559,473 | (14,933 | ) | (559,433 | ) | 14,893 | — | — | |||||||||||||||
Change in other, net | (1,280 | ) | — | 800 | (120 | ) | (79 | ) | (679 | ) | |||||||||||||
Net cash used for financing activities | (35,620 | ) | (14,933 | ) | (560,250 | ) | (258,474 | ) | 250,034 | (619,243 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | — | (1,054 | ) | — | (1,054 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (33,635 | ) | — | 36,647 | (21,431 | ) | — | (18,419 | ) | ||||||||||||||
Cash and cash equivalents at beginning of year | 218,701 | — | 18,455 | 175,587 | — | 412,743 | |||||||||||||||||
Cash and cash equivalents at end of year | $ | 185,066 | $ | — | $ | 55,102 | $ | 154,156 | $ | — | $ | 394,324 |
(In thousands) | Nine Months Ended September 30, 2015 | ||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | ||||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Consolidated net income (loss) | $ | (30,114 | ) | $ | (14,513 | ) | $ | (33,457 | ) | $ | 17,930 | $ | 21,285 | $ | (38,869 | ) | |||||||
Reconciling items: | |||||||||||||||||||||||
Impairment charges | — | — | 21,631 | — | — | 21,631 | |||||||||||||||||
Depreciation and amortization | — | — | 146,090 | 134,449 | — | 280,539 | |||||||||||||||||
Deferred taxes | — | 1,282 | (2,311 | ) | (5,895 | ) | — | (6,924 | ) | ||||||||||||||
Provision for doubtful accounts | — | — | 4,823 | 3,863 | — | 8,686 | |||||||||||||||||
Amortization of deferred financing charges and note discounts, net | — | 5,597 | 923 | — | — | 6,520 | |||||||||||||||||
Share-based compensation | — | — | 4,141 | 1,904 | — | 6,045 | |||||||||||||||||
Gain on sale of operating and fixed assets, net | — | — | (834 | ) | (6,544 | ) | — | (7,378 | ) | ||||||||||||||
Equity in loss of nonconsolidated affiliates | 33,457 | 970 | 10,136 | 1,938 | (45,860 | ) | 641 | ||||||||||||||||
Other reconciling items, net | — | (3,440 | ) | (13 | ) | (14,611 | ) | — | (18,064 | ) | |||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||||||||||||||
Increase in accounts receivable | — | — | (16,021 | ) | (21,293 | ) | — | (37,314 | ) | ||||||||||||||
Increase in prepaids and other current assets | (1,742 | ) | — | (1,093 | ) | (23,082 | ) | (25,917 | ) | ||||||||||||||
Increase (decrease) in accrued expenses | 306 | 6,536 | (64,855 | ) | (11,681 | ) | — | (69,694 | ) | ||||||||||||||
Increase (decrease) in accounts payable | — | — | (21,346 | ) | 4,328 | 19,960 | 2,942 | ||||||||||||||||
Decrease in accrued interest | — | — | (2 | ) | (1,106 | ) | — | (1,108 | ) | ||||||||||||||
Increase in deferred income | — | — | 5,624 | 14,904 | — | 20,528 | |||||||||||||||||
Changes in other operating assets and liabilities | — | — | (22,091 | ) | 6,073 | — | (16,018 | ) | |||||||||||||||
Net cash provided by (used for) operating activities | $ | 1,907 | $ | (3,568 | ) | $ | 31,345 | $ | 101,177 | $ | (4,615 | ) | $ | 126,246 | |||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Purchases of property, plant and equipment | — | — | (43,856 | ) | (94,762 | ) | — | (138,618 | ) | ||||||||||||||
Proceeds from disposal of assets | — | — | 2,504 | 5,975 | — | 8,479 | |||||||||||||||||
Purchases of other operating assets | — | — | (526 | ) | (1,088 | ) | — | (1,614 | ) | ||||||||||||||
(Increase) decrease in intercompany notes receivable, net | — | 4,273 | (3,510 | ) | (10,592 | ) | 9,829 | — | |||||||||||||||
Change in other, net | — | — | (910 | ) | (2,269 | ) | 907 | (2,272 | ) | ||||||||||||||
Net cash provided by (used for) investing activities | $ | — | $ | 4,273 | $ | (46,298 | ) | $ | (102,736 | ) | $ | 10,736 | $ | (134,025 | ) | ||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Payments on credit facilities | — | — | — | (3,304 | ) | — | (3,304 | ) | |||||||||||||||
Payments on long-term debt | — | — | (41 | ) | — | — | (41 | ) | |||||||||||||||
Net transfers to iHeartCommunications | 34,148 | — | — | — | — | 34,148 | |||||||||||||||||
Dividends and other payments to noncontrolling interests | — | — | — | (28,088 | ) | — | (28,088 | ) | |||||||||||||||
Dividends paid | — | — | — | (24,575 | ) | 24,575 | — | ||||||||||||||||
Payments to repurchase noncontrolling interests | — | — | — | (234 | ) | — | (234 | ) | |||||||||||||||
Increase in intercompany notes payable, net | — | — | — | 9,829 | (9,829 | ) | — | ||||||||||||||||
Intercompany funding | (38,967 | ) | (705 | ) | 32,539 | 7,133 | — | — | |||||||||||||||
Change in other, net | 2,912 | — | — | 907 | (907 | ) | 2,912 | ||||||||||||||||
Net cash provided by (used for) financing activities | (1,907 | ) | (705 | ) | 32,498 | (38,332 | ) | 13,839 | 5,393 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | — | (10,880 | ) | — | (10,880 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 17,545 | (50,771 | ) | 19,960 | (13,266 | ) | |||||||||||||||
Cash and cash equivalents at beginning of year | 905 | — | — | 205,259 | (19,960 | ) | 186,204 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 905 | $ | — | $ | 17,545 | $ | 154,488 | $ | — | $ | 172,938 |
• | Consolidated revenue decreased $23.2 million during the three months ended September 30, 2016 compared to the same period of 2015. Excluding a $5.9 million impact from movements in foreign exchange rates, consolidated revenue decreased $17.3 million during the three months ended September 30, 2016 compared to the same period of 2015. |
• | In the first quarter, we sold nine non-strategic U.S. outdoor markets and in the second quarter we sold our outdoor business in Turkey. These markets generated revenue of $32.8 million in the three months ended September 30, 2015. |
(In thousands) | Three Months Ended September 30, | % | Nine Months Ended September 30, | % | |||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||
Revenue | $ | 673,057 | $ | 696,277 | (3.3)% | $ | 1,975,924 | $ | 2,034,139 | (2.9)% | |||||||||
Operating expenses: | |||||||||||||||||||
Direct operating expenses (excludes depreciation and amortization) | 366,086 | 372,716 | (1.8)% | 1,075,841 | 1,108,029 | (2.9)% | |||||||||||||
Selling, general and administrative expenses (excludes depreciation and amortization) | 126,164 | 132,559 | (4.8)% | 388,532 | 392,211 | (0.9)% | |||||||||||||
Corporate expenses (excludes depreciation and amortization) | 28,058 | 28,347 | (1.0)% | 85,949 | 87,254 | (1.5)% | |||||||||||||
Depreciation and amortization | 85,780 | 93,040 | (7.8)% | 258,149 | 280,539 | (8.0)% | |||||||||||||
Impairment charges | 7,274 | 21,631 | (66.4)% | 7,274 | 21,631 | (66.4)% | |||||||||||||
Other operating income (expense), net | 1,095 | 5,029 | 226,485 | 244 | |||||||||||||||
Operating income | 60,790 | 53,013 | 386,664 | 144,719 | |||||||||||||||
Interest expense | 93,313 | 88,088 | 281,836 | 266,060 | |||||||||||||||
Interest income on Due from iHeartCommunications | 12,429 | 15,630 | 36,433 | 45,932 | |||||||||||||||
Equity in loss of nonconsolidated affiliates | (727 | ) | (812 | ) | (1,374 | ) | (641 | ) | |||||||||||
Other income (expense), net | (6,524 | ) | (17,742 | ) | (46,198 | ) | 17,472 | ||||||||||||
Income (loss) before income taxes | (27,345 | ) | (37,999 | ) | 93,689 | (58,578 | ) | ||||||||||||
Income tax benefit (expense) | 3,603 | 22,797 | (37,597 | ) | 19,709 | ||||||||||||||
Consolidated net income (loss) | (23,742 | ) | (15,202 | ) | 56,092 | (38,869 | ) | ||||||||||||
Less amount attributable to noncontrolling interest | 7,329 | 7,379 | 16,162 | 15,820 | |||||||||||||||
Net income (loss) attributable to the Company | $ | (31,071 | ) | $ | (22,581 | ) | $ | 39,930 | $ | (54,689 | ) |
(In thousands) | Three Months Ended September 30, | % | Nine Months Ended September 30, | % | |||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||
Revenue | $ | 322,997 | $ | 347,336 | (7.0)% | $ | 931,058 | $ | 984,485 | (5.4)% | |||||||||
Direct operating expenses | 142,989 | 149,072 | (4.1)% | 421,039 | 445,018 | (5.4)% | |||||||||||||
SG&A expenses | 54,500 | 59,539 | (8.5)% | 167,660 | 172,522 | (2.8)% | |||||||||||||
Depreciation and amortization | 47,242 | 50,121 | (5.7)% | 140,883 | 151,574 | (7.1)% | |||||||||||||
Operating income | $ | 78,266 | $ | 88,604 | (11.7)% | $ | 201,476 | $ | 215,371 | (6.5)% |
(In thousands) | Three Months Ended September 30, | % | Nine Months Ended September 30, | % | |||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||
Revenue | $ | 350,060 | $ | 348,941 | 0.3% | $ | 1,044,866 | $ | 1,049,654 | (0.5)% | |||||||||
Direct operating expenses | 223,097 | 223,644 | (0.2)% | 654,802 | 663,011 | (1.2)% | |||||||||||||
SG&A expenses | 71,664 | 73,020 | (1.9)% | 220,872 | 219,689 | 0.5% | |||||||||||||
Depreciation and amortization | 37,018 | 41,564 | (10.9)% | 113,075 | 124,961 | (9.5)% | |||||||||||||
Operating income | $ | 18,281 | $ | 10,713 | 70.6% | $ | 56,117 | $ | 41,993 | 33.6% |
(In thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Americas Outdoor Advertising | $ | 78,266 | $ | 88,604 | $ | 201,476 | 215,371 | ||||||||
International Outdoor Advertising | 18,281 | 10,713 | 56,117 | 41,993 | |||||||||||
Other operating income (loss), net | 1,095 | 5,029 | 226,485 | 244 | |||||||||||
Impairment charges | (7,274 | ) | (21,631 | ) | (7,274 | ) | (21,631 | ) | |||||||
Corporate and other (1) | (29,578 | ) | (29,702 | ) | (90,140 | ) | (91,258 | ) | |||||||
Consolidated operating income | $ | 60,790 | $ | 53,013 | $ | 386,664 | $ | 144,719 |
(1) | Corporate and other includes expenses related to Americas and International as well as overall executive, administrative and support functions. |
(In thousands) | Nine Months Ended September 30, | ||||||
2016 | 2015 | ||||||
Cash provided by (used for): | |||||||
Operating activities | $ | 190,157 | $ | 126,246 | |||
Investing activities | $ | 411,721 | $ | (134,025 | ) | ||
Financing activities | $ | (619,243 | ) | $ | 5,393 |
(In millions) | September 30, 2016 | December 31, 2015 | |||||
Clear Channel Worldwide Holdings Senior Notes due 2022 | $ | 2,725.0 | $ | 2,725.0 | |||
Clear Channel Worldwide Holdings Senior Subordinated Notes due 2020 | 2,200.0 | 2,200.0 | |||||
Senior Revolving Credit Facility due 2018(1) | — | — | |||||
Clear Channel International B.V. Senior Notes due 2020 | 225.0 | 225.0 | |||||
Other debt | 18.4 | 19.0 | |||||
Original issue discount | (7.0 | ) | (7.8 | ) | |||
Long-term debt fees | (43.5 | ) | (50.4 | ) | |||
Total debt | 5,117.9 | 5,110.8 | |||||
Less: Cash and cash equivalents | 394.3 | 412.7 | |||||
Less: Due from iHeartCommunications | 769.5 | 930.8 | |||||
$ | 3,954.1 | $ | 3,767.3 |
Four Quarters Ended | |||
(In millions) | September 30, 2016 | ||
EBITDA (as defined by the CCWH Senior Notes indentures) | $ | 690.2 | |
Less adjustments to EBITDA (as defined by the CCWH Senior Notes indentures): | |||
Costs incurred in connection with severance, the closure and/or consolidation of facilities, retention charges, consulting fees and other permitted activities | (12.7 | ) | |
Extraordinary, non-recurring or unusual gains or losses or expenses (as referenced in the definition of EBITDA in the CCWH Senior Notes indentures) | (8.8 | ) | |
Non-cash charges | (25.0 | ) | |
Other items | 8.7 | ||
Less: Depreciation and amortization, Impairment charges, Gains and losses on acquisitions and divestitures and Share-based compensation expense | (149.5 | ) | |
Operating income | 502.9 | ||
Plus: Depreciation and amortization, Impairment charges, Gain (loss) on disposal of operating and fixed assets and Share-based compensation expense | 141.2 | ||
Less: Interest expense | (371.4 | ) | |
Plus: Interest income on Due from iHeartCommunications | 51.9 | ||
Less: Current income tax expense | (68.4 | ) | |
Plus: Other income, net | (52.1 | ) | |
Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including Provision for doubtful accounts, Amortization of deferred financing charges and note discounts, net and Other reconciling items, net) | 74.0 | ||
Change in assets and liabilities, net of assets acquired and liabilities assumed | 83.1 | ||
Net cash provided by operating activities | $ | 361.2 |
• | Industry revenue growth forecast at 3.0% was used for the initial four-year period; |
• | 3.0% revenue growth was assumed beyond the initial four-year period; |
• | Revenue was grown over a build-up period, reaching maturity by year 2; |
• | Operating margins gradually climb to the industry average margin of up to 56.1%, depending on market size, by year 3; and |
• | Assumed discount rate of 7.5%. |
(In thousands) | Revenue | Profit | Discount | |||||||||
Description | Growth Rate | Margin | Rates | |||||||||
Billboard permits | $ | 1,138,600 | $ | 162,800 | $ | 1,162,700 |
• | Expected cash flows underlying our business plans for the periods 2016 through 2020. Our cash flow assumptions are based on detailed, multi-year forecasts performed by each of our operating segments, and reflect the advertising outlook across our businesses. |
• | Cash flows beyond 2020 are projected to grow at a perpetual growth rate, which we estimated at 3.0%. |
• | In order to risk adjust the cash flow projections in determining fair value; we utilized a discount rate of approximately 8.0% to 11.5% for each of our reporting units. |
(In thousands) | Revenue | Profit | Discount | |||||||||
Description | Growth Rate | Margin | Rates | |||||||||
Americas Outdoor | $ | 860,000 | $ | 180,000 | $ | 820,000 | ||||||
International Outdoor | $ | 330,000 | $ | 210,000 | $ | 260,000 |
• | risks associated with weak or uncertain global economic conditions and their impact on the capital markets; |
• | other general economic and political conditions in the United States and in other countries in which we currently do business, including those resulting from recessions, political events and acts or threats of terrorism or military conflicts; |
• | industry conditions, including competition; |
• | the level of expenditures on advertising; |
• | legislative or regulatory requirements; |
• | fluctuations in operating costs; |
• | technological changes and innovations; |
• | changes in labor conditions and management; |
• | capital expenditure requirements; |
• | risks of doing business in foreign countries; |
• | fluctuations in exchange rates and currency values; |
• | the outcome of pending and future litigation; |
• | taxes and tax disputes; |
• | changes in interest rates; |
• | shifts in population and other demographics; |
• | access to capital markets and borrowed indebtedness; |
• | our ability to implement our business strategies; |
• | the risk that we may not be able to integrate the operations of acquired businesses successfully; |
• | the risk that our strategic revenue and efficiency initiatives may not be entirely successful or that any cost savings achieved from such strategic revenue and efficiency initiatives may not persist; |
• | the impact of our substantial indebtedness, including the effect of our leverage on our financial position and earnings; |
• | our ability to generate sufficient cash from operations or liquidity-generating transactions and our need to allocate significant amounts of our cash to make payments on our indebtedness, which in turn could reduce our financial flexibility and ability to fund other activities; |
• | our relationship with iHeartCommunications, including its ability to elect all of the members of our Board of Directors and its ability as our controlling stockholder to determine the outcome of matters submitted to our stockholders and certain additional matters governed by intercompany agreements between us; |
• | the impact of the above and similar factors on iHeartCommunications, our primary direct or indirect external source of capital, which could have a significant need for capital in the future; and |
• | certain other factors set forth in our other filings with the SEC. |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
July 1 through July 30 | 76,110 | $ | 6.99 | — | $ | — | |||||||
August 1 through August 31 | 1,306 | 4.17 | — | — | |||||||||
September 1 through September 30 | 2,421 | 6.68 | — | — | |||||||||
Total | 79,837 | $ | 6.93 | — | $ | — |
(1) | The shares indicated consist of shares of our class A common stock tendered by employees to us during the three months ended September 30, 2016 to satisfy the employees’ tax withholding obligation in connection with the vesting and release of restricted shares, which are repurchased by us based on their fair market value on the date the relevant transaction occurs. |
Exhibit Number | Description | |
31.1* | Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2* | Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1** | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2** | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101* | Interactive Data Files. |
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. | ||
November 9, 2016 | /s/ SCOTT D. HAMILTON | |
Scott D. Hamilton | ||
Senior Vice President, Chief Accounting Officer and | ||
Assistant Secretary |
Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Nov. 07, 2016 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Clear Channel Outdoor Holdings, Inc. | |
Entity Central Index Key | 0001334978 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Common class A | ||
Entity Common Stock, Shares Outstanding | 47,326,266 | |
Common class B | ||
Entity Common Stock, Shares Outstanding | 315,000,000 |
BASIS OF PRESENTATION |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Preparation of Interim Financial Statements All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to Clear Channel Outdoor Holdings, Inc. and its consolidated subsidiaries. Our reportable segments are Americas outdoor advertising (“Americas”) and International outdoor advertising (“International”). The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the 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 may not be indicative of results for the full year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2015 Annual Report on Form 10-K. The consolidated financial statements include the accounts of the Company and its subsidiaries and give effect to allocations of expenses from the Company’s indirect parent entity, iHeartCommunications, Inc. (“iHeartCommunications”). These allocations were made on a specifically identifiable basis or using relative percentages of headcount or other methods management considered to be a reasonable reflection of the utilization of services provided. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the company are accounted for 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 2016 presentation. New Accounting Pronouncements During the second quarter of 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. This update provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, the Company will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this update are effective for annual periods ending after December 15, 2016, and for interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the first quarter of 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis. This new standard eliminates the deferral of FAS 167, which has allowed entities with interest in certain investment funds to follow the previous consolidation guidance in FIN 46(R) and makes other changes to both the variable interest model and the voting model. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. During the second quarter of 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This update simplifies the presentation of debt issuance costs as a deduction from the carrying value of the outstanding debt balance rather than showing the debt issuance costs as an asset. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. The retrospective adoption of this guidance resulted in the reclassification of debt issuance costs of $50.4 million as of December 31, 2015, which are now reflected as “Long-term debt fees” in Note 3. During the third quarter of 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This update provides a one-year deferral of the effective date for ASU No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 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, 2017. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the third quarter of 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This update eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The standard is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. During the first quarter of 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new leasing standard presents significant changes to the balance sheets of lessees. Lessor accounting is updated to align with certain changes in the lessee model and the new revenue recognition standard which was issued in the third quarter of 2015. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2018. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the second quarter of 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718). This update changes the accounting for certain aspects of share-based payments to employees. Income tax effects of share-based payment awards will be recognized in the income statement with the vesting or settlement of the awards and the record keeping for additional paid-in capital pools will no longer be necessary. Additionally, companies can make a policy election to either estimate forfeitures or recognize them as they occur. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2016. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the second quarter of 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). The new standard changes the impairment model for most financial assets and certain other instruments. Entities will be required to use a model that will result in the earlier recognition of allowances for losses for trade and other receivables, held-to-maturity debt securities, loans and other instruments. For available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. For an SEC filer, the standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2019. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the third quarter of 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). The new standard addresses the classification of cash flows related to certain cash receipts and cash payments. Additionally, the standard clarifies how the predominance principle should be used when cash receipts and cash payments have aspects of more than one class of cash flows. First, an entity will apply the guidance in Topic 230 and other applicable topics. If there is no guidance for those cash receipts and cash payments, an entity will determine each separately identifiable source or use and classify the receipt or payment based on the nature of the cash flow. If a receipt or payment has aspects of more than one class of cash flows and cannot be separated, the classification will depend on the predominant source of use. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2017. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL |
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Property Plant And Equipment Intangible Assets And Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL Dispositions During the first quarter of 2016, Americas outdoor sold nine non-strategic outdoor markets including Cleveland and Columbus, Ohio, Des Moines, Iowa, Ft. Smith, Arkansas, Memphis, Tennessee, Portland, Oregon, Reno, Nevada, Seattle, Washington and Wichita, Kansas for net proceeds, which included cash and certain advertising assets in Florida, totaling $592.6 million. The Company recognized a net gain of $278.3 million related to the sale, which is included within Other operating income (expense), net. During the first quarter of 2016, Americas outdoor also entered into an agreement to sell its Indianapolis, Indiana market in exchange for certain assets in Atlanta, Georgia, plus approximately $41.2 million in cash. The transaction is subject to regulatory approvals and is expected to close in 2016. This transaction has met the criteria to be classified as held-for-sale and as such, the related assets are separately presented on the face of the Consolidated Balance Sheet. During the second quarter of 2016, International outdoor sold its business in Turkey. As a result, the Company recognized a net loss of $56.6 million, which includes $32.2 million in cumulative translation adjustments that were recognized upon the sale of the Company's subsidiaries in Turkey. On October 24, 2016, the Company sold its International outdoor business in Australia (“Australia Outdoor”), for cash proceeds of $203.9 million. As of September 30, 2016, Australia Outdoor had $48.6 million in current assets, $56.2 million in property, plant & equipment, $5.7 million in other assets, $31.1 million in current liabilities and $9.0 million in long-term liabilities. Australia Outdoor revenue, direct expenses, SG&A expenses and depreciation and amortization for the nine months ended September 30, 2016 were $96.0 million, $56.2 million, $18.5 million and $9.4 million, respectively, and $83.6 million, $51.9 million, $16.1 million and $7.3 million for the nine months ended September 30, 2015, respectively. Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of September 30, 2016 and December 31, 2015, respectively:
Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist primarily of billboard permits in its Americas segment. Due to significant differences in both business practices and regulations, billboards in the International 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 segment. Annual Impairment Test on Indefinite-lived Intangible Assets The Company performs its annual impairment test on indefinite-lived intangible assets as of July 1 of each year. The impairment tests for indefinite-lived intangible assets consist of a comparison between the fair value of the indefinite-lived intangible asset at the market level with its carrying amount. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized equal to that excess. After an impairment loss is recognized, the adjusted carrying amount of the indefinite-lived asset is its new accounting basis. The fair value of the indefinite-lived asset is determined using the direct valuation method as prescribed in ASC 805-20-S99. Under the direct valuation method, the fair value of the indefinite-lived assets is calculated at the market level as prescribed by ASC 350-30-35. The Company engaged a third-party valuation firm, to assist it in the development of the assumptions and the Company’s determination of the fair value of its indefinite-lived intangible assets. The application of the direct valuation method attempts to isolate the income that is properly attributable to the indefinite-lived intangible asset alone (that is, apart from tangible and identified intangible assets and goodwill). It is based upon modeling a hypothetical “greenfield” build-up to a “normalized” enterprise that, by design, lacks inherent goodwill and whose only other assets have essentially been paid for (or added) as part of the build-up process. The Company forecasts revenue, expenses and cash flows over a ten-year period for each of its markets in its application of the direct valuation method. The Company also calculates a “normalized” residual year which represents the perpetual cash flows of each market. The residual year cash flow was capitalized to arrive at the terminal value of the permits in each market. Under the direct valuation method, it is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flow model which results in value that is directly attributable to the indefinite-lived intangible assets. The key assumptions using the direct valuation method are market revenue growth rates, market share, profit margin, duration and profile of the build-up period, estimated start-up capital costs and losses incurred during the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average billboard permit within a market. The Company concluded no impairment of indefinite-lived intangible assets was required for the three and nine months ended September 30, 2016. The Company recognized an impairment charge related to its indefinite-lived intangible assets of $21.6 million during the three and nine months ended September 30, 2015 related to billboard permits in one market. Other Intangible Assets Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets primarily include transit and street furniture contracts, site-leases and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of September 30, 2016 and December 31, 2015, respectively:
Total amortization expense related to definite-lived intangible assets for the three months ended September 30, 2016 and 2015 was $9.3 million and $11.1 million, respectively. Total amortization expense related to definite-lived intangible assets for the nine months ended September 30, 2016 and 2015 was $29.2 million and $38.3 million, respectively. As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
Goodwill Annual Impairment Test to Goodwill The Company performs its annual impairment test on goodwill as of July 1 of each year. Each of the Company’s advertising markets are components. The U.S. advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test using the guidance in ASC 350-20-55. The Company also determined that each country within its Americas segment and its International segment constitutes a separate reporting unit. The goodwill impairment test is a two-step process. The first step, used to screen for potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. If applicable, the second step, used to measure the amount of the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Each of the Company’s reporting units is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit and discounting such cash flows to their present value using a risk-adjusted discount rate. Terminal values were also estimated and discounted to their present value. Assessing the recoverability of goodwill requires the Company to make estimates and assumptions about sales, operating margins, growth rates and discount rates based on its budgets, business plans, economic projections, anticipated future cash flows and marketplace data. There are inherent uncertainties related to these factors and management’s judgment in applying these factors. The Company recognized goodwill impairment of $7.3 million during the three and nine months ended September 30, 2016 related to one market in the Company's International outdoor segment and concluded no goodwill impairment charge was required for the three and nine months ended September 30, 2015. The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments:
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LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding as of September 30, 2016 and December 31, 2015 consisted of the following:
The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.2 billion and $4.9 billion at September 30, 2016 and December 31, 2015, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as Level 1. Surety Bonds, Letters of Credit and Guarantees As of September 30, 2016, the Company had $54.9 million and $59.9 million in letters of credit and bank guarantees outstanding, respectively. Bank guarantees of $26.1 million were backed by cash collateral. Additionally, as of September 30, 2016, iHeartCommunications had outstanding commercial standby letters of credit and surety bonds of $1.2 million and $53.6 million, respectively, held on behalf of the Company. These surety bonds, letters of credit and bank guarantees relate to various operational matters, including insurance, bid and performance bonds, as well as other items. |
COMMITMENTS AND CONTINGENCIES |
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Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 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 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 the Company’s litigation arises in the following contexts: commercial disputes; misappropriation of likeness and right of publicity claims; employment and benefits related claims; governmental fines; intellectual property claims; and tax disputes. International Outdoor Investigation On April 21, 2015, inspections were conducted at the premises of Clear Channel in Denmark and Sweden as part of an investigation by Danish competition authorities. Additionally, on the same day, Clear Channel UK received a communication from the UK competition authorities, also in connection with the investigation by Danish competition authorities. Clear Channel and its affiliates are cooperating with the national competition authorities. Stockholder Litigation On May 9, 2016, a stockholder of the Company filed a derivative lawsuit in the Court of Chancery of the State of Delaware, captioned GAMCO Asset Management Inc. v. iHeartMedia Inc. et al., C.A. No. 12312-VCS. The complaint names as defendants iHeartCommunications, Inc. (“iHeartCommunications”), the Company’s indirect parent company, iHeartMedia, Inc. (“iHeartMedia”), the parent company of iHeartCommunications, Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. (together, the “Sponsor Defendants”), iHeartMedia’s private equity sponsors and majority owners, and the members of the Company’s board of directors. The Company also is named as a nominal defendant. The complaint alleges that the Company has been harmed by the intercompany agreements with iHeartCommunications, the Company’s lack of autonomy over its own cash and the actions of the defendants in serving the interests of iHeartMedia, iHeartCommunications and the Sponsor Defendants to the detriment of the Company and its minority stockholders. Specifically, the complaint alleges that the defendants have breached their fiduciary duties by causing the Company to: (i) continue to loan cash to iHeartCommunications under the intercompany note at below-market rates; (ii) abandon its growth and acquisition strategies in favor of transactions that would provide cash to iHeartMedia and iHeartCommunications; (iii) issue new debt in the CCIBV note offering (the “CCIBV Note Offering”) to provide cash to iHeartMedia and iHeartCommunications through a dividend; and (iv) effect the sales of certain outdoor markets in the U.S. (the “Outdoor Asset Sales”) to provide cash to iHeartMedia and iHeartCommunications through a dividend. The complaint also alleges that iHeartMedia, iHeartCommunications and the Sponsor Defendants aided and abetted the directors’ breaches of their fiduciary duties. The complaint further alleges that iHeartMedia, iHeartCommunications and the Sponsor Defendants were unjustly enriched as a result of these transactions and that these transactions constituted a waste of corporate assets for which the defendants are liable to the Company. The plaintiff is seeking, among other things, a ruling that the defendants breached their fiduciary duties to the Company and that iHeartMedia, iHeartCommunications and the Sponsor Defendants aided and abetted the board of directors’ breaches of fiduciary duty, rescission of payments to iHeartCommunications and its affiliates pursuant to dividends declared in connection with the CCIBV Note Offering and Outdoor Asset Sales, and an order requiring iHeartMedia, iHeartCommunications and the Sponsor Defendants to disgorge all profits they have received as a result of the alleged fiduciary misconduct. On May 26, 2016, the plaintiff filed a motion seeking expedited discovery and an expedited trial on certain counts of its complaint. On June 27, 2016, the court denied the motion for an expedited trial and discovery, and on July 12, 2016, the parties stipulated to a schedule that would allow for a decision on the defendants’ forthcoming motion to dismiss by mid-September and a trial, if necessary, beginning February 27, 2017. On July 20, 2016, the defendants filed a motion to dismiss plaintiff's verified stockholder derivative complaint for failure to state a claim upon which relief can be granted. A hearing was held on defendants' motion to dismiss on September 12, 2016. The court has not yet ruled on the motion. |
RELATED PARTY TRANSACTIONS |
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Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company records net amounts due from iHeartCommunications as “Due from iHeartCommunications” on the consolidated balance sheets. The accounts represent the revolving promissory note issued by the Company to iHeartCommunications and the revolving promissory note issued by iHeartCommunications to the Company in the face amount of $1.0 billion, or if more or less than such amount, the aggregate unpaid principal amount of all advances. The accounts accrue interest pursuant to the terms of the promissory notes and are generally payable on demand or when they mature on December 15, 2017. Included in the accounts are the net activities resulting from day-to-day cash management services provided by iHeartCommunications. As a part of these services, the Company maintains collection bank accounts swept daily into accounts of iHeartCommunications (after satisfying the funding requirements of the Trustee Accounts under the CCWH Senior Notes and the CCWH Subordinated Notes). In return, iHeartCommunications funds the Company’s controlled disbursement accounts as checks or electronic payments are presented for payment. The Company’s claim in relation to cash transferred from its concentration account is on an unsecured basis and is limited to the balance of the “Due from iHeartCommunications” account. As of September 30, 2016 and December 31, 2015, the asset recorded in “Due from iHeartCommunications” on the consolidated balance sheet was $769.5 million and $930.8 million, respectively. As of September 30, 2016, the fixed interest rate on the “Due from iHeartCommunications” account was 6.5%, which is equal to the fixed interest rate on the CCWH Senior Notes. The net interest income for the three months ended September 30, 2016 and 2015 was $12.4 million and $15.6 million, respectively. The net interest income for the nine months ended September 30, 2016 and 2015 was $36.4 million and $45.9 million, respectively. On February 4, 2016, the Company demanded the repayment of $300.0 million outstanding under the Due from iHeartCommunications note and used the repayment to partially fund a special cash dividend of $540.0 million, which was paid on February 4, 2016. The Company provides advertising space on its billboards for iHeartMedia, Inc. and for radio stations owned by iHeartCommunications. For the three months ended September 30, 2016 and 2015, the Company recorded $1.2 million and $0.3 million, respectively, in revenue for these advertisements. For the nine months ended September 30, 2016 and 2015, the Company recorded $2.0 million and $2.5 million, respectively, in revenue for these advertisements. Under the Corporate Services Agreement between iHeartCommunications and the Company, iHeartCommunications provides management services to the Company, which include, among other things: (i) treasury, payroll and other financial related services; (ii) certain executive officer services; (iii) human resources and employee benefits services; (iv) legal and related services; (v) information systems, network and related services; (vi) investment services; (vii) procurement and sourcing support services; and (viii) other general corporate services. These services are charged to the Company based on actual direct costs incurred or allocated by iHeartCommunications based on headcount, revenue or other factors on a pro rata basis. For the three months ended September 30, 2016 and 2015, the Company recorded $7.6 million and $7.9 million, respectively, as a component of corporate expenses for these services. For the nine months ended September 30, 2016 and 2015, the Company recorded $26.0 million and $23.8 million, respectively, as a component of corporate expenses for these services. Pursuant to the Tax Matters Agreement between iHeartCommunications and the Company, the operations of the Company are included in a consolidated federal income tax return filed by iHeartCommunications. The Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated federal income tax returns with its subsidiaries. Tax payments are made to iHeartCommunications on the basis of the Company’s separate taxable income. Tax benefits recognized on the Company’s employee stock option exercises are retained by the Company. The Company computes its deferred income tax provision using the liability method in accordance with the provisions of ASC 740-10, as if the Company was a separate taxpayer. Deferred tax assets and liabilities are determined based on differences between financial reporting basis and tax basis 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 some portion or all of the asset will not be realized. Pursuant to the Employee Matters Agreement, the Company’s employees participate in iHeartCommunications’ employee benefit plans, including employee medical insurance and a 401(k) retirement benefit plan. For the three months ended September 30, 2016 and 2015, the Company recorded $2.3 million and $2.7 million, respectively, as a component of selling, general and administrative expenses for these services. For the nine months ended September 30, 2016 and 2015, the Company recorded $7.0 million and $8.0 million, respectively, as a component of selling, general and administrative expenses for these services. |
INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES Income Tax Benefit (Expense) The Company’s income tax benefit (expense) for the three and nine months ended September 30, 2016 and 2015, respectively, consisted of the following components:
The effective tax rates for the three and nine months ended September 30, 2016 were 13.2% and 40.1%, respectively. The effective rate for the nine months ended September 30, 2016 was primarily impacted by the reversal of the valuation allowance recorded in 2015 against net operating losses in U.S. federal and state jurisdictions due to taxable gains from the dispositions of nine outdoor markets during the period. The effective rate for the three months ended September 30, 2016 was primarily impacted by the Company's inability to benefit from losses in certain foreign jurisdictions due to uncertainty regarding the ability to utilize those losses in future periods. The effective tax rates for the three and nine months ended September 30, 2015 were 60.0% and 33.6%, respectively. The effective rates were primarily impacted by the valuation allowances recorded against certain deferred tax assets that consisted of net operating losses in U.S. federal, state and certain foreign jurisdictions. The Company recorded a valuation allowance against these deferred tax assets as the reversing deferred tax liabilities and other sources of taxable income that may be available to realize the deferred tax assets were exceeded by deferred tax assets recognized on the additional net operating losses incurred in the period. |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHAREHOLDERS' EQUITY (DEFICIT) | SHAREHOLDERS’ EQUITY (DEFICIT) The Company reports its noncontrolling interests in consolidated subsidiaries as a component of equity separate from the Company’s equity. The following table shows the changes in shareholders’ equity (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 has granted restricted stock, restricted stock units and options to purchase shares of its class A common stock to certain key individuals. COMPUTATION OF LOSS PER SHARE
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OTHER INFORMATION |
9 Months Ended |
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Sep. 30, 2016 | |
Equity [Abstract] | |
OTHER INFORMATION | OTHER INFORMATION Other Comprehensive Income (Loss) The total (decrease) increase in deferred income tax liabilities of other adjustments to comprehensive loss for the three months ended September 30, 2016 and 2015 were $0.1 million and $0.0 million, respectively. The total (decrease) increase in deferred income tax liabilities of other adjustments to comprehensive loss for the nine months ended September 30, 2016 and 2015 were $(0.7) million and ($0.6) million, respectively. |
SEGMENT DATA |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT DATA | SEGMENT DATA The Company has two reportable segments, which it believes best reflect how the Company is currently managed – Americas and International. The Americas segment consists of operations primarily in the United States, Canada and Latin America and the International segment primarily includes operations in Europe, Asia and Australia. The Americas and International display inventory consists primarily of billboards, street furniture displays and transit displays. 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, 2016 and 2015:
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GUARANTOR SUBSIDIARIES |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTOR SUBSIDIARIES | GUARANTOR SUBSIDIARIES The Company and certain of the Company’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee on a joint and several basis certain of the outstanding indebtedness of Clear Channel Worldwide Holdings, Inc. ("CCWH" or the “Subsidiary Issuer”). The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d):
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BASIS OF PRESENTATION (Policies) |
9 Months Ended |
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Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements During the second quarter of 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. This update provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, the Company will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this update are effective for annual periods ending after December 15, 2016, and for interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the first quarter of 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis. This new standard eliminates the deferral of FAS 167, which has allowed entities with interest in certain investment funds to follow the previous consolidation guidance in FIN 46(R) and makes other changes to both the variable interest model and the voting model. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. During the second quarter of 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This update simplifies the presentation of debt issuance costs as a deduction from the carrying value of the outstanding debt balance rather than showing the debt issuance costs as an asset. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. The retrospective adoption of this guidance resulted in the reclassification of debt issuance costs of $50.4 million as of December 31, 2015, which are now reflected as “Long-term debt fees” in Note 3. During the third quarter of 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This update provides a one-year deferral of the effective date for ASU No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 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, 2017. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the third quarter of 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This update eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The standard is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. During the first quarter of 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new leasing standard presents significant changes to the balance sheets of lessees. Lessor accounting is updated to align with certain changes in the lessee model and the new revenue recognition standard which was issued in the third quarter of 2015. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2018. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the second quarter of 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718). This update changes the accounting for certain aspects of share-based payments to employees. Income tax effects of share-based payment awards will be recognized in the income statement with the vesting or settlement of the awards and the record keeping for additional paid-in capital pools will no longer be necessary. Additionally, companies can make a policy election to either estimate forfeitures or recognize them as they occur. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2016. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the second quarter of 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). The new standard changes the impairment model for most financial assets and certain other instruments. Entities will be required to use a model that will result in the earlier recognition of allowances for losses for trade and other receivables, held-to-maturity debt securities, loans and other instruments. For available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. For an SEC filer, the standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2019. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. During the third quarter of 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). The new standard addresses the classification of cash flows related to certain cash receipts and cash payments. Additionally, the standard clarifies how the predominance principle should be used when cash receipts and cash payments have aspects of more than one class of cash flows. First, an entity will apply the guidance in Topic 230 and other applicable topics. If there is no guidance for those cash receipts and cash payments, an entity will determine each separately identifiable source or use and classify the receipt or payment based on the nature of the cash flow. If a receipt or payment has aspects of more than one class of cash flows and cannot be separated, the classification will depend on the predominant source of use. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2017. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Plant And Equipment Intangible Assets And Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following classes of assets as of September 30, 2016 and December 31, 2015, respectively:
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Schedule of Other Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of September 30, 2016 and December 31, 2015, respectively:
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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:
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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:
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LONG-TERM DEBT (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Outstanding | Long-term debt outstanding as of September 30, 2016 and December 31, 2015 consisted of the following:
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INCOME TAXES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Benefit (Expense) | The Company’s income tax benefit (expense) for the three and nine months ended September 30, 2016 and 2015, respectively, consisted of the following components:
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SHAREHOLDERS' EQUITY (DEFICIT) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Shareholders' Equity (Deficit) | The following table shows the changes in shareholders’ equity (deficit) attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest:
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Computation of Loss Per Share | COMPUTATION OF LOSS PER SHARE
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SEGMENT DATA (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reportable Segment Results | The following table presents the Company's reportable segment results for the three and nine months ended September 30, 2016 and 2015:
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GUARANTOR SUBSIDIARIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Guarantor Obligations, Balance Sheet | The following consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d):
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Schedule Of Guarantor Obligations, Income Statement |
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Schedule Of Guarantor Obligations, Cash Flow |
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BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification of debt issuance costs | $ 43,469 | $ 50,411 |
Accounting Standards Update 2015-03 | Long-term debt | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification of debt issuance costs | 50,400 | |
Accounting Standards Update 2015-03 | Other noncurrent assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification of debt issuance costs | $ (50,400) |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
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Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,147,988 | $ 3,203,280 |
Less: accumulated depreciation | 1,654,664 | 1,575,294 |
Property, plant and equipment, net | 1,493,324 | 1,627,986 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 163,663 | 167,739 |
Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,755,221 | 2,824,794 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 158,437 | 156,046 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 70,667 | $ 54,701 |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
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Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 751,648 | $ 801,808 |
Accumulated Amortization | (439,829) | (458,944) |
Transit, street furniture and other outdoor contractual rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 589,703 | 635,772 |
Accumulated Amortization | (438,087) | (457,060) |
Permanent easements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 157,347 | 156,349 |
Accumulated Amortization | 0 | 0 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,598 | 9,687 |
Accumulated Amortization | $ (1,742) | $ (1,884) |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Future Amortization Expenses (Details) $ in Thousands |
Sep. 30, 2016
USD ($)
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Property Plant And Equipment Intangible Assets And Goodwill [Abstract] | |
2017 | $ 29,550 |
2018 | 20,736 |
2019 | 16,346 |
2020 | 14,133 |
2021 | $ 14,085 |
LONG-TERM DEBT - Additional Information (Narrative) (Details) - USD ($) $ in Billions |
Sep. 30, 2016 |
Dec. 31, 2015 |
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Level 1 | ||
Debt Instrument [Line Items] | ||
Aggregate market value of the Company's debt | $ 5.2 | $ 4.9 |
LONG-TERM DEBT - Surety Bonds, Letters of Credit and Guarantees (Narrative) (Detail) $ in Millions |
Sep. 30, 2016
USD ($)
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Letters of credit | |
Guarantor Obligations [Line Items] | |
Guarantees obligations | $ 54.9 |
Bank guarantees | |
Guarantor Obligations [Line Items] | |
Guarantees obligations | 59.9 |
Bank guarantees collateralized | |
Guarantor Obligations [Line Items] | |
Guarantees obligations | 26.1 |
Commercial standby letters of credit | iHeartCommunications | |
Guarantor Obligations [Line Items] | |
Guarantees obligations | 1.2 |
Surety bonds | iHeartCommunications | |
Guarantor Obligations [Line Items] | |
Guarantees obligations | $ 53.6 |
INCOME TAXES - Schedule of Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Income Tax Disclosure [Abstract] | ||||
Current tax benefit (expense) | $ (10,260) | $ 9,562 | $ (9,004) | $ 12,785 |
Deferred tax benefit (expense) | 13,863 | 13,235 | (28,593) | 6,924 |
Income tax benefit (expense) | $ 3,603 | $ 22,797 | $ (37,597) | $ 19,709 |
INCOME TAXES - Narrative (Details) - market |
3 Months Ended | 9 Months Ended | |||
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Sep. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 13.20% | 60.00% | 40.10% | 33.60% | |
Non-strategic outdoor markets | Dispositions | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of markets sold | 9 |
SHAREHOLDERS' EQUITY (DEFICIT) - Computation of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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NUMERATOR: | ||||
Net income (loss) attributable to the Company – common shares | $ (31,071) | $ (22,581) | $ 39,930 | $ (54,689) |
DENOMINATOR: | ||||
Weighted average common shares outstanding - basic | 360,454 | 359,689 | 360,202 | 359,442 |
Stock options and restricted stock (in shares) | 0 | 0 | 1,215 | 0 |
Weighted average common shares outstanding – Diluted | 360,454 | 359,689 | 361,417 | 359,442 |
Net income (loss) attributable to the Company per common share: | ||||
Basic (in dollars per share) | $ (0.09) | $ (0.06) | $ 0.11 | $ (0.15) |
Diluted (in dollars per share) | $ (0.09) | $ (0.06) | $ 0.11 | $ (0.15) |
Outstanding equity awards not included in computation of diluted earnings per share | 8,100 | 8,800 | 5,400 | 8,800 |
OTHER INFORMATION (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Equity [Abstract] | ||||
(Decrease) increase in deferred income tax liabilities of other adjustments to comprehensive loss | $ 0.1 | $ 0.0 | $ (0.7) | $ (0.6) |
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