Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2012

Guarantor Subsidiaries [Abstract]

Schedule Of Guarantor Obligations, Balance Sheet

(In thousands)			As of June 30, 2012
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents		$	-	$	-	$	524,229	$	792,287	$	-	$	1,316,516
Accounts receivable, net of allowance			-		-		678,657		692,619		-		1,371,276
Intercompany receivables			33,886		4,552,745		139,564		-		(4,726,195)		-
Other current assets			1,564		40,162		114,409		242,272		(30,328)		368,079
	Total Current Assets		35,450		4,592,907		1,456,859		1,727,178		(4,756,523)		3,055,871
Property, plant and equipment, net			-		-		805,529		2,216,019		-		3,021,548
Definite-lived intangibles, net			-		-		1,283,723		599,182		-		1,882,905
Indefinite-lived intangibles - licenses			-		-		2,409,401		-		-		2,409,401
Indefinite-lived intangibles - permits			-		-		-		1,106,265		-		1,106,265
Goodwill							3,325,533		857,623		-		4,183,156
Intercompany notes receivable			-		962,000		-		-		(962,000)		-
Long-term intercompany notes receivable			-		-		-		712,310		(712,310)		-
Investment in subsidiaries			(8,467,018)		3,563,735		635,292		364,215		4,270,299		366,523
Other assets			-		136,371		277,692		612,275		(600,185)		426,153
	Total Assets	$	(8,431,568)	$	9,255,013	$	10,194,029	$	8,195,067	$	(2,760,719)	$	16,451,822
Accounts payable and accrued expenses		$	(989)	$	(88,826)	$	305,110	$	578,135	$	-	$	793,430
Accrued interest			-		183,138		-		2,757		(30,328)		155,567
Intercompany payable			-		-		4,586,631		139,564		(4,726,195)		-
Current portion of long-term debt			-		300,275		202		23,051		-		323,528
Deferred income			-		-		63,074		149,338		-		212,412
	Total Current Liabilities		(989)		394,587		4,955,017		892,845		(4,756,523)		1,484,937
Long-term debt			-		16,531,642		4,000		4,719,185		(863,539)		20,391,288
Long-term intercompany payable			-		712,310		-		-		(962,000)		(249,690)
Intercompany long-term debt			-		-		962,000		-		(712,310)		249,690
Deferred income taxes			(14,460)		(65,653)		1,069,283		831,889		2,636		1,823,695
Other long-term liabilities			-		149,145		180,495		284,205		-		613,845
Total member's interest (deficit)			(8,416,119)		(8,467,018)		3,023,234		1,466,943		4,531,017		(7,861,943)
	Total Liabilities and Member's Equity	$	(8,431,568)	$	9,255,013	$	10,194,029	$	8,195,067	$	(2,760,719)	$	16,451,822

(In thousands)			As of December 31, 2011
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents		$	-	$	1	$	461,572	$	767,109	$	-	$	1,228,682
Accounts receivable, net of allowance			-		-		694,548		704,587		-		1,399,135
Intercompany receivables (1)			30,270		4,824,634		-		-		(4,854,904)		-
Other current assets			2,251		46,018		107,564		277,695		(76,060)		357,468
	Total Current Assets		32,521		4,870,653		1,263,684		1,749,391		(4,930,964)		2,985,285
Property, plant and equipment, net			-		-		815,245		2,248,082		-		3,063,327
Definite-lived intangibles, net			-		-		1,389,935		627,825		-		2,017,760
Indefinite-lived intangibles - licenses			-		-		2,411,367		-		-		2,411,367
Indefinite-lived intangibles - permits			-		-		-		1,105,704		-		1,105,704
Goodwill			-		-		3,325,771		860,947		-		4,186,718
Intercompany notes receivable			-		962,000		-		-		(962,000)		-
Long-term intercompany receivable			-		-		-		656,040		(656,040)		-
Investment in subsidiaries			(8,342,987)		5,234,229		2,844,451		-		264,307		-
Other assets			-		167,337		254,435		907,567		(557,461)		771,878
	Total Assets	$	(8,310,466)	$	11,234,219	$	12,304,888	$	8,155,556	$	(6,842,158)	$	16,542,039
Accounts payable and accrued expenses		$	(641)	$	(61,478)	$	292,368	$	626,478	$	-	$	856,727
Accrued interest			-		189,144		(1)		2,277		(31,059)		160,361
Intercompany payable			-		-		4,743,944		110,960		(4,854,904)		-
Current portion of long-term debt			-		243,927		905		23,806		-		268,638
Deferred income			-		-		50,416		92,820		-		143,236
	Total Current Liabilities	$	(641)	$	371,593	$	5,087,632	$	856,341	$	(4,885,963)	$	1,428,962
Long-term debt			-		18,305,183		3,321		2,522,103		(892,076)		19,938,531
Long-term intercompany payable			-		655,930		110		-		(656,040)		-
Intercompany long-term debt			-		-		962,000		-		(962,000)		-
Deferred income taxes			(13,845)		39,173		1,055,533		858,908		(1,170)		1,938,599
Other long-term liabilities			-		205,327		220,546		282,015		-		707,888
Total member's interest (deficit)			(8,295,980)		(8,342,987)		4,975,746		3,636,189		555,091		(7,471,941)
	Total Liabilities and Member's Equity	$	(8,310,466)	$	11,234,219	$	12,304,888	$	8,155,556	$	(6,842,158)	$	16,542,039

Schedule Of Guarantor Obligations, Income Statement

(In thousands)		Three Months Ended June 30, 2012
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	837,611	$	768,039	$	(3,156)	$	1,602,494
Operating expenses:
	Direct operating expenses		-		-		199,687		409,186		(1,778)		607,095
	Selling, general and administrative expenses		-		-		263,719		135,782		(1,378)		398,123
	Corporate expenses		2,769		-		40,551		27,838		-		71,158
	Depreciation and amortization		-		-		81,831		100,008		-		181,839
	Other operating income (expense) – net		-		-		(829)		2,746		-		1,917
Operating income (loss)			(2,769)		-		250,994		97,971		-		346,196
Interest expense – net			-		315,544		5,755		47,406		17,162		385,867
Equity in earnings (loss) of nonconsolidated affiliates			(20,107)		177,600		(4,950)		4,802		(152,649)		4,696
Other income (expense) – net			-		-		200		(1,597)		-		(1,397)
Income (loss) before income taxes			(22,876)		(137,944)		240,489		53,770		(169,811)		(36,372)
Income tax benefit (expense)			1,013		117,837		(85,041)		(25,146)		-		8,663
Consolidated net income (loss)			(21,863)		(20,107)		155,448		28,624		(169,811)		(27,709)
	Less amount attributable to noncontrolling interest		-		-		2,548		8,768		-		11,316
Net income (loss) attributable to the Company		$	(21,863)	$	(20,107)	$	152,900	$	19,856	$	(169,811)	$	(39,025)
Other comprehensive income (loss), net of tax:
	Foreign currency translation adjustments		-		-		(307)		(40,073)		-		(40,380)
	Unrealized gain (loss) on securities and derivatves:
	Unrealized holding gain (loss) on marketable securities		-		-		(11,038)		(2,208)		1,929		(11,317)
	Unrealized holding loss on cash flow derivatives		-		15,935		-		-		-		15,935
	Reclassification adjustment		2		(2)		(1)		91		1		91
	Equity in subsidiary comprehensive income (loss)		(31,865)		(47,798)		(40,644)		-		120,307		-
Comprehensive income (loss)			(53,726)		(51,972)		100,910		(22,334)		(47,574)		(74,696)
	Less amount attributable to noncontrolling interest		-		-		(4,192)		(1,546)		-		(5,738)
Comprehensive income (loss) attributable to the Company		$	(53,726)	$	(51,972)	$	105,102	$	(20,788)	$	(47,574)	$	(68,958)

(In thousands)			Three Months Ended June 30, 2011
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	784,493	$	824,499	$	(4,606)	$	1,604,386
Operating expenses:													-
	Direct operating expenses		-		-		196,499		430,604		2,912		630,015
	Selling, general and administrative expenses		-		-		271,223		156,731		(7,518)		420,436
	Corporate expenses		2,951		-		30,497		23,038		-		56,486
	Depreciation and amortization		-		-		81,306		108,335		-		189,641
	Other operating income – net		-		-		(1,071)		4,300		-		3,229
Operating income (loss)			(2,951)		-		203,897		110,091		-		311,037
Interest expense – net			4		332,242		(1,396)		9,544		18,556		358,950
Equity in earnings (loss) of nonconsolidated affiliates			(32,749)		175,700		27,639		5,276		(170,595)		5,271
Other income (expense) – net			-		1		(156)		(4,362)		-		(4,517)
Income (loss) before income taxes			(35,704)		(156,541)		232,776		101,461		(189,151)		(47,159)
Income tax benefit (expense)			1,081		123,792		(76,523)		(39,166)		-		9,184
Consolidated net income (loss)			(34,623)		(32,749)		156,253		62,295		(189,151)		(37,975)
	Less amount attributable to noncontrolling interest		-		-		7,687		7,517		-		15,204
Net income (loss) attributable to the Company		$	(34,623)	$	(32,749)	$	148,566	$	54,778	$	(189,151)	$	(53,179)
Other comprehensive income (loss), net of tax:
	Foreign currency translation adjustments		-		-		331		36,234		-		36,565
	Unrealized gain (loss) on securities and derivatves:
	Unrealized holding gain (loss) on marketable securities		-		-		13,006		(1,949)		-		11,057
	Unrealized holding loss on cash flow derivatives		-		(1,399)		-		-		-		(1,399)
	Reclassification adjustment		-		-		-		59		-		59
	Equity in subsidiary comprehensive income (loss)		39,847		41,246		30,512		-		(111,605)		-
Comprehensive income (loss)			5,224		7,098		192,415		89,122		(300,756)		(6,897)
	Less amount attributable to noncontrolling interest		-		-		2,603		3,832		-		6,435
Comprehensive income (loss) attributable to the Company		$	5,224	$	7,098	$	189,812	$	85,290	$	(300,756)	$	(13,332)

(In thousands)		Six Months Ended June 30, 2012
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	1,545,025	$	1,426,235	$	(8,043)	$	2,963,217
Operating expenses:
	Direct operating expenses		-		-		419,516		805,720		(3,707)		1,221,529
	Selling, general and administrative expenses		-		-		533,382		292,705		(4,336)		821,751
	Corporate expenses		5,469		-		82,739		52,148		-		140,356
	Depreciation and amortization		-		-		164,515		192,690		-		357,205
	Other operating income (expense) – net		-		-		(1,708)		6,749		-		5,041
Operating income (loss)			(5,469)		-		343,165		89,721		-		427,417
Interest expense – net			-		655,683		11,721		56,729		35,750		759,883
Equity in earnings (loss) of nonconsolidated affiliates			(133,984)		269,726		(47,181)		8,630		(88,940)		8,251
Other income (expense) – net			-		(15,167)		186		6,763		(9,452)		(17,670)
Income (loss) before income taxes			(139,453)		(401,124)		284,449		48,385		(134,142)		(341,885)
Income tax benefit (expense)			2,001		267,140		(72,550)		(30,530)		-		166,061
Consolidated net income (loss)			(137,452)		(133,984)		211,899		17,855		(134,142)		(175,824)
	Less amount attributable to noncontrolling interest		-		-		(615)		7,445		-	`	6,830
Net income (loss) attributable to the Company		$	(137,452)	$	(133,984)	$	212,514	$	10,410	$	(134,142)	$	(182,654)
Other comprehensive income (loss), net of tax:
	Foreign currency translation adjustments		-		-		(467)		(2,824)		-		(3,291)
	Unrealized gain (loss) on securities and derivatves:
	Unrealized holding gain (loss) on marketable securities		-		-		721		(6,367)		6,377		731
	Unrealized holding gain (loss) on cash flow derivatives		-		24,514		-		-		-		24,514
	Reclassification adjustment		2		(2)		-		154		-		154
	Equity in subsidiary comprehensive income (loss)		17,812		(6,700)		(7,302)		-		(3,810)		-
Comprehensive income (loss)			(119,638)		(116,172)		205,466		1,373		(131,575)		(160,546)
	Less amount attributable to noncontrolling interest		-		-		(348)		(1,735)		-		(2,083)
Comprehensive income (loss) attributable to the Company		$	(119,638)	$	(116,172)	$	205,814	$	3,108	$	(131,575)	$	(158,463)

(In thousands)		Six Months Ended June 30, 2011
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	1,453,021	$	1,481,574	$	(9,383)	$	2,925,212
Operating expenses:
	Direct operating expenses		-		-		391,958		823,048		(922)		1,214,084
	Selling, general and administrative expenses		-		-		514,670		286,937		(8,461)		793,146
	Corporate expenses		5,610		-		58,202		45,021		-		108,833
	Depreciation and amortization		-		-		162,114		211,238		-		373,352
	Other operating income – net		-		-		10,841		9,102		-		19,943
Operating income (loss)			(5,610)		-		336,918		124,432		-		455,740
Interest expense – net			11		677,181		(2,673)		9,494		44,603		728,616
Equity in earnings (loss) of nonconsolidated affiliates			(136,843)		287,470		20,693		8,236		(171,310)		8,246
Other income (expense) – net			-		(5,720)		(362)		(471)		-		(6,553)
Income (loss) before income taxes			(142,464)		(395,431)		359,922		122,703		(215,913)		(271,183)
Income tax benefit (expense)			2,056		258,588		(121,676)		(37,123)		-		101,845
Consolidated net income (loss)			(140,408)		(136,843)		238,246		85,580		(215,913)		(169,338)
	Less amount attributable to noncontrolling interest		-		-		9,007		6,666		-		15,673
Net income (loss) attributable to the Company		$	(140,408)	$	(136,843)	$	229,239	$	78,914	$	(215,913)	$	(185,011)
Other comprehensive income (loss), net of tax:
	Foreign currency translation adjustments		-		-		52		75,820		-		75,872
	Unrealized gain (loss) on securities and derivatves:
	Unrealized holding gain (loss) on marketable securities		-		-		13,489		520		-		14,009
	Unrealized holding loss on cash flow derivatives		-		11,943		-		-		-		11,943
	Reclassification adjustment		-		-		-		148		-		148
	Equity in subsidiary comprehensive income (loss)		88,839		76,896		70,354		-		(236,089)		-
Comprehensive income (loss)			(51,569)		(48,004)		313,134		155,402		(452,002)		(83,039)
	Less amount attributable to noncontrolling interest		-		-		6,999		6,134		-		13,133
Comprehensive income (loss) attributable to the Company		$	(51,569)	$	(48,004)	$	306,135	$	149,268	$	(452,002)	$	(96,172)

Schedule Of Guarantor Obligations, Cash Flow

(In thousands)		Six Months Ended June 30, 2012
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)		$	(137,452)	$	(133,984)	$	211,899	$	17,855	$	(134,142)	$	(175,824)
Reconciling items:
	Depreciation and amortization		-		-		164,515		192,690		-		357,205
	Deferred taxes		(616)		(119,595)		21,798		(25,169)		-		(123,582)
	Gain on disposal of operating assets		-		-		1,708		(6,749)		-		(5,041)
	Loss on extinguishment of debt		-		15,167		-		-		-		15,167
	Provision for doubtful accounts		-		-		5,060		3,211		-		8,271
	Share-based compensation		-		-		7,356		5,356		-		12,712
	Equity in (earnings) loss of nonconsolidated affiliates		133,984		(269,726)		47,181		(8,630)		88,940		(8,251)
	Amortization of deferred financing charges and note discounts, net		-		99,759		(2,910)		(48,467)		35,750		84,132
	Other reconciling items – net		-		-		922		9,197				10,119
Changes in operating assets and liabilities:
	Decrease in accounts receivable		-		-		10,606		5,002		-		15,608
	Increase in deferred income		-		-		10,807		56,538		-		67,345
	Increase (decrease) in accrued expenses		(349)		(27,349)		16,979		(22,971)		-		(33,690)
	Increase (decrease) in accounts payable and other liabilities		-		(17,472)		(44,791)		(14,385)		-		(76,648)
	Increase in accrued interest		-		(6,006)		-		484		731		(4,791)
	Changes in other operating assets and liabilities, net of effects of acquisitions and dispositions		687		-		(28,202)		2,120		(731)		(26,126)
Net cash provided by (used for) operating activities			(3,746)		(459,206)		422,928		166,082		(9,452)		116,606
Cash flows from investing activities:
	Dividends from subsidiaries		-		1,925,661		1,916,209		-		(3,841,870)		-
	Purchases of property, plant and equipment		-		-		(43,260)		(131,032)		-		(174,292)
	Purchases of businesses		-		-		(51)		(4,721)		-		(4,772)
	Acquisition of operating assets		-		-		(8,755)		(5,109)		-		(13,864)
	Proceeds from disposal of assets		-		-		4,089		7,195		-		11,284
	Change in other – net		-		-		(6,063)		46,031		(49,456)		(9,488)
Net cash provided by (used for) investing activities			-		1,925,661		1,862,169		(87,636)		(3,891,326)		(191,132)
Cash flows from financing activities:
	Draws on credit facilities		-		602,500		-		4,361		-		606,861
	Payments on credit facilities		-		(1,918,051)		-		(1,962)		-		(1,920,013)
	Intercompany funding		3,746		329,437		(305,507)		(27,676)		-		-
	Proceeds from long-term debt		-		-		-		2,200,000		-		2,200,000
	Payments on long-term debt		-		(480,342)		(726)		(6,263)		50,149		(437,182)
	Dividends paid		-		-		(1,916,207)		(2,179,849)		3,851,322		(244,734)
	Deferred financing charges		-		-		-		(40,002)		-		(40,002)
	Change in other – net		-		-		-		(1,877)		(693)		(2,570)
Net cash provided by (used for) financing activities			3,746		(1,466,456)		(2,222,440)		(53,268)		3,900,778		162,360
Net increase (decrease) in cash and cash equivalents			-		(1)		62,657		25,178		-		87,834
Cash and cash equivalents at beginning of period			-		1		461,572		767,109		-		1,228,682
Cash and cash equivalents at end of period		$	-	$	-	$	524,229	$	792,287	$	-	$	1,316,516

(In thousands)		Six Months Ended June 30, 2011
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)		$	(140,408)		(136,843)	$	238,246	$	85,580	$	(215,913)	$	(169,338)
Reconciling items:
	Depreciation and amortization		-		-		162,114		211,238		-		373,352
	Deferred taxes		(664)		(126,983)		56,461		(19,709)		-		(90,895)
	Gain on disposal of operating assets		-		-		(10,841)		(9,102)		-		(19,943)
	Loss on extinguishment of debt		-		5,721		-		-		-		5,721
	Provision for doubtful accounts		-		-		4,898		3,402		-		8,300
	Share-based compensation		-		-		2,603		5,426		-		8,029
	Equity in (earnings) loss of non consolidated affiliates		136,843		(287,470)		(20,693)		(8,236)		171,310		(8,246)
	Amortization of deferred financing charges and note discounts, net		-		118,079		(2,915)		(59,534)		44,603		100,233
	Other reconciling items – net		-		-		449		13,549		-		13,998
Changes in operating assets and liabilities:
	Increase in accounts receivable		-		-		(3,965)		(14,297)		-		(18,262)
	Increase in deferred income		-		-		12,937		48,490		-		61,427
	Increase (decrease) in accrued expenses		-		-		(81,509)		(26,574)		-		(108,083)
	Increase (decrease) in accounts payable and other liabilities		-		(5,214)		(61,264)		(7,611)		-		(74,089)
	Increase in accrued interest		-		17,916		-		677		1,647		20,240
	Changes in other operating assets and liabilities, net of effects of acquisitions and dispositions		325		13,262		(22,759)		(28,125)		(1,647)		(38,944)
Net cash provided by (used for) operating activities			(3,904)		(401,532)		273,762		195,174		-		63,500
Cash flows from investing activities:
	Proceeds from maturity of Clear Channel notes		-		-		-		167,022		(167,022)		-
	Purchases of property, plant and equipment		-		-		(33,496)		(106,956)		-		(140,452)
	Purchases of businesses		-		-		(211)		(32,970)		-		(33,181)
	Acquisition of operating assets		-		-		(947)		(3,834)				(4,781)
	Proceeds from disposal of assets		-		-		37,938		10,178		-		48,116
	Change in other – net		-		-		62		794		-		856
Net cash provided by (used for) investing activities			-		-		3,346		34,234		(167,022)		(129,442)
Cash flows from financing activities:
	Draws on credit facilities		-		10,000		-		-		-		10,000
	Payments on credit facilities		-		(956,181)		-		(1,893)		-		(958,074)
	Intercompany funding		4,211		1,097,711		(1,055,284)		(46,638)		-		-
	Proceeds from long-term debt		-		1,724,650		1,604		-		-		1,726,254
	Payments on long-term debt		-		(1,428,051)		(573)		(100,894)		167,022		(1,362,496)
	Deferred financing charges		-		(46,597)		-		-		-		(46,597)
	Change in other – net		(307)		-		250		(4,858)		-		(4,915)
Net cash provided by (used for) financing activities			3,904		401,532		(1,054,003)		(154,283)		167,022		(635,828)
Net increase (decrease) in cash and cash equivalents			-		-		(776,895)		75,125		-		(701,770)
Cash and cash equivalents at beginning of period			-		1		1,220,362		700,563		-		1,920,926
Cash and cash equivalents at end of period		$	-	$	1	$	443,467	$	775,688	$	-	$	1,219,156