Guarantor Subsidiaries

12 Months Ended

Dec. 31, 2012

Guarantor Subsidiaries [Abstract]

Guarantor Subsidiaries [Text Block]

NOTE 16 – GUARANTOR SUBSIDIARIES

The Company and certain of Clear Channel's direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guaranteed on a joint and several basis certain of Clear Channel's outstanding indebtedness. The following consolidating schedules present financial information on a combined basis in conformity with the SEC's Regulation S-X Rule 3-10(d):

(In thousands)		December 31, 2012
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents		$	-	$	11	$	333,768	$	891,231	$	-	$	1,225,010
Accounts receivable, net of allowance			-		-		678,448		745,551		-		1,423,999
Intercompany receivables (1)			37,822		3,995,170		166,019		-		(4,199,011)		-
Prepaid expenses			2,397		-		33,190		142,003		-		177,590
Other current assets			-		36,446		69,518		275,974		(214,730)		167,208
	Total Current Assets		40,219		4,031,627		1,280,943		2,054,759		(4,413,741)		2,993,807
Property, plant and equipment, net			-		-		827,623		2,209,231		-		3,036,854
Indefinite-lived intangibles - licenses			-		-		2,423,979		-		-		2,423,979
Indefinite-lived intangibles - permits			-		-		-		1,070,720		-		1,070,720
Definite-lived intangibles, net			-		-		1,174,818		565,974		-		1,740,792
Goodwill			-		-		3,350,083		866,002		-		4,216,085
Intercompany notes receivable			-		962,000		-		-		(962,000)		-
Long-term intercompany receivable			-		-		-		729,157		(729,157)		-
Investment in subsidiaries			(8,574,081)		3,848,000		552,184		-		4,173,897		-
Other assets			-		115,188		333,607		842,377		(480,696)		810,476
	Total Assets	$	(8,533,862)	$	8,956,815	$	9,943,237	$	8,338,220	$	(2,411,697)	$	16,292,713
Accounts payable		$	-	$	-	$	37,436	$	98,882	$	-	$	136,318
Accrued expenses			(1,732)		(103,240)		319,466		558,469		-		772,963
Accrued interest			-		210,874		-		(113)		(30,189)		180,572
Intercompany payable (1)			-		-		4,032,992		166,019		(4,199,011)		-
Current portion of long-term debt			-		372,321		-		9,407		-		381,728
Deferred income			-		-		62,901		109,771		-		172,672
Other current liabilities			-		76,939		-		60,950		-		137,889
	Total Current Liabilities		(1,732)		556,894		4,452,795		1,003,385		(4,229,200)		1,782,142
Long-term debt			-		16,310,694		4,000		4,935,388		(884,713)		20,365,369
Long-term intercompany payable			-		729,157		-		-		(729,157)		-
Intercompany long-term debt			-		-		962,000		-		(962,000)		-
Deferred income taxes			(13,556)		(94,322)		1,089,659		705,935		2,160		1,689,876
Other long-term liabilities			-		28,473		182,142		239,902		-		450,517
Total member's interest (deficit)			(8,518,574)		(8,574,081)		3,252,641		1,453,610		4,391,213		(7,995,191)
	Total Liabilities and Member's Equity	$	(8,533,862)	$	8,956,815	$	9,943,237	$	8,338,220	$	(2,411,697)	$	16,292,713

• The intercompany payable balance includes approximately $7.3billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder.

(In thousands)		December 31, 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)		-
Prepaid expenses			2,251		-		25,944		133,122		-		161,317
Other current assets			-		46,018		81,620		144,573		(76,060)		196,151
	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
Indefinite-lived intangibles - licenses			-		-		2,411,367		-		-		2,411,367
Indefinite-lived intangibles - permits			-		-		-		1,105,704		-		1,105,704
Other intangibles, net			-		-		1,389,935		627,825		-		2,017,760
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		$	-	$	-	$	26,119	$	95,456	$	-	$	121,575
Accrued expenses			(641)		(61,478)		266,249		531,022		-		735,152
Accrued interest			-		189,144		(1)		2,277		(31,059)		160,361
Intercompany payable (1)			-		-		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

• The intercompany payable balance includes approximately $7.3billion of designated amounts of borrowing under the senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger, but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit facilities by the Guarantor Subsidiaries as Co-Borrowers and primary obligors thereunder.

(In thousands)		Year Ended December 31, 2012
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue		$	-	$	-	$	3,288,779	$	2,974,108	$	(16,003)	$	6,246,884
Operating expenses:
	Direct operating expenses		-		-		883,190		1,621,341		(7,981)		2,496,550
	Selling, general and administrative expenses		-		-		1,090,006		591,463		(8,022)		1,673,447
	Corporate expenses		10,829		-		171,771		105,428		-		288,028
	Depreciation and amortization		-		-		328,633		400,652		-		729,285
	Impairment charge		-		-		-		37,651		-		37,651
	Other operating income (expense) – net		-		-		(2,825)		50,952		-		48,127
Operating income (loss)			(10,829)		-		812,354		268,525		-		1,070,050
Interest (income) expense – net			-		1,307,703		23,143		139,824		78,353		1,549,023
Loss on marketable securities			-		(1)		(2,001)		(2,578)		-		(4,580)
Equity in earnings (loss) of nonconsolidated affiliates			(329,817)		492,819		(174,774)		19,464		10,865		18,557
Loss on debt extinguishment			-		(33,652)		-		(221,071)		-		(254,723)
Other income (expense) – net			-		(1)		3,960		5,743		(9,452)		250
Income (loss) before income taxes			(340,646)		(848,538)		616,396		(69,741)		(76,940)		(719,469)
Income tax benefit (expense)			3,972		518,721		(246,380)		31,966		-		308,279
Consolidated net income (loss)			(336,674)		(329,817)		370,016		(37,775)		(76,940)		(411,190)
	Less amount attributable to noncontrolling interest		-		-		(10,613)		23,902		-		13,289
Net income (loss) attributable to the Company		$	(336,674)	$	(329,817)	$	380,629	$	(61,677)	$	(76,940)	$	(424,479)
Other comprehensive income (loss), net of tax:
	Foreign currency translation adjustments		-		-		(399)		40,641		-		40,242
	Unrealized gain (loss) on securities and derivatives:
	Unrealized holding gain (loss) on marketable securities		-		-		25,676		(8,151)		5,578		23,103
	Unrealized holding loss on cash flow derivatives		-		52,112		-		-		-		52,112
	Reclassification adjustment		2		(2)		-		3,180		-		3,180
	Equity in subsidiary comprehensive income (loss)		107,179		55,069		33,967		-		(196,215)		-
Comprehensive income (loss)			(229,493)		(222,638)		439,873		(26,007)		(267,577)		(305,842)
	Less amount attributable to noncontrolling interest		-		-		4,175		1,703		-		5,878
Comprehensive income (loss) attributable to the Company		$	(229,493)	$	(222,638)	$	435,698	$	(27,710)	$	(267,577)	$	(311,720)

(In thousands)			Year Ended December 31, 2011
			Parent		Subsidiary		Guarantor		Non-Guarantor
			Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue			$	-	$	-	$	3,121,308	$	3,059,676	$	(19,632)	$	6,161,352
	Operating expenses:
	Direct operating expenses			-		-		849,834		1,660,786		(6,584)		2,504,036
	Selling, general and administrative expenses			-		-		1,062,726		567,580		(13,048)		1,617,258
	Corporate expenses			10,878		-		125,964		90,254		-		227,096
	Depreciation and amortization			-		-		327,240		436,066		-		763,306
	Impairment charges			-		-		-		7,614		-		7,614
	Other operating income – net			-		-		4,091		8,591		-		12,682
Operating income (loss)				(10,878)		-		759,635		305,967		-		1,054,724
Interest expense – net				13		1,360,995		2,370		27,321		75,547		1,466,246
Loss on marketable securities				-		-		-		(4,827)		-		(4,827)
Equity in earnings (loss) of nonconsolidated affiliates				(223,915)		629,915		54,407		26,987		(460,436)		26,958
Loss on debt extinguishment				-		(5,721)		(1)		-		4,275		(1,447)
Other income (expense) – net				(1)		1		590		(3,759)		-		(3,169)
Income (loss) before income taxes				(234,807)		(736,800)		812,261		297,047		(531,708)		(394,007)
Income tax benefit (expense)				3,985		512,885		(274,930)		(115,962)		-		125,978
Consolidated net income (loss)				(230,822)		(223,915)		537,331		181,085		(531,708)		(268,029)
	Less amount attributable to noncontrolling interest			-		-		13,792		20,273		-		34,065
Net income (loss) attributable to the Company			$	(230,822)	$	(223,915)	$	523,539	$	160,812	$	(531,708)	$	(302,094)
Other comprehensive income (loss), net of tax:
	Foreign currency translation adjustments			-		-		1,267		(30,914)		-		(29,647)
	Unrealized gain (loss) on securities and derivatives:
		Unrealized holding gain (loss) on marketable securities		-		-		4,610		(2,874)		(1,960)		(224)
		Unrealized holding loss on cash flow derivatives		-		33,775		-		-		-		33,775
	Reclassification adjustment			-		-		-		3,787		-		3,787
	Equity in subsidiary comprehensive income (loss)			5,518		(28,257)		(38,702)		-		61,441		-
Comprehensive income (loss)				(225,304)		(218,397)		490,714		130,811		(472,227)		(294,403)
	Less amount attributable to noncontrolling interest			-		-		(4,594)		8,918		-		4,324
Comprehensive income (loss) attributable to the Company			$	(225,304)	$	(218,397)	$	495,308	$	121,893	$	(472,227)	$	(298,727)

(In thousands)			Year Ended December 31, 2010
			Parent		Subsidiary		Guarantor		Non-Guarantor
			Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue			$	-	$	-	$	3,044,866	$	2,824,400	$	(3,581)	$	5,865,685
Operating expenses:
	Direct operating expenses			-		-		818,001		1,564,515		(869)		2,381,647
	Selling, general and administrative expenses			-		-		1,060,262		512,662		(2,712)		1,570,212
	Corporate expenses			12,274		28		164,144		107,596		-		284,042
	Depreciation and amortization			-		-		317,761		415,108		-		732,869
	Impairment charges			-		-		3,871		11,493		-		15,364
	Other operating income – net			-		-		7,043		(23,753)		-		(16,710)
Operating income (loss)				(12,274)		(28)		687,870		189,273		-		864,841
Interest expense – net				17		1,415,932		379		40,198		76,815		1,533,341
Loss on marketable securities				-		-		-		(6,490)		-		(6,490)
Equity in earnings (loss) of nonconsolidated affiliates				(454,779)		428,976		(80,040)		5,749		105,796		5,702
Loss on debt extinguishment				-		-		-		-		60,289		60,289
Other income (expense) – net				(1)		(1)		(2,496)		(11,336)		-		(13,834)
Income (loss) before income taxes				(467,071)		(986,985)		604,955		136,998		89,270		(622,833)
Income tax benefit (expense)				4,508		532,206		(283,171)		(93,563)		-		159,980
Consolidated net income (loss)				(462,563)		(454,779)		321,784		43,435		89,270		(462,853)
	Less amount attributable to noncontrolling interest			-		-		5,130		11,106		-		16,236
Net income (loss) attributable to the Company			$	(462,563)	$	(454,779)	$	316,654	$	32,329	$	89,270	$	(479,089)
Other comprehensive income (loss), net of tax:
	Foreign currency translation adjustments			-		-		(903)		27,204		-		26,301
	Unrealized gain (loss) on securities and derivatives:
		Unrealized holding gain (loss) on marketable securities		-		-		24,996		(7,809)		-		17,187
		Unrealized holding loss on cash flow derivatives		-		15,112		-		-		-		15,112
	Reclassification adjustment			-		-		-		14,750		-		14,750
	Equity in subsidiary comprehensive income (loss)			64,493		49,381		26,528		-		(140,402)		-
Comprehensive income (loss)				(398,070)		(390,286)		367,275		66,474		(51,132)		(405,739)
	Less amount attributable to noncontrolling interest			-		-		1,240		7,617		-		8,857
Comprehensive income (loss) attributable to the Company			$	(398,070)	$	(390,286)	$	366,035	$	58,857	$	(51,132)	$	(414,596)

(In thousands)		Year Ended December 31, 2012
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)		$	(336,674)	$	(329,817)	$	370,016	$	(37,775)	$	(76,940)	$	(411,190)
Reconciling items:
	Impairment charges		-		-		-		37,651		-		37,651
	Depreciation and amortization		-		-		328,633		400,652		-		729,285
	Deferred taxes		289		(164,738)		20,143		(160,305)		-		(304,611)
	Provision for doubtful accounts		-		-		4,459		7,256		-		11,715
	Amortization of deferred financing charges and note discounts, net		-		196,549		(7,534)		(103,271)		78,353		164,097
	Share-based compensation		-		-		17,951		10,589		-		28,540
	Gain (loss) on disposal of operating assets		-		-		2,825		(50,952)		-		(48,127)
	Loss on marketable securities		-		1		2,001		2,578		-		4,580
	Equity in (earnings) loss of nonconsolidated affiliates		329,817		(492,819)		174,774		(19,464)		(10,865)		(18,557)
	Loss on extinguishment of debt		-		33,652		-		221,071		-		254,723
	Other reconciling items – net		-		-		(7,623)		25,423		-		17,800
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
	(Increase) decrease in accounts receivable		-		-		12,256		(46,494)		-		(34,238)
	Increase in accrued expenses		-		-		9,432		25,442		-		34,874
	Increase (decrease) in accounts payable and other liabilities		-		(17,783)		(25,854)		24,589		-		(19,048)
	Increase (decrease) in accrued interest		-		21,731		-		(2,377)		869		20,223
	Increase in deferred income		-		-		9,521		23,961		-		33,482
	Changes in other operating assets and liabilities		(1,237)		(41,762)		20,915		10,452		(869)		(12,501)
Net cash provided by (used for) operating activities			(7,805)		(794,986)		931,915		369,026		(9,452)		488,698
Cash flows from investing activities:
	Proceeds from maturity of Clear Channel notes		-		-		-		50,149		(50,149)		-
	Purchases of businesses		-		-		(45,395)		(4,721)		-		(50,116)
	Purchases of property, plant and equipment		-		-		(114,023)		(276,257)		-		(390,280)
	Proceeds from disposal of assets		-		-		3,223		56,442		-		59,665
	Purchases of other operating assets		-		-		(9,107)		(5,719)		-		(14,826)
	Change in other – net		-		1,925,661		1,918,909		(4,857)		(3,841,177)		(1,464)
Net cash provided by (used for) investing activities			-		1,925,661		1,753,607		(184,963)		(3,891,326)		(397,021)
Cash flows from financing activities:
	Draws on credit facilities		-		602,500		-		2,063		-		604,563
	Payments on credit facilities		-		(1,928,051)		-		(3,368)		-		(1,931,419)
	Intercompany funding		10,401		903,857		(896,192)		(18,066)		-		-
	Proceeds from long-term debt		-		-		-		4,917,643		-		4,917,643
	Payments on long-term debt		-		(695,342)		(927)		(2,700,786)		50,149		(3,346,906)
	Dividends paid		-		-		(1,916,207)		(2,179,849)		3,851,322		(244,734)
	Deferred financing charges		-		(13,629)		-		(69,988)		-		(83,617)
	Change in other – net		(2,596)		-		-		(7,590)		(693)		(10,879)
Net cash provided by (used for) financing activities			7,805		(1,130,665)		(2,813,326)		(59,941)		3,900,778		(95,349)
Net increase (decrease) in cash and cash equivalents			-		10		(127,804)		124,122		-		(3,672)
Cash and cash equivalents at beginning of period			-		1		461,572		767,109		-		1,228,682
Cash and cash equivalents at end of period		$	-	$	11	$	333,768	$	891,231	$	-	$	1,225,010

(In thousands)		Year Ended December 31, 2011
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)		$	(230,822)	$	(223,915)	$	537,331	$	181,085	$	(531,708)	$	(268,029)
Reconciling items:
	Impairment charges		-		-		-		7,614		-		7,614
	Depreciation and amortization		-		-		327,240		436,066		-		763,306
	Deferred taxes		(1,180)		(249,392)		109,795		(3,167)		-		(143,944)
	Provision for doubtful accounts		-		-		7,604		6,119		-		13,723
	Amortization of deferred financing charges and note discounts, net		-		222,908		(6,144)		(104,277)		75,547		188,034
	Share-based compensation		-		-		9,754		10,913		-		20,667
	Gain on disposal of operating assets		-		-		(4,091)		(8,591)		-		(12,682)
	Loss on marketable securities		-		-		-		4,827		-		4,827
	Equity in (earnings) loss of nonconsolidated affiliates		223,915		(629,915)		(54,407)		(26,987)		460,436		(26,958)
	Loss on extinguishment of debt		-		5,721		1		-		(4,275)		1,447
	Other reconciling items – net		-		-		1,083		15,037		-		16,120
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
	(Increase) decrease in accounts receivable		-		-		(13,090)		5,255		-		(7,835)
	Decrease in accrued expenses		-		(4,341)		(93,854)		(29,047)		-		(127,242)
	Increase (decrease) in accounts payable and other liabilities		-		-		(52,995)		37,864		-		(15,131)
	Increase in accrued interest		-		16,866		20,813		1,127		364		39,170
	Decrease in deferred income		-		-		(427)		(10,349)		-		(10,776)
	Changes in other operating assets and liabilities		(125)		26,946		(78,254)		(16,556)		(364)		(68,353)
Net cash provided by (used for) operating activities			(8,212)		(835,122)		710,359		506,933		-		373,958
Cash flows from investing activities:
	Proceeds from maturity of Clear Channel notes		-		-		-		167,022		(167,022)		-
	Proceeds from sale of other investments		-		-		(700)		7,594		-		6,894
	Purchases of businesses		-		-		(207)		(46,149)		-		(46,356)
	Purchases of property, plant and equipment		-		-		(69,650)		(292,631)		-		(362,281)
	Proceeds from disposal of assets		-		-		41,387		12,883		-		54,270
	Purchases of other operating assets		-		-		(6,201)		(14,794)		-		(20,995)
	Investment in Clear Channel notes		-		-		-		(55,250)		55,250		-
	Change in other – net		-		-		69		(16,761)		17,074		382
Net cash provided by (used for) investing activities			-		-		(35,302)		(238,086)		(94,698)		(368,086)
Cash flows from financing activities:
	Draws on credit facilities		-		55,000		-		-		-		55,000
	Payments on credit facilities		-		(956,181)		-		(4,151)		-		(960,332)
	Intercompany funding		8,518		1,486,401		(1,414,366)		(80,553)		-		-
	Proceeds from long-term debt		-		1,724,650		1,604		5,012		-		1,731,266
	Payments on long-term debt		-		(1,428,051)		(22,155)		(115,115)		167,022		(1,398,299)
	Repurchase of long-term debt		-		-		-		-		(55,250)		(55,250)
	Deferred financing charges		-		(46,697)		38		-		-		(46,659)
	Change in other – net		(306)		-		1,032		(7,494)		(17,074)		(23,842)
Net cash provided by (used for) financing activities			8,212		835,122		(1,433,847)		(202,301)		94,698		(698,116)
Net increase (decrease) in cash and cash equivalents			-		-		(758,790)		66,546		-		(692,244)
Cash and cash equivalents at beginning of period			-		1		1,220,362		700,563		-		1,920,926
Cash and cash equivalents at end of period		$	-	$	1	$	461,572	$	767,109	$	-	$	1,228,682

(In thousands)		Year Ended December 31, 2010
		Parent		Subsidiary		Guarantor		Non-Guarantor
		Company		Issuer		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Consolidated net income (loss)		$	(462,563)	$	(454,779)	$	321,784	$	43,435	$	89,270	$	(462,853)
Reconciling items:
	Impairment charges		-		-		3,871		11,493		-		15,364
	Depreciation and amortization		-		-		317,761		415,108		-		732,869
	Deferred taxes		(1,445)		(250,630)		56,272		(15,377)		-		(211,180)
	Provision for doubtful accounts		-		-		14,312		8,806		-		23,118
	Amortization of deferred financing charges and note discounts, net		-		251,590		(3,908)		(109,547)		76,815		214,950
	Share-based compensation		-		-		22,200		12,046		-		34,246
	(Gain) loss on sale of operating assets		-		-		(7,043)		23,753		-		16,710
	Loss on marketable securities		-		-		-		6,490		-		6,490
	Equity in (earnings) loss of nonconsolidated affiliates		454,779		(428,976)		80,040		(5,749)		(105,796)		(5,702)
	Loss on extinguishment of debt		-		-		-		-		(60,289)		(60,289)
	Other reconciling items - net		-		-		(149)		26,239		-		26,090
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
	Increase in accounts receivable		-		-		(73,082)		(46,778)		-		(119,860)
	(Increase) decrease in Federal income taxes receivable		4,187		382,024		(304,098)		50,196		-		132,309
	Increase in accrued expenses		-		-		71,525		45,907		-		117,432
	Increase (decrease) in accounts payable and other liabilities		-		-		(11,740)		4,816		-		(6,924)
	Increase (decrease) in accrued interest		-		131,055		-		243		(44,245)		87,053
	Increase (decrease) in deferred income		-		-		8,024		(7,228)		-		796
	Changes in other operating assets and liabilities		(547)		(79,835)		34,229		43,662		44,245		41,754
Net cash provided by (used for) operating activities			(5,589)		(449,551)		529,998		507,515		-		582,373
Cash flows from investing activities:
	Investment in Clear Channel notes		-		-		(125,000)		-		125,000		-
	Proceeds from maturity of Clear Channel notes		-		-		-		10,025		(10,025)		-
	Proceeds from other investments		-		-		-		18,700		(17,500)		1,200
	Purchases of property, plant and equipment		-		-		(45,868)		(195,596)		-		(241,464)
	Proceeds from disposal of assets		-		-		20,884		7,753		-		28,637
	Purchases of other operating assets		-		-		(14,269)		(1,841)		-		(16,110)
	Change in other – net		-		-		35,325		(12,335)		(35,450)		(12,460)
Net cash provided by (used for) investing activities			-		-		(128,928)		(173,294)		62,025		(240,197)
Cash flows from financing activities:
	Draws on credit facilities		-		194,000		-		4,670		-		198,670
	Payments on credit facilities		-		(105,500)		-		(47,095)		-		(152,595)
	Intercompany funding		2,975		605,939		(439,697)		(169,217)		-		-
	Proceeds from long-term debt		-		138,795		-		6,844		-		145,639
	Payments on long-term debt		-		(383,682)		(4)		(13,211)		27,525		(369,372)
	Repurchases of long-term debt		-		-		-		-		(125,000)		(125,000)
	Change in other - net		2,614		-		-		(40,650)		35,450		(2,586)
Net cash provided by (used for) financing activities			5,589		449,552		(439,701)		(258,659)		(62,025)		(305,244)
Net increase (decrease) in cash and cash equivalents			-		1		(38,631)		75,562		-		36,932
Cash and cash equivalents at beginning of period			-		-		1,258,993		625,001		-		1,883,994
Cash and cash equivalents at end of period		$	-	$	1	$	1,220,362	$	700,563	$	-	$	1,920,926