[X] | Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2016, or |
[ ] | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to _________. |
Texas | 74-1787539 |
(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) |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES [ ] NO [X] |
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. YES [ ] NO [X] |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [X] NO [ ] |
(Explanatory Note: The registrant is a voluntary filer and is therefore not subject to the filing requirements of the Securities Exchange Act of 1934. However, during the preceding 12 months, and pursuant to the bond indentures of iHeartCommunications, Inc., the registrant has filed all reports that it would have been required to file by Section 13 or 15(d) of the Securities Exchange Act of 1934 if the registrant was subject to the filing requirements of the Securities Exchange Act of 1934 during such timeframe.) |
The registrant meets the conditions set forth in General Instructions I(1)(a) and (b) of Form 10-K as, among other things, all of the registrant’s equity securities are owned indirectly by iHeartMedia, Inc., which is a reporting company under the Securities Exchange Act of 1934 and which has filed with the SEC all materials required to be filed pursuant to Section 13, 14 or 15(d) thereof, and the registrant is therefore filing this Form 10-K with a reduced disclosure format. |
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).YES [X] NO [ ] |
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [X] Smaller reporting company [ ] |
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). YES [ ] NO [X] |
The registrant has no voting or nonvoting equity held by non-affiliates. |
On February 20, 2017, there were 500,000,000 outstanding shares of common stock. |
Page Number | ||
PART I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. | ||
Item 16. | ||
• | Streaming. We provide streaming content via the Internet, mobile and other digital platforms. We rank among the top streaming networks in the U.S. with regards to Average Active Sessions (“AAS”), Session Starts (“SS”) and Average Time Spent Listening (“ATSL”). AAS and SS measure the level of activity while ATSL measures the ability to keep the audience engaged. |
• | Websites and Mobile Applications. We have developed mobile and Internet applications such as the iHeartRadio smart phone and tablet applications and website as well as websites for our stations and personalities. These mobile and Internet applications allow listeners to use their smart phones, tablets or other digital devices to interact directly with stations, find titles/artists, request songs and create custom and personalized stations while providing an additional method for advertisers to reach consumers. As of December 31, 2016, our iHeartRadio mobile application has been downloaded more than 1.3 billion times (including updates). iHeartRadio provides a unique digital music experience by offering access to more than 2,200 broadcast and digital-only radio stations, plus user-created custom stations with broad social media integration and our on demand content from our premium talk partnerships and user generated talk shows. |
• | On Demand. In January 2017 we announced the official release of our two new on demand subscription services, iHeartRadio Plus and iHeartRadio All Access - the first fully-differentiated streaming music services that use on demand functionality to make radio truly interactive. Both services provide the best of live radio combined with easy-to-use on demand functionality. iHeartRadio Plus transforms live and custom radio listening with the addition of replay and unlimited skip functionality, the ability to save songs directly to user playlists and search for songs from a library of millions of tracks; iHeartRadio All Access combines the interactive functionality of iHeartRadio Plus with a complete music collection and library linked seamlessly to the radio listening experience, with functionality including the ability to listen offline; build subscribers' personal music libraries; no playback cap; and the ability to delete and sequence their playlist experience as well as manage unlimited playlists. |
Nielsen | Number | |||
Market | of | |||
Rank(1) | Market | Stations | ||
1 | New York, NY | 6 | ||
2 | Los Angeles, CA | 8 | ||
3 | Chicago, IL | 6 | ||
4 | San Francisco, CA | 5 | ||
5 | Dallas-Ft. Worth, TX | 6 | ||
6 | Houston-Galveston, TX | 6 | ||
7 | Washington, DC | 5 | ||
8 | Atlanta, GA | 7 | ||
9 | Philadelphia, PA | 6 | ||
10 | Boston, MA | 4 | ||
11 | Miami-Ft. Lauderdale-Hollywood, FL | 7 | ||
12 | Detroit, MI | 6 | ||
13 | Seattle-Tacoma, WA | 6 | ||
14 | Phoenix, AZ | 8 | ||
16 | Minneapolis-St. Paul, MN | 6 | ||
17 | San Diego, CA | 7 | ||
18 | Denver-Boulder, CO | 8 | ||
19 | Tampa-St. Petersburg-Clearwater, FL | 8 | ||
20 | Nassau-Suffolk, NY | 1 | ||
21 | Baltimore, MD | 4 | ||
22 | St. Louis, MO | 6 | ||
23 | Portland, OR | 7 | ||
24 | Charlotte-Gastonia-Rock Hill, NC-SC | 4 | ||
25 | Riverside-San Bernardino, CA | 6 | ||
Total Top 25 Markets | 142(2) | |||
(1) | Source: Fall 2016 NielsenAudio Radio Market Rankings. |
(2) | Our station in the Nassau-Suffolk, NY market is also represented in the New York, NY Nielsen market. Thus, the actual number of stations in the top 25 markets is 142. |
Year Ended December 31, | ||||||||
2016 | 2015 | 2014 | ||||||
Billboards: | ||||||||
Bulletins | 59 | % | 58 | % | 58 | % | ||
Posters | 10 | % | 12 | % | 12 | % | ||
Street furniture displays | 7 | % | 6 | % | 7 | % | ||
Transit displays | 16 | % | 15 | % | 16 | % | ||
Spectaculars/wallscapes | 4 | % | 5 | % | 3 | % | ||
Other | 4 | % | 4 | % | 4 | % | ||
Total | 100 | % | 100 | % | 100 | % | ||
• | Bulletins. Bulletins vary in size, with the most common size being 14 feet high by 48 feet wide. Digital bulletins display static messages that resemble standard printed bulletins when viewed, but also allow advertisers to change messages throughout the course of a day, and may display advertisements for multiple customers. Our electronic displays are linked through centralized computer systems to instantaneously and simultaneously change advertising copy as needed. Because of their greater size, impact, high-frequency and 24-hour advertising changes, we typically receive our highest rates for digital bulletins. Almost all of the advertising copy displayed on printed bulletins is computer printed on vinyl and transported to the bulletin where it is secured to the display surface. Bulletins generally are located along major expressways, primary commuting routes and main intersections that are highly visible and heavily trafficked. Our clients may contract for individual bulletins or a network of bulletins, meaning the clients’ advertisements are rotated among bulletins to increase the reach of the campaign. Our client contracts for bulletins, either printed or digital, generally have terms ranging from four weeks to one year. |
• | Posters. Printed posters are approximately 11 feet high by 23 feet wide, and the printed junior posters are approximately 5 feet high by 11 feet wide. Digital posters are available in addition to the traditional poster-size and junior poster-size. Similar to digital bulletins, digital posters display static messages that resemble standard printed posters when viewed, and are linked through centralized computer systems to instantaneously and simultaneously change messages throughout the course of a day. Advertising copy for printed posters is digitally printed on a single |
Year Ended December 31, | ||||||||
2016 | 2015 | 2014 | ||||||
Street furniture displays | 52 | % | 52 | % | 50 | % | ||
Billboards | 17 | % | 19 | % | 20 | % | ||
Transit displays | 10 | % | 9 | % | 10 | % | ||
Other (1) | 21 | % | 20 | % | 20 | % | ||
Total | 100 | % | 100 | % | 100 | % | ||
(1) | Includes advertising revenue from mall displays, other small displays, and non-advertising revenue from sales of street furniture equipment, cleaning and maintenance services, operation of SmartBike programs and production revenue. |
• | Premium. Digital premium billboards typically display static messages that resemble standard printed billboards when viewed, but also allow advertisers to change messages throughout the course of a day, and may display advertisements for multiple customers. Our electronic displays are linked through centralized computer systems to instantaneously and simultaneously change advertising copy as needed. Because of their greater size, impact, high frequency and 24-hour advertising changes, digital premium billboards typically deliver our highest rates. Almost all of the advertising copy displayed on printed premium billboards is digitally-printed and transported to the billboard where it is secured to the display surface. Premium billboards generally are located along major expressways, primary commuting routes and main intersections that are highly visible and heavily trafficked. Our clients may contract for individual billboards or a network of billboards. |
• | Classic. Digital and printed classic billboards are available in a variety of formats across our markets. Similar to digital premium billboards, classic digital billboards typically display static messages that resemble standard printed posters when viewed, and are linked through centralized computer systems to instantaneously and simultaneously change messages throughout the course of a day. Advertising copy for printed classic billboards is digitally printed then transported and secured to the poster surfaces. Classic billboards generally are located in commercial areas on primary and secondary routes near point-of-purchase locations, facilitating advertising campaigns with greater demographic targeting than those displayed on premium billboards. Classic billboards typically deliver lower rates than our premium billboards. Our intent is to combine the creative impact of premium billboards with the additional reach and frequency of classic billboards. |
• | Local Radio Ownership Rule. The maximum allowable number of radio stations that may be commonly owned in a market is based on the size of the market. In markets with 45 or more stations, one entity may have an attributable interest in up to eight stations, of which no more than five are in the same service (AM or FM). In markets with 30-44 stations, one entity may have an attributable interest in up to seven stations, of which no more than four are in the same service. In markets with 15-29 stations, one entity may have an attributable interest in up to six stations, of which no more than four are in the same service. In markets with 14 or fewer stations, one entity may have an attributable interest in up to five stations, of which no more than three are in the same service, so long as the entity does not have an interest in more than 50% of all stations in the market. To apply these ownership tiers, the FCC relies on Nielsen Metro Survey Areas, where they exist, and a signal contour-overlap methodology where they do not exist. An FCC rulemaking is pending to determine how to define radio markets for stations located outside Nielsen Metro Survey Areas. |
• | Newspaper-Broadcast Cross-Ownership Rule. FCC rules generally prohibit an individual or entity from having an attributable interest in either a radio or television station and a daily newspaper located in the same market. |
• | Radio-Television Cross-Ownership Rule. FCC rules permit the common ownership of one television and up to seven same-market radio stations, or up to two television and six same-market radio stations, depending on the number of independent media voices in the market and on whether the television and radio components of the combination comply with the television and radio ownership limits, respectively. |
• | unfavorable fluctuations in operating costs, which we may be unwilling or unable to pass through to our customers; |
• | our inability to successfully adopt or our being late in adopting technological changes and innovations that offer more attractive advertising or listening alternatives than what we offer, which could result in a loss of advertising customers or lower advertising rates, which could have a material adverse effect on our operating results and financial performance; |
• | the impact of potential new royalties charged for terrestrial radio broadcasting, which could materially increase our expenses; |
• | unfavorable shifts in population and other demographics, which may cause us to lose advertising customers as people migrate to markets where we have a smaller presence or which may cause advertisers to be willing to pay less in advertising fees if the general population shifts into a less desirable age or geographical demographic from an advertising perspective; |
• | adverse political effects and acts or threats of terrorism or military conflicts; and |
• | unfavorable changes in labor conditions, which may impair our ability to operate or require us to spend more to retain and attract key employees. |
• | we expend substantial cost and managerial time and effort to prepare bids and proposals for contracts that we may not win; |
• | we may be unable to estimate accurately the revenue derived from and the resources and cost structure that will be required to service any contract we win; and |
• | we may encounter expenses and delays if our competitors challenge awards of contracts to us in competitive bidding, and any such challenge could result in the resubmission of bids on modified specifications, or in the termination, reduction or modification of the awarded contract. |
• | our dispositions may negatively impact revenues from our national, regional and other sales networks; |
• | our dispositions may make it difficult to generate cash flows from operations sufficient to meet our anticipated cash requirements, including our and Clear Channel Outdoor Holdings, Inc.'s ("CCOH") debt service requirements; |
• | our acquisitions may prove unprofitable and fail to generate anticipated cash flows: |
• | to successfully manage our large portfolio of iHeartMedia, outdoor advertising and other businesses, we may need to: |
• | recruit additional senior management as we cannot be assured that senior management of acquired businesses will continue to work for us and we cannot be certain that our recruiting efforts will succeed, and |
• | expand corporate infrastructure to facilitate the integration of our operations with those of acquired businesses, because failure to do so may cause us to lose the benefits of any expansion that we decide to undertake by leading to disruptions in our ongoing businesses or by distracting our management; |
• | we may enter into markets and geographic areas where we have limited or no experience; |
• | we may encounter difficulties in the integration of operations and systems; and |
• | our management’s attention may be diverted from other business concerns. |
• | potential adverse changes in the diplomatic relations of foreign countries with the United States; |
• | hostility from local populations; |
• | the adverse effect of foreign exchange controls; |
• | government policies against businesses owned by foreigners; |
• | investment restrictions or requirements; |
• | expropriations of property without adequate compensation; |
• | the potential instability of foreign governments; |
• | the risk of insurrections; |
• | risks of renegotiation or modification of existing agreements with governmental authorities; |
• | difficulties collecting receivables and otherwise enforcing contracts with governmental agencies and others in some foreign legal systems; |
• | withholding and other taxes on remittances and other payments by subsidiaries; |
• | changes in tax structure and level; and |
• | changes in laws or regulations or the interpretation or application of laws or regulations. |
• | requiring us to dedicate a substantial portion of our cash flow to the payment of principal and interest on indebtedness, thereby reducing cash available for other purposes, including to fund operations and capital expenditures, invest in new technology and pursue other business opportunities; |
• | limiting our liquidity and operational flexibility and limiting our ability to obtain additional financing for working capital, capital expenditures, debt service requirements, acquisitions and general corporate or other purposes; |
• | limiting our ability to adjust to changing economic, business and competitive conditions; |
• | requiring us to defer planned capital expenditures, reduce discretionary spending, sell assets, restructure existing indebtedness or defer acquisitions or other strategic opportunities; |
• | limiting our ability to refinance any of our indebtedness or increasing the cost of any such financing; |
• | making us more vulnerable to an increase in interest rates, a downturn in our operating performance, a decline in general economic or industry conditions or a disruption in the credit markets; and |
• | making us more susceptible to negative changes in credit ratings, which could impact our ability to obtain financing in the future and increase the cost of such financing. |
• | it may make it more difficult for us to satisfy our obligations under our indebtedness and our contractual and commercial commitments; and |
• | it may otherwise further limit us in the ways summarized above under “The substantial amount of indebtedness of us and our subsidiaries, may adversely affect our liquidity, our cash flows and our ability to operate our business and make us more vulnerable to changes in the economy or our industry,” including by reducing our cash available for operations, debt service obligations, future business opportunities, acquisitions and capital expenditures. |
• | make acquisitions or investments; |
• | make loans or otherwise extend credit to others; |
• | incur indebtedness or issue shares or guarantees; |
• | create liens; |
• | enter into transactions with affiliates; |
• | sell, lease, transfer or dispose of assets; |
• | merge or consolidate with other companies; and |
• | make a substantial change to the general nature of our business. |
• | 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 and 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; |
• | risks associated with weak or uncertain global economic conditions and their impact on the capital markets, including the effects of Brexit; |
• | 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, including programming, program hosts 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; and |
• | certain other factors set forth in our other filings with the SEC. |
Name | Age | Position | ||
Robert W. Pittman | 63 | Chairman and Chief Executive Officer | ||
Richard J. Bressler | 59 | President, Chief Operating Officer, Chief Financial Officer and Director | ||
Scott R. Wells | 48 | Chief Executive Officer – Clear Channel Outdoor Americas | ||
C. William Eccleshare | 61 | Chairman and Chief Executive Officer— Clear Channel International | ||
Steven J. Macri | 48 | Senior Vice President, Corporate Finance | ||
Scott D. Hamilton | 47 | Senior Vice President, Chief Accounting Officer and Assistant Secretary | ||
Robert H. Walls, Jr. | 56 | Executive Vice President, General Counsel and Secretary | ||
(In thousands) | For the Years Ended December 31, | ||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Results of Operations Data: | |||||||||||||||||||
Revenue | $ | 6,273,573 | $ | 6,241,516 | $ | 6,318,533 | $ | 6,243,044 | $ | 6,246,884 | |||||||||
Operating expenses: | |||||||||||||||||||
Direct operating expenses (excludes depreciation and amortization) | 2,412,287 | 2,471,113 | 2,540,035 | 2,560,028 | 2,501,313 | ||||||||||||||
Selling, general and administrative expenses (excludes depreciation and amortization) | 1,725,899 | 1,704,352 | 1,680,938 | 1,641,462 | 1,661,604 | ||||||||||||||
Corporate expenses (excludes depreciation and amortization) | 341,025 | 314,999 | 320,931 | 315,972 | 295,108 | ||||||||||||||
Depreciation and amortization | 635,227 | 673,991 | 710,898 | 730,828 | 729,285 | ||||||||||||||
Impairment charges (1) | 8,000 | 21,631 | 24,176 | 16,970 | 37,651 | ||||||||||||||
Other operating income, net | 353,556 | 94,001 | 40,031 | 22,998 | 48,127 | ||||||||||||||
Operating income | 1,504,691 | 1,149,431 | 1,081,586 | 1,000,782 | 1,070,050 | ||||||||||||||
Interest expense | 1,849,982 | 1,805,496 | 1,741,596 | 1,649,451 | 1,549,023 | ||||||||||||||
Gain (loss) on investments | (12,907 | ) | (4,421 | ) | — | 130,879 | (4,580 | ) | |||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | (16,733 | ) | (902 | ) | (9,416 | ) | (77,696 | ) | 18,557 | ||||||||||
Gain (loss) on extinguishment of debt | 157,556 | (2,201 | ) | (43,347 | ) | (87,868 | ) | (254,723 | ) | ||||||||||
Other income (expense), net | (73,102 | ) | 13,056 | 9,104 | (21,980 | ) | 250 | ||||||||||||
Loss before income taxes | (290,477 | ) | (650,533 | ) | (703,669 | ) | (705,334 | ) | (719,469 | ) | |||||||||
Income tax benefit (expense) | 50,474 | (86,957 | ) | (58,489 | ) | 121,817 | 308,279 | ||||||||||||
Consolidated net loss | (240,003 | ) | (737,490 | ) | (762,158 | ) | (583,517 | ) | (411,190 | ) | |||||||||
Less amount attributable to noncontrolling interest | 56,315 | 17,131 | 31,603 | 23,366 | 13,289 | ||||||||||||||
Net loss attributable to the Company | $ | (296,318 | ) | $ | (754,621 | ) | $ | (793,761 | ) | $ | (606,883 | ) | $ | (424,479 | ) | ||||
(1) | We recorded non-cash impairment charges of $8.0 million, $21.6 million, $24.2 million, $17.0 million and $37.7 million during 2016, 2015, 2014, 2013 and 2012, respectively. Our impairment charges are discussed more fully in Item 8 of Part II of this Annual Report on Form 10-K. |
(In thousands) | As of December 31, | ||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Current assets | $ | 2,504,687 | $ | 2,778,115 | $ | 2,109,748 | $ | 2,431,162 | $ | 2,943,307 | |||||||||
Property, plant and equipment, net | 1,948,162 | 2,212,556 | 2,699,064 | 2,897,630 | 3,036,854 | ||||||||||||||
Total assets | 12,862,247 | 13,673,115 | 13,839,579 | 14,871,407 | 16,084,487 | ||||||||||||||
Current liabilities | 1,696,570 | 1,659,228 | 1,364,285 | 1,763,618 | 1,782,142 | ||||||||||||||
Long-term debt, net of current maturities | 20,022,080 | 20,539,099 | 20,159,545 | 19,856,551 | 20,163,197 | ||||||||||||||
Shareholder's deficit | (10,885,475 | ) | (10,606,681 | ) | (9,665,208 | ) | (8,696,635 | ) | (7,995,191 | ) | |||||||||
• | Consolidated revenue increased $32.1 million during 2016 compared to 2015. Excluding the $47.6 million impact from movements in foreign exchange rates, consolidated revenue increased $79.7 million during 2016 compared to 2015. |
• | We sold nine non-strategic U.S. outdoor markets in the first quarter of 2016. We sold our outdoor businesses in Turkey and Australia in the second and fourth quarters of 2016, respectively. These businesses had total revenues of $123.5 million in 2016 and $248.9 million in 2015, and we realized a net gain of $349.3 million on the sales. |
• | We spent $30.9 million on strategic revenue and efficiency initiatives during 2016 to realign and improve our on-going business operations—a decrease of $11.9 million compared to 2015. |
• | On July 15, 2016, Broader Media, LLC, our indirect wholly-owned subsidiary, repurchased approximately $383.0 million aggregate principal amount of our 10.0% Senior Notes due 2018 for an aggregate purchase price of $222.2 million, resulting in a gain on extinguishment of debt of $157.6 million. The repurchase effectively reduces our consolidated annual cash interest obligations by $38.3 million. |
(In thousands) | Years Ended December 31, | % | |||||||
2016 | 2015 | Change | |||||||
Revenue | $ | 6,273,573 | $ | 6,241,516 | 0.5% | ||||
Operating expenses: | |||||||||
Direct operating expenses (excludes depreciation and amortization) | 2,412,287 | 2,471,113 | (2.4)% | ||||||
Selling, general and administrative expenses (excludes depreciation and amortization) | 1,725,899 | 1,704,352 | 1.3% | ||||||
Corporate expenses (excludes depreciation and amortization) | 341,025 | 314,999 | 8.3% | ||||||
Depreciation and amortization | 635,227 | 673,991 | (5.8)% | ||||||
Impairment charges | 8,000 | 21,631 | (63.0)% | ||||||
Other operating income, net | 353,556 | 94,001 | 276.1% | ||||||
Operating income | 1,504,691 | 1,149,431 | 30.9% | ||||||
Interest expense | 1,849,982 | 1,805,496 | |||||||
Loss on investments, net | (12,907 | ) | (4,421 | ) | |||||
Equity in loss of nonconsolidated affiliates | (16,733 | ) | (902 | ) | |||||
Gain (loss) on extinguishment of debt | 157,556 | (2,201 | ) | ||||||
Other income (expense), net | (73,102 | ) | 13,056 | ||||||
Loss before income taxes | (290,477 | ) | (650,533 | ) | |||||
Income tax (expense) benefit | 50,474 | (86,957 | ) | ||||||
Consolidated net loss | (240,003 | ) | (737,490 | ) | |||||
Less amount attributable to noncontrolling interest | 56,315 | 17,131 | |||||||
Net loss attributable to the Company | $ | (296,318 | ) | $ | (754,621 | ) | |||
(In thousands) | Years Ended December 31, | % | ||||||||
2016 | 2015 | Change | ||||||||
Revenue | $ | 3,403,040 | $ | 3,284,320 | 3.6 | % | ||||
Direct operating expenses | 975,463 | 972,937 | 0.3 | % | ||||||
SG&A expenses | 1,102,998 | 1,065,066 | 3.6 | % | ||||||
Depreciation and amortization | 243,964 | 240,207 | 1.6 | % | ||||||
Operating income | $ | 1,080,615 | $ | 1,006,110 | 7.4 | % | ||||
(In thousands) | Years Ended December 31, | % | |||||||
2016 | 2015 | Change | |||||||
Revenue | $ | 1,278,413 | $ | 1,349,021 | (5.2)% | ||||
Direct operating expenses | 570,310 | 597,382 | (4.5)% | ||||||
SG&A expenses | 225,415 | 233,254 | (3.4)% | ||||||
Depreciation and amortization | 185,654 | 204,514 | (9.2)% | ||||||
Operating income | $ | 297,034 | $ | 313,871 | (5.4)% | ||||
(In thousands) | Years Ended December 31, | % | |||||||
2016 | 2015 | Change | |||||||
Revenue | $ | 1,423,982 | $ | 1,457,183 | (2.3)% | ||||
Direct operating expenses | 865,259 | 897,520 | (3.6)% | ||||||
SG&A expenses | 289,787 | 298,250 | (2.8)% | ||||||
Depreciation and amortization | 152,758 | 166,060 | (8.0)% | ||||||
Operating income | $ | 116,178 | $ | 95,353 | 21.8% | ||||
(In thousands) | Years Ended December 31, | % | |||||||
2015 | 2014 | Change | |||||||
Revenue | $ | 6,241,516 | $ | 6,318,533 | (1.2)% | ||||
Operating expenses: | |||||||||
Direct operating expenses (excludes depreciation and amortization) | 2,471,113 | 2,540,035 | (2.7)% | ||||||
Selling, general and administrative expenses (excludes depreciation and amortization) | 1,704,352 | 1,680,938 | 1.4% | ||||||
Corporate expenses (excludes depreciation and amortization) | 314,999 | 320,931 | (1.8)% | ||||||
Depreciation and amortization | 673,991 | 710,898 | (5.2)% | ||||||
Impairment charges | 21,631 | 24,176 | (10.5)% | ||||||
Other operating income, net | 94,001 | 40,031 | 134.8% | ||||||
Operating income | 1,149,431 | 1,081,586 | 6.3% | ||||||
Interest expense | 1,805,496 | 1,741,596 | |||||||
Loss on investments, net | (4,421 | ) | — | ||||||
Equity in earnings (loss) of nonconsolidated affiliates | (902 | ) | (9,416 | ) | |||||
Loss on extinguishment of debt | (2,201 | ) | (43,347 | ) | |||||
Other income, net | 13,056 | 9,104 | |||||||
Loss before income taxes | (650,533 | ) | (703,669 | ) | |||||
Income tax expense | (86,957 | ) | (58,489 | ) | |||||
Consolidated net loss | (737,490 | ) | (762,158 | ) | |||||
Less amount attributable to noncontrolling interest | 17,131 | 31,603 | |||||||
Net loss attributable to the Company | $ | (754,621 | ) | $ | (793,761 | ) | |||
(In thousands) | Years Ended December 31, | % | |||||||
2015 | 2014 | Change | |||||||
Revenue | $ | 3,284,320 | $ | 3,161,503 | 3.9% | ||||
Direct operating expenses | 972,937 | 932,172 | 4.4% | ||||||
SG&A expenses | 1,065,066 | 1,013,407 | 5.1% | ||||||
Depreciation and amortization | 240,207 | 240,846 | (0.3)% | ||||||
Operating income | $ | 1,006,110 | $ | 975,078 | 3.2% | ||||
(In thousands) | Years Ended December 31, | % | |||||||
2015 | 2014 | Change | |||||||
Revenue | $ | 1,349,021 | $ | 1,350,623 | (0.1)% | ||||
Direct operating expenses | 597,382 | 605,771 | (1.4)% | ||||||
SG&A expenses | 233,254 | 233,641 | (0.2)% | ||||||
Depreciation and amortization | 204,514 | 203,928 | 0.3% | ||||||
Operating income | $ | 313,871 | $ | 307,283 | 2.1% | ||||
(In thousands) | Years Ended December 31, | % | |||||||
2015 | 2014 | Change | |||||||
Revenue | $ | 1,457,183 | $ | 1,610,636 | (9.5)% | ||||
Direct operating expenses | 897,520 | 991,117 | (9.4)% | ||||||
SG&A expenses | 298,250 | 314,878 | (5.3)% | ||||||
Depreciation and amortization | 166,060 | 198,143 | (16.2)% | ||||||
Operating income | $ | 95,353 | $ | 106,498 | (10.5)% | ||||
(In thousands) | Years Ended December 31, | ||||||||||
2016 | 2015 | 2014 | |||||||||
iHM | $ | 1,080,615 | $ | 1,006,110 | $ | 975,078 | |||||
Americas outdoor advertising | 297,034 | 313,871 | 307,283 | ||||||||
International outdoor advertising | 116,178 | 95,353 | 106,498 | ||||||||
Other | 43,411 | 19,314 | 36,359 | ||||||||
Impairment charges | (8,000 | ) | (21,631 | ) | (24,176 | ) | |||||
Corporate expense (1) | (378,103 | ) | (357,587 | ) | (359,487 | ) | |||||
Other operating income, net | 353,556 | 94,001 | 40,031 | ||||||||
Consolidated operating income | $ | 1,504,691 | $ | 1,149,431 | $ | 1,081,586 | |||||
(1) | Corporate expenses include expenses related to iHM, Americas outdoor, International outdoor and our Other category, as well as overall executive, administrative and support functions. |
(In thousands) | Years Ended December 31, | ||||||||||
2016 | 2015 | 2014 | |||||||||
Cash provided by (used for): | |||||||||||
Operating activities | $ | (13,982 | ) | $ | (77,304 | ) | $ | 245,116 | |||
Investing activities | $ | 510,915 | $ | 30,234 | $ | (88,682 | ) | ||||
Financing activities | $ | (418,231 | ) | $ | 377,410 | $ | (398,001 | ) | |||
December 31, | |||||||
(In millions) | 2016 | 2015 | |||||
Senior Secured Credit Facilities: | |||||||
Term Loan D Facility Due 2019 | $ | 5,000.0 | $ | 5,000.0 | |||
Term Loan E Facility Due 2019 | 1,300.0 | 1,300.0 | |||||
Receivables Based Credit Facility Due 2017(1) | 330.0 | 230.0 | |||||
9.0% Priority Guarantee Notes Due 2019 | 1,999.8 | 1,999.8 | |||||
9.0% Priority Guarantee Notes Due 2021 | 1,750.0 | 1,750.0 | |||||
11.25% Priority Guarantee Notes Due 2021(2) | 575.0 | 575.0 | |||||
9.0% Priority Guarantee Notes Due 2022 | 1,000.0 | 1,000.0 | |||||
10.625% Priority Guarantee Notes Due 2023 | 950.0 | 950.0 | |||||
Subsidiary Revolving Credit Facility due 2018(3) | — | — | |||||
Other Secured Subsidiary Debt | 21.0 | 25.2 | |||||
Total Secured Debt | $ | 12,925.8 | $ | 12,830.0 | |||
14.0% Senior Notes Due 2021 | 1,729.2 | 1,695.1 | |||||
Legacy Notes: | |||||||
5.5% Senior Notes Due 2016(4) | — | 192.9 | |||||
6.875% Senior Notes Due 2018 | 175.0 | 175.0 | |||||
7.25% Senior Notes Due 2027 | 300.0 | 300.0 | |||||
10.0% Senior Notes Due 2018(2) | 347.0 | 730.0 | |||||
Subsidiary Senior Notes: | |||||||
6.5% Series A Senior Notes Due 2022 | 735.8 | 735.8 | |||||
6.5% Series B Senior Notes Due 2022 | 1,989.2 | 1,989.2 | |||||
Subsidiary Senior Subordinated Notes: | |||||||
7.625% Series A Senior Notes Due 2020 | 275.0 | 275.0 | |||||
7.625% Series B Senior Notes Due 2020 | 1,925.0 | 1,925.0 | |||||
Subsidiary 8.75% Senior Notes due 2020 | 225.0 | 225.0 | |||||
Other Subsidiary Debt | 28.0 | 0.2 | |||||
Purchase accounting adjustments and original issue discount | (167.0 | ) | (204.6 | ) | |||
Long-term debt fees | (123.0 | ) | (148.0 | ) | |||
Total Debt | $ | 20,365.0 | $ | 20,720.6 | |||
Less: Cash and cash equivalents | 845.0 | 772.7 | |||||
$ | 19,520.0 | $ | 19,947.9 | ||||
(1) | The receivables based credit facility provides for borrowings of up to the lesser of $535.0 million (the revolving credit commitment) or the borrowing base amount, as defined under the receivables based credit facility, subject to certain limitations contained in our material financing agreements. As of December 31, 2016, we had $113.6 million of availability under the receivables based credit facility. |
(2) | On July 15, 2016, Broader Media, LLC, our indirect wholly-owned subsidiary, repurchased approximately $383.0 million aggregate principal amount of our 10.0% Senior Notes due 2018 for an aggregate purchase price of approximately $222.2 million. On February 7, 2017, we completed an exchange offer of $476.4 million principal amount of our 10.0% Senior Notes due 2018 for $476.4 million principal amount of newly-issued 11.25% Priority Guarantee Notes due 2021, which were issued as “additional notes” under the indenture governing the 11.25% Priority Guarantee Notes due 2021. Of the $476.4 million principal amount of 11.25% Priority Guarantee Notes due 2021 issued in the exchange offer, $241.4 million principal amount was issued to subsidiaries of ours that exchanged 10.0% Senior Notes due 2018 in the exchange offer. |
(3) | The subsidiary revolving credit facility provides for borrowings of up to $75.0 million (the revolving credit commitment). |
(4) | In December 2016, we repaid at maturity $192.9 million of 5.5% Senior Notes due 2016 and did not pay $57.1 million of the notes held by a subsidiary of the Company. The $57.1 million of aggregate principal amount remains outstanding and is eliminated for purposes of consolidation of the Company’s financial statements. |
• | a $5.0 billion term loan D, which matures on January 30, 2019; and |
• | a $1.3 billion term loan E, which matures on July 30, 2019. |
• | with respect to loans under the term loan D, (i) 5.75% in the case of base rate loans and (ii) 6.75% in the case of Eurocurrency rate loans; and |
• | with respect to loans under the term loan E, (i) 6.50% in the case of base rate loans and (ii) 7.50% in the case of Eurocurrency rate loans. |
• | 50% (which percentage may be reduced to 25% and to 0% based upon our leverage ratio) of our annual excess cash flow (as calculated in accordance with the senior secured credit facilities), less any voluntary prepayments of term loans and subject to customary credits; |
• | 100% of the net cash proceeds of sales or other dispositions of specified assets being marketed for sale (including casualty and condemnation events), subject to certain exceptions; |
• | 100% (which percentage may be reduced to 75% and 50% based upon our leverage ratio) of the net cash proceeds of sales or other dispositions by us or our wholly-owned restricted subsidiaries of assets other than specified assets being marketed for sale, subject to reinvestment rights and certain other exceptions; |
• | 100% of the net cash proceeds of (i) any incurrence of certain debt, other than debt permitted under our senior secured credit facilities, (ii) certain securitization financing, (iii) certain issuances of Permitted Additional Notes (as defined in the senior secured credit facilities) and (iv) certain issuances of Permitted Unsecured Notes and Permitted Senior Secured Notes (as defined in the senior secured credit facilities); and |
• | Net cash proceeds received by us as dividends or distributions from indebtedness incurred at CCOH provided that the Consolidated Leverage Ratio of CCOH is no greater than 7.00 to 1.00. |
• | a lien on our capital stock ; |
• | 100% of the capital stock of any future material wholly-owned domestic license subsidiary that is not a “Restricted Subsidiary” under the indenture governing our legacy notes; |
• | certain assets that do not constitute “principal property” (as defined in the indenture governing our legacy notes); |
• | certain specified assets of ours and the guarantors that constitute “principal property” (as defined in the indenture governing our legacy notes) securing obligations under the senior secured credit facilities up to the maximum amount permitted to be secured by such assets without requiring equal and ratable security under the indenture governing our legacy notes; and |
• | a lien on the accounts receivable and related assets securing our receivables based credit facility that is junior to the lien securing our obligations under such credit facility. |
Four Quarters Ended | |||
(In Millions) | December 31, 2016 | ||
Consolidated EBITDA (as defined by our senior secured credit facilities) | $ | 1,844.9 | |
Less adjustments to consolidated EBITDA (as defined by our senior secured credit facilities): | |||
Costs incurred in connection with the closure and/or consolidation of facilities, retention charges, consulting fees and other permitted activities | (34.6 | ) | |
Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the definition of consolidated EBITDA in our senior secured credit facilities) | (42.9 | ) | |
Non-cash charges | (8.2 | ) | |
Other items | 45.5 | ||
Less: Depreciation and amortization, Impairment charges, Other operating income (expense), net, and Share-based compensation expense | (300.0 | ) | |
Operating income | 1,504.7 | ||
Plus: Depreciation and amortization, Impairment charges, Gain (loss) on disposal of operating and fixed assets, and Share-based compensation expense | 290.6 | ||
Less: Interest expense | (1,850.0 | ) | |
Less: Current income tax expense | (47.7 | ) | |
Plus: Other income (expense), net | (73.1 | ) | |
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) | 130.5 | ||
Change in assets and liabilities, net of assets acquired and liabilities assumed | 31.0 | ||
Net cash used for operating activities | $ | (14.0 | ) |
• | incur additional indebtedness; |
• | create liens on assets; |
• | engage in mergers, consolidations, liquidations and dissolutions; |
• | sell assets; |
• | pay dividends and distributions or repurchase our capital stock; |
• | make investments, loans, or advances; |
• | prepay certain junior indebtedness; |
• | engage in certain transactions with affiliates; |
• | amend material agreements governing certain junior indebtedness; and |
• | change lines of business. |
• | incur additional indebtedness; |
• | create liens on assets; |
• | engage in mergers, consolidations, liquidations and dissolutions; |
• | sell assets; |
• | pay dividends and distributions or repurchase capital stock; |
• | make investments, loans, or advances; |
• | prepay certain junior indebtedness; |
• | engage in certain transactions with affiliates; |
• | amend material agreements governing certain junior indebtedness; and |
• | change lines of business. |
• | incur or guarantee additional debt to persons other than us and our subsidiaries (other than CCOH) or issue certain preferred stock; |
• | create liens on its restricted subsidiaries’ assets to secure such debt; |
• | create restrictions on the payment of dividends or other amounts to CCOH from its restricted subsidiaries that are not guarantors of the CCWH Senior Notes; |
• | enter into certain transactions with affiliates; and |
• | merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of its assets. |
• | incur or guarantee additional debt or issue certain preferred stock; |
• | redeem, repurchase or retire CCOH’s subordinated debt; |
• | make certain investments; |
• | create liens on its or its restricted subsidiaries’ assets to secure debt; |
• | create restrictions on the payment of dividends or other amounts to it from its restricted subsidiaries that are not guarantors of the CCWH Senior Notes; |
• | enter into certain transactions with affiliates; |
• | merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of its assets; |
• | sell certain assets, including capital stock of its subsidiaries; |
• | designate its subsidiaries as unrestricted subsidiaries; and |
• | pay dividends, redeem or repurchase capital stock or make other restricted payments. |
• | incur or guarantee additional debt to persons other than us and our subsidiaries (other than CCOH) or issue certain preferred stock; |
• | create restrictions on the payment of dividends or other amounts to CCOH from its restricted subsidiaries that are not guarantors of the notes; |
• | enter into certain transactions with affiliates; and |
• | merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of CCOH’s assets. |
• | incur or guarantee additional debt or issue certain preferred stock; |
• | make certain investments; |
• | create restrictions on the payment of dividends or other amounts to CCOH from its restricted subsidiaries that are not guarantors of the notes; |
• | enter into certain transactions with affiliates; |
• | merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of CCOH’s assets; |
• | sell certain assets, including capital stock of CCOH’s subsidiaries; |
• | designate CCOH’s subsidiaries as unrestricted subsidiaries; and |
• | pay dividends, redeem or repurchase capital stock or make other restricted payments. |
(In millions) | Years Ended December 31, | |||||||
2016 | 2015 | 2014 | ||||||
iHM | 73.2 | 63.8 | 53.9 | |||||
Americas outdoor advertising | 81.4 | 82.2 | 109.7 | |||||
International outdoor advertising | 143.8 | 132.6 | 117.5 | |||||
Corporate and Other | 16.3 | 17.8 | 37.1 | |||||
Total capital expenditures | 314.7 | 296.4 | 318.2 | |||||
(In thousands) | Payments due by Period | ||||||||||||||||||
Contractual Obligations | Total | 2017 | 2018-2019 | 2020-2021 | Thereafter | ||||||||||||||
Long-term Debt: | |||||||||||||||||||
Secured Debt (1) | $ | 12,925,802 | $ | 337,080 | $ | 8,304,999 | $ | 2,325,943 | $ | 1,957,780 | |||||||||
Senior Notes due 2021 (2) | 1,886,585 | — | 89,541 | 1,797,044 | — | ||||||||||||||
Legacy Notes: | 475,000 | — | 175,000 | — | 300,000 | ||||||||||||||
Senior Notes due 2018 (1) | 347,028 | — | 347,028 | — | — | ||||||||||||||
CCWH Senior Notes | 2,725,000 | — | — | — | 2,725,000 | ||||||||||||||
CCWH Senior Subordinated Notes | 2,200,000 | — | — | 2,200,000 | — | ||||||||||||||
CCIBV Senior Notes | 225,000 | — | — | 225,000 | — | ||||||||||||||
Other Long-term Debt | 27,954 | 6,370 | 11,557 | 10,027 | — | ||||||||||||||
Interest payments on long-term debt (3) | 6,809,024 | 1,727,652 | 3,040,297 | 1,571,531 | 469,544 | ||||||||||||||
Non-cancelable operating leases | 4,086,598 | 464,877 | 799,047 | 674,732 | 2,147,942 | ||||||||||||||
Non-cancelable contracts | 1,884,913 | 435,186 | 618,085 | 420,301 | 411,341 | ||||||||||||||
Employment/talent contracts | 216,199 | 64,222 | 100,227 | 51,750 | — | ||||||||||||||
Capital expenditures | 77,716 | 49,618 | 11,797 | 4,059 | 12,242 | ||||||||||||||
Unrecognized tax benefits (4) | 115,078 | — | — | — | 115,078 | ||||||||||||||
Other long-term obligations (5) | 334,646 | (1,346 | ) | 43,479 | 31,200 | 261,313 | |||||||||||||
Total | $ | 34,336,543 | $ | 3,083,659 | $ | 13,541,057 | $ | 9,311,587 | $ | 8,400,240 | |||||||||
(1) | As of December 31, 2016, we had outstanding $347.0 million aggregate principal amount of 10.0% Senior Notes due 2018. On February 7, 2017, we completed an exchange offer of $476.4 million principal amount of our 10.0% Senior Notes due 2018 for $476.4 million principal amount of newly-issued 11.25% Priority Guarantee Notes due 2021, which were issued as “additional notes” under the indenture governing the 11.25% Priority Guarantee Notes due 2021. Of the |
(2) | Beginning on August 1, 2018 and continuing with each interest payment thereafter, we are required to make certain applicable high yield discount obligation (“AHYDO”) catch-up payments on the principal amount outstanding of Senior Notes due 2021. Contractual obligations due in the years 2018-2019 and 2020-2021 include $89.5 million and $68.4 million, respectively, related to the AHYDO payments. The table includes the current principal amount of Senior Notes due 2021 and reflects the assumption of additional PIK notes to be issued at each successive interest payment date in the future until maturity. |
(3) | Interest payments on the senior secured credit facilities assume the interest rate is held constant over the remaining term. |
(4) | The non-current portion of the unrecognized tax benefits is included in the “Thereafter” column as we cannot reasonably estimate the timing or amounts of additional cash payments, if any, at this time. For additional information, see Note 7 included in Item 8 of Part II of this Annual Report on Form 10-K. |
(5) | Other long-term obligations includes $42.1 million related to asset retirement obligations recorded pursuant to ASC 410-20, which assumes the underlying assets will be removed at some period over the next 55 years. Also included are $0.1 million of contract payments in our syndicated radio and media representation businesses and $292.4 million of various other long-term obligations. |
• | Revenue growth sales forecasts and published by BIA Financial Network, Inc. (“BIA”), varying by market, were used for the initial four-year period; |
• | 2.0% revenue growth was assumed beyond the initial four-year period; |
• | Revenue was grown proportionally over a build-up period, reaching market revenue forecast by year 3; |
• | Operating margins of 12.5% in the first year gradually climb to the industry average margin in year 3 of up to 26.5%, depending on market size; and |
• | Assumed discount rates of 8.5% for the 13 largest markets and 9.0% for all other markets. |
• | 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 | |||||||||
FCC license | $ | 465,102 | $ | 158,468 | $ | 495,326 | ||||||
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 2.0% for our iHM segment, 3.0% for our Americas outdoor and International outdoor segments, and 2.0% for our Other segment. |
• | 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 | |||||||||
iHM | $ | 1,080,000 | $ | 280,000 | $ | 1,050,000 | ||||||
Americas Outdoor | $ | 860,000 | $ | 180,000 | $ | 820,000 | ||||||
International Outdoor | $ | 330,000 | $ | 210,000 | $ | 260,000 | ||||||
(In thousands) | December 31, | December 31, | |||||
2016 | 2015 | ||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 845,030 | $ | 772,678 | |||
Accounts receivable, net of allowance of $33,882 in 2016 and $34,889 in 2015 | 1,364,404 | 1,442,038 | |||||
Prepaid expenses | 184,586 | 189,055 | |||||
Assets held for sale | 55,602 | 295,075 | |||||
Other current assets | 55,065 | 79,269 | |||||
Total Current Assets | 2,504,687 | 2,778,115 | |||||
PROPERTY, PLANT AND EQUIPMENT | |||||||
Structures, net | 1,196,676 | 1,391,880 | |||||
Other property, plant and equipment, net | 751,486 | 820,676 | |||||
INTANGIBLE ASSETS AND GOODWILL | |||||||
Indefinite-lived intangibles - licenses | 2,413,899 | 2,413,483 | |||||
Indefinite-lived intangibles - permits | 960,966 | 971,327 | |||||
Other intangibles, net | 740,508 | 953,660 | |||||
Goodwill | 4,066,575 | 4,128,887 | |||||
OTHER ASSETS | |||||||
Other assets | 227,450 | 215,087 | |||||
Total Assets | $ | 12,862,247 | $ | 13,673,115 | |||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 146,772 | $ | 153,276 | |||
Accrued expenses | 742,617 | 834,416 | |||||
Accrued interest | 264,170 | 279,100 | |||||
Deferred income | 200,103 | 210,924 | |||||
Current portion of long-term debt | 342,908 | 181,512 | |||||
Total Current Liabilities | 1,696,570 | 1,659,228 | |||||
Long-term debt | 20,022,080 | 20,539,099 | |||||
Deferred income taxes | 1,457,095 | 1,554,898 | |||||
Other long-term liabilities | 571,977 | 526,571 | |||||
Commitments and contingent liabilities (Note 6) | |||||||
SHAREHOLDER’S DEFICIT | |||||||
Noncontrolling interest | 135,183 | 177,615 | |||||
Common stock, par value $.001 per share, authorized and issued 500,000,000 shares in 2016 and 2015, respectively | 500 | 500 | |||||
Additional paid-in capital | 2,068,047 | 2,066,622 | |||||
Accumulated deficit | (12,733,329 | ) | (12,437,011 | ) | |||
Accumulated other comprehensive loss | (355,876 | ) | (414,407 | ) | |||
Total Shareholder's Deficit | (10,885,475 | ) | (10,606,681 | ) | |||
Total Liabilities and Shareholder's Deficit | $ | 12,862,247 | $ | 13,673,115 | |||
(In thousands) | Years Ended December 31, | ||||||||||
2016 | 2015 | 2014 | |||||||||
Revenue | $ | 6,273,573 | $ | 6,241,516 | $ | 6,318,533 | |||||
Operating expenses: | |||||||||||
Direct operating expenses (excludes depreciation and amortization) | 2,412,287 | 2,471,113 | 2,540,035 | ||||||||
Selling, general and administrative expenses (excludes depreciation and amortization) | 1,725,899 | 1,704,352 | 1,680,938 | ||||||||
Corporate expenses (excludes depreciation and amortization) | 341,025 | 314,999 | 320,931 | ||||||||
Depreciation and amortization | 635,227 | 673,991 | 710,898 | ||||||||
Impairment charges | 8,000 | 21,631 | 24,176 | ||||||||
Other operating income, net | 353,556 | 94,001 | 40,031 | ||||||||
Operating income | 1,504,691 | 1,149,431 | 1,081,586 | ||||||||
Interest expense | 1,849,982 | 1,805,496 | 1,741,596 | ||||||||
Loss on investments, net | (12,907 | ) | (4,421 | ) | — | ||||||
Equity in loss of nonconsolidated affiliates | (16,733 | ) | (902 | ) | (9,416 | ) | |||||
Gain (loss) on extinguishment of debt | 157,556 | (2,201 | ) | (43,347 | ) | ||||||
Other income (expense), net | (73,102 | ) | 13,056 | 9,104 | |||||||
Loss before income taxes | (290,477 | ) | (650,533 | ) | (703,669 | ) | |||||
Income tax benefit (expense) | 50,474 | (86,957 | ) | (58,489 | ) | ||||||
Consolidated net loss | (240,003 | ) | (737,490 | ) | (762,158 | ) | |||||
Less amount attributable to noncontrolling interest | 56,315 | 17,131 | 31,603 | ||||||||
Net loss attributable to the Company | $ | (296,318 | ) | $ | (754,621 | ) | $ | (793,761 | ) | ||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | 21,983 | (114,906 | ) | (121,878 | ) | ||||||
Unrealized gain on securities and derivatives: | |||||||||||
Unrealized holding gain (loss) on marketable securities | (576 | ) | 553 | 327 | |||||||
Other adjustments to comprehensive income (loss) | (11,814 | ) | (10,266 | ) | (11,438 | ) | |||||
Reclassification adjustments | 46,730 | 808 | 3,317 | ||||||||
Other comprehensive income (loss) | 56,323 | (123,811 | ) | (129,672 | ) | ||||||
Comprehensive loss | (239,995 | ) | (878,432 | ) | (923,433 | ) | |||||
Less amount attributable to noncontrolling interest | (2,208 | ) | (22,410 | ) | (21,080 | ) | |||||
Comprehensive loss attributable to the Company | $ | (237,787 | ) | $ | (856,022 | ) | $ | (902,353 | ) | ||
Net loss attributable to the Company per common share: | |||||||||||
Basic | $ | (3.50 | ) | $ | (8.95 | ) | $ | (9.46 | ) | ||
Weighted average common shares outstanding - Basic | 84,569 | 84,278 | 83,941 | ||||||||
Diluted | $ | (3.50 | ) | $ | (8.95 | ) | $ | (9.46 | ) | ||
Weighted average common shares outstanding - Diluted | 84,569 | 84,278 | 83,941 | ||||||||
(In thousands, except share data) | Controlling Interest | ||||||||||||||||||||||
Non- controlling Interest | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Total | |||||||||||||||||||||||
Balances at December 31, 2013 | $ | 245,531 | $ | 500 | $ | 2,142,036 | $ | (10,888,629 | ) | $ | (196,073 | ) | $ | (8,696,635 | ) | ||||||||
Net income (loss) | 31,603 | — | — | (793,761 | ) | — | (762,158 | ) | |||||||||||||||
Exercise of stock options and other | 2,237 | — | (993 | ) | — | — | 1,244 | ||||||||||||||||
Amortization of share-based compensation | 7,743 | — | 2,970 | — | — | 10,713 | |||||||||||||||||
Purchases of additional noncontrolling interest | (1,944 | ) | — | (42,881 | ) | — | (3,925 | ) | (48,750 | ) | |||||||||||||
Dividend declared and paid to noncontrolling interests | (40,027 | ) | (40,027 | ) | |||||||||||||||||||
Other | 77 | — | — | — | — | 77 | |||||||||||||||||
Other comprehensive income | (21,080 | ) | — | — | — | (108,592 | ) | (129,672 | ) | ||||||||||||||
Balances at December 31, 2014 | $ | 224,140 | $ | 500 | $ | 2,101,132 | $ | (11,682,390 | ) | $ | (308,590 | ) | $ | (9,665,208 | ) | ||||||||
Net income (loss) | 17,131 | — | — | (754,621 | ) | — | (737,490 | ) | |||||||||||||||
Exercise of stock options and other | 2,886 | — | (671 | ) | — | — | 2,215 | ||||||||||||||||
Amortization of share-based compensation | 8,359 | — | 2,564 | — | — | 10,923 | |||||||||||||||||
Purchases of additional noncontrolling interest | (1,978 | ) | — | (36,403 | ) | — | (4,416 | ) | (42,797 | ) | |||||||||||||
Dividend declared and paid to noncontrolling interests | (52,384 | ) | (52,384 | ) | |||||||||||||||||||
Other | 1,871 | — | — | — | — | 1,871 | |||||||||||||||||
Other comprehensive income | (22,410 | ) | — | — | — | (101,401 | ) | (123,811 | ) | ||||||||||||||
Balances at December 31, 2015 | $ | 177,615 | $ | 500 | $ | 2,066,622 | $ | (12,437,011 | ) | $ | (414,407 | ) | $ | (10,606,681 | ) | ||||||||
Net income (loss) | 56,315 | — | — | (296,318 | ) | — | (240,003 | ) | |||||||||||||||
Exercise of stock options and other | (1,366 | ) | — | (199 | ) | — | — | (1,565 | ) | ||||||||||||||
Amortization of share-based compensation | 10,238 | — | 2,848 | — | — | 13,086 | |||||||||||||||||
Purchases of additional noncontrolling interest | 1,224 | — | (1,224 | ) | — | — | |||||||||||||||||
Disposal of noncontrolling interest | (36,846 | ) | — | (36,846 | ) | ||||||||||||||||||
Dividend declared and paid to noncontrolling interests | (70,412 | ) | (70,412 | ) | |||||||||||||||||||
Other | 623 | — | — | 623 | |||||||||||||||||||
Other comprehensive income | (2,208 | ) | — | — | — | 58,531 | 56,323 | ||||||||||||||||
Balances at December 31, 2016 | $ | 135,183 | $ | 500 | $ | 2,068,047 | $ | (12,733,329 | ) | $ | (355,876 | ) | $ | (10,885,475 | ) | ||||||||
(In thousands) | Years Ended December 31, | ||||||||||
2016 | 2015 | 2014 | |||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net loss | $ | (240,003 | ) | $ | (737,490 | ) | $ | (762,158 | ) | ||
Reconciling items: | |||||||||||
Impairment charges | 8,000 | 21,631 | 24,176 | ||||||||
Depreciation and amortization | 635,227 | 673,991 | 710,898 | ||||||||
Deferred taxes | (98,127 | ) | 27,848 | 33,923 | |||||||
Provision for doubtful accounts | 27,390 | 30,579 | 14,167 | ||||||||
Amortization of deferred financing charges and note discounts, net | 69,951 | 63,838 | 89,701 | ||||||||
Share-based compensation | 13,086 | 10,923 | 10,713 | ||||||||
Gain on disposal of operating and other assets | (365,710 | ) | (107,186 | ) | (44,512 | ) | |||||
Loss on investments | 12,907 | 4,421 | — | ||||||||
Equity in loss of nonconsolidated affiliates | 16,733 | 902 | 9,416 | ||||||||
(Gain) loss on extinguishment of debt | (157,556 | ) | 2,201 | 43,347 | |||||||
Other reconciling items, net | 33,120 | (28,490 | ) | (14,325 | ) | ||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Increase in accounts receivable | (14,469 | ) | (121,574 | ) | (13,898 | ) | |||||
(Increase) decrease in prepaid expenses and other current assets | (2,753 | ) | (20,631 | ) | 15,216 | ||||||
Increase (decrease) in accrued expenses | (2,862 | ) | (15,841 | ) | 31,049 | ||||||
Increase in accounts payable | 3,065 | 27,385 | 6,404 | ||||||||
Increase in accrued interest | 20,809 | 59,608 | 88,560 | ||||||||
Increase in deferred income | 23,661 | 23,516 | 11,288 | ||||||||
Changes in other operating assets and liabilities | 3,549 | 7,065 | (8,849 | ) | |||||||
Net cash provided by (used for) operating activities | (13,982 | ) | (77,304 | ) | 245,116 | ||||||
Cash flows from investing activities: | |||||||||||
Proceeds from sale of other investments | 5,367 | 579 | 236,618 | ||||||||
Purchases of businesses | (500 | ) | (27,588 | ) | 841 | ||||||
Purchases of property, plant and equipment | (314,717 | ) | (296,380 | ) | (318,164 | ) | |||||
Proceeds from disposal of assets | 856,981 | 414,278 | 10,273 | ||||||||
Purchases of other operating assets | (4,414 | ) | (29,159 | ) | (4,541 | ) | |||||
Purchases of investments | (29,031 | ) | (29,006 | ) | (8,520 | ) | |||||
Change in other, net | (2,771 | ) | (2,490 | ) | (5,189 | ) | |||||
Net cash provided by (used for) investing activities | 510,915 | 30,234 | (88,682 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Draws on credit facilities | 100,000 | 350,000 | 68,010 | ||||||||
Payments on credit facilities | (2,100 | ) | (123,849 | ) | (315,682 | ) | |||||
Proceeds from long-term debt | 6,856 | 1,172,777 | 2,062,475 | ||||||||
Payments on long-term debt | (421,263 | ) | (931,420 | ) | (2,099,101 | ) | |||||
Payments to repurchase noncontrolling interests | — | (42,797 | ) | (48,750 | ) | ||||||
Dividends and other payments to noncontrolling interests | (89,631 | ) | (30,871 | ) | (40,027 | ) | |||||
Deferred financing charges | (10,529 | ) | (18,644 | ) | (26,169 | ) | |||||
Change in other, net | (1,564 | ) | 2,214 | 1,243 | |||||||
Net cash provided by (used for) financing activities | (418,231 | ) | 377,410 | (398,001 | ) | ||||||
Effect of exchange rate changes on cash | (6,350 | ) | (14,686 | ) | (9,560 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 72,352 | 315,654 | (251,127 | ) | |||||||
Cash and cash equivalents at beginning of period | 772,678 | 457,024 | 708,151 | ||||||||
Cash and cash equivalents at end of period | $ | 845,030 | $ | 772,678 | $ | 457,024 | |||||
SUPPLEMENTAL DISCLOSURES: | |||||||||||
Cash paid during the year for interest | $ | 1,764,776 | $ | 1,686,988 | $ | 1,540,860 | |||||
Cash paid during the year for taxes | 44,844 | 52,169 | 53,074 | ||||||||
(In millions) | Years Ended December 31, | ||||||||||
2016 | 2015 | 2014 | |||||||||
Barter and trade revenues | $ | 165.8 | $ | 133.5 | $ | 78.3 | |||||
Barter and trade expenses | 112.2 | 112.1 | 75.1 | ||||||||
(In thousands) | December 31, | December 31, | |||||
2016 | 2015 | ||||||
Land, buildings and improvements | $ | 570,566 | $ | 603,234 | |||
Structures | 2,684,673 | 2,824,794 | |||||
Towers, transmitters and studio equipment | 350,760 | 347,877 | |||||
Furniture and other equipment | 622,848 | 591,149 | |||||
Construction in progress | 91,655 | 69,042 | |||||
4,320,502 | 4,436,096 | ||||||
Less: accumulated depreciation | 2,372,340 | 2,223,540 | |||||
Property, plant and equipment, net | $ | 1,948,162 | $ | 2,212,556 | |||
(In thousands) | December 31, 2016 | December 31, 2015 | |||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Transit, street furniture and other outdoor contractual rights | $ | 563,863 | $ | (426,752 | ) | $ | 635,772 | $ | (457,060 | ) | |||||
Customer / advertiser relationships | 1,222,519 | (1,012,380 | ) | 1,222,518 | (891,488 | ) | |||||||||
Talent contracts | 319,384 | (281,060 | ) | 319,384 | (252,526 | ) | |||||||||
Representation contracts | 253,511 | (229,413 | ) | 239,142 | (217,770 | ) | |||||||||
Permanent easements | 159,782 | — | 156,349 | — | |||||||||||
Other | 390,171 | (219,117 | ) | 394,983 | (195,644 | ) | |||||||||
Total | $ | 2,909,230 | $ | (2,168,722 | ) | $ | 2,968,148 | $ | (2,014,488 | ) | |||||
(In thousands) | |||
2017 | $ | 195,966 | |
2018 | 128,279 | ||
2019 | 44,820 | ||
2020 | 38,199 | ||
2021 | 35,471 | ||
(In thousands) | iHM | Americas Outdoor Advertising | International Outdoor Advertising | Other | Consolidated | ||||||||||||||
Balance as of December 31, 2014 | $ | 3,288,481 | $ | 584,574 | $ | 232,538 | $ | 81,831 | $ | 4,187,424 | |||||||||
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 | $ | 3,288,481 | $ | 534,683 | $ | 223,892 | $ | 81,831 | $ | 4,128,887 | |||||||||
Impairment | — | — | (7,274 | ) | — | (7,274 | ) | ||||||||||||
Dispositions | — | (6,934 | ) | (30,718 | ) | — | (37,652 | ) | |||||||||||
Foreign currency | — | (1,998 | ) | (5,051 | ) | — | (7,049 | ) | |||||||||||
Assets held for sale | — | (10,337 | ) | — | — | (10,337 | ) | ||||||||||||
Balance as of December 31, 2016 | $ | 3,288,481 | $ | 515,414 | $ | 180,849 | $ | 81,831 | $ | 4,066,575 | |||||||||
(In thousands) | Equity Method Investments | Cost Method Investments | Marketable Equity Securities | Total Investments | |||||||||||
Balance at December 31, 2014 | $ | 9,493 | $ | 16,269 | $ | 1,978 | $ | 27,740 | |||||||
Cash advances | 2,578 | — | — | 2,578 | |||||||||||
Acquisitions of investments, net | 17,980 | 47,546 | — | 65,526 | |||||||||||
Equity in earnings (loss) | (902 | ) | — | — | (902 | ) | |||||||||
Foreign currency translation adjustment | (89 | ) | (13 | ) | (205 | ) | (307 | ) | |||||||
Distributions received | (1,350 | ) | — | — | (1,350 | ) | |||||||||
Loss on investments | — | (5,000 | ) | — | (5,000 | ) | |||||||||
Other | — | — | 553 | 553 | |||||||||||
Balance at December 31, 2015 | $ | 27,710 | $ | 58,802 | $ | 2,326 | $ | 88,838 | |||||||
Cash advances | 2,993 | — | — | 2,993 | |||||||||||
Acquisitions of investments, net | 6,737 | 26,086 | — | 32,823 | |||||||||||
Equity in loss | (16,733 | ) | — | — | (16,733 | ) | |||||||||
Disposals of investments, net | (2,476 | ) | (1,000 | ) | — | (3,476 | ) | ||||||||
Foreign currency transaction adjustment | (45 | ) | (196 | ) | (35 | ) | (276 | ) | |||||||
Distributions received | (3,709 | ) | — | — | (3,709 | ) | |||||||||
Loss on investments | — | (14,798 | ) | — | (14,798 | ) | |||||||||
Other | 2,772 | (576 | ) | 2,196 | |||||||||||
Balance at December 31, 2016 | $ | 14,477 | $ | 71,666 | $ | 1,715 | $ | 87,858 | |||||||
(In thousands) | Years Ended December 31, | ||||||
2016 | 2015 | ||||||
Beginning balance | $ | 48,056 | $ | 54,211 | |||
Adjustment due to changes in estimates | (5,343 | ) | 2,082 | ||||
Accretion of liability | 5,090 | 754 | |||||
Liabilities settled | (4,310 | ) | (6,105 | ) | |||
Foreign Currency | (1,002 | ) | (2,886 | ) | |||
Ending balance | 42,491 | 48,056 | |||||
Less: current portion | 424 | 482 | |||||
Long-term portion of asset retirement obligation | $ | 42,067 | $ | 47,574 | |||
(In thousands) | December 31, | December 31, | |||||
2016 | 2015 | ||||||
Senior Secured Credit Facilities | $ | 6,300,000 | $ | 6,300,000 | |||
Receivables Based Credit Facility Due 2017 | 330,000 | 230,000 | |||||
Priority Guarantee Notes | 6,274,815 | 6,274,815 | |||||
Subsidiary Revolving Credit Facility Due 2018 | — | — | |||||
Other Secured Subsidiary Debt | 20,987 | 25,228 | |||||
Total Consolidated Secured Debt | 12,925,802 | 12,830,043 | |||||
14.0% Senior Notes Due 2021 | 1,729,168 | 1,695,097 | |||||
Legacy Notes(1) | 475,000 | 667,900 | |||||
10.0% Senior Notes Due 2018 | 347,028 | 730,000 | |||||
Subsidiary Senior Notes | 5,150,000 | 5,150,000 | |||||
Other Subsidiary Debt | 27,954 | 165 | |||||
Purchase accounting adjustments and original issue discount | (166,961 | ) | (204,611 | ) | |||
Long-term debt fees | (123,003 | ) | (147,983 | ) | |||
20,364,988 | 20,720,611 | ||||||
Less: current portion | 342,908 | 181,512 | |||||
Total long-term debt | $ | 20,022,080 | $ | 20,539,099 | |||
(1) | The Legacy Notes amount does not include $57.1 million aggregate principal amount of 5.5% Senior Notes due 2016, which matured on December 15, 2016 and continue to remain outstanding. These notes are held by a subsidiary of the Company and are eliminated for purposes of consolidation of the Company’s financial statements. |
(In thousands) | December 31, | December 31, | |||||||
Maturity Date | 2016 | 2015 | |||||||
Term Loan D | 1/30/2019 | $ | 5,000,000 | $ | 5,000,000 | ||||
Term Loan E | 7/30/2019 | 1,300,000 | 1,300,000 | ||||||
Total Senior Secured Credit Facilities | $ | 6,300,000 | $ | 6,300,000 | |||||
• | with respect to loans under the term loan D, (i) 5.75% in the case of base rate loans and (ii) 6.75% in the case of Eurocurrency rate loans; and |
• | with respect to loans under the term loan E, (i) 6.50% in the case of base rate loans and (ii) 7.50% in the case of Eurocurrency rate loans. |
• | a lien on the Company's capital stock ; |
• | 100% of the capital stock of any future material wholly-owned domestic license subsidiary that is not a “Restricted Subsidiary” under the indenture governing the Company's legacy notes; |
• | certain assets that do not constitute “principal property” (as defined in the indenture governing the Company's legacy notes); |
• | certain specified assets of the Company and the guarantors that constitute “principal property” (as defined in the indenture governing the Company's legacy notes) securing obligations under the senior secured credit facilities up to the maximum amount permitted to be secured by such assets without requiring equal and ratable security under the indenture governing the Company's legacy notes; and |
• | a lien on the accounts receivable and related assets securing the Company's receivables based credit facility that is junior to the lien securing the Company's obligations under such credit facility. |
• | incur additional indebtedness; |
• | create liens on assets; |
• | engage in mergers, consolidations, liquidations and dissolutions; |
• | sell assets; |
• | pay dividends and distributions or repurchase the Company's capital stock; |
• | make investments, loans, or advances; |
• | prepay certain junior indebtedness; |
• | engage in certain transactions with affiliates; |
• | amend material agreements governing certain junior indebtedness; and |
• | change lines of business. |
• | incur additional indebtedness; |
• | create liens on assets; |
• | engage in mergers, consolidations, liquidations and dissolutions; |
• | sell assets; |
• | pay dividends and distributions or repurchase capital stock; |
• | make investments, loans, or advances; |
• | prepay certain junior indebtedness; |
• | engage in certain transactions with affiliates; |
• | amend material agreements governing certain junior indebtedness; and |
• | change lines of business. |
(In thousands) | December 31, | December 31, | |||||||||||
Maturity Date | Interest Rate | Interest Payment Terms | 2016 | 2015 | |||||||||
9.0% Priority Guarantee Notes due 2019 | 12/15/2019 | 9.0% | Payable semi-annually in arrears on June 15 and December 15 of each year | $ | 1,999,815 | $ | 1,999,815 | ||||||
9.0% Priority Guarantee Notes due 2021 | 3/1/2021 | 9.0% | Payable semi-annually in arrears on March 1 and September 1 of each year | 1,750,000 | 1,750,000 | ||||||||
11.25% Priority Guarantee Notes due 2021 | 3/1/2021 | 11.25% | Payable semi-annually in arrears on March 1 and September 1 of each year | 575,000 | 575,000 | ||||||||
9.0% Priority Guarantee Notes due 2022 | 9/15/2022 | 9.0% | Payable semi-annually in arrears on March 15 and September 15 of each year | 1,000,000 | 1,000,000 | ||||||||
10.625% Priority Guarantee Notes due 2023 | 3/15/2023 | 10.625% | Payable semi-annually in arrears on March 15 and September 15 of each year | 950,000 | 950,000 | ||||||||
Total Priority Guarantee Notes | $ | 6,274,815 | $ | 6,274,815 | |||||||||
(In thousands) | December 31, | December 31, | |||||
2016 | 2015 | ||||||
5.5% Senior Notes Due 2016(1) | $ | — | $ | 192,900 | |||
6.875% Senior Notes Due 2018 | 175,000 | 175,000 | |||||
7.25% Senior Notes Due 2027 | 300,000 | 300,000 | |||||
Total Legacy Notes | $ | 475,000 | $ | 667,900 | |||
(1) | In December 2016, we repaid at maturity $192.9 million of 5.5% Senior Notes due 2016 and did not pay $57.1 million of the notes held by a subsidiary of the Company. The $57.1 million of aggregate principal amount remains outstanding and is eliminated for purposes of consolidation of the Company’s financial statements. |
(In thousands) | December 31, | December 31, | |||||||||||
Maturity Date | Interest Rate | Interest Payment Terms | 2016 | 2015 | |||||||||
CCWH Senior Notes: | |||||||||||||
6.5% Series A Senior Notes Due 2022 | 11/15/2022 | 6.5% | Payable to the trustee weekly in arrears and to noteholders on May 15 and November 15 of each year | $ | 735,750 | $ | 735,750 | ||||||
6.5% Series B Senior Notes Due 2022 | 11/15/2022 | 6.5% | Payable to the trustee weekly in arrears and to noteholders on May 15 and November 15 of each year | 1,989,250 | 1,989,250 | ||||||||
CCWH Senior Subordinated Notes: | |||||||||||||
7.625% Series A Senior Notes Due 2020 | 3/15/2020 | 7.625% | Payable to the trustee weekly in arrears and to noteholders on March 15 and September 15 of each year | 275,000 | 275,000 | ||||||||
7.625% Series B Senior Notes Due 2020 | 3/15/2020 | 7.625% | Payable to the trustee weekly in arrears and to noteholders on March 15 and September 15 of each year | 1,925,000 | 1,925,000 | ||||||||
Total CCWH Notes | $ | 4,925,000 | $ | 4,925,000 | |||||||||
Clear Channel International B.V. Senior Notes: | |||||||||||||
8.75% Senior Notes Due 2020 | 12/15/2020 | 8.75% | Payable semi-annually in arrears on June 15 and December 15 of each year | $ | 225,000 | $ | 225,000 | ||||||
Total Subsidiary Senior Notes | $ | 5,150,000 | $ | 5,150,000 | |||||||||
• | incur or guarantee additional debt or issue certain preferred stock; |
• | make certain investments; |
• | in case of the Senior Notes, create liens on its restricted subsidiaries’ assets to secure such debt; |
• | create restrictions on the payment of dividends or other amounts to it from its restricted subsidiaries that are not guarantors of the notes; |
• | enter into certain transactions with affiliates; |
• | merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of its assets; |
• | sell certain assets, including capital stock of its subsidiaries; and |
• | in the case of the Series B CCWH Senior Notes and the Series B CCWH Senior Subordinated Notes, pay dividends, redeem or repurchase capital stock or make other restricted payments. |
• | pay dividends, redeem stock or make other distributions or investments; |
• | incur additional debt or issue certain preferred stock; |
• | transfer or sell assets; |
• | create liens on assets; |
• | engage in certain transactions with affiliates; |
• | create restrictions on dividends or other payments by the restricted subsidiaries; and |
• | merge, consolidate or sell substantially all of Clear Channel International B.V.’s assets. |
(in thousands) | |||
2017 | $ | 343,450 | |
2018 | 534,287 | ||
2019 | 8,304,297 | ||
2020 | 2,430,131 | ||
2021 | 4,060,007 | ||
Thereafter | 4,982,780 | ||
Total (1) (2) | $ | 20,654,952 | |
(1) | Excludes purchase accounting adjustments and original issue discount of $167.0 million and long-term debt fees of $123.0 million, which are amortized through interest expense over the life of the underlying debt obligations. |
(2) | Excludes certain estimated applicable high yield discount obligation (“AHYDO”) catch-up payments on the principal amount outstanding of Senior Notes due 2021 of $24.8 million, $64.7 million, and $68.4 million in 2018, 2019 and 2020, respectively. |
(In thousands) | Capital | ||||||||||||||
Non-Cancelable | Non-Cancelable | Expenditure | Employment/Talent | ||||||||||||
Operating Leases | Contracts | Commitments | Contracts | ||||||||||||
2017 | $ | 464,877 | $ | 435,186 | $ | 49,618 | $ | 64,222 | |||||||
2018 | 414,790 | 331,815 | 7,348 | 52,134 | |||||||||||
2019 | 384,257 | 286,270 | 4,449 | 48,093 | |||||||||||
2020 | 353,934 | 229,104 | 1,962 | 45,500 | |||||||||||
2021 | 320,798 | 191,197 | 2,097 | 6,250 | |||||||||||
Thereafter | 2,147,942 | 411,341 | 12,242 | — | |||||||||||
Total | $ | 4,086,598 | $ | 1,884,913 | $ | 77,716 | $ | 216,199 | |||||||
(In thousands) | Years Ended December 31, | ||||||||||
2016 | 2015 | 2014 | |||||||||
Current - Federal | $ | (190 | ) | $ | (31 | ) | $ | (503 | ) | ||
Current - foreign | (44,555 | ) | (46,188 | ) | (27,256 | ) | |||||
Current - state | (2,908 | ) | (12,890 | ) | 3,193 | ||||||
Total current expense | (47,653 | ) | (59,109 | ) | (24,566 | ) | |||||
Deferred - Federal | 38,715 | (30,719 | ) | (29,284 | ) | ||||||
Deferred - foreign | 56,747 | 5,269 | 4,308 | ||||||||
Deferred - state | 2,665 | (2,398 | ) | (8,947 | ) | ||||||
Total deferred benefit (expense) | 98,127 | (27,848 | ) | (33,923 | ) | ||||||
Income tax benefit (expense) | $ | 50,474 | $ | (86,957 | ) | $ | (58,489 | ) | |||
(In thousands) | 2016 | 2015 | |||||
Deferred tax liabilities: | |||||||
Intangibles and fixed assets | $ | 2,016,861 | $ | 2,173,491 | |||
Long-term debt | 37,205 | 79,758 | |||||
Investments | — | 3,701 | |||||
Other | 10,159 | 11,540 | |||||
Total deferred tax liabilities | 2,064,225 | 2,268,490 | |||||
Deferred tax assets: | |||||||
Accrued expenses | 155,037 | 114,079 | |||||
Investments | 5,458 | — | |||||
Net operating loss carryforwards | 1,384,175 | 1,495,294 | |||||
Bad debt reserves | 10,137 | 9,256 | |||||
Other | 43,545 | 39,539 | |||||
Total gross deferred tax assets | 1,598,352 | 1,658,168 | |||||
Less: Valuation allowance | 991,222 | 944,576 | |||||
Total deferred tax assets | 607,130 | 713,592 | |||||
Net deferred tax liabilities | $ | 1,457,095 | $ | 1,554,898 | |||
(In thousands) | Years Ended December 31, | ||||||||||
2016 | 2015 | 2014 | |||||||||
US | $ | (349,829 | ) | $ | (700,376 | ) | $ | (800,879 | ) | ||
Foreign | 59,352 | 49,843 | 97,210 | ||||||||
Total loss before income taxes | $ | (290,477 | ) | $ | (650,533 | ) | $ | (703,669 | ) | ||
Years Ended December 31, | |||||||||||||||||
(In thousands) | 2016 | 2015 | 2014 | ||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||
Income tax benefit at statutory rates | $ | 101,667 | 35.0% | $ | 227,686 | 35.0% | $ | 246,284 | 35.0% | ||||||||
State income taxes, net of federal tax effect | 6,372 | 2.2% | 17,795 | 2.7% | 26,518 | 3.8% | |||||||||||
Foreign income taxes | (21,477 | ) | (7.4)% | (23,474 | ) | (3.6)% | 11,074 | 1.6% | |||||||||
Nondeductible items | (5,760 | ) | (2.0)% | (5,764 | ) | (0.9)% | (5,533 | ) | (0.8)% | ||||||||
Changes in valuation allowance and other estimates | (31,229 | ) | (10.7)% | (302,935 | ) | (46.6)% | (333,641 | ) | (47.4)% | ||||||||
Other, net | 901 | 0.3% | (265 | ) | —% | (3,191 | ) | (0.5)% | |||||||||
Income tax benefit (expense) | $ | 50,474 | 17.4% | $ | (86,957 | ) | (13.4)% | $ | (58,489 | ) | (8.3)% | ||||||
(In thousands) | Years Ended December 31, | ||||||
Unrecognized Tax Benefits | 2016 | 2015 | |||||
Balance at beginning of period | $ | 103,208 | $ | 106,914 | |||
Increases for tax position taken in the current year | 10,094 | 9,856 | |||||
Increases for tax positions taken in previous years | 3,024 | 3,087 | |||||
Decreases for tax position taken in previous years | (11,157 | ) | (8,534 | ) | |||
Decreases due to settlements with tax authorities | (1,007 | ) | (3,821 | ) | |||
Decreases due to lapse of statute of limitations | (6,200 | ) | (4,294 | ) | |||
Balance at end of period | $ | 97,962 | $ | 103,208 | |||
(In thousands) | The Company | Noncontrolling Interests | Consolidated | ||||||||
Balances as of January 1, 2016 | $ | (10,784,296 | ) | $ | 177,615 | $ | (10,606,681 | ) | |||
Net income (loss) | (296,318 | ) | 56,315 | (240,003 | ) | ||||||
Dividends and other payments to noncontrolling interests | — | (70,412 | ) | (70,412 | ) | ||||||
Purchase of additional noncontrolling interests | (1,224 | ) | 1,224 | — | |||||||
Disposal of noncontrolling interests | — | (36,846 | ) | (36,846 | ) | ||||||
Share-based compensation | 2,848 | 10,238 | 13,086 | ||||||||
Foreign currency translation adjustments | 27,343 | (5,360 | ) | 21,983 | |||||||
Unrealized holding loss on marketable securities | (518 | ) | (58 | ) | (576 | ) | |||||
Other adjustments to comprehensive loss | (10,622 | ) | (1,192 | ) | (11,814 | ) | |||||
Reclassifications adjustments | 42,328 | 4,402 | 46,730 | ||||||||
Other, net | (199 | ) | (743 | ) | (942 | ) | |||||
Balances as of December 31, 2016 | $ | (11,020,658 | ) | $ | 135,183 | $ | (10,885,475 | ) | |||
(In thousands) | The Company | Noncontrolling Interests | Consolidated | ||||||||
Balances as of January 1, 2015 | $ | (9,889,348 | ) | $ | 224,140 | $ | (9,665,208 | ) | |||
Net income (loss) | (754,621 | ) | 17,131 | (737,490 | ) | ||||||
Dividends and other payments to noncontrolling interests | — | (52,384 | ) | (52,384 | ) | ||||||
Purchase of additional noncontrolling interests | (40,819 | ) | (1,978 | ) | (42,797 | ) | |||||
Share-based compensation | 2,564 | 8,359 | 10,923 | ||||||||
Foreign currency translation adjustments | (93,377 | ) | (21,529 | ) | (114,906 | ) | |||||
Unrealized holding gain on marketable securities | 495 | 58 | 553 | ||||||||
Other adjustments to comprehensive loss | (9,253 | ) | (1,013 | ) | (10,266 | ) | |||||
Reclassifications adjustments | 734 | 74 | 808 | ||||||||
Other, net | (671 | ) | 4,757 | 4,086 | |||||||
Balances as of December 31, 2015 | $ | (10,784,296 | ) | $ | 177,615 | $ | (10,606,681 | ) | |||
(In thousands, except per share data) | Options | Price | Weighted Average Remaining Contractual Term | |||||
Outstanding, January 1, 2016 | 2,097 | $ | 35.03 | |||||
Granted | — | — | ||||||
Exercised | — | — | ||||||
Forfeited | (3 | ) | 10.00 | |||||
Expired | (2 | ) | 10.00 | |||||
Outstanding, December 31, 2016 (1) | 2,092 | 35.09 | 2.6 years | |||||
Exercisable | 1,549 | 35.14 | 3.0 years | |||||
Expected to Vest | 522 | 35.93 | 1.6 years | |||||
(1) | Non-cash compensation expense has not been recorded with respect to 0.5 million shares as the vesting of these options is subject to performance conditions that have not yet been determined probable to meet. |
(In thousands, except per share data) | Options | Weighted Average Grant Date Fair Value | ||||
Unvested, January 1, 2016 | 682 | $ | 15.99 | |||
Granted | — | — | ||||
Vested (1) | (136 | ) | 1.39 | |||
Forfeited | (3 | ) | 10.00 | |||
Unvested, December 31, 2016 | 543 | 19.74 | ||||
(1) | The total fair value of the options vested during the years ended December 31, 2016, 2015 and 2014 was $0.2 million, $0.3 million and $0.3 million, respectively. |
(In thousands, except per share data) | Awards | Price | ||||
Outstanding, January 1, 2016 | 5,070 | $ | 5.36 | |||
Granted | 1,408 | 1.02 | ||||
Vested (restriction lapsed) | (505 | ) | 5.20 | |||
Forfeited | (201 | ) | 5.07 | |||
Outstanding, December 31, 2016 | 5,772 | 4.43 | ||||
Years Ended December 31, | |||||
2016 | 2015 | 2014 | |||
Expected volatility | 42% - 44% | 37% – 56% | 54% – 56% | ||
Expected life in years | 6.3 | 6.3 | 6.3 | ||
Risk-free interest rate | 1.12% - 1.41% | 1.70% – 2.07% | 1.73% – 2.08% | ||
Dividend yield | —% | —% | —% | ||
(In thousands, except per share data) | Options | Price(3) | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||
Outstanding, January 1, 2016 | 5,348 | $ | 7.86 | |||||||||
Granted (1) | 290 | 6.43 | ||||||||||
Exercised (2) | (173 | ) | 3.66 | |||||||||
Forfeited | (159 | ) | 7.25 | |||||||||
Expired | (273 | ) | 12.15 | |||||||||
Outstanding, December 31, 2016 | 5,033 | 7.71 | 4.9 years | $ | 2,539 | |||||||
Exercisable | 3,868 | 7.86 | 3.8 years | $ | 2,526 | |||||||
Expected to vest | 1,042 | 7.18 | 8.4 years | $ | 12 | |||||||
(1) | The weighted average grant date fair value of CCOH options granted during the years ended December 31, 2016, 2015 and 2014 was $2.82, $4.25 and $4.69 per share, respectively. |
(2) | Cash received from option exercises during the years ended December 31, 2016, 2015 and 2014 was $0.6 million, $3.8 million and $2.4 million, respectively. The total intrinsic value of the options exercised during the years ended December 31, 2016, 2015 and 2014 was $0.4 million, $2.8 million and $1.5 million, respectively. |
(3) | Reflects the weighted average exercise price per share. |
(In thousands, except per share data) | Options | Weighted Average Grant Date Fair Value | ||||
Unvested, January 1, 2016 | 1,690 | $ | 4.27 | |||
Granted | 290 | 2.82 | ||||
Vested (1) | (657 | ) | 4.18 | |||
Forfeited | (159 | ) | 4.22 | |||
Unvested, December 31, 2016 | 1,164 | 3.97 | ||||
(1) | The total fair value of CCOH options vested during the years ended December 31, 2016, 2015 and 2014 was $2.7 million, $4.2 million and $6.1 million, respectively. |
(In thousands, except per share data) | Awards | Price | ||||
Outstanding, January 1, 2016 | 2,762 | $ | 8.43 | |||
Granted | 1,510 | 5.67 | ||||
Vested (restriction lapsed) | (1,198 | ) | 6.85 | |||
Forfeited | (331 | ) | 8.19 | |||
Outstanding, December 31, 2016 | 2,743 | 7.63 | ||||
(In thousands) | Years Ended December 31, | ||||||||||
2016 | 2015 | 2014 | |||||||||
Foreign exchange gain (loss) | $ | (69,880 | ) | $ | 15,468 | $ | 15,554 | ||||
Other | (3,222 | ) | (2,412 | ) | (6,450 | ) | |||||
Total other income (expense), net | $ | (73,102 | ) | $ | 13,056 | $ | 9,104 | ||||
(In thousands) | Years Ended December 31, | ||||||||||
2016 | 2015 | 2014 | |||||||||
Foreign currency translation adjustments and other | $ | (1,044 | ) | $ | 1,585 | $ | 2,559 | ||||
Total increase in deferred tax liabilities | $ | (1,044 | ) | $ | 1,585 | $ | 2,559 | ||||
(In thousands) | As of December 31, | ||||||
2016 | 2015 | ||||||
Inventory | $ | 22,068 | $ | 24,833 | |||
Deposits | 2,717 | 3,184 | |||||
Other | 30,280 | 51,252 | |||||
Total other current assets | $ | 55,065 | $ | 79,269 | |||
(In thousands) | As of December 31, | ||||||
2016 | 2015 | ||||||
Investments in, and advances to, nonconsolidated affiliates | $ | 14,477 | $ | 27,710 | |||
Other investments | 73,381 | 61,128 | |||||
Notes receivable | 132 | 156 | |||||
Prepaid expenses | — | 7,932 | |||||
Deposits | 20,963 | 26,025 | |||||
Prepaid rent | 70,603 | 74,114 | |||||
Non-qualified plan assets | 10,733 | 10,385 | |||||
Other | 37,161 | 7,637 | |||||
Total other assets | $ | 227,450 | $ | 215,087 | |||
(In thousands) | As of December 31, | ||||||
2016 | 2015 | ||||||
Unrecognized tax benefits | $ | 115,078 | $ | 113,563 | |||
Asset retirement obligation | 42,067 | 47,574 | |||||
Non-qualified plan liabilities | 10,733 | 10,385 | |||||
Deferred income | 154,246 | 137,942 | |||||
Deferred rent | 155,339 | 141,911 | |||||
Employee related liabilities | 55,460 | 47,491 | |||||
Other | 39,054 | 27,705 | |||||
Total other long-term liabilities | $ | 571,977 | $ | 526,571 | |||
(In thousands) | As of December 31, | ||||||
2016 | 2015 | ||||||
Cumulative currency translation adjustment | $ | (319,696 | ) | $ | (389,367 | ) | |
Cumulative unrealized gain on securities | 1,428 | 1,946 | |||||
Cumulative other adjustments | (37,608 | ) | (26,986 | ) | |||
Total accumulated other comprehensive loss | $ | (355,876 | ) | $ | (414,407 | ) | |
(In thousands) | iHM | Americas Outdoor Advertising | International Outdoor Advertising | Other | Corporate and other reconciling items | Eliminations | Consolidated | ||||||||||||||||||||
Year Ended December 31, 2016 | |||||||||||||||||||||||||||
Revenue | $ | 3,403,040 | $ | 1,278,413 | $ | 1,423,982 | $ | 171,593 | $ | — | $ | (3,455 | ) | $ | 6,273,573 | ||||||||||||
Direct operating expenses | 975,463 | 570,310 | 865,259 | 1,255 | — | — | 2,412,287 | ||||||||||||||||||||
Selling, general and administrative expenses | 1,102,998 | 225,415 | 289,787 | 109,623 | — | (1,924 | ) | 1,725,899 | |||||||||||||||||||
Corporate expenses | — | — | — | — | 342,556 | (1,531 | ) | 341,025 | |||||||||||||||||||
Depreciation and amortization | 243,964 | 185,654 | 152,758 | 17,304 | 35,547 | — | 635,227 | ||||||||||||||||||||
Impairment charges | — | — | — | — | 8,000 | — | 8,000 | ||||||||||||||||||||
Other operating income, net | — | — | — | — | 353,556 | — | 353,556 | ||||||||||||||||||||
Operating income (loss) | $ | 1,080,615 | $ | 297,034 | $ | 116,178 | $ | 43,411 | $ | (32,547 | ) | $ | — | $ | 1,504,691 | ||||||||||||
Intersegment revenues | $ | — | $ | 3,455 | $ | — | $ | — | $ | — | $ | — | $ | 3,455 | |||||||||||||
Segment assets | $ | 7,392,872 | $ | 3,175,355 | $ | 1,342,356 | $ | 237,435 | $ | 714,445 | $ | (216 | ) | $ | 12,862,247 | ||||||||||||
Capital expenditures | $ | 73,221 | $ | 81,401 | $ | 143,788 | $ | 2,460 | $ | 13,847 | $ | — | $ | 314,717 | |||||||||||||
Share-based compensation expense | $ | — | $ | — | $ | — | $ | — | $ | 13,086 | $ | — | $ | 13,086 | |||||||||||||
Year Ended December 31, 2015 | |||||||||||||||||||||||||||
Revenue | $ | 3,284,320 | $ | 1,349,021 | $ | 1,457,183 | $ | 153,736 | $ | — | $ | (2,744 | ) | $ | 6,241,516 | ||||||||||||
Direct operating expenses | 972,937 | 597,382 | 897,520 | 3,274 | — | — | 2,471,113 | ||||||||||||||||||||
Selling, general and administrative expenses | 1,065,066 | 233,254 | 298,250 | 110,526 | — | (2,744 | ) | 1,704,352 | |||||||||||||||||||
Corporate expenses | — | — | — | — | 314,999 | — | 314,999 | ||||||||||||||||||||
Depreciation and amortization | 240,207 | 204,514 | 166,060 | 20,622 | 42,588 | — | 673,991 | ||||||||||||||||||||
Impairment charges | — | — | — | — | 21,631 | — | 21,631 | ||||||||||||||||||||
Other operating income, net | — | — | — | — | 94,001 | — | 94,001 | ||||||||||||||||||||
Operating income (loss) | $ | 1,006,110 | $ | 313,871 | $ | 95,353 | $ | 19,314 | $ | (285,217 | ) | $ | — | $ | 1,149,431 | ||||||||||||
Intersegment revenues | $ | — | $ | 2,744 | $ | — | $ | — | $ | — | $ | — | $ | 2,744 | |||||||||||||
Segment assets | $ | 7,522,998 | $ | 3,567,764 | $ | 1,573,161 | $ | 229,067 | $ | 976,417 | $ | (196,292 | ) | $ | 13,673,115 | ||||||||||||
Capital expenditures | $ | 63,814 | $ | 82,165 | $ | 132,554 | $ | 2,039 | $ | 15,808 | $ | — | $ | 296,380 | |||||||||||||
Share-based compensation expense | $ | — | $ | — | $ | — | $ | — | $ | 10,923 | $ | — | $ | 10,923 | |||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||
Revenue | $ | 3,161,503 | $ | 1,350,623 | $ | 1,610,636 | $ | 202,497 | $ | — | $ | (6,726 | ) | $ | 6,318,533 | ||||||||||||
Direct operating expenses | 932,172 | 605,771 | 991,117 | 14,255 | — | (3,280 | ) | 2,540,035 | |||||||||||||||||||
Selling, general and administrative expenses | 1,013,407 | 233,641 | 314,878 | 122,448 | — | (3,436 | ) | 1,680,938 | |||||||||||||||||||
Corporate expenses | — | — | — | — | 320,941 | (10 | ) | 320,931 | |||||||||||||||||||
Depreciation and amortization | 240,846 | 203,928 | 198,143 | 29,435 | 38,546 | — | 710,898 | ||||||||||||||||||||
Impairment charges | — | — | — | — | 24,176 | — | 24,176 | ||||||||||||||||||||
Other operating income, net | — | — | — | — | 40,031 | — | 40,031 | ||||||||||||||||||||
Operating income (loss) | $ | 975,078 | $ | 307,283 | $ | 106,498 | $ | 36,359 | $ | (343,632 | ) | $ | — | $ | 1,081,586 | ||||||||||||
Intersegment revenues | $ | 10 | $ | 3,436 | $ | — | $ | 3,280 | $ | — | $ | — | $ | 6,726 | |||||||||||||
Segment assets | $ | 7,700,435 | $ | 3,648,735 | $ | 1,680,598 | $ | 266,880 | $ | 542,931 | $ | — | $ | 13,839,579 | |||||||||||||
Capital expenditures | $ | 53,914 | $ | 109,727 | $ | 117,480 | $ | 2,233 | $ | 34,810 | $ | — | $ | 318,164 | |||||||||||||
Share-based compensation expense | $ | — | $ | — | $ | — | $ | — | $ | 10,713 | $ | — | $ | 10,713 | |||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Three Months Ended September 30, | Three Months Ended December 31, | ||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||
Revenue | $ | 1,363,505 | $ | 1,344,564 | $ | 1,618,532 | $ | 1,599,859 | $ | 1,570,418 | $ | 1,579,514 | $ | 1,721,118 | $ | 1,717,579 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||
Direct operating expenses | 568,371 | 577,692 | 617,246 | 615,163 | 595,576 | 627,150 | 631,094 | 651,108 | |||||||||||||||||||||||
Selling, general and administrative expenses | 425,568 | 416,881 | 434,581 | 424,562 | 421,700 | 429,426 | 444,050 | 433,483 | |||||||||||||||||||||||
Corporate expenses | 77,879 | 77,422 | 87,650 | 80,295 | 86,779 | 74,775 | 88,717 | 82,507 | |||||||||||||||||||||||
Depreciation and amortization | 155,456 | 170,453 | 162,144 | 168,394 | 158,453 | 166,320 | 159,174 | 168,824 | |||||||||||||||||||||||
Impairment charges | — | — | — | — | 8,000 | 21,631 | — | — | |||||||||||||||||||||||
Other operating income, net | 284,463 | (8,974 | ) | (64,190 | ) | 100,754 | (505 | ) | 6,914 | 133,788 | (4,693 | ) | |||||||||||||||||||
Operating income | 420,694 | 93,142 | 252,721 | 412,199 | 299,405 | 267,126 | 531,871 | 376,964 | |||||||||||||||||||||||
Interest expense | 463,950 | 441,771 | 465,991 | 452,957 | 459,852 | 453,921 | 460,189 | 456,847 | |||||||||||||||||||||||
Gain (loss) on investments, net | — | 579 | — | — | (13,767 | ) | (5,000 | ) | 860 | — | |||||||||||||||||||||
Equity in earnings (loss) of nonconsolidated affiliates | (433 | ) | 331 | (1,610 | ) | (690 | ) | 1,117 | (857 | ) | (15,807 | ) | 314 | ||||||||||||||||||
Gain (loss) on extinguishment of debt | — | (2,201 | ) | — | — | 157,556 | — | — | — | ||||||||||||||||||||||
Other income (expense), net | (5,712 | ) | 19,891 | (34,019 | ) | 16,211 | (7,323 | ) | (17,976 | ) | (26,048 | ) | (5,070 | ) | |||||||||||||||||
Income (loss) before income taxes | (49,401 | ) | (330,029 | ) | (248,899 | ) | (25,237 | ) | (22,864 | ) | (210,628 | ) | 30,687 | (84,639 | ) | ||||||||||||||||
Income tax benefit (expense) | (9,493 | ) | (56,605 | ) | (27,137 | ) | (22,077 | ) | (5,613 | ) | (2,841 | ) | 92,717 | (5,434 | ) | ||||||||||||||||
Consolidated net income (loss) | (58,894 | ) | (386,634 | ) | (276,036 | ) | (47,314 | ) | (28,477 | ) | (213,469 | ) | 123,404 | (90,073 | ) | ||||||||||||||||
Less amount attributable to noncontrolling interest | 29,621 | (1,668 | ) | 2,858 | 7,152 | 6,474 | 8,448 | 17,362 | 3,199 | ||||||||||||||||||||||
Net income (loss)attributable to the Company | $ | (88,515 | ) | $ | (384,966 | ) | $ | (278,894 | ) | $ | (54,466 | ) | $ | (34,951 | ) | $ | (221,917 | ) | $ | 106,042 | $ | (93,272 | ) | ||||||||
(In thousands) | Charges | |||||||||||||||||||
Balance at | to Costs, | Write-off | Balance | |||||||||||||||||
Beginning | Expenses | of Accounts | at End of | |||||||||||||||||
Description | of period | and other | Receivable | Other (1) | Period | |||||||||||||||
Year ended December 31, 2014 | $ | 47,745 | $ | 14,167 | $ | 27,014 | $ | (2,502 | ) | $ | 32,396 | |||||||||
Year ended December 31, 2015 | $ | 32,396 | $ | 30,579 | $ | 26,310 | $ | (1,776 | ) | $ | 34,889 | |||||||||
Year ended December 31, 2016 | $ | 34,889 | $ | 27,390 | $ | 27,898 | $ | (499 | ) | $ | 33,882 | |||||||||
(1) | Primarily foreign currency adjustments and acquisition and/or divestiture activity. |
(In thousands) | Charges | |||||||||||||||||||
Balance at | to Costs, | Balance | ||||||||||||||||||
Beginning | Expenses | at end of | ||||||||||||||||||
Description | of Period | and other (1) | Reversal (2) | Adjustments (3) | Period | |||||||||||||||
Year ended December 31, 2014 | $ | 327,623 | $ | 356,583 | $ | (230 | ) | $ | (28,318 | ) | $ | 655,658 | ||||||||
Year ended December 31, 2015 | $ | 655,658 | $ | 314,098 | $ | (457 | ) | $ | (24,723 | ) | $ | 944,576 | ||||||||
Year ended December 31, 2016 | $ | 944,576 | $ | 109,285 | $ | (49,577 | ) | $ | (13,062 | ) | $ | 991,222 | ||||||||
(1) | During 2014, 2015 and 2016, the Company recorded valuation allowances on deferred tax assets attributable to net operating losses in certain foreign jurisdictions. In addition, during 2015 and 2016 the Company recorded a valuation allowance of $305.3 million and $61.5 million, respectively, on a portion of its deferred tax assets attributable to federal and state net operating loss carryforwards due to the uncertainty of the ability to utilize those losses in future periods. |
(2) | During 2014, 2015 and 2016, the Company realized the tax benefits associated with certain foreign deferred tax assets, primarily related to foreign loss carryforwards, on which a valuation allowance was previously recorded. The associated valuation allowance was reversed in the period in which, based on the weight of available evidence, it is more-likely-than-not that the deferred tax asset will be realized. During 2016, the Company released valuation allowances in France in the amount of $43.3 million. |
(3) | During 2014, 2015 and 2016, the Company adjusted certain valuation allowances as a result of changes in tax rates in certain jurisdictions and as a result of the expiration of carryforward periods for net operating loss carryforwards. |
Exhibit Number | Description | |
3.1 | Restated Articles of Incorporation, as amended, of iHeartCommunications, Inc. (Incorporated by reference to Exhibit 3.1 to the iHeartCommunications, Inc. Registration Statement on Form S-4 (File No. 333-200971) filed on December 15, 2014). | |
3.2 | Seventh Amended and Restated ByLaws, as amended, of iHeartCommunications, Inc. (Incorporated by reference to Exhibit 3.2 to the iHeartCommunications, Inc. Annual Report on Form 10-K for the year ending December 31, 2007). | |
4.1 | Senior Indenture dated October 1, 1997, by and between iHeartCommunications, Inc. and The Bank of New York, as Trustee (Incorporated by reference to Exhibit 4.2 to the iHeartCommunications, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 1997). | |
4.2 | Third Supplemental Indenture dated June 16, 1998 to Senior Indenture dated October 1, 1997, by and between iHeartCommunications, Inc. and The Bank of New York, as Trustee (Incorporated by reference to Exhibit 4.2 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on August 28, 1998). | |
4.3 | Nineteenth Supplemental Indenture dated December 16, 2004, to Senior Indenture dated October 1, 1997, by and between iHeartCommunications, Inc. and The Bank of New York, as Trustee (Incorporated by reference to Exhibit 10.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on December 17, 2004). | |
4.4 | Indenture, dated as of February 23, 2011, to Indenture dated as of February 23, 2011, among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, the other guarantors party thereto, Wilmington Trust FSB, as Trustee, and the other agents party thereto (Incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on February 24, 2011). | |
4.5 | Supplemental Indenture, dated as of June 14, 2011, to Indenture dated as of February 23, 2011, among iHeartCommunications, Inc. and Wilmington Trust FSB, as Trustee (Incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on June 14, 2011). | |
4.6 | Indenture, dated as of October 25, 2012, among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, as guarantor, the other guarantors party thereto, U.S. Bank National Association, as trustee, and Deutsche Bank Trust Company Americas, as collateral agent (Incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on October 25, 2012). | |
4.7 | Indenture, dated as of February 28, 2013, among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, as guarantor, the other guarantors party thereto, U.S. Bank National Association, as trustee, and Deutsche Bank Trust Company Americas, as collateral agent (Incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on March 1, 2013). | |
4.8 | Indenture, dated as of June 21, 2013, among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, as guarantor, the other guarantors party thereto, Law Debenture Trust Company of New York, as trustee, and Deutsche Bank Trust Company Americas, as paying agent, registrar and transfer agent (Incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on June 21, 2013). | |
4.9 | First Supplemental Indenture, dated as of December 16, 2013, to Indenture dated as of June 21, 2013, by and among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, as guarantor, the other guarantors party thereto, Law Debenture Trust Company of New York, as trustee, and Deutsche Bank Trust Company Americas, as paying agent, registrar and transfer agent (Incorporated by reference to Exhibit 4.26 to Amendment No. 1 to the iHeartCommunications, Inc. Registration Statement on Form S-4 (File No. 333-192614) filed on December 16, 2013). | |
4.10 | Second Supplemental Indenture, dated as of December 24, 2013, to Indenture dated as of June 21, 2013, by and among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, as guarantor, the other guarantors party thereto, Law Debenture Trust Company of New York, as trustee, and Deutsche Bank Trust Company Americas, as paying agent, registrar and transfer agent (Incorporated by reference to Exhibit 4.28 to Amendment No. 2 to the iHeartCommunications, Inc. Registration Statement on Form S-4 (File No. 333-192614) filed on December 24, 2013). | |
4.11 | Indenture with respect to 7.625% Series A Senior Subordinated Notes due 2020, dated as of March 15, 2012, by and among Clear Channel Worldwide Holdings, Inc., Clear Channel Outdoor Holdings, Inc., Clear Channel Outdoor, Inc., the other guarantors party thereto and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Clear Channel Outdoor Holdings, Inc. Current Report on Form 8-K filed on March 16, 2012). | |
4.12 | Indenture with respect to 7.625% Series B Senior Subordinated Notes due 2020, dated as of March 15, 2012, by and among Clear Channel Worldwide Holdings, Inc., Clear Channel Outdoor Holdings, Inc., Clear Channel Outdoor, Inc., the other guarantors party thereto and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Clear Channel Outdoor Holdings, Inc. Current Report on Form 8-K filed on March 16, 2012). | |
4.13 | Indenture with respect to 6.50% Series A Senior Notes due 2022, dated as of November 19, 2012, by and among Clear Channel Worldwide Holdings, Inc., Clear Channel Outdoor Holdings, Inc., Clear Channel Outdoor, Inc., the other guarantors party thereto and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Clear Channel Outdoor Holdings, Inc. Current Report on Form 8-K filed on November 19, 2012). | |
4.14 | Indenture with respect to 6.50% Series B Senior Notes due 2022, dated as of November 19, 2012, by and among Clear Channel Worldwide Holdings, Inc., Clear Channel Outdoor Holdings, Inc., Clear Channel Outdoor, Inc., the other guarantors party thereto and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Clear Channel Outdoor Holdings, Inc. Current Report on Form 8-K filed on November 19, 2012). | |
4.15 | Indenture, dated as of May 1, 2014, among CCU Escrow Corporation and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on June 6, 2014). | |
4.16 | First Supplemental Indenture, dated as of June 6, 2014, to Indenture dated as of May 1, 2014, among iHeartCommunications, Inc. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on June 6, 2014). | |
4.17 | Third Supplemental Indenture, dated as of August 22, 2014, by and among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, as guarantor, the other guarantors party thereto, and Law Debenture Trust Company of New York, as trustee (incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Form 8-K filed on August 22, 2014). | |
4.18 | Indenture, dated as of September 10, 2014, among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, as guarantor, the other guarantors party thereto, U.S. Bank National Association, as trustee, paying agent, registrar, authentication agent and transfer agent, and Deutsche Bank Trust Company Americas, as collateral agent (incorporated by reference to Exhibit 4.1 to iHeartCommunications, Inc.’s Current Report on Form 8-K filed on September 10, 2014). | |
4.19 | First Supplemental Indenture, dated as of September 29, 2014, to Indenture dated as of September 10, 2014, among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, as guarantor, certain subsidiary guarantors named therein, U.S. Bank National Association, as trustee, paying agent, registrar, authentication agent and transfer agent and Deutsche Bank Trust Company Americas, as the collateral agent (incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on September 29, 2014). | |
4.20 | Indenture, dated as of February 26, 2015, among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, as guarantor, the other guarantors party thereto, U.S. Bank National Association, as trustee, paying agent, registrar, authentication agent and transfer agent, and Deutsche Bank Trust Company Americas, as collateral agent (Incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on February 26, 2015). | |
4.21 | Indenture, dated as of December 16, 2015, among Clear Channel International B.V., the guarantors party thereto, and U.S. Bank National Association, as trustee, paying agent, registrar, authentication agent and transfer agent (incorporated by reference to Exhibit 4.1 to Clear Channel Outdoor Holdings, Inc.’s Current Report on Form 8-K filed on December 16, 2015). | |
4.22 | Fourth Supplemental Indenture, dated as of October 3, 2016, to Indenture dated as of June 21, 2013, between iHeartCommunications, Inc. and Law Debenture Trust Company of New York, as trustee (Incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on October 4, 2016). | |
4.23* | Second Supplemental Indenture, dated as of November 28, 2016, to Indenture dated as of February 23, 2011, among certain subsidiary guarantors named therein, Wilmington Trust, National Association, as trustee, and Deutsche Bank Trust Company Americas, as collateral agent, paying agent, registrar, authentication agent and transfer agent. | |
4.24* | First Supplemental Indenture, dated as of November 28, 2016, to Indenture dated as of October 25, 2012, among certain subsidiary guarantors named therein, U.S. Bank National Association, as trustee, paying agent, registrar, and transfer agent and Deutsche Bank Trust Company Americas, as collateral agent. | |
4.25* | First Supplemental Indenture, dated as of November 28, 2016, to Indenture dated as of February 28, 2013, among certain subsidiary guarantors named therein, U.S. Bank National Association, as trustee, paying agent, registrar, authentication agent and transfer agent and Deutsche Bank Trust Company Americas, as collateral agent. | |
4.26* | Second Supplemental Indenture, dated as of November 28, 2016, to Indenture dated as of September 10, 2014, among certain subsidiary guarantors named therein, U.S. Bank National Association, as trustee, paying agent, registrar, authentication agent and transfer agent and Deutsche Bank Trust Company Americas, as collateral agent. | |
4.27* | First Supplemental Indenture, dated as of November 28, 2016, to Indenture dated as of February 26, 2015, among certain subsidiary guarantors named therein, U.S. Bank National Association, as trustee, paying agent, registrar, authentication agent and transfer agent and Deutsche Bank Trust Company Americas, as collateral agent. | |
4.28* | Fifth Supplemental Indenture, dated as of November 28, 2016, to Indenture dated as of June 21, 2013, among certain subsidiary guarantors named therein and Law Debenture Trust Company of New York, as trustee. | |
4.29 | Sixth Supplemental Indenture, dated as of December 9, 2016, to Indenture dated as of June 21, 2013, between iHeartCommunications, Inc. and Delaware Trust Company, as trustee (Incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on December 12, 2016). | |
4.30 | Second Supplemental Indenture, dated as of February 7, 2017, to Indenture dated as of February 28, 2013, among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, as guarantor, the other guarantors party thereto, and UMB Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on February 7, 2017). | |
4.31 | Registration Rights Agreement, dated February 7, 2017, by and among iHeartCommunications, Inc., iHeartMedia Capital I, LLC as guarantor, the subsidiary guarantors party thereto, and Moelis & Company LLC, as dealer manager (Incorporated by reference to Exhibit 4.2 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on February 7, 2017). | |
10.1 | Amended and Restated Credit Agreement, dated as of February 23, 2011, by and among iHeartCommunications, Inc., the subsidiary co-borrowers and foreign subsidiary revolving borrowers party thereto, iHeartMedia Capital I, LLC, Citibank, N.A., as Administrative Agent, the lenders from time to time party thereto and the other agents party thereto (Incorporated by reference to Exhibit 10.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on February 24, 2011). | |
10.2 | Amendment No. 1 to Amended and Restated Credit Agreement, dated as of October 25, 2012, by and among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, the subsidiary co-borrowers party thereto, the foreign subsidiary revolving borrowers thereto, Citibank, N.A. as Administrative Agent, the lenders from time to time party thereto and the other agents party thereto (Incorporated by reference to Exhibit 10.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on October 25, 2012). | |
10.3 | Collateral Sharing Agreement, dated as of October 25, 2012, by and among Citibank N.A. as Administrative Agent, U.S. Bank National Association, as trustee, and Deutsche Bank Trust Company Americas, as collateral agent (Incorporated by reference to Exhibit 10.2 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on October 25, 2012). | |
10.4 | Amendment No. 2 to Amended and Restated Credit Agreement, dated as of May 31, 2013, by and among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, the subsidiary co-borrowers party thereto, the foreign subsidiary revolving borrowers thereto, Citibank, N.A. as Administrative Agent, the lenders from time to time party thereto and the other agents party thereto (Incorporated by reference to Exhibit 10.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on June 4, 2013). | |
10.5 | Amendment No. 3 to Amended and Restated Credit Agreement, dated as of December 18, 2013, by and among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, the subsidiary co-borrowers party thereto, the foreign subsidiary revolving borrowers thereto, Citibank, N.A., as Administrative Agent, the lenders from time to time party thereto and the other agents party thereto (Incorporated by reference to Exhibit 10.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on December 18, 2013). | |
10.6 | Amended and Restated Credit Agreement, dated as of December 24, 2012, by and among iHeartCommunications, Inc., iHeartMedia Capital I, LLC, the subsidiary borrowers party thereto, Citibank, N.A., as Administrative Agent, the lenders from time to time party thereto and the other agents party thereto (Incorporated by reference to Exhibit 10.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on December 27, 2012). | |
10.7 | Revolving Promissory Note dated November 10, 2005 payable by iHeartCommunications, Inc. to Clear Channel Outdoor Holdings, Inc. in the original principal amount of $1,000,000,000 (Incorporated by reference to Exhibit 10.8 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2005). | |
10.8 | First Amendment, dated as of December 23, 2009, to the Revolving Promissory Note, dated as of November 10, 2005, by iHeartCommunications, Inc., as Maker, to Clear Channel Outdoor Holdings, Inc. (Incorporated by reference to Exhibit 10.41 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2009). | |
10.9 | Second Amendment, dated as of October 23, 2013, to the Revolving Promissory Note, dated as of November 10, 2005, by iHeartCommunications, Inc., as Maker, to Clear Channel Outdoor Holdings, Inc. (Incorporated by reference to Exhibit 10.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on October 23, 2013). | |
10.10 | Revolving Promissory Note dated November 10, 2005 payable by Clear Channel Outdoor Holdings, Inc. to iHeartCommunications, Inc. in the original principal amount of $1,000,000,000 (Incorporated by reference to Exhibit 10.7 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2005). | |
10.11 | First Amendment, dated as of December 23, 2009, to the Revolving Promissory Note, dated as of November 10, 2005, by Clear Channel Outdoor Holdings, Inc., as Maker, to iHeartCommunications, Inc. (Incorporated by reference to Exhibit 10.42 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2009). | |
10.12 | Master Agreement dated November 16, 2005 between Clear Channel Outdoor Holdings, Inc. and iHeartCommunications, Inc. (Incorporated by reference to Exhibit 10.1 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2005). | |
10.13 | Corporate Services Agreement dated November 16, 2005 between Clear Channel Outdoor Holdings, Inc. and iHeartMedia Management Services, L.P. (Incorporated by reference to Exhibit 10.3 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2005). | |
10.14 | Tax Matters Agreement dated November 10, 2005 between Clear Channel Outdoor Holdings, Inc. and iHeartCommunications, Inc. (Incorporated by reference to Exhibit 10.4 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2005). | |
10.15 | Employee Matters Agreement dated November 10, 2005 between Clear Channel Outdoor Holdings, Inc. and iHeartCommunications, Inc. (Incorporated by reference to Exhibit 10.5 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2005). | |
10.16 | Amended and Restated License Agreement dated November 10, 2005 between iHM Identity, Inc. and Outdoor Management Services, Inc. (Incorporated by reference to Exhibit 10.5 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2005). | |
10.17 | First Amended and Restated Management Agreement, dated as of July 28, 2008, by and among iHeartMedia, Inc., BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, THL Managers VI, LLC and Bain Capital Partners, LLC (Incorporated by reference to Exhibit 10.1 to the iHeartMedia, Inc. Current Report on Form 8-K filed on July 30, 2008). | |
10.18 | Amended and Restated Voting Agreement dated as of May 13, 2008 by and among BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, iHeartMedia, Inc., Highfields Capital I LP, Highfields Capital II LP, Highfields Capital III LP and Highfields Capital Management LP (Incorporated by reference to Annex E to the iHeartMedia, Inc. Registration Statement on Form S-4 (File No. 333-151345) filed on June 2, 2008). | |
10.19 | Voting Agreement dated as of May 13, 2008 by and among BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, iHeartMedia, Inc., Abrams Capital Partners I, LP, Abrams Capital Partners II, LP, Whitecrest Partners, LP, Abrams Capital International, Ltd. and Riva Capital Partners, LP (Incorporated by reference to Annex F to the iHeartMedia, Inc. Registration Statement on Form S-4 (File No. 333-151345) filed on June 2, 2008). | |
10.20§ | Stockholders Agreement, dated as of July 29, 2008, by and among iHeartMedia, Inc., BT Triple Crown Merger Co., Inc., Clear Channel Capital IV, LLC, Clear Channel Capital V, L.P., L. Lowry Mays, Randall T. Mays, Mark P. Mays, LLM Partners, Ltd., MPM Partners, Ltd. and RTM Partners, Ltd. (Incorporated by reference to Exhibit 10.2 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2009). | |
10.21§ | Side Letter Agreement, dated as of July 29, 2008, among iHeartMedia, Inc., Clear Channel Capital IV, LLC, Clear Channel Capital V, L.P., L. Lowry Mays, Mark P. Mays, Randall T. Mays, LLM Partners, Ltd., MPM Partners Ltd. and RTM Partners, Ltd. (Incorporated by reference to Exhibit 10.3 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2009). | |
10.22 | Affiliate Transactions Agreement, dated as of July 30, 2008, by and among iHeartMedia, Inc., Bain Capital Fund IX, L.P., Thomas H. Lee Equity Fund VI, L.P. and BT Triple Crown Merger Co., Inc. (Incorporated by reference to Exhibit 99.6 to the iHeartMedia, Inc. Form 8-A Registration Statement filed on July 30, 2008). | |
10.23§ | Side Letter Agreement, dated as of December 22, 2009, by and among iHeartMedia, Inc., Clear Channel Capital IV, LLC, Clear Channel Capital V, L.P., Randall T. Mays and RTM Partners, Ltd. (Incorporated by reference to Exhibit 99.3 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on December 29, 2009). | |
10.24§ | Agreement Regarding Aircraft, dated May 31, 2013, by and among iHeartCommunications, Inc., Mark P. Mays, Randall T. Mays and L. Lowry Mays (Incorporated by reference to Exhibit 10.1 to the iHeartMedia, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2013). | |
10.25§ | Stock Purchase Agreement dated as of November 15, 2010 by and among iHeartMedia, Inc., Clear Channel Capital IV, LLC, Clear Channel Capital V, L.P. and Pittman CC LLC (Incorporated by reference to Exhibit 10.3 to the iHeartMedia, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2011). | |
10.26§ | Aircraft Lease Agreement dated as of November 16, 2011 by and between Yet Again Inc. and iHeartMedia + Entertainment, Inc. (Incorporated by reference to Exhibit 10.23 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2011). | |
10.27§ | Aircraft Lease Agreement dated as of December 23, 2013 by and between FalconAgain Inc. and iHeartMedia + Entertainment, Inc. (Incorporated by reference to Exhibit 10.23 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2013). | |
10.28§ | Letter Agreement dated as of January 13, 2014 by and between FalconAgain Inc. and iHeartMedia + Entertainment, Inc. (Incorporated by reference to Exhibit 10.24 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2013). | |
10.29§ | Clear Channel 2008 Executive Incentive Plan (the “CC Executive Incentive Plan”) (Incorporated by reference to Exhibit 10.26 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2009). | |
10.30§ | Amendment No. 1 to the CC Executive Incentive Plan, effective as of July 1, 2013 (Incorporated by reference to Exhibit 10.1 to the iHeartMedia, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2013). | |
10.31§ | Form of Senior Executive Option Agreement under the CC Executive Incentive Plan (Incorporated by reference to Exhibit 10.20 to the iHeartMedia, Inc. Current Report on Form 8-K filed on July 30, 2008). | |
10.32§ | Form of Senior Executive Restricted Stock Award Agreement under the CC Executive Incentive Plan (Incorporated by reference to Exhibit 10.21 to the iHeartMedia, Inc. Current Report on Form 8-K filed on July 30, 2008). | |
10.33§ | Form of Senior Management Option Agreement under the CC Executive Incentive Plan (Incorporated by reference to Exhibit 10.22 to the iHeartMedia, Inc. Current Report on Form 8-K filed on July 30, 2008). | |
10.34§ | Form of Executive Option Agreement under the CC Executive Incentive Plan (Incorporated by reference to Exhibit 10.23 to the iHeartMedia, Inc. Current Report on Form 8-K filed on July 30, 2008). | |
10.35§ | Clear Channel Employee Equity Investment Program (Incorporated by reference to Exhibit 10.24 to the iHeartMedia, Inc. Current Report on Form 8-K filed on July 30, 2008). | |
10.36§ | iHeartMedia, Inc. 2008 Annual Incentive Plan (Incorporated by reference to Exhibit 10.32 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2009). | |
10.37§ | Clear Channel Outdoor Holdings, Inc. 2005 Stock Incentive Plan, as amended and restated (the “CCOH Stock Incentive Plan”) (Incorporated by reference to Exhibit 10.2 to the Clear Channel Outdoor Holdings, Inc. Current Report on Form 8-K filed on April 30, 2007). | |
10.38§ | First Form of Option Agreement under the CCOH Stock Incentive Plan (Incorporated by reference to Exhibit 10.2 to the Clear Channel Outdoor Holdings, Inc. Registration Statement on Form S-8 (File No. 333-130229) filed on December 9, 2005). | |
10.39§ | Form of Option Agreement under the CCOH Stock Incentive Plan (approved February 21, 2011) (Incorporated by reference to Exhibit 10.33 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2011). | |
10.40§ | Form of Restricted Stock Award Agreement under the CCOH Stock Incentive Plan (Incorporated by reference to Exhibit 10.3 to the Clear Channel Outdoor Holdings, Inc. Registration Statement on Form S-8 (File No. 333-130229) filed on December 9, 2005). | |
10.41§ | Form of Restricted Stock Unit Award Agreement under the CCOH Stock Incentive Plan (Incorporated by reference to Exhibit 10.16 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2010). | |
10.42§ | Clear Channel Outdoor Holdings, Inc. 2012 Stock Incentive Plan (the “CCOH 2012 Stock Incentive Plan”) (Incorporated by reference to Exhibit 99.1 to the Clear Channel Outdoor Holdings, Inc. Registration Statement on Form S-8 (File No. 333-181514) filed on May 18, 2012). | |
10.43§ | Form of Option Agreement under the CCOH 2012 Stock Incentive Plan (Incorporated by reference to Exhibit 10.25 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2015). | |
10.44§ | Form of Restricted Stock Award Agreement under the CCOH 2012 Stock Incentive Plan (Incorporated by reference to Exhibit 10.26 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2015). | |
10.45§ | Form of Restricted Stock Unit Award Agreement under the CCOH 2012 Stock Incentive Plan (Incorporated by reference to Exhibit 10.27 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2015). | |
10.46§ | Clear Channel Outdoor Holdings, Inc. Amended and Restated 2006 Annual Incentive Plan (Incorporated by reference to Appendix B to the Clear Channel Outdoor Holdings, Inc. Definitive Proxy Statement on Schedule 14A for its 2012 Annual Meeting of Stockholders filed on April 9, 2012). | |
10.47§ | Relocation Policy - Chief Executive Officer and Direct Reports (Guaranteed Purchase Offer) (Incorporated by reference to Exhibit 10.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on October 12, 2010). | |
10.48§ | Relocation Policy - Chief Executive Officer and Direct Reports (Buyer Value Option) (Incorporated by reference to Exhibit 10.2 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on October 12, 2010). | |
10.49§ | Relocation Policy - Function Head Direct Reports (Incorporated by reference to Exhibit 10.3 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on October 12, 2010). | |
10.50§ | Form of iHeartMedia, Inc. and iHeartCommunications, Inc. Indemnification Agreement (Incorporated by reference to Exhibit 10.26 to the iHeartMedia, Inc. Current Report on Form 8-K filed on July 30, 2008). | |
10.51§ | Indemnification Agreement by and among iHeartMedia, Inc., iHeartCommunications, Inc. and Robert W. Pittman dated September 18, 2012 (Incorporated by reference to Exhibit 10.3 to the iHeartMedia, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2012). | |
10.52§ | Form of Clear Channel Outdoor Holdings, Inc. Independent Director Indemnification Agreement (Incorporated by reference to Exhibit 10.1 to the Clear Channel Outdoor Holdings, Inc. Current Report on Form 8-K filed on June 3, 2009). | |
10.53§ | Form of Clear Channel Outdoor Holdings, Inc. Affiliate Director Indemnification Agreement (Incorporated by reference to Exhibit 10.2 to the Clear Channel Outdoor Holdings, Inc. Current Report on Form 8-K filed on June 3, 2009). | |
10.54§ | Indemnification Agreement by and among Clear Channel Outdoor Holdings, Inc. and Robert W. Pittman dated September 18, 2012 (Incorporated by reference to Exhibit 10.4 to the iHeartMedia, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2012). | |
10.55§ | Indemnification Agreement by and among Clear Channel Outdoor Holdings, Inc. and Robert H. Walls, Jr. dated September 5, 2012 (Incorporated by reference to Exhibit 10.6 to the iHeartMedia, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2012). | |
10.56§ | Amended and Restated Employment Agreement, dated as of January 13, 2014 between Robert Pittman and iHeartMedia, Inc. (Incorporated by reference to Exhibit 10.1 to the iHeartMedia, Inc. Current Report on Form 8-K filed on January 13, 2014). | |
10.57§ | Employment Agreement by and between iHeartMedia, Inc. and Richard J. Bressler, dated July 29, 2013 (Incorporated by reference to Exhibit 10.1 to the iHeartMedia, Inc. Current Report on Form 8-K/A filed on August 2, 2013). | |
10.58§ | Employment Agreement, dated as of January 1, 2010, between Robert H. Walls, Jr., and iHeartMedia Management Services, Inc. (Incorporated by reference to Exhibit 10.1 to the iHeartCommunications, Inc. Current Report on Form 8-K filed on January 5, 2010). | |
10.59§ | Employment Agreement, effective as of January 24, 2012, between C. William Eccleshare and Clear Channel Outdoor Holdings, Inc. (Incorporated by reference to Exhibit 10.1 to the Clear Channel Outdoor Holdings, Inc. Current Report on Form 8-K/A filed on July 27, 2012). | |
10.60§ | Amendment No. 1 to Employment Agreement, effective as of March 2, 2015, between C. William Eccleshare and Clear Channel Outdoor Holdings, Inc. (incorporated by reference to Exhibit 10.1 to the Clear Channel Outdoor Holdings, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2015). | |
10.61§ | Amendment No. 2 to Employment Agreement, effective as of December 17, 2015, between C. William Eccleshare and Clear Channel Outdoor Holdings, Inc. (incorporated by reference to Exhibit 10.38 to Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2015). | |
10.62§ | Form of Amendment to Senior Executive Option Agreement under the CC Executive Incentive Plan, dated as of October 14, 2008 (Incorporated by reference to Exhibit 10.56 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2011). | |
10.63§ | Form of Executive Option Agreement under the CC Executive Incentive Plan, dated as of December 31, 2010, between Robert H. Walls, Jr. and iHeartMedia, Inc. (Incorporated by reference to Exhibit 10.44 to the iHeartCommunications, Inc. Annual Report on Form 10-K for the year ended December 31, 2010). | |
10.64§ | Form of Executive Option Agreement under the CC Executive Incentive Plan, dated as of May 19, 2011, between Scott D. Hamilton and iHeartMedia, Inc. (Incorporated by reference to Exhibit 10.63 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2011). | |
10.65§ | Executive Option Agreement under the CC Executive Incentive Plan, dated as of October 2, 2011, between Robert W. Pittman and iHeartMedia, Inc. (Incorporated by reference to Exhibit 10.2 to the iHeartMedia, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2011). | |
10.66§ | Amendment to the Executive Option Agreement under the CC Executive Incentive Plan, dated as of January 13, 2014, between Robert W. Pittman and iHeartMedia, Inc. (Incorporated by reference to Exhibit 10.2 to the iHeartMedia, Inc. Current Report on Form 8-K filed on January 13, 2014). | |
10.67§ | Form of Restricted Stock Agreement under the CC Executive Incentive Plan, dated October 15, 2012, between Robert W. Pittman and iHeartMedia, Inc. (Incorporated by reference to Exhibit 10.74 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2012). | |
10.68§ | Form of Restricted Stock Agreement under the CC Executive Incentive Plan, dated October 15, 2012, between Robert H. Walls, Jr. and iHeartMedia, Inc. (Incorporated by reference to Exhibit 10.75 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2012). | |
10.69§ | Form of Restricted Stock Agreement under the CC Executive Incentive Plan, dated October 22, 2012, between Scott D. Hamilton and iHeartMedia, Inc. (Incorporated by reference to Exhibit 10.77 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2012). | |
10.70§ | Form of Restricted Stock Agreement under the CC Executive Incentive Plan, dated October 22, 2012, between Robert H. Walls, Jr. and iHeartMedia, Inc. (Incorporated by reference to Exhibit 10.78 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2012). | |
10.71§ | Restricted Stock Agreement under the CC Executive Incentive Plan, dated January 13, 2014, between Robert W. Pittman and iHeartMedia, Inc. (Incorporated by reference to Exhibit C of Exhibit 10.1 to the iHeartMedia, Inc. Current Report on Form 8-K filed on January 13, 2014). | |
10.72§ | Form of Stock Option Agreement under the CCOH Stock Incentive Plan, dated September 17, 2009, between C. William Eccleshare and Clear Channel Outdoor Holdings, Inc. (Incorporated by reference to Exhibit 10.34 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2010). | |
10.73§ | Form of Amended and Restated Stock Option Agreement under the CCOH Stock Incentive Plan, dated as of August 11, 2011, between C. William Eccleshare and Clear Channel Outdoor Holdings, Inc. (Incorporated by reference to Exhibit 10.1 to the Clear Channel Outdoor Holdings, Inc. Current Report on Form 8-K filed on August 12, 2011). | |
10.74§ | Form of Stock Option Agreement under the CCOH Stock Incentive Plan, dated December 13, 2010, between C. William Eccleshare and Clear Channel Outdoor Holdings, Inc. (Incorporated by reference to Exhibit 10.35 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2010). | |
10.75§ | Form of Restricted Stock Unit Agreement under the CCOH Stock Incentive Plan, dated December 20, 2010, between C. William Eccleshare and Clear Channel Outdoor Holdings, Inc. (Incorporated by reference to Exhibit 10.36 to the Clear Channel Outdoor Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2010). | |
10.76§ | Form of Restricted Stock Unit Agreement under the CCOH Stock Incentive Plan, dated March 26, 2012, between Robert H. Walls, Jr. and Clear Channel Outdoor Holdings, Inc. (Incorporated by reference to Exhibit 10.3 to the iHeartMedia, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2012). | |
10.77§ | Form of Restricted Stock Unit Agreement under the CCOH 2012 Stock Incentive Plan, dated July 26, 2012, between C. William Eccleshare and Clear Channel Outdoor Holdings, Inc. (Incorporated by reference to Exhibit 10.2 to the Clear Channel Outdoor Holdings, Inc. Current Report on Form 8-K/A filed on July 27, 2012). | |
10.78§ | Restricted Stock Award Agreement under the CCOH 2012 Stock Incentive Plan, dated January 13, 2014, between Robert W. Pittman and Clear Channel Outdoor Holdings, Inc. (Incorporated by reference to Exhibit D of Exhibit 10.1 to the iHeartMedia, Inc. Current Report on Form 8-K filed on January 13, 2014). | |
10.79 | Stipulation of Settlement, dated as of July 8, 2013, among legal counsel for iHeartCommunications, Inc. and the other named defendants, the special litigation committee of the board of directors of Clear Channel Outdoor Holdings, Inc. and the plaintiffs (Incorporated by reference to Exhibit 10.1 to the Clear Channel Outdoor Holdings, Inc. Current Report on Form 8-K filed on July 9, 2013). | |
10.80§ | Employment Agreement by and between iHeartMedia Management Services, Inc. and Scott D. Hamilton, dated May 20, 2014 (Incorporated by reference to Exhibit 10.1 to the iHeartMedia, Inc. Current Report on Form 8-K filed on June 25, 2014). | |
10.81§ | Employment Agreement by and between iHeartMedia Management Services, Inc. and Steven J. Macri dated October 7, 2013 (Incorporated by reference to Exhibit 10.81 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2015). | |
10.82§ | Employment Agreement, effective as of March 3, 2015, between Scott Wells and Clear Channel Outdoor Holdings, Inc. (incorporated by reference to Exhibit 10.2 to the Clear Channel Outdoor Holdings, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2015). | |
10.83 | Subordination Agreement, dated as of December 16, 2015, among Clear Channel International B.V., the guarantors party thereto, U.S. Bank National Association, as trustee, and the subordinated creditors party thereto (incorporated by reference to Exhibit 10.1 to Clear Channel Outdoor Holdings, Inc.’s Current Report on 8-K filed on December 16, 2015). | |
10.84§ | iHeartMedia, Inc. 2015 Executive Long-Term Incentive Plan (Incorporated by reference to Appendix A to the iHeartMedia, Inc. definitive proxy statement on Schedule 14A for its 2015 Annual Meeting of Stockholders filed March 31, 2015). | |
10.85§ | iHeartMedia, Inc. 2015 Supplemental Incentive Plan (Incorporated by reference to Appendix B to the iHeartMedia, Inc. definitive proxy statement on Schedule 14A for its 2015 Annual Meeting of Stockholders filed March 31, 2015). | |
10.86§ | iHeartMedia, Inc. 2015 Executive Incentive Plan (Incorporated by reference to Appendix C to the iHeartMedia, Inc. definitive proxy statement on Schedule 14A for its 2015 Annual Meeting of Stockholders filed March 31, 2015). | |
10.87§ | Form of Retention Bonus Agreement (Incorporated by reference to Exhibit 10.87 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2016). | |
10.88§ | iHeartMedia, Inc. 2017 Key Employee Incentive Plan (Incorporated by reference to Exhibit 10.88 to the iHeartMedia, Inc. Annual Report on Form 10-K for the year ended December 31, 2016). | |
21* | Subsidiaries. | |
24* | Power of Attorney (included on signature page). | |
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.INS* | XBRL Instance Document. | |
101.SCH* | XBRL Taxonomy Extension Schema Document. | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document. | |
By: /s/ Robert W. Pittman | |
Robert W. Pittman | |
Chairman and Chief Executive Officer | |
Name | Title | Date |
/s/ Robert W. Pittman Robert W. Pittman | Chairman and Chief Executive Officer (Principal Executive Officer) and Director | February 23, 2017 |
/s/ Richard J. Bressler Richard J. Bressler | President, Chief Operating Officer, Chief Financial Officer (Principal Financial Officer) and Director | February 23, 2017 |
/s/ Scott D. Hamilton Scott D. Hamilton | Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) and Assistant Secretary | February 23, 2017 |
/s/ David C. Abrams David C. Abrams | Director | February 23, 2017 |
/s/ Irving L. Azoff Irving L. Azoff | Director | February 23, 2017 |
/s/ Jonathan Belitsos Jonathan Belitsos | Director | February 23, 2017 |
/s/ Frederic F. Brace Frederic F. Brace | Director | February 23, 2017 |
/s/ James C. Carlisle James C. Carlisle | Director | February 23, 2017 |
/s/ John P. Connaughton John P. Connaughton | Director | February 23, 2017 |
/s/ Charles H. Cremens Charles H. Cremens | Director | February 23, 2017 |
/s/ Matthew J. Freeman Matthew J. Freeman | Director | February 23, 2017 |
/s/ Laura Grattan Laura Grattan | Director | February 23, 2017 |
/s/ Blair E. Hendrix Blair E. Hendrix | Director | February 23, 2017 |
/s/ Jonathon S. Jacobson Jonathon S. Jacobson | Director | February 23, 2017 |
/s/ Scott M. Sperling Scott M. Sperling | Director | February 23, 2017 |
CLEAR CHANNEL METRO, LLC | ||||||
By: | /s/ Brian Coleman | |||||
Name: | Brian Coleman | |||||
Title: | Senior Vice President, Treasurer and Assistant Secretary | |||||
WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee | ||||
By: | /s/ W. Thomas Morris, II | |||
Name: W. Thomas Morris, II | ||||
Title: Vice President | ||||
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent, Paying Agent, Registrar, Authentication Agent and Transfer Agent | ||||
By: DEUTSCHE BANK NATIONAL TRUST COMPANY | ||||
By: | /s/ Irina Golovashchuck | |||
Name: | Irina Golovashchuck | |||
Title: | Vice President | |||
By: | /s/ Debra A. Schwalb | |||
Name: | Debra A. Schwalb | |||
Title: Vice President | ||||
CLEAR CHANNEL METRO, LLC | ||||||
By: | /s/ Brian Coleman | |||||
Name: | Brian Coleman | |||||
Title: | Senior Vice President, Treasurer and Assistant Secretary | |||||
U.S. BANK NATIONAL ASSOCIATION, as Trustee, Paying Agent, Registrar and Transfer Agent | |||||
By: | /s/ Brad Hounsel | ||||
Name: Brad Hounsel | |||||
Title: Vice President | |||||
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent | ||||
By: DEUTSCHE BANK NATIONAL TRUST COMPANY | ||||
By: | /s/ Irina Golovashchuck | |||
Name: | Irina Golovashchuck | |||
Title: | Vice President | |||
By: | /s/ Debra A. Schwalb | |||
Name: | Debra A. Schwalb | |||
Title: Vice President | ||||
CLEAR CHANNEL METRO, LLC | ||||||
By: | /s/ Brian Coleman | |||||
Name: | Brian Coleman | |||||
Title: | Senior Vice President, Treasurer and Assistant Secretary | |||||
U.S. BANK NATIONAL ASSOCIATION, as Trustee, Paying Agent, Registrar, Authentication Agent and Transfer Agent | |||||
By: | /s/ Brad Hounsel | ||||
Name: Brad Hounsel | |||||
Title: Vice President | |||||
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent | ||||||
By: DEUTSCHE BANK NATIONAL TRUST COMPANY | ||||||
By: | /s/ Irina Golovashchuck | |||||
Name: | Irina Golovashchuck | |||||
Title: | Vice President | |||||
By: | /s/ Debra A. Schwalb | |||||
Name: | Debra A. Schwalb | |||||
Title: Vice President | ||||||
CLEAR CHANNEL METRO, LLC | ||||||
By: | /s/ Brian Coleman | |||||
Name: | Brian Coleman | |||||
Title: | Senior Vice President, Treasurer and Assistant Secretary | |||||
U.S. BANK NATIONAL ASSOCIATION, as Trustee, Paying Agent, Registrar, Authentication Agent and Transfer Agent | |||||
By: | /s/ Brad Hounsel | ||||
Name: Brad Hounsel | |||||
Title: Vice President | |||||
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent | ||||
By: DEUTSCHE BANK NATIONAL TRUST COMPANY | ||||
By: | /s/ Irina Golovashchuck | |||
Name: | Irina Golovashchuck | |||
Title: | Vice President | |||
By: | /s/ Debra A. Schwalb | |||
Name: | Debra A. Schwalb | |||
Title: Vice President | ||||
CLEAR CHANNEL METRO, LLC | ||||||
By: | /s/ Brian Coleman | |||||
Name: | Brian Coleman | |||||
Title: | Senior Vice President, Treasurer and Assistant Secretary | |||||
U.S. BANK NATIONAL ASSOCIATION, as Trustee, Paying Agent, Registrar, Authentication Agent and Transfer Agent | ||||
By: | /s/ Brad Hounsel | |||
Name: Brad Hounsel | ||||
Title: Vice President | ||||
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent | ||||
By: DEUTSCHE BANK NATIONAL TRUST COMPANY | ||||
By: | /s/ Irina Golovashchuck | |||
Name: | Irina Golovashchuck | |||
Title: | Vice President | |||
By: | /s/ Debra A. Schwalb | |||
Name: | Debra A. Schwalb | |||
Title: Vice President | ||||
CLEAR CHANNEL METRO, LLC | ||||
By: | /s/ Brian Coleman | |||
Name: | Brian Coleman | |||
Title: | Senior Vice President, Treasurer and Assistant Secretary | |||
LAW DEBENTURE TRUST COMPANY OF AMERICAS, as Trustee | ||||
By: | /s/ James D. Heaney | |||
Name: | James D. Heaney | |||
Title: | Managing Director | |||
Exhibit 21: Subsidiaries of Registrant, iHeartCommunications, Inc. | |
Name | State of Incorporation |
1567 Media, LLC | DE |
AMFM Broadcasting Licenses, LLC | DE |
AMFM Broadcasting, Inc. | DE |
AMFM Operating, Inc. | DE |
AMFM Radio Licenses, LLC | DE |
AMFM Texas Broadcasting, LP | DE |
AMFM Texas Licenses, LLC | TX |
AMFM Texas, LLC | DE |
Austin Tower Company | TX |
Brazil Outdoor NewCo, LLC | DE |
Broader Media Holdings, LLC | DE |
Broader Media, LLC | DE |
Capstar Radio Operating Company | DE |
Capstar TX, LLC | TX |
CC Broadcast Holdings, Inc. | NV |
CC CV LP, LLC | DE |
CC Finco Holdings, LLC | DE |
CC Finco, LLC | DE |
CC Licenses, LLC | DE |
CCHCV LP, LLC | DE |
CCO Barco Airport Venture, LLC | DE |
CCOI Holdco III, LLC | DE |
CCOI Holdco Parent I, LLC | DE |
CCOI Holdco Parent II, LLC | DE |
Christal Radio Sales, Inc. | DE |
Cine Guarantors II, Inc. | CA |
Citicasters Co. | OH |
Citicasters Licenses, Inc. | TX |
Clear Channel Adshel, Inc. | DE |
Clear Channel Airports of Georgia, Inc. | GA |
Clear Channel Airports of Texas, JV | TX |
Clear Channel Brazil Holdco, LLC | DE |
Clear Channel Brazil Holdings, LLC | DE |
Clear Channel Broadcasting Licenses, Inc. | NV |
Clear Channel Electrical Services, LLC | DE |
Clear Channel Holdings, Inc. | NV |
Clear Channel Interstate, LLC | DE |
Clear Channel Investments, Inc. | NV |
Clear Channel Metra, LLC | DE |
Clear Channel Metro, LLC | DE |
Clear Channel Mexico Holdings, Inc. | NV |
Clear Channel Outdoor Holdings Company Canada | DE |
Clear Channel Outdoor Holdings, Inc. | DE |
Clear Channel Outdoor, Inc. | DE |
Clear Channel Peoples, LLC | DE |
Clear Channel Real Estate Services, LLC | TX |
Clear Channel Real Estate, LLC | DE |
Clear Channel Spectacolor, LLC | DE |
Clear Channel Worldwide Holdings, Inc. | NV |
Clear Channel/Interstate Philadelphia, LLC | DE |
Critical Mass Media, Inc. | OH |
Eller-PW Company, LLC | CA |
Exceptional Outdoor Advertising, Inc. | FL |
Get Outdoors Florida, LLC | FL |
iHeartMedia + Entertainment, Inc. | NV |
iHeartMedia Capital II, LLC | DE |
iHeartMedia Management Services, Inc. | TX |
iHeartMedia Tower Co. Holdings, LLC | DE |
iHM Identity, Inc. | TX |
Interspace Airport Advertising International, LLC | PA |
IN-TER-SPACE Services, Inc. | PA |
Katz Communications, Inc. | DE |
Katz Media Group, Inc. | DE |
Katz Millennium Sales & Marketing, Inc. | DE |
Katz Net Radio Sales, Inc. | DE |
Keller Booth Sumners Joint Venture | TX |
Kelnic II Joint Venture | TX |
Los Angeles Broadcasting Partners, LLC | DE |
M Street Corporation | WA |
Metro Networks Communications, LP | DE |
Metro Networks Services, Inc. | DE |
Mexico MinorityCo, LLC | DE |
Mexico Outdoor NewCo, LLC | DE |
Miami Airport Concession LLC | DE |
Milpitas Sign Company, LLC | DE |
Outdoor Management Services, Inc. | NV |
Premiere Networks, Inc. | DE |
SmartRoute Systems, Inc. | DE |
Terrestrial RF Licensing, Inc. | NV |
TLAC, Inc. | DE |
Tower FM Consortium, LLC | TX |
TTWN Media Networks, LLC | MD |
TTWN Networks, LLC | DE |
Name | Country of Incorporation |
Aircheck India Pvt. Ltd. | India |
Allied Outdoor Advertising Ltd. | United Kingdom |
Arcadia Cooper Properties | United Kingdom |
Barrett Petrie Sutcliffe London Ltd. | United Kingdom |
Barrett Petrie Sutcliffe Ltd. | United Kingdom |
Brasil Outdoor Ltda | Brazil |
C.F.D. Billboards Ltd. | United Kingdom |
CCO International Holdings BV | Netherlands |
CCO Ontario Holdings, Inc. | Canada |
China Outdoor Media Investment (HK) Co., Ltd. | Hong Kong |
China Outdoor Media Investment Inc. | British Virgin Islands |
Cine Guarantors II, Ltd. | Canada |
Cine Movile SA de CV | Mexico |
Cinemobile Systems International NV | Curacao |
Clear Channel (Central) Ltd. | United Kingdom |
Clear Channel (Midlands) Ltd. | United Kingdom |
Clear Channel (Northwest) Ltd. | United Kingdom |
Clear Channel (Scotland) Ltd. | Scotland |
Clear Channel Adshel AS | Norway |
Clear Channel Affitalia SRL | Italy |
Clear Channel AIDA GmbH | Switzerland |
Clear Channel AWI AG | Switzerland |
Clear Channel Baltics & Russia AB | Sweden |
Clear Channel Banners Ltd. | United Kingdom |
Clear Channel Belgium Sprl | Belgium |
Clear Channel CAC AG | Switzerland |
Clear Channel Chile Publicidad Ltda | Chile |
Clear Channel CV | Netherlands |
Clear Channel Danmark A/S | Denmark |
Clear Channel Entertainment of Brazil Ltda | Brazil |
Clear Channel Espana SLU | Spain |
Clear Channel Espectaculos SL | Spain |
Clear Channel Estonia OU | Estonia |
Clear Channel European Holdings SAS | France |
Clear Channel Felice GmbH | Switzerland |
Clear Channel France SAS | France |
Clear Channel GmbH | Switzerland |
Clear Channel Holding AG | Switzerland |
Clear Channel Holding Italia SPA | Italy |
Clear Channel Holdings CV | Netherlands |
Clear Channel Holdings, Ltd. | United Kingdom |
Clear Channel Hong Kong Ltd. | Hong Kong |
Clear Channel Infotrak AG | Switzerland |
Clear Channel International BV | Netherlands |
Clear Channel International Holdings BV | Netherlands |
Clear Channel International Ltd. | United Kingdom |
Clear Channel Interpubli AG | Switzerland |
Clear Channel Ireland Ltd. | Ireland |
Clear Channel Italy Outdoor SRL | Italy |
Clear Channel Jolly Pubblicita SPA | Italy |
Clear Channel KNR Neth Antilles NV | Curacao |
Clear Channel Mexico Holdings Cooperatieve U.A. | Netherlands |
Clear Channel Nederland BV | Netherlands |
Clear Channel Nederland Holdings BV | Netherlands |
Clear Channel NI Ltd. | United Kingdom |
Clear Channel Norway AS | Norway |
Clear Channel Ofex AG | Switzerland |
Clear Channel Outdoor Company Canada | Canada |
Clear Channel Outdoor Hungary KFT | Hungary |
Clear Channel Overseas Ltd. | United Kingdom |
Clear Channel Pacific Pte Ltd. | Singapore |
Clear Channel Plakatron AG | Switzerland |
Clear Channel Poland SP .Z.O.O. | Poland |
Clear Channel Sales AB | Sweden |
Clear Channel Schweiz AG | Switzerland |
Clear Channel Singapore Pte Ltd. | Singapore |
Clear Channel Smartbike SLU | Spain |
Clear Channel South America S.A.C. | Peru |
Clear Channel SouthWest Ltd. | United Kingdom |
Clear Channel Suomi Oy | Finland |
Clear Channel Sverige AB | Sweden |
Clear Channel UK Ltd | United Kingdom |
Clear Channel UK One Ltd. | United Kingdom |
Clear Channel UK Three Ltd. | United Kingdom |
Clear Channel UK Two Ltd. | United Kingdom |
Clear Media Limited | Bermuda |
Comurben SA | Morocco |
Eller Media Asesorias Y Comercializacion Publicitaria Ltda | Chile |
Eller Media Servicios Publicitarios Ltda | Chile |
Epiclove Ltd. | United Kingdom |
Equipamientos Urbanos - Gallega de Publicidad Disseno AIE | Spain |
Equipamientos Urbanos de Canarias SA | Spain |
Equipamientos Urbanos Del Sur SL | Spain |
FM Media Ltd. | United Kingdom |
Foxmark (UK) Ltd. | United Kingdom |
Giganto Holding Cayman | Cayman Islands |
Giganto Outdoor Servicios Publicitarios Ltda. | Chile |
Grosvenor Advertising Ltd. | United Kingdom |
Hainan Whitehorse Advertising Media Investment Company Ltd. | China |
Illuminated Awnings Systems Ltd. | Ireland |
Interspace Airport Advertising Australia Pty Ltd. | Australia |
Interspace Airport Advertising Curacao NV | Curacao |
Interspace Airport Advertising Grand Cayman | Cayman Islands |
Interspace Airport Advertising Netherlands Antilles NV | Netherlands Antilles |
Interspace Airport Advertising New Zealand Ltd. | New Zealand |
Interspace Airport Advertising TCI Ltd. | Turks & Caicos |
Interspace Airport Advertising Trinidad & Tobago Ltd. | Republic of Trinidad & Tobago |
Interspace Airport Advertising West Indies Ltd. | West Indies |
Interspace Costa Rica Airport Advertising SA | Costa Rica |
KMS Advertising Ltd. | United Kingdom |
L & C Outdoor Ltda. | Brazil |
Maurice Stam Ltd | United Kingdom |
Media Monitors (M) Sdn. Bhd. | Malaysia |
Media Monitors Dominican Republic | Panama |
Ming Wai Holdings Ltd. | British Virgin Islands |
More O'Ferrall Ireland Ltd. | Ireland |
Multimark Ltd. | United Kingdom |
Nitelites (Ireland) Ltd. | Ireland |
Nobro SC | Mexico |
NWP Street Limited | United Kingdom |
Outdoor (Brasil) Ltda | Brazil |
Outdoor Brasil Holding S/A | Brazil |
Outdoor Holding Company Cayman I | Cayman Islands |
Outdoor Holding Company Cayman II | Cayman Islands |
Outdoor Mexico Operaciones, S. de R.L. de C.V. | Mexico |
Outdoor Mexico Servicios Publicitarios S. de R.L. de C.V. | Mexico |
Outdoor Mexico Servicios Publicitarios Sub, S. de R.L. de C.V. | Mexico |
Outdoor Mexico, Servicios Administrativos, S. de R.L. de C.V. | Mexico |
Outdoor Mexico, Servicios Corporativos, S. de R.L. de C.V. | Mexico |
Outdoor Sao Paulo Participacoes Ltda | Brazil |
Outdoor Spanish Holdings SL | Spain |
Outstanding Media I Stockholm AB | Sweden |
Paneles Napsa S.R.L. | Peru |
Parkin Advertising Ltd. | United Kingdom |
Postermobile Advertising Ltd. | United Kingdom |
Postermobile Ltd. | United Kingdom |
Premium Holdings Ltd. | United Kingdom |
Premium Outdoor Ltd. | United Kingdom |
Publicidade Klimes Sao Paulo Ltda | Brazil |
Racklight S. de R.L. de C.V. | Mexico |
Radio Computing Services (Africa) Pty Ltd. | South Africa |
Radio Computing Services (India) Pvt. Ltd. | India |
Radio Computing Services (NZ) Ltd. | New Zealand |
Radio Computing Services (SEA) Pte Ltd. | Singapore |
Radio Computing Services (Thailand) Ltd. | Thailand |
Radio Computing Services (UK) Ltd. | United Kingdom |
Radio Computing Services Canada Ltd. | Canada |
Radio Computing Services of Australia Pty Ltd. | Australia |
RCS Europe SARL | France |
RCS Radio Computing China, Inc. | China |
Regentfile Ltd. | United Kingdom |
Rockbox Ltd. | United Kingdom |
Service2Cities | Belgium |
SIA Clear Channel Latvia | Latvia |
Signways Ltd. | United Kingdom |
Sites International Ltd. | United Kingdom |
Storm Outdoor Ltd. | United Kingdom |
Team Relay Ltd. | United Kingdom |
The Canton Property Investment Co. Ltd. | United Kingdom |
The Kildoon Property Co. Ltd. | United Kingdom |
Torpix Ltd. | United Kingdom |
Town & City Posters Advertising. Ltd. | United Kingdom |
Tracemotion Ltd. | United Kingdom |
Trainer Advertising Ltd. | United Kingdom |
UAB Clear Channel Lietuva | Lithuania |
Vision Media Group UK Limited | United Kingdom |
Vision Posters Ltd. | United Kingdom |
1. | I have reviewed this Annual Report on Form 10-K of iHeartCommunications, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Robert W. Pittman |
Robert W. Pittman |
Chairman and Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K of iHeartCommunications, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Richard J. Bressler |
Richard J. Bressler |
President and Chief Financial Officer |
By: | /s/ Robert W. Pittman | |
Name: | Robert W. Pittman | |
Title: | Chairman and Chief Executive Officer | |
By: | /s/ Richard J. Bressler | |
Name: | Richard J. Bressler | |
Title: | President and Chief Financial Officer | |
Document and Entity Information - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Feb. 20, 2017 |
Jun. 30, 2016 |
|
| Document And Entity Information [Abstract] | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Dec. 31, 2016 | ||
| Entity Registrant Name | iHeartCommunications, Inc. | ||
| Entity Central Index Key | 0000739708 | ||
| Document Fiscal Year Focus | 2016 | ||
| Document Fiscal Period Focus | FY | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Voluntary Filers | Yes | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Non-accelerated Filer | ||
| Entity Public Float | $ 0 | ||
| Entity Common Stock, Shares Outstanding | 500,000,000 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
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| Statement of Financial Position [Abstract] | ||
| Allowance for receivables | $ 33,882 | $ 34,889 |
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 500,000,000 | 500,000,000 |
| Common stock, shares issued | 500,000,000 | 500,000,000 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business iHeartCommunications, Inc. is a Texas corporation (the “Company”) with all of its shares of common stock held by iHeartMedia Capital I, LLC, an indirect, wholly owned subsidiary of iHeartMedia, Inc. (“Parent”). Parent was formed in May 2007 by private equity funds sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. (together, the “Sponsors”) for the purpose of acquiring the business of the Company. The acquisition was completed on July 30, 2008 pursuant to the Agreement and Plan of Merger, dated November 16, 2006, as amended on April 18, 2007, May 17, 2007 and May 13, 2008 (the “Merger Agreement”). Upon the consummation of the merger, iHeartMedia, Inc. became a public company and the Company was no longer a public company. All references in this Annual Report on Form 10-K to the “Company,” “we,” “us” and “our” refer to iHeartCommunications, Inc. and its consolidated subsidiaries. The Company’s reportable segments are iHeartMedia (“iHM”), Americas outdoor advertising (“Americas outdoor”), and International outdoor advertising (“International outdoor”). The iHM segment provides media and entertainment services via broadcast and digital delivery. The Americas outdoor and International outdoor segments provide outdoor advertising services in their respective geographic regions using various digital and traditional display types. Included in the “Other” category are the Company’s media representation business, Katz Media Group, as well as other general support services and initiatives, which are ancillary to its other businesses. We are a holding company and have no significant assets other than the ownership interests in our subsidiaries. All of our operations and all of our operating assets are held by our subsidiaries. Certain of our outstanding indebtedness is fully and unconditionally guaranteed on a joint and several basis by our parent, iHeartMedia Capital I, LLC (“Capital I”), and certain of our direct and indirect wholly-owned domestic subsidiaries. Not all of our subsidiaries guarantee our obligations under such outstanding indebtedness. For a presentation of the allocation of assets, liabilities, equity, revenues and expenses attributable to the guarantors of our indebtedness in conformity with the SEC’s Regulation S-X Rule 3-10(d), please refer to Note 14 to the consolidated financial statements of Capital I as of and for the year ending December 31, 2016. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the Company are accounted for using the equity method of accounting. All significant intercompany accounts have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the 2016 presentation. Included in International Outdoor Direct operating expenses and Selling, general and administrative expenses are $8.2 million and $3.2 million, respectively, recorded in the fourth quarter of 2015 to correct for accounting errors included in the results for our Netherlands subsidiary reported in prior years. Such corrections are not considered to be material to current year or prior year financial results. The Company is the beneficiary of two trusts created to comply with Federal Communications Commission (“FCC”) ownership rules. The radio stations owned by the trusts are managed by independent trustees. The trustees are marketing these stations for sale, and the stations will have to be sold unless any stations may be owned by the Company under then-current FCC rules, in which case the trusts will be terminated with respect to such stations. The trust agreements stipulate that the Company must fund any operating shortfalls of the trust activities, and any excess cash flow generated by the trusts is distributed to the Company. The Company is also the beneficiary of proceeds from the sale of stations held in the trusts. The Company consolidates the trusts in accordance with ASC 810-10, which requires an enterprise involved with variable interest entities to perform an analysis to determine whether the enterprise’s variable interest or interests give it a controlling financial interest in the variable interest entity, as the trusts were determined to be a variable interest entity and the Company is the primary beneficiary under the trusts. Going Concern Considerations 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. The Company adopted this standard for the year ended December 31, 2016. Under this standard, the Company is required to evaluate whether there is substantial doubt about its ability to continue as a going concern each reporting period, including interim periods. In evaluating the Company’s ability to continue as a going concern, management considered the conditions and events that could raise substantial doubt about the Company’s ability to continue as a going concern within 12 months after the Company’s financial statements were issued (February 23, 2017). Management considered the Company’s current financial condition and liquidity sources, including current funds available, forecasted future cash flows and the Company’s conditional and unconditional obligations due before February 23, 2018. As of December 31, 2016, the Company had $845.0 million of cash on its balance sheet, including $542.0 million of cash held by the Company's subsidiary, Clear Channel Outdoor Holdings, Inc. ("CCOH"). As of December 31, 2016, the Company had $113.6 million of excess availability under its receivables based credit facility. A substantial amount of the Company's cash requirements are for debt service obligations. The Company incurred net losses for the years ended December 31, 2016, 2015 and 2014 and had negative cash flows from operating activities for the years ended December 31, 2016 and 2015. The Company's current operating plan indicates it will continue to incur net losses and generate negative cash flows from operating activities given the Company's indebtedness and related interest expense. During the year ended December 31, 2016, the Company spent $2,081.3 million of cash on payments of principal and interest on its debt, net of facility draws and proceeds received, and anticipates having approximately $1.7 billion of cash interest payment obligations in 2017. At December 31, 2016, the Company had debt maturities totaling $343.5 million, $559.1 million (net of $503.0 million due to certain of our subsidiaries) and $8,369.0 million in 2017, 2018 and 2019, respectively. The Company's debt maturities at December 31, 2016 include $330.0 million outstanding under a receivables based credit facility, which matures on December 24, 2017. These factors coupled with the Company's forecast of future cash flows indicates that such cash flows would not be sufficient for the Company to meet its obligations, including payment of the outstanding receivables based credit facility balance at maturity, as they become due in the ordinary course of business for a period of12 months following February 23, 2017. The Company plans to refinance or extend the receivables based credit facility to a date at least 12 months after February 23, 2017 with terms similar to the facility’s current terms. Management believes the refinancing or extension of the maturity of the receivables based credit facility is probable of being executed as the Company has successfully extended the maturity date of this receivables based credit facility in the past, and the facility has a first-priority lien on the accounts receivable of the Company and certain of its subsidiaries (see Footnote 5). Management’s plan to refinance or extend the due date of the receivables based credit facility, combined with current funds and expected future cash flows, are considered to be sufficient to enable the Company to meet its obligations as they become due in the ordinary course of business for a period of 12 months following the date these financial statements are issued. While management plans to refinance or extend the maturity of the receivables based credit facility and has begun discussing such extension with its receivables based credit facility lenders, there is no assurance that the receivables based credit facility will be refinanced or extended in a timely manner, in amounts that are sufficient to meet the Company's obligations as they become due, or on terms acceptable to the Company, or at all. The Company’s ability to meet its obligations as they become due in the ordinary course of business for the next 12 months will depend on its ability to achieve forecasted results and its ability to refinance or extend the maturity of its receivables based credit facility. Management's belief that the receivables based credit facility will be refinanced or extended and that such refinancing or extension, together with forecasted operating cash flow, will be sufficient to enable the Company to meet its obligations as they become due in the ordinary course of business for 12 months following the date these financial statements are issued assumes, among other things, that the Company will continue to be successful in implementing its business strategy and that there will be no material adverse developments in its business, liquidity or capital requirements. If one or more of these factors do not occur as expected, it could cause a default under one or more of the agreements governing the Company’s indebtedness. The Company has been reviewing a number or potential alternatives regarding its outstanding indebtedness. These alternatives include refinancings, exchange offers, consent solicitations, the issuance of new indebtedness, amendments to the terms of the Company’s existing indebtedness and/or other transactions. The Company has considered and will continue to evaluate potential transactions to improve its capital structure and address its liquidity constraints. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Accounts Receivable Accounts receivable are recorded at the invoiced amount, net of reserves for sales returns and allowances, and allowances for doubtful accounts. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of revenue for each business unit, adjusted for relative improvements or deteriorations in the agings and changes in current economic conditions. The Company believes its concentration of credit risk is limited due to the large number and the geographic diversification of its customers. Business Combinations The Company accounts for its business combinations under the acquisition method of accounting. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Various acquisition agreements may include contingent purchase consideration based on performance requirements of the investee. The Company accounts for these payments in conformity with the provisions of ASC 805-20-30, which establish the requirements related to recognition of certain assets and liabilities arising from contingencies. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives, which are as follows: Buildings and improvements – 10 to 39 years Structures – 3 to 20 years Towers, transmitters and studio equipment – 5 to 20 years Furniture and other equipment – 2 to 20 years Leasehold improvements – shorter of economic life or lease term assuming renewal periods, if appropriate For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. The Company tests for possible impairment of property, plant, and equipment whenever events and circumstances indicate that depreciable assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. Leases Most of the Company’s outdoor advertising structures are located on leased land. Americas outdoor land leases are typically paid in advance for periods ranging from one to 12 months. International outdoor land leases are paid both in advance and in arrears, for periods ranging up to 12 months. Most international street furniture display faces are operated through contracts with municipalities for up to 15 years. The leased land and street furniture contracts often include a percent of revenue to be paid along with a base rent payment. Prepaid land leases are recorded as an asset and expensed ratably over the related rental term and rent payments in arrears are recorded as an accrued liability. The Company has entered into leases for tower sites for most of its broadcasting locations. Tower site leases are typically paid monthly in advance, and have 30-year lease terms including annual rent escalations. Most tower site leases are operating leases, and operating lease expense is recognized straight-line based on the minimum lease payments for each lease. Intangible Assets The Company’s indefinite-lived intangible assets include FCC broadcast licenses in its iHM segment and billboard permits in its Americas outdoor advertising segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annually. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a dramatic change in the manner for which the asset is intended to be used indicate that the carrying amount of the asset may not be recoverable. The Company performs its annual impairment test for its FCC licenses and permits using a direct valuation technique as prescribed in ASC 805-20-S99. The Company engages a third party valuation firm, to assist the Company in the development of these assumptions and the Company’s determination of the fair value of its FCC licenses and permits. Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets include primarily transit and street furniture contracts, talent and representation contracts, customer and advertiser relationships, and site-leases, all of which are amortized over the respective lives of the agreements, or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Goodwill At least annually, the Company performs its impairment test for each reporting unit’s goodwill. The Company uses a discounted cash flow model to determine if the carrying value of the reporting unit, including goodwill, is less than the fair value of the reporting unit. The Company identified its reporting units in accordance with ASC 350-20-55. The U.S. radio markets are aggregated into a single reporting unit and the Company’s U.S. outdoor advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test. The Company also determined that within its Americas outdoor segment, Canada constitutes a separate reporting unit and each country in its International outdoor segment constitutes a separate reporting unit. The Company recognized goodwill impairment of $7.3 million in 2016 related to one of our International outdoor markets and had no impairment of goodwill in 2015 and 2014. Nonconsolidated Affiliates In general, investments in which the Company owns 20% to 50% of the common stock or otherwise exercises significant influence over the investee are accounted for under the equity method. The Company does not recognize gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statement of operations as a component of “Equity in earnings (loss) of nonconsolidated affiliates” for any decline in value that is determined to be other-than-temporary. The Company recognized other-than-temporary impairment of $15.0 million on an equity investment for the year ended December 31, 2016, which was recorded in "Equity in loss of nonconsolidated affiliates." Other Investments Other investments are composed primarily of equity securities. Securities for which fair value is determinable are classified as available-for-sale or trading and are carried at fair value based on quoted market prices. Securities are carried at historical cost when quoted market prices are unavailable. The net unrealized gains or losses on the available-for-sale securities, net of tax, are reported in accumulated other comprehensive loss as a component of shareholder's deficit. The Company periodically assesses the value of available-for-sale and non-marketable securities and records impairment charges in the statement of comprehensive loss for any decline in value that is determined to be other-than-temporary. The average cost method is used to compute the realized gains and losses on sales of equity securities. Based on these assessments, the Company concluded that other-than-temporary impairments existed at December 31, 2016 and December 31, 2015 and recorded noncash impairment charges of $14.8 million and $5.0 million during 2016 and 2015, respectively. Such charge is recorded on the statement of comprehensive loss in “Loss on investments, net”. There were no impairment charges during the year ended December 31, 2014. Financial Instruments Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued liabilities, and short-term borrowings approximated their fair values at December 31, 2016 and 2015. Income Taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion or the entire asset will not be realized. Generally all earnings from the Company’s foreign operations are permanently reinvested and not distributed. The Company has not provided U.S. federal income taxes for temporary differences with respect to investments in foreign subsidiaries, which at December 31, 2016 currently result in tax basis amounts greater than the financial reporting basis. It is not apparent that these unrecognized deferred tax assets will reverse in the foreseeable future. If any excess cash held by our foreign subsidiaries were needed to fund operations in the United States, we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes. This is a result of significant deficits, as calculated for tax law purposes, in our foreign earnings and profits, which gives us flexibility to make future cash distributions as non-taxable returns of capital. We regularly review our tax liabilities on amounts that may be distributed in future periods and provide for foreign withholding and other current and deferred taxes on any such amounts. The determination of the amount of federal income taxes, if any, that might become due in the event that our foreign earnings are distributed is not practicable. Revenue Recognition iHM revenue is recognized as advertisements or programs are broadcast and is generally billed monthly. Outdoor advertising contracts typically cover periods of a few weeks up to one year and are generally billed monthly. Revenue for outdoor advertising space rental is recognized ratably over the term of the contract. Advertising revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for the Company’s media and entertainment and outdoor operations. Payments received in advance of being earned are recorded as deferred income. Revenue arrangements may contain multiple products and services and revenues are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. Barter transactions represent the exchange of advertising spots or display space for merchandise, services or other assets. These transactions are recorded at the estimated fair market value of the advertising spots or display space or the fair value of the merchandise or services or other assets received, whichever is most readily determinable. Revenue is recognized on barter and trade transactions when the advertisements are broadcasted or displayed. Expenses are recorded ratably over a period that estimates when the merchandise, service or other assets received is utilized, or when the event occurs. Barter and trade revenues and expenses from continuing operations are included in consolidated revenue and selling, general and administrative expenses, respectively. Barter and trade revenues and expenses from continuing operations were as follows:
Advertising Expense The Company records advertising expense as it is incurred. Advertising expenses were $132.7 million, $129.1 million and $103.0 million for the years ended December 31, 2016, 2015 and 2014, respectively. Share-Based Compensation Under the fair value recognition provisions of ASC 718-10, share-based compensation cost is measured at the grant date based on the fair value of the award. For awards that vest based on service conditions, this cost is recognized as expense on a straight-line basis over the vesting period. For awards that will vest based on market or performance conditions, this cost will be recognized when it becomes probable that the performance conditions will be satisfied. Determining the fair value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. The Company does not have any equity incentive plans under which it grants stock awards to employees. Employees of subsidiaries of the Company receive equity awards from Parent’s equity incentive plan or CCOH’s equity incentive plan Foreign Currency Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into U.S. dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of shareholder's deficit, “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in operations. New Accounting Pronouncements 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 two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company expects to utilize the full retrospective method. The Company has substantially completed its evaluation of the potential changes from adopting the new standard on its future financial reporting and disclosures which included reviews of contractual terms for all of the Company’s significant revenue streams and the development of an implementation plan. The Company continues to execute on its implementation plan, including detailed policy drafting and training of segment personnel. Based on its evaluation, the Company does not expect material changes to its 2016 or 2017 consolidated revenues, operating income or balance sheets as a result of the implementation of this standard. 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 $148.0 million as of December 31, 2015, which are now reflected as “Long-term debt fees” in Note 5. 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 does not expect the provisions of this new standard to have a material impact 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 or 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. |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | PROPERTY, PLANT AND EQUIPMENT, INTANGIBLEASSETS AND GOODWILL Dispositions During the first quarter of 2016, Parent and certain of its subsidiaries completed the final closing for the sale of six of the Company’s broadcast communication tower sites and related assets for approximately $5.5 million. Simultaneous with the sale, the Company entered into lease agreements for the continued use of space on all six of the towers sold. The Company realized a net gain of $2.7 million, of which $1.9 million was deferred and will be recognized over the lease term. 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 $592.3 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 closed in January 2017. The related net assets are separately presented and classified as held-for-sale on the face of the Consolidated Balance Sheet as of December 31, 2016. 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. During the fourth quarter of 2016, International outdoor sold its outdoor business in Australia for cash proceeds of $195.7 million, net of cash retained by the purchaser and closing costs. As a result, the Company recognized a net gain of $127.6 million, which is net of $14.6 million in cumulative translation adjustments that were recognized upon the sale of the Company's outdoor business in Australia. Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of December 31, 2016 and 2015, respectively:
Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses and billboard permits. FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the “Act”). The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no serious violations of either the Communications Act of 1934 or the FCC’s rules and regulations by the licensee, and there have been no other serious violations which taken together constitute a pattern of abuse. The licenses may be renewed indefinitely at little or no cost. The Company does not believe that the technology of wireless broadcasting will be replaced in the foreseeable future. The Company’s billboard permits are granted for the right to operate an advertising structure at the specified location as long as the structure is in compliance with the laws and regulations of each jurisdiction. The Company’s permits are located on owned land, leased land or land for which we have acquired permanent easements. In cases where the Company’s permits are located on leased land, the leases typically have initial terms of between 10 and 20 years and renew indefinitely, with rental payments generally escalating at an inflation-based index. If the Company loses its lease, the Company will typically obtain permission to relocate the permit or bank it with the municipality for future use. Due to significant differences in both business practices and regulations, billboards in the International outdoor segment are subject to long-term, finite contracts unlike the Company’s permits in the United States and Canada. Accordingly, there are no indefinite-lived intangible assets in the International outdoor segment. Annual Impairment Test to 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 licenses 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 FCC license or billboard permit within a market. During 2016, the Company recognized an impairment charge of $0.7 million related to FCC licenses in one market. During 2015, the Company recognized an impairment charge of $21.6 million related to billboard permits in one market. During 2014, the Company recognized a $15.7 million impairment charge related to FCC licenses in eleven markets due to changes in the revenue growth forecasts and margins for those markets. 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, talent and representation contracts, customer and advertiser relationships, and 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 December 31, 2016 and 2015, respectively:
Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2016, 2015 and 2014 was $222.6 million, $237.5 million, and $263.4 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:
Annual Impairment Test to Goodwill The Company performs its annual impairment test on goodwill as of July 1 of each year. Each of the U.S. radio markets and outdoor advertising markets are components of the Company. The U.S. radio markets are aggregated into a single reporting unit and the U.S. outdoor advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test using the guidance in ASC 350-20-55. The Company also determined that each country within its Americas outdoor segment and International outdoor 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 year ended December 31, 2016 related to one market in the Company's International outdoor segment and concluded no goodwill impairment charge was required for the year ended December 31, 2015. The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments:
The balance at December 31, 2014 is net of cumulative impairments of $3.5 billion, $2.6 billion, $326.6 million and $212.0 million in the Company’s iHM, Americas outdoor, International outdoor and Other segments, respectively. |
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INVESTMENTS |
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| Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENTS | INVESTMENTS The following table summarizes the Company's investments in nonconsolidated affiliates and available-for-sale securities:
Equity method investments in the table above are not consolidated, but are accounted for under the equity method of accounting, whereby the Company records its investments in these entities in the balance sheet as “Other assets.” The Company's interests in their operations are recorded in the statement of comprehensive loss as “Equity in earnings (loss) of nonconsolidated affiliates.” Other cost investments include various investments in companies for which there is no readily determinable market value. During 2016, the Company recorded $26.1 million in its iHM segment for investments made in four private companies in exchange for advertising services and cash. Two of these investments are being accounted for under the equity method of accounting, and two of these investments are being accounted for under the cost method. During the fourth quarter of 2015, the Company recorded $36.5 million in its iHM segment for investments made in three private companies in exchange for advertising services. One of these investments is being accounted for under the equity method of accounting, and two of these investments are being accounted for under the cost method. The Company recognized barter revenue of $15.6 million in the year ended December 31, 2015 and $36.6 million in the year ended December 31, 2016 as services were provided. The Company recognized a non-cash impairment of $14.5 million on one of these cost investments for the year ended December 31, 2016, which was recorded in “Loss on investments, net.” In addition, the Company recognized a non-cash impairment of $15.0 million on one of these equity investments for the year ended December 31, 2016, which was recorded in "Equity in loss of nonconsolidated affiliates." The Company recognized a non-cash impairment of $5.0 million on a cost investment for the year ended December 31, 2015, which was recorded in “Loss on investments, net.” Marketable Equity Securities ASC 820-10-35 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s marketable equity securities are measured at fair value on each reporting date. The marketable equity securities are measured at fair value using quoted prices in active markets. Due to the fact that the inputs used to measure the marketable equity securities at fair value are observable, the Company has categorized the fair value measurements of the securities as Level 1. As of December 31, 2016 and 2015, the Company held $1.7 million and $2.3 million in marketable equity securities, which are included within Other Assets. |
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ASSET RETIREMENT OBLIGATION |
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| Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ASSET RETIREMENT OBLIGATION | ASSET RETIREMENT OBLIGATION The Company’s asset retirement obligation is reported in “Other long-term liabilities” with the current portion recorded in “Accrued liabilities” and relates to its obligation to dismantle and remove outdoor advertising displays from leased land and to reclaim the site to its original condition upon the termination or non-renewal of a lease or contract. When the liability is recorded, the cost is capitalized as part of the related long-lived assets’ carrying value. Due to the high rate of lease renewals over a long period of time, the calculation assumes that all related assets will be removed at some period over the next 55 years. An estimate of third-party cost information is used with respect to the dismantling of the structures and the reclamation of the site. The interest rate used to calculate the present value of such costs over the retirement period is based on an estimated risk adjusted credit rate for the same period. The following table presents the activity related to the Company’s asset retirement obligation:
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LONG-TERM DEBT |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM DEBT | LONG-TERM DEBT Long-term debt at December 31, 2016 and 2015 consisted of the following:
The Company’s weighted average interest rate at December 31, 2016 and 2015 was 8.5%. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $16.7 billion and $15.2 billion at December 31, 2016 and 2015, respectively. Under the fair value hierarchy established by ASC 820-10-35, the fair market value of the Company’s debt is classified as either Level 1 or Level 2. Senior Secured Credit Facilities As of December 31, 2016 and 2015, the Company had senior secured credit facilities consisting of:
The Company is the primary borrower under the senior secured credit facilities, and certain of its domestic restricted subsidiaries are co-borrowers under a portion of the term loan facilities. Interest Rate and Fees Borrowings under the Company's senior secured credit facilities bear interest at a rate equal to an applicable margin plus, at the Company's option, either (i) a base rate determined by reference to the higher of (A) the prime lending rate publicly announced by the administrative agent or (B) the Federal funds effective rate from time to time plus 0.50%, or (ii) a Eurocurrency rate determined by reference to the costs of funds for deposits for the interest period relevant to such borrowing adjusted for certain additional costs. The margin percentages applicable to the term loan facilities are the following percentages per annum:
The margin percentages are subject to adjustment based upon the Company's leverage ratio. Collateral and Guarantees The senior secured credit facilities are guaranteed by the Company and each of its existing and future material wholly-owned domestic restricted subsidiaries, subject to certain exceptions. All obligations under the senior secured credit facilities, and the guarantees of those obligations, are secured, subject to permitted liens, including prior liens permitted by the indenture governing the Company's legacy notes, and other exceptions, by:
Certain Covenants The senior secured credit facilities include negative covenants that, subject to significant exceptions, limit the Company's ability and the ability of its restricted subsidiaries to, among other things:
Receivables Based Credit Facility On November 17, 2016, the Company incurred $100.0 million of additional borrowings under the Company's receivables based credit facility. As of December 31, 2016, there were borrowings of $330.0 million outstanding under the Company's receivables based credit facility. On January 31, 2017, the Company prepaid $25.0 million of the amount borrowed under its receivables based credit facility, bringing its total outstanding borrowings under this facility to $305.0 million. The receivables based credit facility provides revolving credit commitments of $535.0 million, subject to a borrowing base. The borrowing base at any time equals 90% of the eligible accounts receivable of the Company and certain of its subsidiaries. The receivables based credit facility includes a letter of credit sub-facility and a swingline loan sub-facility. The Company and certain subsidiary borrowers are the borrowers under the receivables based credit facility. The Company has the ability to designate one or more of its restricted subsidiaries as borrowers under the receivables based credit facility. The receivables based credit facility loans are available in U.S. dollars and letters of credit are available in a variety of currencies including U.S. dollars, Euros, Pounds Sterling, and Canadian dollars. Interest Rate and Fees Borrowings under the receivables based credit facility bear interest at a rate per annum equal to an applicable margin plus, at the Company's option, either (i) a base rate determined by reference to the highest of (a) the prime rate of Citibank, N.A. and (b) the Federal Funds rate plus 0.50% or (ii) a Eurocurrency rate determined by reference to the rate (adjusted for statutory reserve requirements for Eurocurrency liabilities) for Eurodollar deposits for the interest period relevant to such borrowing. The applicable margin for borrowings under the receivables based credit facility ranges from 1.50% to 2.00% for Eurocurrency borrowings and from 0.50% to 1.00% for base-rate borrowings, depending on average daily excess availability under the receivables based credit facility during the prior fiscal quarter. In addition to paying interest on outstanding principal under the receivables based credit facility, the Company is required to pay a commitment fee to the lenders under the receivables based credit facility in respect of the unutilized commitments thereunder. The commitment fee rate ranges from 0.25% to 0.375% per annum dependent upon average unused commitments during the prior quarter. The Company must also pay customary letter of credit fees. Maturity Borrowings under the receivables based credit facility will mature, and lending commitments thereunder will terminate, on the fifth anniversary of the effectiveness of the receivables based credit facility, which is December 24, 2017. Guarantees and Security The facility is guaranteed by, subject to certain exceptions, the guarantors of the Company's senior secured credit facilities. All obligations under the receivables based credit facility, and the guarantees of those obligations, are secured by a perfected security interest in all of the Company's and all of the guarantors’ accounts receivable and related assets and proceeds thereof that is senior to the security interest of the Company's senior secured credit facilities in such accounts receivable and related assets and proceeds thereof, subject to permitted liens, including prior liens permitted by the indenture governing certain of the Company's legacy notes, and certain exceptions. Certain Covenants The receivables based credit facility includes negative covenants that, subject to significant exceptions, limit the Company's ability and the ability of its restricted subsidiaries to, among other things:
Priority Guarantee Notes As of December 31, 2016 and 2015, the Company had outstanding Priority Guarantee Notes consisting of:
Guarantees and Security The Priority Guarantee Notes are the Company's senior obligations and are fully and unconditionally guaranteed, jointly and severally, on a senior basis by the guarantors named in the indentures. The Priority Guarantee Notes and the guarantors’ obligations under the guarantees are secured by (i) a lien on (a) the Company's capital stock and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing certain of the Company's legacy notes), in each case equal in priority to the liens securing the obligations under the Company's senior secured credit facilities, subject to certain exceptions, and (ii) a lien on the accounts receivable and related assets securing our receivables based credit facility junior in priority to the lien securing our obligations thereunder, subject to certain exceptions. In addition to the collateral granted to secure the Priority Guarantee Notes, the collateral agent and the trustee for the 9% Priority Guarantee Notes due 2019 entered into an agreement with the administrative agent for the lenders under the senior secured credit facilities to turn over to the trustee under the 9% Priority Guarantee Notes due 2019, for the benefit of the holders of the 9% Priority Guarantee Notes due 2019, a pro rata share of any recovery received on account of the principal properties, subject to certain terms and conditions. Redemptions The Company may redeem the Priority Guarantee Notes at its option, in whole or in part, at redemption prices set forth in the indentures, plus accrued and unpaid interest to the redemption dates. Certain Covenants The indentures governing the Priority Guarantee Notes contain covenants that limit the Company's ability and the ability of its restricted subsidiaries to, among other things: (i) pay dividends, redeem stock or make other distributions or investments; (ii) incur additional debt or issue certain preferred stock; (iii) modify any of the Company's existing senior notes; (iv) transfer or sell assets; (v) engage in certain transactions with affiliates; (vi) create restrictions on dividends or other payments by the restricted subsidiaries; and (vii) merge, consolidate or sell substantially all of the Company's assets. The indentures contain covenants that limit the Company’s ability and the ability of our restricted subsidiaries to, among other things: (i) create liens on assets and (ii) materially impair the value of the security interests taken with respect to the collateral for the benefit of the notes collateral agent and the holders of the Priority Guarantee Notes. The indentures also provide for customary events of default. Subsidiary Revolving Credit Facility Due 2018 During the third quarter of 2013, CCOH entered into a five-year senior secured revolving credit facility with an aggregate principal amount of $75.0 million. The revolving credit facility may be used for working capital needs, to issue letters of credit and for other general corporate purposes. At December 31, 2016, there were no amounts outstanding under the revolving credit facility, and $65.4 million of letters of credit under the revolving credit facility, which reduce availability under the facility. 14.0% Senior Notes due 2021 As of December 31, 2016, the Company had outstanding approximately $1.7 billion of aggregate principal amount of 14.0% Senior Notes due 2021 (net of $440.6 million principal amount held by a subsidiary of the Company). The 14.0% Senior Notes due 2021 mature on February 1, 2021. Interest on the 14.0% Senior Notes due 2021 is payable semi-annually on February 1 and August 1 of each year. Interest on the 14.0% Senior Notes due 2021 will be paid at the rate of (i) 12.0% per annum in cash and (ii) 2.0% per annum through the issuance of payment-in-kind notes (the “PIK Notes”). Any PIK Notes issued in certificated form will be dated as of the applicable interest payment date and will bear interest from and after such date. All PIK Notes issued will mature on February 1, 2021 and have the same rights and benefits as the 14.0% Senior Notes due 2021. Beginning with the interest payment due August 1, 2018 and continuing on each interest payment date thereafter, redemptions of a portion of the principal amount then outstanding will become due for purposes of applicable high yield discount obligation (“AHYDO”) catch-up payments. The 14.0% Senior Notes due 2021 are fully and unconditionally guaranteed on a senior basis by the guarantors named in the indenture governing such notes. The guarantee is structurally subordinated to all existing and future indebtedness and other liabilities of any subsidiary of the applicable subsidiary guarantor that is not also a guarantor of the 14.0%Senior Notes due 2021. The guarantees are subordinated to the guarantees of the Company's senior secured credit facilities and certain other permitted debt, but rank equal to all other senior indebtedness of the guarantors. The Company may redeem the 14.0% Senior Notes due 2021, in whole or in part, within certain dates, at the redemption prices set forth in the indenture plus accrued and unpaid interest to the redemption date. The indenture governing the 14.0% Senior Notes due 2021 contains covenants that limit the Company's ability and the ability of its restricted subsidiaries to, among other things: (i) incur additional indebtedness or issue certain preferred stock; (ii) pay dividends on, or make distributions in respect of, our capital stock or repurchase our capital stock; (iii) make certain investments or other restricted payments; (iv) sell certain assets; (v) create liens or use assets as security in other transactions; (vi) merge, consolidate or transfer or dispose of substantially all of our assets; (vii) engage in transactions with affiliates; and (viii) designate our subsidiaries as unrestricted subsidiaries. Legacy Notes As of December 31, 2016 and 2015, the Company had outstanding senior notes (net of $57.1 million aggregate principal amount held by a subsidiary of the Company) consisting of:
These senior notes were the obligations of the Company prior to the merger in 2008. The senior notes are senior, unsecured obligations that are effectively subordinated to the Company's secured indebtedness to the extent of the value of the Company's assets securing such indebtedness and are not guaranteed by any of the Company's subsidiaries and, as a result, are structurally subordinated to all indebtedness and other liabilities of the Company's subsidiaries. The senior notes rank equally in right of payment with all of the Company's existing and future senior indebtedness and senior in right of payment to all existing and future subordinated indebtedness. 10.0% Senior Notes due 2018 As of December 31, 2016, the Company had outstanding $347.0 million aggregate principal amount of 10.0% Senior Notes due 2018 (net of $503.0 million aggregate principal amount held by certain subsidiaries of the Company). The 10.0% Senior Notes due 2018 mature on January 15, 2018 and bear interest at a rate of 10.0% per annum, payable semi-annually on January 15 and July 15 of each year. On December 20, 2016, we commenced an offer to noteholders to exchange its 10.0% Senior Notes due 2018 for newly-issued 11.25% Priority Guarantee Notes which will be issued as “additional notes” under the indenture governing our existing 11.25% Priority Guarantee Notes due 2021. On February 7, 2017, we completed the exchange offer by issuing $476.4 million in aggregate principal amount of 11.25% Priority Guarantee Notes due 2021 in exchange for $476.4 million of aggregate principal amount outstanding of our 10.0% Senior Notes due 2018, of which $241.4 million is held by subsidiaries of we. The 10% Senior Notes due 2018 are senior, unsecured obligations that are effectively subordinated to the Company's secured indebtedness to the extent of the value of the Company's assets securing such indebtedness and are not guaranteed by any of the Company's subsidiaries and, as a result, are structurally subordinated to all indebtedness and other liabilities of the Company's subsidiaries. The 10.0% Senior Notes due 2018 rank equally in right of payment with all of the Company's existing and future senior indebtedness and senior in right of payment to all existing and future subordinated indebtedness. Subsidiary Senior Notes As of December 31, 2016 and 2015, the Company's subsidiaries, Clear Channel Worldwide Holdings, Inc. ("CCWH") and Clear Channel International B.V. had outstanding notes consisting of:
CCWH Senior and Senior Subordinated Notes The CCWH Senior Notes are guaranteed by CCOH, Clear Channel Outdoor, Inc. (“CCOI”) and certain of CCOH’s direct and indirect subsidiaries. The CCWH Senior Subordinated Notes are fully and unconditionally guaranteed, jointly and severally, on a senior subordinated basis by CCOH, CCOI and certain of CCOH’s other domestic subsidiaries and rank junior to each guarantor’s existing and future senior debt, including the CCWH Senior Notes, equally with each guarantor’s existing and future senior subordinated debt and ahead of each guarantor’s existing and future debt that expressly provides that it is subordinated to the guarantees of the CCWH Senior Subordinated Notes. The CCWH Senior Notes are senior obligations that rank pari passu in right of payment to all unsubordinated indebtedness of CCWH and the guarantees of the CCWH Senior Notes rank pari passu in right of payment to all unsubordinated indebtedness of the guarantors. The CCWH Senior Subordinated Notes are unsecured senior subordinated obligations that rank junior to all of CCWH’s existing and future senior debt, including the CCWH Senior Notes, equally with any of CCWH’s existing and future senior subordinated debt and ahead of all of CCWH’s existing and future debt that expressly provides that it is subordinated to the CCWH Senior Subordinated Notes. Redemptions CCWH may redeem the CCWH Senior Notes and the CCWH Senior Subordinated Notes at its option, in whole or in part, at redemption prices set forth in the indentures plus accrued and unpaid interest to the redemption dates and plus an applicable premium. Certain Covenants The indentures governing the CCWH Senior Notes and the CCWH Senior Subordinated Notes contain covenants that limit CCOH and its restricted subsidiaries ability to, among other things:
Clear Channel International B.V. Senior Notes The Clear Channel International B.V. Senior Notes ("CCIBV Senior Notes") are guaranteed by certain of the International outdoor business’s existing and future subsidiaries. The Company does not guarantee or otherwise assume any liability for the CCIBV Senior Notes. The notes are senior unsecured obligations that rank pari passu in right of payment to all unsubordinated indebtedness of Clear Channel International B.V., and the guarantees of the notes are senior unsecured obligations that rank pari passu in right of payment to all unsubordinated indebtedness of the guarantors of the notes. Redemptions Clear Channel International B.V. may redeem the notes at its option, in whole or part, at the redemption prices set forth in the indenture plus accrued and unpaid interest to the redemption date. Certain Covenants The indenture governing the CCIBV Senior Notes contains covenants that limit Clear Channel International B.V.’s ability and the ability of its restricted subsidiaries to, among other things:
Future Maturities of Long-term Debt Future maturities of long-term debt at December 31, 2016 are as follows:
Surety Bonds, Letters of Credit and Guarantees As of December 31, 2016, we had outstanding surety bonds, commercial standby letters of credit and bank guarantees of $60.0 million, $103.4 million and $35.7 million, respectively. Bank guarantees of $18.8 million were cash secured. These surety bonds, letters of credit and bank guarantees relate to various operational matters including insurance, bid, concession and performance bonds as well as other items. |
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COMMITMENTS AND CONTINGENCIES |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments and Contingencies The Company accounts for its rentals that include renewal options, annual rent escalation clauses, minimum franchise payments and maintenance related to displays under the guidance in ASC 840. The Company considers its non-cancelable contracts that enable it to display advertising on buses, bus shelters, trains, etc. to be leases in accordance with the guidance in ASC 840-10. These contracts may contain minimum annual franchise payments which generally escalate each year. The Company accounts for these minimum franchise payments on a straight-line basis. If the rental increases are not scheduled in the lease, such as an increase based on subsequent changes in the index or rate, those rents are considered contingent rentals and are recorded as expense when accruable. Other contracts may contain a variable rent component based on revenue. The Company accounts for these variable components as contingent rentals and records these payments as expense when accruable. No single contract or lease is material to the Company’s operations. The Company accounts for annual rent escalation clauses included in the lease term on a straight-line basis under the guidance in ASC 840-20-25. The Company considers renewal periods in determining its lease terms if at inception of the lease there is reasonable assurance the lease will be renewed. Expenditures for maintenance are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. The Company leases office space, certain broadcasting facilities, equipment and the majority of the land occupied by its outdoor advertising structures under long-term operating leases. The Company accounts for these leases in accordance with the policies described above. The Company’s contracts with municipal bodies or private companies relating to street furniture, billboards, transit and malls generally require the Company to build bus stops, kiosks and other public amenities or advertising structures during the term of the contract. The Company owns these structures and is generally allowed to advertise on them for the remaining term of the contract. Once the Company has built the structure, the cost is capitalized and expensed over the shorter of the economic life of the asset or the remaining life of the contract. In addition, the Company has commitments relating to required purchases of property, plant and equipment under certain street furniture contracts. Certain of the Company’s contracts contain penalties for not fulfilling its commitments related to its obligations to build bus stops, kiosks and other public amenities or advertising structures. Historically, any such penalties have not materially impacted the Company’s financial position or results of operations. As of December 31, 2016, the Company's future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, capital expenditure commitments and employment/talent contracts consist of the following:
Rent expense charged to operations for the years ended December 31, 2016, 2015 and 2014 was $1.12 billion, $1.14 billion and $1.17 billion, respectively. In various areas in which the Company operates, outdoor advertising is the object of restrictive and, in some cases, prohibitive zoning and other regulatory provisions, either enacted or proposed. The impact to the Company of loss of displays due to governmental action has been somewhat mitigated by Federal and state laws mandating compensation for such loss and constitutional restraints. The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations. Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of its litigation arises in the following contexts: commercial disputes; defamation matters; employment and benefits related claims; governmental fines; intellectual property claims; and tax disputes. 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 CCOH 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 the Company, iHeartCommunications, Inc. ("iHeartCommunications"), an indirect subsidiary of the Company, Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. (together, the "Sponsor Defendants"), the Company's private equity sponsors and majority owners, and the members of CCOH's board of directors. CCOH also is named as a nominal defendant. The complaint alleges that the defendants have breached their fiduciary duties by causing CCOH 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 the Company and iHeartCommunications; (iii) issue new debt in the CCIBV note offering (the "CCIBV Note Offering") to provide cash to the Company and iHeartCommunications through a dividend; and (iv) effect the sales of certain outdoor markets in the U.S. (the "Outdoor Asset Sales") allegedly to provide cash to the Company and iHeartCommunications through a dividend. The complaint also alleges that the Company, iHeartCommunications and the Sponsor Defendants aided and abetted the directors' breaches of their fiduciary duties. The complaint further alleges that the Company, 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 CCOH. The plaintiff is seeking, among other things, a ruling that the defendants breached their fiduciary duties to CCOH and that the Company, iHeartCommunications and the Sponsor Defendants aided and abetted the CCOH board of directors' breaches of fiduciary duty, rescission of payments made by CCOH to iHeartCommunications and its affiliates pursuant to dividends declared in connection with the CCIBV Note Offering and Outdoor Asset Sales, and an order requiring the Company, iHeartCommunications and the Sponsor Defendants to disgorge all profits they have received as a result of the alleged fiduciary misconduct. 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. On November 23, 2016, the Court granted defendants' motion to dismiss all claims brought by the plaintiff. On December 19, 2016, the plaintiff filed a notice of appeal of the ruling. |
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INCOME TAXES |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | INCOME TAXES Significant components of the provision for income tax benefit (expense) are as follows:
Current tax expense of $47.7 million was recorded for 2016 as compared to a current tax expense of $59.1 million for 2015. The current tax expense recorded in 2016 was primarily related to foreign income taxes on operating profits generated in certain foreign jurisdictions during the period. The decrease in current tax expense when compared to 2015 was primarily attributable to a decrease in state tax expense which resulted from a reduction in unrecognized tax benefits during 2016 in connection with the settlements of tax examinations during the period. Current tax expense of $59.1 million was recorded for 2015 as compared to a current tax expense of $24.6 million for 2014. The change in current tax was primarily due to a reduction in unrecognized tax benefits during 2014, which resulted from the expiration of statutes of limitations to assess taxes in the United Kingdom and several state jurisdictions. This decrease in unrecognized tax benefits resulted in a reduction to current tax expense of $35.4 million during 2015. Deferred tax benefit of $98.1 million was recorded for 2016 compared with deferred tax expense of $27.8 million for 2015. The federal and state deferred tax benefits recorded in 2016 were primarily attributable to the reversal of certain U.S. deferred tax liabilities attributable to indefinite-lived intangible assets that were disposed of in connections with the sale of nine non-strategic U.S. outdoor markets during the first quarter of 2016. In addition, the foreign deferred tax benefit recorded in 2016 was primarily related to the $43.3 million deferred tax benefit for the release of valuation allowance against certain net operating loss carryforwards in France. Due to positive evidence that now exists, the Company expects to realize the benefit of these net operating loss carryforwards in the future. Deferred tax expense of $27.8 million was recorded for 2015 compared with deferred tax expense of $33.9 million for 2014. The change in deferred tax is primarily due to the valuation allowances recorded against the Company’s federal and state net operating losses during 2015. Significant components of the Company's deferred tax liabilities and assets as of December 31, 2016 and 2015 are as follows:
During the fourth quarter of 2015, the Company elected early adoption of ASU No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. This update requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The deferred tax liability related to intangibles and fixed assets primarily relates to the difference in book and tax basis of acquired FCC licenses, billboard permits and tax deductible goodwill created from the Company’s various stock acquisitions. In accordance with ASC 350-10, Intangibles—Goodwill and Other, the Company does not amortize FCC licenses and billboard permits. As a result, this deferred tax liability will not reverse over time unless the Company recognizes future impairment charges related to its FCC licenses, permits and tax deductible goodwill or sells its FCC licenses or permits. As the Company continues to amortize its tax basis in its FCC licenses, permits and tax deductible goodwill, the deferred tax liability will increase over time. The Company’s net foreign deferred tax assets for the period ending December 31, 2016 were $47.1 million and the net foreign tax liabilities for the period ending December 31, 2015 were $9.3 million. At December 31, 2016, the Company had recorded net operating loss carryforwards (tax effected) for federal and state income tax purposes of approximately $1.2 billion, expiring in various amounts through 2035. The Company expects to realize the benefits of a portion of its deferred tax assets attributable to federal and state net operating losses based upon expected future taxable income from deferred tax liabilities that reverse in the relevant federal and state jurisdictions and carryforward periods. As of December 31, 2016, the Company had recorded a partial valuation allowance of $853.9 million against these deferred tax assets attributable to federal and state net operating losses, of which $61.5 million was recorded during the current period ended December 31, 2016. In addition, the Company recorded a net reduction of $14.8 million in valuation allowance against its foreign deferred tax assets during the year ended December 31, 2016. The net reduction is primarily due to a release of valuation allowances in France as a result of positive evidence that the net operating loss carryforwards are more likely than not to be utilized in future periods. At December 31, 2016, the Company had recorded $152.5 million (tax-effected) of deferred tax assets for foreign net operating loss carryforwards, which are offset in part by an associated valuation allowance of $103.3 million. Additional deferred tax valuation allowance of $34.0 million offsets other foreign deferred tax assets that are not expected to be realized. Realization of these foreign deferred tax assets is dependent upon the Company’s ability to generate future taxable income in appropriate tax jurisdictions and carryforward periods. Due to the Company’s evaluation of all available evidence, including significant negative evidence of cumulative losses in these jurisdictions, the Company continues to record valuation allowances on the foreign deferred tax assets that are not expected to be realized. The Company expects to realize its remaining gross deferred tax assets based upon its assessment of deferred tax liabilities that will reverse in the same carryforward period and jurisdiction and are of the same character as the net operating loss carryforwards and temporary differences that give rise to the deferred tax assets. Any deferred tax liabilities associated with acquired FCC licenses, billboard permits and tax-deductible goodwill intangible assets are not relied upon as a source of future taxable income, as these intangible assets have an indefinite life. At December 31, 2016, net deferred tax liabilities include a deferred tax asset of $28.6 million relating to stock-based compensation expense under ASC 718-10, Compensation—Stock Compensation. Full realization of this deferred tax asset requires stock options to be exercised at a price equaling or exceeding the sum of the grant price plus the fair value of the option at the grant date and restricted stock to vest at a price equaling or exceeding the fair market value at the grant date. Accordingly, there can be no assurance that the stock price of the Company’s common stock will rise to levels sufficient to realize the entire deferred tax benefit currently reflected in its balance sheet. Loss before income taxes:
The reconciliation of income tax computed at the U.S. federal statutory tax rates to the recorded income tax benefit (expense) is:
The Company’s effective tax benefit rate for the year ended December 31, 2016 is 17.4%. The effective tax benefit rate for 2016 was impacted by the $43.3 million deferred tax benefit recorded in connection with the release of valuation allowance in France, which was offset by $54.7 million of tax expense attributable to the sale of our outdoor business in Australia. Additionally, the 2016 effective tax benefit rate was impacted by the $31.8 million valuation allowance recorded against a portion of current period federal and state deferred tax assets due to the uncertainty of the ability to realize those assets in future periods. A tax expense was recorded for the year ended December 31, 2015 of (13.4)%. The effective tax rate for 2015 was impacted by the $305.3 million valuation allowance recorded during the period as additional deferred tax expense. The valuation allowance was recorded against a portion of the federal and state net operating losses due to the uncertainty of the ability to utilize those losses in future periods. A tax expense was recorded for the year ended December 31, 2014 of (8.3)%. The effective tax rate for 2014 was impacted by the $339.8 million valuation allowance recorded during the period as additional deferred tax expense. The valuation allowance was recorded against a portion of the federal and state net operating losses due to the uncertainty of the ability to utilize those losses in future periods. This expense was partially offset by $28.9 million in net tax benefits associated with a decrease in unrecognized tax benefits resulting from the expiration of statute of limitations to assess taxes in the United Kingdom and several state jurisdictions. The Company provides for any related tax liability on undistributed earnings that the Company does not intend to be indefinitely reinvested outside the United States or would otherwise become taxable upon remittance within our foreign structure. Substantially all of the Company’s undistributed international earnings are intended to be indefinitely reinvested in home country operations outside the United States. If any excess cash held by our foreign subsidiaries were needed to fund operations in the U.S., we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes. This is a result of significant deficits, as calculated for tax law purposes, in our foreign earnings and profits, which gives us flexibility to make future cash distributions as non-taxable returns of capital. The Company continues to record interest and penalties related to unrecognized tax benefits in current income tax expense. The total amount of interest accrued at December 31, 2016 and 2015 was $47.5 million and $45.0 million, respectively. The total amount of unrecognized tax benefits including accrued interest and penalties at December 31, 2016 and 2015 was $145.4 million and $148.2 million, respectively, of which $115.1 million and $113.6 million is included in “Other long-term liabilities” on the Company’s consolidated balance sheets, respectively. In addition, $30.3 million and $34.6 million of unrecognized tax benefits are recorded net with the Company’s deferred tax assets for its net operating losses as opposed to being recorded in “Other long-term liabilities” at December 31, 2016 and 2015, respectively. The total amount of unrecognized tax benefits at December 31, 2016 and 2015 that, if recognized, would impact the effective income tax rate is $53.8 million and $54.3 million, respectively.
The Company and its subsidiaries file income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. During 2016, the company settled several tax examinations that resulted in the reduction of unrecognized tax benefits of $11.2 million, excluding interest, during the period. In addition, the statute of limitations for certain tax years expired in the United Kingdom and other jurisdictions resulting in the reduction to unrecognized tax benefits of $6.2 million, excluding interest. During 2015, the statute of limitations for certain tax years expired in the United Kingdom and several state jurisdictions resulting in a reduction to unrecognized tax benefits of $4.3 million, excluding interest. Also during 2015, the Company settled certain U.S. federal and state examinations with taxing authorities, resulting in decreases in unrecognized tax benefits relating to cash tax payments of $3.8 million. All federal income tax matters through 2010 are closed. The Company is currently in appeals with the IRS for the Company’s tax returns for the 2011 and 2012 periods. Substantially all material state, local, and foreign income tax matters have been concluded for years through 2008. |
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SHAREHOLDERS' DEFICIT |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHAREHOLDERS' DEFICIT | SHAREHOLDER’S 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 shareholder's deficit attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest:
Dividends The Company has not paid cash dividends since its formation and its ability to pay dividends is subject to restrictions should it seek to do so in the future. The Company's debt financing arrangements include restrictions on its ability to pay dividends thereby limiting the Company’s ability to pay dividends. On December 20, 2015, the board of directors of CCOH declared a special cash dividend, which was paid on January 7, 2016 to its stockholders of record at the closing of business on January 4, 2016, in an aggregate amount equal to $217.8 million. Through our subsidiaries we received $196.3 million of this dividend. The remaining dividend was paid to CCOH’s public stockholders and was reflected as a use of cash for financing activities in the first quarter of 2016. In the first quarter of 2016, CCOH sold nine non-strategic Americas outdoor markets for an aggregate purchase price of approximately $592.3 million in cash and certain advertising assets in Florida (the “Transactions”). On January 21, 2016, the board of directors of CCOH notified us of its intent to make a demand for the repayment of $300.0 million outstanding on the Note (the "Demand") and declared special cash dividends in an aggregate amount of $540.0 million. CCOH made the Demand and the special cash dividend was paid on February 4, 2016. A portion of the proceeds of the Transactions, together with the proceeds from the concurrent $300.0 million repayment of the Note, were used to fund the dividends. We received $486.5 million of the dividend proceeds ($186.5 million net of the Company's repayment of the Note) through three of our wholly-owned subsidiaries, and approximately $53.5 million was paid to the public stockholders of CCOH. Share-Based Compensation Stock Options The Company does not have any compensation plans under which it grants stock awards to employees. Prior to the merger, the Company granted options to purchase its common stock to its employees and directors and its affiliates under its various equity incentive plans typically at no less than the fair value of the underlying stock on the date of grant. These options were granted for a term not exceeding ten years and were forfeited, except in certain circumstances, in the event the employee or director terminated his or her employment or relationship with the Company or one of its affiliates. Prior to acceleration, if any, in connection with the merger, these options vested over a period of up to five years. All equity incentive plans contained anti-dilutive provisions that permitted an adjustment of the number of shares of the Company's common stock represented by each option for any change in capitalization. Parent has granted options to purchase its shares of Class A common stock to certain key executives under its equity incentive plan at no less than the fair value of the underlying stock on the date of grant. These options are granted for a term not to exceed ten years and are forfeited, except in certain circumstances, in the event the executive terminates his or her employment or relationship with Parent or one of its affiliates. Approximately three-fourths of the options outstanding at December 31, 2016 vest based solely on continued service over a period of up to five years with the remainder becoming eligible to vest over a period of up to five years if certain predetermined performance targets are met. The equity incentive plan contains antidilutive provisions that permit an adjustment for any change in capitalization. The Company accounts for its share-based payments using the fair value recognition provisions of ASC 718-10. The fair value of the portion of options that vest based on continued service is estimated on the grant date using a Black-Scholes option-pricing model and the fair value of the remaining options which contain vesting provisions subject to service, market and performance conditions is estimated on the grant date using a Monte Carlo model. Expected volatilities were based on historical volatility of peer companies’ stock, including Parent, over the expected life of the options. The expected life of the options granted represents the period of time that the options granted are expected to be outstanding. The Company used historical data to estimate option exercises and employee terminations within the valuation model. The Company includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of awards. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods equal to the expected life of the option. No options were granted during the years ended December 31, 2016, 2015 and 2014. The following table presents a summary of Parent's stock options outstanding at and stock option activity during the year ended December 31, 2016 ("Price" reflects the weighted average exercise price per share):
A summary of Parent's unvested options and changes during the year ended December 31, 2016 is presented below:
Restricted Stock Awards Prior to the merger, the Company granted restricted stock awards to its employees and directors and its affiliates under its various equity incentive plans. These common shares held a legend which restricted their transferability for a term of up to five years and were forfeited, except in certain circumstances, in the event the employee or director terminated his or her employment or relationship with the Company prior to the lapse of the restriction. Recipients of the restricted stock awards were entitled to all cash dividends as of the date the award was granted. Parent has granted restricted stock awards to certain of its employees and affiliates under its equity incentive plan. The restricted stock awards are restricted in transferability for a term of up to five years. Restricted stock awards are forfeited, except in certain circumstances, in the event the employee terminates his or her employment or relationship with Parent prior to the lapse of the restriction. Dividends or distributions paid in respect of unvested restricted stock awards will be held by Parent and paid to the recipients of the restricted stock awards upon vesting of the shares. The following table presents a summary of Parent's restricted stock outstanding and restricted stock activity as of and during the year ended December 31, 2016 (“Price” reflects the weighted average share price at the date of grant):
CCOH Share-Based Awards CCOH Stock Options The Company’s subsidiary, CCOH, has granted options to purchase shares of its Class A common stock to employees and directors of CCOH and its affiliates under its equity incentive plan at no less than the fair market value of the underlying stock on the date of grant. These options are granted for a term not exceeding ten years and are forfeited, except in certain circumstances, in the event the employee or director terminates his or her employment or relationship with CCOH or one of its affiliates. These options vest solely on continued service over a period of up to five years. The equity incentive stock plan contains anti-dilutive provisions that permit an adjustment for any change in capitalization. The fair value of each option awarded on CCOH common stock is estimated on the date of grant using a Black-Scholes option-pricing model. Expected volatilities are based on historical volatility of CCOH’s stock over the expected life of the options. The expected life of options granted represents the period of time that options granted are expected to be outstanding. CCOH uses historical data to estimate option exercises and employee terminations within the valuation model. CCOH includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of awards. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods equal to the expected life of the option. The following assumptions were used to calculate the fair value of CCOH’s options on the date of grant:
The following table presents a summary of CCOH’s stock options outstanding at and stock option activity during the year ended December 31, 2016:
A summary of CCOH’s unvested options at and changes during the year ended December 31, 2016 is presented below:
CCOH Restricted Stock Awards CCOH has also granted both restricted stock and restricted stock unit awards to its employees and affiliates under its equity incentive plan. The restricted stock awards represent shares of Class A common stock that hold a legend which restricts their transferability for a term of up to five years. The restricted stock units represent the right to receive shares upon vesting, which is generally over a period of up to five years. Both restricted stock awards and restricted stock units are forfeited, except in certain circumstances, in the event the employee terminates his or her employment or relationship with CCOH prior to the lapse of the restriction. The following table presents a summary of CCOH’s restricted stock and restricted stock units outstanding at and activity during the year ended December 31, 2016 ("Price" reflects the weighted average share price at the date of grant):
Share-Based Compensation Cost The share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the vesting period. Share-based compensation payments are recorded in corporate expenses and were $13.1 million, $10.9 million and $10.7 million, during the years ended December 31, 2016, 2015 and 2014, respectively. The tax benefit related to the share-based compensation expense for the years ended December 31, 2016, 2015 and 2014 was $5.0 million, $4.2 million and $4.1 million, respectively. As of December 31, 2016, there was $21.0 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on service conditions. This cost is expected to be recognized over a weighted average period of approximately three years. In addition, as of December 31, 2016, there was $26.4 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on market, performance and service conditions. This cost will be recognized when it becomes probable that the performance condition will be satisfied. |
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EMPLOYEE STOCK AND SAVINGS PLANS |
12 Months Ended |
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Dec. 31, 2016 | |
| Compensation and Retirement Disclosure [Abstract] | |
| EMPLOYEE STOCK AND SAVINGS PLANS | EMPLOYEE STOCK AND SAVINGS PLANS The Company has various 401(k) savings and other plans for the purpose of providing retirement benefits for substantially all employees. Under these plans, an employee can make pre-tax contributions and the Company will match a portion of such an employee’s contribution. Employees vest in these matching contributions based upon their years of service to the Company. Contributions of $30.9 million, $28.9 million and $32.1 million to these plans for the years ended December 31, 2016, 2015 and 2014, respectively, were expensed. The Company offers a non-qualified deferred compensation plan for a select group of management or highly compensated employees, under which such employees were able to make an annual election to defer up to 50% of their annual salary and up to 80% of their bonus before taxes. The Company suspended all salary and bonus deferrals and company matching contributions to the deferred compensation plan on January 1, 2010. The Company accounts for the plan in accordance with the provisions of ASC 710-10. Matching credits on amounts deferred may be made in the Company's sole discretion and the Company retains ownership of all assets until distributed. Participants in the plan have the opportunity to allocate their deferrals and any matching credits among different investment options, the performance of which is used to determine the amounts to be paid to participants under the plan. In accordance with the provisions of ASC 710-10, the assets and liabilities of the non-qualified deferred compensation plan are presented in “Other assets” and “Other long-term liabilities” in the accompanying consolidated balance sheets, respectively. The asset and liability under the deferred compensation plan at December 31, 2016 was approximately $10.7 million recorded in “Other assets” and $10.7 million recorded in “Other long-term liabilities”, respectively. The asset and liability under the deferred compensation plan at December 31, 2015 was approximately $10.4 million recorded in “Other assets” and $10.4 million recorded in “Other long-term liabilities”, respectively. |
OTHER INFORMATION |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER INFORMATION | OTHER INFORMATION The following table discloses the components of "Other income (expense)" for the years ended December 31, 2016, 2015 and 2014, respectively:
The following table discloses the increase (decrease) in other comprehensive income (loss) related to deferred income tax liabilities for the years ended December 31, 2016, 2015 and 2014, respectively:
The following table discloses the components of “Other current assets” as of December 31, 2016 and 2015, respectively:
The following table discloses the components of “Other assets” as of December 31, 2016 and 2015, respectively:
The following table discloses the components of “Other long-term liabilities” as of December 31, 2016 and 2015, respectively:
The following table discloses the components of “Accumulated other comprehensive loss,” net of tax, as of December 31, 2016 and 2015, respectively:
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SEGMENT DATA |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT DATA | SEGMENT DATA The Company’s reportable segments, which it believes best reflect how the Company is currently managed, are iHM, Americas outdoor advertising and International outdoor advertising. Revenue and expenses earned and charged between segments are recorded at estimated fair value and eliminated in consolidation. The iHM segment provides media and entertainment services via broadcast and digital delivery and also includes the Company’s events and national syndication businesses. The Americas outdoor advertising segment consists of operations primarily in the United States, Canada and Latin America. The International outdoor advertising segment primarily includes operations in Europe and Asia. The Other category includes the Company’s media representation business as well as other general support services and initiatives that are ancillary to the Company’s other businesses. Corporate includes infrastructure and support, including information technology, human resources, legal, finance and administrative functions for each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded in corporate expense.
Revenue of $1.6 billion, $1.6 billion and $1.8 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2016, 2015 and 2014, respectively. Revenue of $4.7 billion, $4.6 billion and $4.5 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2016, 2015 and 2014, respectively. Identifiable long-lived assets of $540.4 million, $629.5 million and $682.7 million derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2016, 2015 and 2014, respectively. Identifiable long-lived assets of $1.4 billion, $1.6 billion and $2.0 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2016, 2015 and 2014, respectively. |
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QUARTERLY RESULTS OF OPERATIONS (Unaudited) |
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| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| QUARTERLY RESULTS OF OPERATIONS (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (Unaudited)
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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS |
12 Months Ended |
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Dec. 31, 2016 | |
| Related Party Transactions [Abstract] | |
| CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS The Company is a party to a management agreement with certain affiliates of Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. (together, the “Sponsors”) and certain other parties pursuant to which such affiliates of the Sponsors will provide management and financial advisory services until 2018. These agreements require management fees to be paid to such affiliates of the Sponsors for such services at a rate not greater than $15.0 million per year, plus reimbursable expenses. For the years ended December 31, 2016, 2015 and 2014, the Company recognized management fees and reimbursable expenses of $15.3 million, $15.4 million and $15.2 million, respectively. Stock Purchases On August 9, 2010, we announced that our board of directors approved a stock purchase program under which we or our subsidiaries could purchase up to an aggregate of $100.0 million of the Class A common stock of Parent and/or the Class A common stock of CCOH. The stock purchase program did not have a fixed expiration date and could be modified, suspended or terminated at any time at our discretion. As of December 31, 2014, an aggregate $34.2 million was available under this program. In January 2015, CC Finco, LLC (“CC Finco”), an indirect wholly-owned subsidiary of the Company, purchased 2,000,000 shares of CCOH’s Class A common stock for $20.4 million. On April 2, 2015, CC Finco purchased an additional 2,172,946 shares of CCOH’s Class A common stock for $22.2 million. As a result of this purchase, the stock purchase program concluded. The purchase of shares in excess of the amount available under the stock purchase program was separately approved by the board of directors. As of December 31, 2016, we and our subsidiaries hold 10,726,917 shares of CCOH's Class A Common Stock and all of CCOH's Class B common stock, which collectively represented 89.9% of the outstanding shares of CCOH’s common stock on a fully-diluted basis, assuming the conversion of all of CCOH’s Class B common stock into Class A common stock. On December 3, 2015, Clear Channel Holdings, Inc. contributed 100,000,000 shares of CCOH’s Class B Common Stock to Broader Media, LLC, an indirect wholly-owned subsidiary of the Company, as a capital contribution, to provide greater flexibility in support of future financing transactions, share dispositions and other similar transactions. |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS |
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| Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Allowance for Doubtful Accounts
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
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Dec. 31, 2016 | |
| Accounting Policies [Abstract] | |
| Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. |
| Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the Company are accounted for using the equity method of accounting. All significant intercompany accounts have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the 2016 presentation. Included in International Outdoor Direct operating expenses and Selling, general and administrative expenses are $8.2 million and $3.2 million, respectively, recorded in the fourth quarter of 2015 to correct for accounting errors included in the results for our Netherlands subsidiary reported in prior years. Such corrections are not considered to be material to current year or prior year financial results. The Company is the beneficiary of two trusts created to comply with Federal Communications Commission (“FCC”) ownership rules. The radio stations owned by the trusts are managed by independent trustees. The trustees are marketing these stations for sale, and the stations will have to be sold unless any stations may be owned by the Company under then-current FCC rules, in which case the trusts will be terminated with respect to such stations. The trust agreements stipulate that the Company must fund any operating shortfalls of the trust activities, and any excess cash flow generated by the trusts is distributed to the Company. The Company is also the beneficiary of proceeds from the sale of stations held in the trusts. The Company consolidates the trusts in accordance with ASC 810-10, which requires an enterprise involved with variable interest entities to perform an analysis to determine whether the enterprise’s variable interest or interests give it a controlling financial interest in the variable interest entity, as the trusts were determined to be a variable interest entity and the Company is the primary beneficiary under the trusts. |
| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. |
| Accounts Receivable | Accounts Receivable Accounts receivable are recorded at the invoiced amount, net of reserves for sales returns and allowances, and allowances for doubtful accounts. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of revenue for each business unit, adjusted for relative improvements or deteriorations in the agings and changes in current economic conditions. The Company believes its concentration of credit risk is limited due to the large number and the geographic diversification of its customers. |
| Business Combinations | Business Combinations The Company accounts for its business combinations under the acquisition method of accounting. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Various acquisition agreements may include contingent purchase consideration based on performance requirements of the investee. The Company accounts for these payments in conformity with the provisions of ASC 805-20-30, which establish the requirements related to recognition of certain assets and liabilities arising from contingencies. |
| Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives, which are as follows: Buildings and improvements – 10 to 39 years Structures – 3 to 20 years Towers, transmitters and studio equipment – 5 to 20 years Furniture and other equipment – 2 to 20 years Leasehold improvements – shorter of economic life or lease term assuming renewal periods, if appropriate For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. The Company tests for possible impairment of property, plant, and equipment whenever events and circumstances indicate that depreciable assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. |
| Leases | Leases Most of the Company’s outdoor advertising structures are located on leased land. Americas outdoor land leases are typically paid in advance for periods ranging from one to 12 months. International outdoor land leases are paid both in advance and in arrears, for periods ranging up to 12 months. Most international street furniture display faces are operated through contracts with municipalities for up to 15 years. The leased land and street furniture contracts often include a percent of revenue to be paid along with a base rent payment. Prepaid land leases are recorded as an asset and expensed ratably over the related rental term and rent payments in arrears are recorded as an accrued liability. The Company has entered into leases for tower sites for most of its broadcasting locations. Tower site leases are typically paid monthly in advance, and have 30-year lease terms including annual rent escalations. Most tower site leases are operating leases, and operating lease expense is recognized straight-line based on the minimum lease payments for each lease. |
| Intangible Assets | Intangible Assets The Company’s indefinite-lived intangible assets include FCC broadcast licenses in its iHM segment and billboard permits in its Americas outdoor advertising segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annually. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a dramatic change in the manner for which the asset is intended to be used indicate that the carrying amount of the asset may not be recoverable. The Company performs its annual impairment test for its FCC licenses and permits using a direct valuation technique as prescribed in ASC 805-20-S99. The Company engages a third party valuation firm, to assist the Company in the development of these assumptions and the Company’s determination of the fair value of its FCC licenses and permits. Other intangible assets include definite-lived intangible assets and permanent easements. The Company’s definite-lived intangible assets include primarily transit and street furniture contracts, talent and representation contracts, customer and advertiser relationships, and site-leases, all of which are amortized over the respective lives of the agreements, or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at cost. Permanent easements are indefinite-lived intangible assets which include certain rights to use real property not owned by the Company. The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. |
| Goodwill | Goodwill At least annually, the Company performs its impairment test for each reporting unit’s goodwill. The Company uses a discounted cash flow model to determine if the carrying value of the reporting unit, including goodwill, is less than the fair value of the reporting unit. The Company identified its reporting units in accordance with ASC 350-20-55. The U.S. radio markets are aggregated into a single reporting unit and the Company’s U.S. outdoor advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test. The Company also determined that within its Americas outdoor segment, Canada constitutes a separate reporting unit and each country in its International outdoor segment constitutes a separate reporting unit. |
| Nonconsolidated Affiliates | Nonconsolidated Affiliates In general, investments in which the Company owns 20% to 50% of the common stock or otherwise exercises significant influence over the investee are accounted for under the equity method. The Company does not recognize gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statement of operations as a component of “Equity in earnings (loss) of nonconsolidated affiliates” for any decline in value that is determined to be other-than-temporary |
| Other Investments | Other Investments Other investments are composed primarily of equity securities. Securities for which fair value is determinable are classified as available-for-sale or trading and are carried at fair value based on quoted market prices. Securities are carried at historical cost when quoted market prices are unavailable. The net unrealized gains or losses on the available-for-sale securities, net of tax, are reported in accumulated other comprehensive loss as a component of shareholder's deficit. The Company periodically assesses the value of available-for-sale and non-marketable securities and records impairment charges in the statement of comprehensive loss for any decline in value that is determined to be other-than-temporary. The average cost method is used to compute the realized gains and losses on sales of equity securities. |
| Financial Instruments | Financial Instruments Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued liabilities, and short-term borrowings approximated their fair values at December 31, 2016 and 2015. |
| Income Taxes | Income Taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion or the entire asset will not be realized. Generally all earnings from the Company’s foreign operations are permanently reinvested and not distributed. The Company has not provided U.S. federal income taxes for temporary differences with respect to investments in foreign subsidiaries, which at December 31, 2016 currently result in tax basis amounts greater than the financial reporting basis. It is not apparent that these unrecognized deferred tax assets will reverse in the foreseeable future. If any excess cash held by our foreign subsidiaries were needed to fund operations in the United States, we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes. This is a result of significant deficits, as calculated for tax law purposes, in our foreign earnings and profits, which gives us flexibility to make future cash distributions as non-taxable returns of capital. We regularly review our tax liabilities on amounts that may be distributed in future periods and provide for foreign withholding and other current and deferred taxes on any such amounts. The determination of the amount of federal income taxes, if any, that might become due in the event that our foreign earnings are distributed is not practicable. |
| Revenue Recognition | Revenue Recognition iHM revenue is recognized as advertisements or programs are broadcast and is generally billed monthly. Outdoor advertising contracts typically cover periods of a few weeks up to one year and are generally billed monthly. Revenue for outdoor advertising space rental is recognized ratably over the term of the contract. Advertising revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for the Company’s media and entertainment and outdoor operations. Payments received in advance of being earned are recorded as deferred income. Revenue arrangements may contain multiple products and services and revenues are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. Barter transactions represent the exchange of advertising spots or display space for merchandise, services or other assets. These transactions are recorded at the estimated fair market value of the advertising spots or display space or the fair value of the merchandise or services or other assets received, whichever is most readily determinable. Revenue is recognized on barter and trade transactions when the advertisements are broadcasted or displayed. Expenses are recorded ratably over a period that estimates when the merchandise, service or other assets received is utilized, or when the event occurs. Barter and trade revenues and expenses from continuing operations are included in consolidated revenue and selling, general and administrative expenses, respectively. |
| Advertising Expense | Advertising Expense The Company records advertising expense as it is incurred. |
| Share-Based Compensation | Share-Based Compensation Under the fair value recognition provisions of ASC 718-10, share-based compensation cost is measured at the grant date based on the fair value of the award. For awards that vest based on service conditions, this cost is recognized as expense on a straight-line basis over the vesting period. For awards that will vest based on market or performance conditions, this cost will be recognized when it becomes probable that the performance conditions will be satisfied. Determining the fair value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. The Company does not have any equity incentive plans under which it grants stock awards to employees. Employees of subsidiaries of the Company receive equity awards from Parent’s equity incentive plan or CCOH’s equity incentive plan |
| Foreign Currency | Foreign Currency Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into U.S. dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of shareholder's deficit, “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in operations. |
| Going Concern and New Accounting Pronouncements | New Accounting Pronouncements 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 two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company expects to utilize the full retrospective method. The Company has substantially completed its evaluation of the potential changes from adopting the new standard on its future financial reporting and disclosures which included reviews of contractual terms for all of the Company’s significant revenue streams and the development of an implementation plan. The Company continues to execute on its implementation plan, including detailed policy drafting and training of segment personnel. Based on its evaluation, the Company does not expect material changes to its 2016 or 2017 consolidated revenues, operating income or balance sheets as a result of the implementation of this standard. 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 $148.0 million as of December 31, 2015, which are now reflected as “Long-term debt fees” in Note 5. 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 does not expect the provisions of this new standard to have a material impact 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 or 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. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Barter and Trade Revenues and Expenses | Barter and trade revenues and expenses from continuing operations were as follows:
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PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment consisted of the following classes of assets as of December 31, 2016 and 2015, respectively:
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| Schedule of Gross Carrying Amount and Accumulated Amortization 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 December 31, 2016 and 2015, respectively:
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| Schedule of Estimated Amortization Expense | 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 the 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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INVESTMENTS (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Investments in Nonconsolidated Affiliates and Available-for-sale Securities | The following table summarizes the Company's investments in nonconsolidated affiliates and available-for-sale securities:
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ASSET RETIREMENT OBLIGATION (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Activity Related to Asset Retirement Obligation | The following table presents the activity related to the Company’s asset retirement obligation:
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LONG-TERM DEBT (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt | As of December 31, 2016 and 2015, the Company had outstanding Priority Guarantee Notes consisting of:
As of December 31, 2016 and 2015, the Company had outstanding senior notes (net of $57.1 million aggregate principal amount held by a subsidiary of the Company) consisting of:
As of December 31, 2016 and 2015, the Company had senior secured credit facilities consisting of:
Long-term debt at December 31, 2016 and 2015 consisted of the following:
As of December 31, 2016 and 2015, the Company's subsidiaries, Clear Channel Worldwide Holdings, Inc. ("CCWH") and Clear Channel International B.V. had outstanding notes consisting of:
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| Schedule of Future Maturities of Long-term Debt | Future maturities of long-term debt at December 31, 2016 are as follows:
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COMMITMENTS AND CONTINGENCIES (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Future Minimum Rental Commitments | As of December 31, 2016, the Company's future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, capital expenditure commitments and employment/talent contracts consist of the following:
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INCOME TAXES (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Significant Components of Provision for Income Tax Benefit (Expense) | Significant components of the provision for income tax benefit (expense) are as follows:
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| Schedule of Significant Components of Deferred Tax Liabilities and Assets | Significant components of the Company's deferred tax liabilities and assets as of December 31, 2016 and 2015 are as follows:
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| Schedule of Loss Before Income Taxes | oss before income taxes:
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| Reconciliation of Income Tax to Income Tax Benefit | The reconciliation of income tax computed at the U.S. federal statutory tax rates to the recorded income tax benefit (expense) is:
|
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| Schedule of Unrecognized Tax Benefits | The total amount of unrecognized tax benefits at December 31, 2016 and 2015 that, if recognized, would impact the effective income tax rate is $53.8 million and $54.3 million, respectively.
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SHAREHOLDERS' DEFICIT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Shareholders' Deficit | The following table shows the changes in shareholder's deficit attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest:
The following table discloses the increase (decrease) in other comprehensive income (loss) related to deferred income tax liabilities for the years ended December 31, 2016, 2015 and 2014, respectively:
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| Schedule of Stock Options Outstanding and Stock Option Activity | The following table presents a summary of CCOH’s stock options outstanding at and stock option activity during the year ended December 31, 2016:
The following table presents a summary of Parent's stock options outstanding at and stock option activity during the year ended December 31, 2016 ("Price" reflects the weighted average exercise price per share):
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| Summary of Unvested Options and Changes | A summary of CCOH’s unvested options at and changes during the year ended December 31, 2016 is presented below:
A summary of Parent's unvested options and changes during the year ended December 31, 2016 is presented below:
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| Summary of Restricted Stock Outstanding and Restricted Stock Activity | The following table presents a summary of Parent's restricted stock outstanding and restricted stock activity as of and during the year ended December 31, 2016 (“Price” reflects the weighted average share price at the date of grant):
The following table presents a summary of CCOH’s restricted stock and restricted stock units outstanding at and activity during the year ended December 31, 2016 ("Price" reflects the weighted average share price at the date of grant):
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| Schedule of Assumptions Used to Calculate Fair Value of Options | The following assumptions were used to calculate the fair value of CCOH’s options on the date of grant:
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OTHER INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Other Income (Expense) | The following table discloses the components of "Other income (expense)" for the years ended December 31, 2016, 2015 and 2014, respectively:
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| Schedule of Increase (Decrease) in Other Comprehensive Income (Loss) | The following table shows the changes in shareholder's deficit attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest:
The following table discloses the increase (decrease) in other comprehensive income (loss) related to deferred income tax liabilities for the years ended December 31, 2016, 2015 and 2014, respectively:
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| Components of Other Current Assets | The following table discloses the components of “Other current assets” as of December 31, 2016 and 2015, respectively:
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| Components of Other Assets | The following table discloses the components of “Other assets” as of December 31, 2016 and 2015, respectively:
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| Components of Other Long-Term Liabilities | The following table discloses the components of “Other long-term liabilities” as of December 31, 2016 and 2015, respectively:
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| Components of Accumulated Other Comprehensive Loss, Net of Tax | The following table discloses the components of “Accumulated other comprehensive loss,” net of tax, as of December 31, 2016 and 2015, respectively:
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SEGMENT DATA (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating Segment Results |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Quarterly Results of Operations (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (Unaudited)
|
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Narrative) (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
trust
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
| Segment Reporting Information [Line Items] | |||||||||||
| Direct operating expenses | $ 631,094 | $ 595,576 | $ 617,246 | $ 568,371 | $ 651,108 | $ 627,150 | $ 615,163 | $ 577,692 | $ 2,412,287 | $ 2,471,113 | $ 2,540,035 |
| Selling, general and administrative expenses recorded to correct for accounting errors | $ 444,050 | $ 421,700 | $ 434,581 | $ 425,568 | 433,483 | $ 429,426 | $ 424,562 | $ 416,881 | $ 1,725,899 | $ 1,704,352 | $ 1,680,938 |
| Number of trusts of which the Company is the beneficiary | trust | 2 | ||||||||||
| Expenses recorded to correct for accounting errors | Restatement Adjustment | International Outdoor Advertising | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Direct operating expenses | 8,200 | ||||||||||
| Selling, general and administrative expenses recorded to correct for accounting errors | $ 3,200 | ||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Going Concern Considerations (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Debt Instrument [Line Items] | |||||||||||||
| Cash on balance sheet | $ 845,030 | $ 772,678 | $ 845,030 | $ 772,678 | $ 457,024 | $ 708,151 | |||||||
| Cash payments of principal and interest, net of facility draws and proceeds received | 2,081,300 | ||||||||||||
| Cash interest payment obligations in 2017 | 460,189 | $ 459,852 | $ 465,991 | $ 463,950 | $ 456,847 | $ 453,921 | $ 452,957 | $ 441,771 | 1,849,982 | $ 1,805,496 | $ 1,741,596 | ||
| Debt maturities, 2017 | 343,500 | 343,500 | |||||||||||
| Debt maturities, 2019 | 8,369,000 | 8,369,000 | |||||||||||
| Scenario, Forecast | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Cash interest payment obligations in 2017 | $ 1,700,000 | ||||||||||||
| Receivables based credit facility | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Excess availability under receivables based credit facility | 113,600 | 113,600 | |||||||||||
| Debt maturities, 2017 | 330,000 | 330,000 | |||||||||||
| Subsidiary | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Cash on balance sheet | 542,000 | 542,000 | |||||||||||
| Debt maturities, 2018 | 503,000 | 503,000 | |||||||||||
| Parent Company | |||||||||||||
| Debt Instrument [Line Items] | |||||||||||||
| Debt maturities, 2018 | $ 559,100 | $ 559,100 | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Narrative) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Street furniture display faces | |
| Operating Leased Assets [Line Items] | |
| Contract term | 15 years |
| Tower site leases | |
| Operating Leased Assets [Line Items] | |
| Contract term | 30 years |
| Americas | Outdoor land leases | Minimum | |
| Operating Leased Assets [Line Items] | |
| Contract term | 1 month |
| Americas | Outdoor land leases | Maximum | |
| Operating Leased Assets [Line Items] | |
| Contract term | 12 months |
| International | Outdoor land leases | Maximum | |
| Operating Leased Assets [Line Items] | |
| Contract term | 12 months |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Narrative) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Goodwill [Line Items] | |||
| Impairment of goodwill | $ 7,274,000 | ||
| International | |||
| Goodwill [Line Items] | |||
| Impairment of goodwill | $ 7,274,000 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nonconsolidated Affiliates (Narrative) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2016
USD ($)
| |
| Accounting Policies [Abstract] | |
| Other-than-temporary impairments on equity investment | $ 15.0 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Investments (Narrative) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Accounting Policies [Abstract] | |||
| Impairment charges | $ 14,800,000 | $ 5,000,000 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognitions (Narrative) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Maximum | |
| Revenue Recognition, Milestone Method [Line Items] | |
| Outdoor advertising contracts, term | 1 year |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Barter and Trade Revenues and Expenses (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Accounting Policies [Abstract] | |||
| Barter and trade revenues | $ 165.8 | $ 133.5 | $ 78.3 |
| Barter and trade expenses | $ 112.2 | $ 112.1 | $ 75.1 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Expense (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Accounting Policies [Abstract] | |||
| Advertising expenses | $ 132.7 | $ 129.1 | $ 103.0 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Reclassification of debt issuance costs | $ 123,003 | $ 147,983 |
| ASU 2015-03 | Other Noncurrent Assets | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Reclassification of debt issuance costs | (148,000) | |
| ASU 2015-03 | Long-term debt fees | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Reclassification of debt issuance costs | $ 148,000 |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Indefinite-lived Intangible Assets (Narrative) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Minimum | |
| Operating Leased Assets [Line Items] | |
| Initial term of leases where permits are located on leased land | 10 years |
| Maximum | |
| Operating Leased Assets [Line Items] | |
| Initial term of leases where permits are located on leased land | 20 years |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Annual Impairment Test to Indefinite-lived Intangible Assets (Narrative) (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2016
USD ($)
market
|
Dec. 31, 2015
USD ($)
market
|
Dec. 31, 2014
USD ($)
market
|
|
| Property, Plant and Equipment [Abstract] | |||
| Period over which the Company forecasts revenue, expenses, and cash flows | 10 years | ||
| FCC licenses | |||
| Regulatory Assets [Line Items] | |||
| Impairment charge | $ | $ 0.7 | $ 15.7 | |
| Number of markets | market | 1 | 11 | |
| Billboard permits | |||
| Regulatory Assets [Line Items] | |||
| Impairment charge | $ | $ 21.6 | ||
| Number of markets | market | 1 | ||
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Property, Plant and Equipment [Abstract] | |||
| Total amortization expense related to definite-lived intangible assets | $ 222.6 | $ 237.5 | $ 263.4 |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Estimated Amortization Expense (Detail) $ in Thousands |
Dec. 31, 2016
USD ($)
|
|---|---|
| Property, Plant and Equipment [Abstract] | |
| 2017 | $ 195,966 |
| 2018 | 128,279 |
| 2019 | 44,820 |
| 2020 | 38,199 |
| 2021 | $ 35,471 |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Annual Impairment Test to Goodwill (Narrative) (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2016
USD ($)
market
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
| Goodwill [Line Items] | |||
| Goodwill impairment | $ 7,274,000 | ||
| iHM | |||
| Goodwill [Line Items] | |||
| Goodwill impairment | 0 | ||
| Cumulative impairments | $ 3,500,000,000 | ||
| Americas Outdoor Advertising | |||
| Goodwill [Line Items] | |||
| Goodwill impairment | 0 | ||
| Cumulative impairments | 2,600,000,000 | ||
| International Outdoor Advertising | |||
| Goodwill [Line Items] | |||
| Goodwill impairment | $ 7,274,000 | $ 0 | 0 |
| Cumulative impairments | 326,600,000 | ||
| International Outdoor Advertising | Goodwill | |||
| Goodwill [Line Items] | |||
| Number of markets | market | 1 | ||
| Other | |||
| Goodwill [Line Items] | |||
| Cumulative impairments | $ 212,000,000 | ||
ASSET RETIREMENT OBLIGATION (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Asset Retirement Obligation Disclosure [Abstract] | ||
| Related asset removal period | 55 years | |
| Asset Retirement Obligation, Roll Forward Analysis | ||
| Long-term portion of asset retirement obligation | $ 42,067 | $ 47,574 |
| Asset Retirement Obligation Costs | ||
| Asset Retirement Obligation, Roll Forward Analysis | ||
| Beginning balance | 48,056 | 54,211 |
| Adjustment due to changes in estimates | (5,343) | 2,082 |
| Accretion of liability | 5,090 | 754 |
| Liabilities settled | (4,310) | (6,105) |
| Foreign Currency | (1,002) | (2,886) |
| Ending balance | 42,491 | 48,056 |
| Less: current portion | 424 | 482 |
| Long-term portion of asset retirement obligation | $ 42,067 | $ 47,574 |
LONG-TERM DEBT - Additional Information (Narrative) (Details) - USD ($) $ in Billions |
Dec. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| Weighted average interest rate | 8.50% | 8.50% |
| Aggregate market value of debt | $ 16.7 | $ 15.2 |
LONG-TERM DEBT - Schedule of Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total Senior Secured Credit Facilities | $ 12,925,802 | $ 12,830,043 |
| Senior Secured Credit Facilities | ||
| Debt Instrument [Line Items] | ||
| Total Senior Secured Credit Facilities | 6,300,000 | 6,300,000 |
| Senior Secured Credit Facilities | Term Loan D | ||
| Debt Instrument [Line Items] | ||
| Total Senior Secured Credit Facilities | 5,000,000 | 5,000,000 |
| Senior Secured Credit Facilities | Term Loan E | ||
| Debt Instrument [Line Items] | ||
| Total Senior Secured Credit Facilities | $ 1,300,000 | $ 1,300,000 |
LONG-TERM DEBT - Collateral and Guarantees (Narrative) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Senior secured credit facilities | |
| Line of Credit Facility [Line Items] | |
| Capital stock used to secure obligations under senior secured credit facilities (as a percent) | 100.00% |
LONG-TERM DEBT - Guarantees and Security (Narrative) (Details) |
Dec. 31, 2016 |
|---|---|
| Priority Guarantee Notes | 9.0% Priority Guarantee Notes due 2019 | |
| Debt Instrument [Line Items] | |
| Stated interest rate | 9.00% |
LONG-TERM DEBT - Subsidiary Revolving Credit Facility Due 2018 (Narrative) (Details) - CCOH - Revolving credit facility - USD ($) |
3 Months Ended | |
|---|---|---|
Sep. 30, 2013 |
Dec. 31, 2016 |
|
| Line of Credit Facility [Line Items] | ||
| Senior secured revolving credit facility, term | 5 years | |
| Maximum borrowing capacity | $ 75,000,000.0 | |
| Outstanding under revolving credit facility | $ 0 | |
| Letters of credit outstanding | $ 65,400,000 |
LONG-TERM DEBT - 14.0% Senior Notes Due 2021 (Narrative) (Details) - 14.0% Senior Notes due 2021 $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2016
USD ($)
| |
| Debt Instrument [Line Items] | |
| Stated interest rate | 14.00% |
| Principal amount issued to, and held by, a subsidiary | $ 440.6 |
| Interest paid per annum in cash (as a percent) | 12.00% |
| Interest paid per annum through issuance of payment-in-kind notes (as a percent) | 2.00% |
| Senior Notes | |
| Debt Instrument [Line Items] | |
| Principal amounts outstanding | $ 1,700.0 |
| Stated interest rate | 14.00% |
LONG-TERM DEBT - Legacy Notes (Narrative) (Details) - iHeart Communications Legacy Note - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Debt Instrument [Line Items] | ||
| Principal amount held by a subsidiary | $ 57.1 | |
| Subsidiary of iHeartCommunications | ||
| Debt Instrument [Line Items] | ||
| Principal amount held by a subsidiary | $ 57.1 | |
LONG-TERM DEBT - Schedule of Outstanding Senior Notes (Details) - USD ($) $ in Thousands |
1 Months Ended | |
|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Debt Instrument [Line Items] | ||
| Total Legacy Notes | $ 20,364,988 | $ 20,720,611 |
| Legacy Notes | ||
| Debt Instrument [Line Items] | ||
| Total Legacy Notes | 475,000 | 667,900 |
| Legacy Notes | 5.5% Senior Notes Due 2016 | ||
| Debt Instrument [Line Items] | ||
| Total Legacy Notes | $ 0 | 192,900 |
| Stated interest rate | 5.50% | |
| Legacy Notes | 6.875% Senior Notes Due 2018 | ||
| Debt Instrument [Line Items] | ||
| Total Legacy Notes | $ 175,000 | 175,000 |
| Legacy Notes | 7.25% Senior Notes Due 2027 | ||
| Debt Instrument [Line Items] | ||
| Total Legacy Notes | $ 300,000 | $ 300,000 |
| Stated interest rate | 7.25% | |
| Subsidiary of iHeartCommunications | Legacy Notes | 5.5% Senior Notes Due 2016 | ||
| Debt Instrument [Line Items] | ||
| Total Legacy Notes | $ 57,100 | |
| Repaid at maturity | $ 192,900 |
LONG-TERM DEBT - 10.0% Senior Notes due 2018 (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Feb. 07, 2017 |
Dec. 31, 2015 |
|
| Debt Instrument [Line Items] | |||
| Total debt | $ 20,364,988 | $ 20,720,611 | |
| 10.0% Senior Notes Due 2018 | |||
| Debt Instrument [Line Items] | |||
| Stated interest rate | 10.00% | ||
| Principal amount held by a subsidiary | $ 503,000 | ||
| Total debt | $ 347,028 | $ 730,000 | |
| 10.0% Senior Notes Due 2018 | Subsequent Event | |||
| Debt Instrument [Line Items] | |||
| Senior notes exchanged for Priority Guarantee Notes | $ 476,400 | ||
| 11.25% Priority Guarantee Notes due 2021 | |||
| Debt Instrument [Line Items] | |||
| Stated interest rate | 11.25% | ||
| 11.25% Priority Guarantee Notes due 2021 | Subsequent Event | |||
| Debt Instrument [Line Items] | |||
| Total debt | 476,400 | ||
| Senior Notes | 10.0% Senior Notes Due 2018 | |||
| Debt Instrument [Line Items] | |||
| Principal amounts outstanding | $ 347,000 | ||
| iHeart Communications Inc. | 10.0% Senior Notes Due 2018 | Subsequent Event | |||
| Debt Instrument [Line Items] | |||
| Total debt | $ 241,400 |
LONG-TERM DEBT - Schedule of Future Maturities of Long-term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| 2017 | $ 343,450 | |
| 2018 | 534,287 | |
| 2019 | 8,304,297 | |
| 2020 | 2,430,131 | |
| 2021 | 4,060,007 | |
| Thereafter | 4,982,780 | |
| Total | 20,654,952 | |
| Original issue discount | 167,000 | |
| Long-term debt fees | 123,003 | $ 147,983 |
| 14.0% Senior Notes Due 2021 | ||
| Debt Instrument [Line Items] | ||
| Catch-up payments, 2018 | 24,800 | |
| Catch-up payments, 2019 | 64,700 | |
| Catch-up payments, 2020 | $ 68,400 |
LONG-TERM DEBT - Surety Bonds, Letters of Credit and Guarantees (Narrative) (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
|---|---|
| Surety bonds | |
| Guarantor Obligations [Line Items] | |
| Outstanding surety bonds, commercial standby letters of credit and bank guarantees | $ 60.0 |
| Commercial standby letters of credit | |
| Guarantor Obligations [Line Items] | |
| Outstanding surety bonds, commercial standby letters of credit and bank guarantees | 103.4 |
| Bank guarantees | |
| Guarantor Obligations [Line Items] | |
| Outstanding surety bonds, commercial standby letters of credit and bank guarantees | 35.7 |
| Cash secured bank guarantees | |
| Guarantor Obligations [Line Items] | |
| Outstanding surety bonds, commercial standby letters of credit and bank guarantees | $ 18.8 |
COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Rental Commitments (Detail) $ in Thousands |
Dec. 31, 2016
USD ($)
|
|---|---|
| Non-Cancelable Operating Leases | |
| Other Commitments [Line Items] | |
| 2017 | $ 464,877 |
| 2018 | 414,790 |
| 2019 | 384,257 |
| 2020 | 353,934 |
| 2021 | 320,798 |
| Thereafter | 2,147,942 |
| Total | 4,086,598 |
| Non-Cancelable Contracts | |
| Other Commitments [Line Items] | |
| 2017 | 435,186 |
| 2018 | 331,815 |
| 2019 | 286,270 |
| 2020 | 229,104 |
| 2021 | 191,197 |
| Thereafter | 411,341 |
| Total | 1,884,913 |
| Capital Expenditure Commitments | |
| Other Commitments [Line Items] | |
| 2017 | 49,618 |
| 2018 | 7,348 |
| 2019 | 4,449 |
| 2020 | 1,962 |
| 2021 | 2,097 |
| Thereafter | 12,242 |
| Total | 77,716 |
| Employment/Talent Contracts | |
| Other Commitments [Line Items] | |
| 2017 | 64,222 |
| 2018 | 52,134 |
| 2019 | 48,093 |
| 2020 | 45,500 |
| 2021 | 6,250 |
| Thereafter | 0 |
| Total | $ 216,199 |
COMMITMENTS AND CONTINGENCIES - Narrative (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Commitments and Contingencies Disclosure [Abstract] | |||
| Rent expense charged to operations | $ 1,120 | $ 1,140 | $ 1,170 |
INCOME TAXES - Schedule of Significant Components of Provision for Income Tax Benefit (Expense) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Income Tax Disclosure [Abstract] | |||||||||||
| Current - Federal | $ (190) | $ (31) | $ (503) | ||||||||
| Current - foreign | (44,555) | (46,188) | (27,256) | ||||||||
| Current - state | (2,908) | (12,890) | 3,193 | ||||||||
| Total current expense | (47,653) | (59,109) | (24,566) | ||||||||
| Deferred - Federal | 38,715 | (30,719) | (29,284) | ||||||||
| Deferred - foreign | 56,747 | 5,269 | 4,308 | ||||||||
| Deferred - state | 2,665 | (2,398) | (8,947) | ||||||||
| Total deferred benefit (expense) | 98,127 | (27,848) | (33,923) | ||||||||
| Income tax benefit (expense) | $ 92,717 | $ (5,613) | $ (27,137) | $ (9,493) | $ (5,434) | $ (2,841) | $ (22,077) | $ (56,605) | $ 50,474 | $ (86,957) | $ (58,489) |
INCOME TAXES - Schedule of Significant Components of Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Deferred tax liabilities: | ||
| Intangibles and fixed assets | $ 2,016,861 | $ 2,173,491 |
| Long-term debt | 37,205 | 79,758 |
| Investments | 0 | 3,701 |
| Other | 10,159 | 11,540 |
| Total deferred tax liabilities | 2,064,225 | 2,268,490 |
| Deferred tax assets: | ||
| Accrued expenses | 155,037 | 114,079 |
| Investments | 5,458 | 0 |
| Net operating loss carryforwards | 1,384,175 | 1,495,294 |
| Bad debt reserves | 10,137 | 9,256 |
| Other | 43,545 | 39,539 |
| Total gross deferred tax assets | 1,598,352 | 1,658,168 |
| Less: Valuation allowance | 991,222 | 944,576 |
| Total deferred tax assets | 607,130 | 713,592 |
| Net deferred tax liabilities | $ 1,457,095 | $ 1,554,898 |
INCOME TAXES - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Income Tax Disclosure [Abstract] | |||
| US | $ (349,829) | $ (700,376) | $ (800,879) |
| Foreign | 59,352 | 49,843 | 97,210 |
| Total loss before income taxes | $ (290,477) | $ (650,533) | $ (703,669) |
INCOME TAXES - Reconciliation of Income Tax to Income Tax Benefit (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Amount | |||||||||||
| Income tax benefit at statutory rates | $ 101,667 | $ 227,686 | $ 246,284 | ||||||||
| State income taxes, net of federal tax effect | 6,372 | 17,795 | 26,518 | ||||||||
| Foreign income taxes | (21,477) | (23,474) | 11,074 | ||||||||
| Nondeductible items | (5,760) | (5,764) | (5,533) | ||||||||
| Changes in valuation allowance and other estimates | (31,229) | (302,935) | (333,641) | ||||||||
| Other, net | 901 | (265) | (3,191) | ||||||||
| Income tax benefit (expense) | $ 92,717 | $ (5,613) | $ (27,137) | $ (9,493) | $ (5,434) | $ (2,841) | $ (22,077) | $ (56,605) | $ 50,474 | $ (86,957) | $ (58,489) |
| Percent | |||||||||||
| Income tax benefit at statutory rates | 35.00% | 35.00% | 35.00% | ||||||||
| State income taxes, net of federal tax effect | 2.20% | 2.70% | 3.80% | ||||||||
| Foreign income taxes | (7.40%) | (3.60%) | 1.60% | ||||||||
| Nondeductible items | (2.00%) | (0.90%) | (0.80%) | ||||||||
| Changes in valuation allowance and other estimates | (10.70%) | (46.60%) | (47.40%) | ||||||||
| Other, net | 0.30% | 0.00% | (0.50%) | ||||||||
| Income tax benefit (expense) | 17.40% | (13.40%) | (8.30%) | ||||||||
INCOME TAXES - Schedule of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Unrecognized Tax Benefits | ||
| Balance at beginning of period | $ 103,208 | $ 106,914 |
| Increases for tax position taken in the current year | 10,094 | 9,856 |
| Increases for tax positions taken in previous years | 3,024 | 3,087 |
| Decreases for tax position taken in previous years | (11,157) | (8,534) |
| Decreases due to settlements with tax authorities | (1,007) | (3,821) |
| Decreases due to lapse of statute of limitations | (6,200) | (4,294) |
| Balance at end of period | $ 97,962 | $ 103,208 |
SHAREHOLDERS' DEFICIT - Schedule of Changes in Shareholders' Deficit (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Increase Decrease In Stockholders Equity | |||||||||||
| Beginning balance | $ (10,606,681) | $ (9,665,208) | $ (10,606,681) | $ (9,665,208) | $ (8,696,635) | ||||||
| Net income (loss) | $ 123,404 | $ (28,477) | $ (276,036) | (58,894) | $ (90,073) | $ (213,469) | $ (47,314) | (386,634) | (240,003) | (737,490) | (762,158) |
| Dividends and other payments to noncontrolling interests | (70,412) | (52,384) | (40,027) | ||||||||
| Purchase of additional noncontrolling interests | 0 | (42,797) | (48,750) | ||||||||
| Disposal of noncontrolling interests | (36,846) | ||||||||||
| Share-based compensation | 13,086 | 10,923 | 10,713 | ||||||||
| Foreign currency translation adjustments | 21,983 | (114,906) | (121,878) | ||||||||
| Unrealized holding gain (loss) on marketable securities | (576) | 553 | 327 | ||||||||
| Other adjustments to comprehensive loss | (11,814) | (10,266) | (11,438) | ||||||||
| Reclassifications adjustments | 46,730 | 808 | 3,317 | ||||||||
| Other, net | (942) | 4,086 | |||||||||
| Ending balance | (10,885,475) | (10,606,681) | (10,885,475) | (10,606,681) | (9,665,208) | ||||||
| The Company | |||||||||||
| Increase Decrease In Stockholders Equity | |||||||||||
| Beginning balance | (10,784,296) | (9,889,348) | (10,784,296) | (9,889,348) | |||||||
| Net income (loss) | (296,318) | (754,621) | |||||||||
| Purchase of additional noncontrolling interests | (1,224) | (40,819) | |||||||||
| Share-based compensation | 2,848 | 2,564 | |||||||||
| Foreign currency translation adjustments | 27,343 | (93,377) | |||||||||
| Unrealized holding gain (loss) on marketable securities | (518) | 495 | |||||||||
| Other adjustments to comprehensive loss | (10,622) | (9,253) | |||||||||
| Reclassifications adjustments | 42,328 | 734 | |||||||||
| Other, net | (199) | (671) | |||||||||
| Ending balance | (11,020,658) | (10,784,296) | (11,020,658) | (10,784,296) | (9,889,348) | ||||||
| Noncontrolling Interests | |||||||||||
| Increase Decrease In Stockholders Equity | |||||||||||
| Beginning balance | $ 177,615 | $ 224,140 | 177,615 | 224,140 | 245,531 | ||||||
| Net income (loss) | 56,315 | 17,131 | 31,603 | ||||||||
| Dividends and other payments to noncontrolling interests | (70,412) | (52,384) | (40,027) | ||||||||
| Purchase of additional noncontrolling interests | 1,224 | (1,978) | (1,944) | ||||||||
| Disposal of noncontrolling interests | (36,846) | ||||||||||
| Share-based compensation | 10,238 | 8,359 | |||||||||
| Foreign currency translation adjustments | (5,360) | (21,529) | |||||||||
| Unrealized holding gain (loss) on marketable securities | (58) | 58 | |||||||||
| Other adjustments to comprehensive loss | (1,192) | (1,013) | |||||||||
| Reclassifications adjustments | 4,402 | 74 | |||||||||
| Other, net | (743) | 4,757 | |||||||||
| Ending balance | $ 135,183 | $ 177,615 | $ 135,183 | $ 177,615 | $ 224,140 | ||||||
SHAREHOLDERS' DEFICIT - Stock Options (Narrative) (Details) - Stock Options |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Term of options granted | 10 years |
| Vesting period of options | 5 years |
| Vest based solely on continued service | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Vesting period of options | 5 years |
| Options outstanding, vesting percentage | 75.00% |
| Vest if certain predetermined performance targets are met | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Vesting period of options | 5 years |
| Options outstanding, vesting percentage | 25.00% |
| Common Class A | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Term of options granted | 10 years |
SHAREHOLDERS' DEFICIT - Restricted Stock Awards (Narrative) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Restricted stock awards | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Period during which restricted stock awards are restricted in transferability | 5 years |
SHAREHOLDERS' DEFICIT - CCOH Stock Options (Narrative) (Details) - Stock Options |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Term of options granted | 10 years |
| Vesting period of options | 5 years |
SHAREHOLDERS' DEFICIT - Schedule of Assumptions Used to Calculate Fair Value of Options (Detail) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Equity [Abstract] | |||
| Expected volatility, minimum (as a percent) | 42.00% | 37.00% | 54.00% |
| Expected volatility, maximum (as a percent) | 44.00% | 56.00% | 56.00% |
| Expected life | 6 years 4 months | 6 years 4 months | 6 years 4 months |
| Risk-free interest rate, minimum | 1.12% | 1.70% | 1.73% |
| Risk-free interest rate, maximum | 1.41% | 2.07% | 2.08% |
| Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
SHAREHOLDERS' DEFICIT - CCOH Restricted Stock Awards (Narrative) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Restricted stock awards | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Period during which restricted stock awards are restricted in transferability | 5 years |
| Restricted stock units | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Vesting period of restricted stock units | 5 years |
SHAREHOLDERS' DEFICIT - Share-Based Compensation Cost (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
| Tax benefit related to share-based compensation expense | $ 5.0 | $ 4.2 | $ 4.1 |
| Unrecognized compensation cost related to arrangements that will vest based on service conditions | $ 21.0 | ||
| Weighted average period for recognition | 3 years | ||
| Unrecognized compensation cost related to arrangements that will vest based on market, performance and service conditions | $ 26.4 | ||
| Corporate expenses | |||
| Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
| Share-based compensation payments recorded in corporate expenses | $ 13.1 | $ 10.9 | $ 10.7 |
EMPLOYEE STOCK AND SAVINGS PLANS (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Compensation and Retirement Disclosure [Abstract] | |||
| Contributions expensed | $ 30.9 | $ 28.9 | $ 32.1 |
| Maximum election to defer annual salary (as a percent) | 50.00% | ||
| Maximum election to defer bonus before taxes (as a percent) | 80.00% | ||
| Asset under deferred compensation plan | $ 10.7 | 10.4 | |
| Liability under deferred compensation plan | $ 10.7 | $ 10.4 | |
OTHER INFORMATION - Components of Other Income (Expense) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Other Income and Expenses [Abstract] | |||||||||||
| Foreign exchange gain (loss) | $ (69,880) | $ 15,468 | $ 15,554 | ||||||||
| Other | (3,222) | (2,412) | (6,450) | ||||||||
| Total other income (expense), net | $ (26,048) | $ (7,323) | $ (34,019) | $ (5,712) | $ (5,070) | $ (17,976) | $ 16,211 | $ 19,891 | $ (73,102) | $ 13,056 | $ 9,104 |
OTHER INFORMATION - Schedule of Increase (Decrease) in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Other Income and Expenses [Abstract] | |||
| Foreign currency translation adjustments and other | $ (1,044) | $ 1,585 | $ 2,559 |
| Total increase in deferred tax liabilities | $ (1,044) | $ 1,585 | $ 2,559 |
OTHER INFORMATION - Components of Other Current Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Other Income and Expenses [Abstract] | ||
| Inventory | $ 22,068 | $ 24,833 |
| Deposits | 2,717 | 3,184 |
| Other | 30,280 | 51,252 |
| Total other current assets | $ 55,065 | $ 79,269 |
OTHER INFORMATION - Components of Other Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Other Income and Expenses [Abstract] | ||
| Investments in, and advances to, nonconsolidated affiliates | $ 14,477 | $ 27,710 |
| Other investments | 73,381 | 61,128 |
| Notes receivable | 132 | 156 |
| Prepaid expenses | 0 | 7,932 |
| Deposits | 20,963 | 26,025 |
| Prepaid rent | 70,603 | 74,114 |
| Non-qualified plan assets | 10,733 | 10,385 |
| Other | 37,161 | 7,637 |
| Total other assets | $ 227,450 | $ 215,087 |
OTHER INFORMATION - Components of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Other Income and Expenses [Abstract] | ||
| Unrecognized tax benefits | $ 115,078 | $ 113,563 |
| Asset retirement obligation | 42,067 | 47,574 |
| Non-qualified plan liabilities | 10,733 | 10,385 |
| Deferred income | 154,246 | 137,942 |
| Deferred rent | 155,339 | 141,911 |
| Employee related liabilities | 55,460 | 47,491 |
| Other | 39,054 | 27,705 |
| Total other long-term liabilities | $ 571,977 | $ 526,571 |
OTHER INFORMATION - Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|---|---|---|---|---|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total accumulated other comprehensive loss | $ (10,885,475) | $ (10,606,681) | $ (9,665,208) | $ (8,696,635) |
| Cumulative currency translation adjustment | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total accumulated other comprehensive loss | (319,696) | (389,367) | ||
| Cumulative unrealized gain on securities | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total accumulated other comprehensive loss | 1,428 | 1,946 | ||
| Cumulative other adjustments | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total accumulated other comprehensive loss | (37,608) | (26,986) | ||
| Total accumulated other comprehensive loss | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total accumulated other comprehensive loss | $ (355,876) | $ (414,407) | $ (308,590) | $ (196,073) |
SEGMENT DATA - Narrative (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
| Revenue | $ 1,721,118 | $ 1,570,418 | $ 1,618,532 | $ 1,363,505 | $ 1,717,579 | $ 1,579,514 | $ 1,599,859 | $ 1,344,564 | $ 6,273,573 | $ 6,241,516 | $ 6,318,533 |
| Foreign operations | |||||||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
| Revenue | 1,600,000 | 1,600,000 | 1,800,000 | ||||||||
| Identifiable long-lived assets | 540,400 | 629,500 | 540,400 | 629,500 | 682,700 | ||||||
| U.S. operations | |||||||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
| Revenue | 4,700,000 | 4,600,000 | 4,500,000 | ||||||||
| Identifiable long-lived assets | $ 1,400,000 | $ 1,600,000 | $ 1,400,000 | $ 1,600,000 | $ 2,000,000 | ||||||
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Quarterly Financial Information Disclosure [Abstract] | |||||||||||
| Revenue | $ 1,721,118 | $ 1,570,418 | $ 1,618,532 | $ 1,363,505 | $ 1,717,579 | $ 1,579,514 | $ 1,599,859 | $ 1,344,564 | $ 6,273,573 | $ 6,241,516 | $ 6,318,533 |
| Operating expenses: | |||||||||||
| Direct operating expenses | 631,094 | 595,576 | 617,246 | 568,371 | 651,108 | 627,150 | 615,163 | 577,692 | 2,412,287 | 2,471,113 | 2,540,035 |
| Selling, general and administrative expenses | 444,050 | 421,700 | 434,581 | 425,568 | 433,483 | 429,426 | 424,562 | 416,881 | 1,725,899 | 1,704,352 | 1,680,938 |
| Corporate expenses | 88,717 | 86,779 | 87,650 | 77,879 | 82,507 | 74,775 | 80,295 | 77,422 | 341,025 | 314,999 | 320,931 |
| Depreciation and amortization | 159,174 | 158,453 | 162,144 | 155,456 | 168,824 | 166,320 | 168,394 | 170,453 | 635,227 | 673,991 | 710,898 |
| Impairment charges | 0 | 8,000 | 0 | 0 | 0 | 21,631 | 0 | 0 | 8,000 | 21,631 | 24,176 |
| Other operating income, net | 133,788 | (505) | (64,190) | 284,463 | (4,693) | 6,914 | 100,754 | (8,974) | 353,556 | 94,001 | 40,031 |
| Operating income (loss) | 531,871 | 299,405 | 252,721 | 420,694 | 376,964 | 267,126 | 412,199 | 93,142 | 1,504,691 | 1,149,431 | 1,081,586 |
| Interest expense | 460,189 | 459,852 | 465,991 | 463,950 | 456,847 | 453,921 | 452,957 | 441,771 | 1,849,982 | 1,805,496 | 1,741,596 |
| Gain (loss) on investments, net | 860 | (13,767) | 0 | 0 | 0 | (5,000) | 0 | 579 | (12,907) | (4,421) | 0 |
| Equity in earnings (loss) of nonconsolidated affiliates | (15,807) | 1,117 | (1,610) | (433) | 314 | (857) | (690) | 331 | (16,733) | (902) | (9,416) |
| Gain (loss) on extinguishment of debt | 0 | 157,556 | 0 | 0 | 0 | 0 | 0 | (2,201) | 157,556 | (2,201) | (43,347) |
| Other income (expense), net | (26,048) | (7,323) | (34,019) | (5,712) | (5,070) | (17,976) | 16,211 | 19,891 | (73,102) | 13,056 | 9,104 |
| Income (loss) before income taxes | 30,687 | (22,864) | (248,899) | (49,401) | (84,639) | (210,628) | (25,237) | (330,029) | (290,477) | (650,533) | (703,669) |
| Income tax benefit (expense) | 92,717 | (5,613) | (27,137) | (9,493) | (5,434) | (2,841) | (22,077) | (56,605) | 50,474 | (86,957) | (58,489) |
| Consolidated net income (loss) | 123,404 | (28,477) | (276,036) | (58,894) | (90,073) | (213,469) | (47,314) | (386,634) | (240,003) | (737,490) | (762,158) |
| Less amount attributable to noncontrolling interest | 17,362 | 6,474 | 2,858 | 29,621 | 3,199 | 8,448 | 7,152 | (1,668) | 56,315 | 17,131 | 31,603 |
| Net income (loss)attributable to the Company | $ 106,042 | $ (34,951) | $ (278,894) | $ (88,515) | $ (93,272) | $ (221,917) | $ (54,466) | $ (384,966) | $ (296,318) | $ (754,621) | $ (793,761) |
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Detail) - USD ($) |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Apr. 02, 2015 |
Jan. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 03, 2015 |
Aug. 09, 2010 |
|
| Related Party Transactions [Abstract] | |||||||
| Management fees rate | $ 15,000,000.0 | ||||||
| Management fees and reimbursable expenses | $ 15,300,000 | $ 15,400,000 | $ 15,200,000 | ||||
| Common Class A | |||||||
| Related Party Transaction [Line Items] | |||||||
| Approved stock repurchase amount | $ 100,000,000.0 | ||||||
| Remaining aggregate available under stock purchase program | $ 34,200,000 | ||||||
| Shares of CCOH's Class A Common Stock held (in shares) | 10,726,917 | ||||||
| Collective holdings percentage | 89.90% | ||||||
| CC Finco | Common Class A | |||||||
| Related Party Transaction [Line Items] | |||||||
| Shares purchased (in shares) | 2,000,000 | ||||||
| Shares purchased | $ 22,200,000 | $ 20,400,000 | |||||
| Additional shares purchased | 2,172,946 | ||||||
| CCOH | Common Class B | |||||||
| Related Party Transaction [Line Items] | |||||||
| Contribution of shares by Clear Channel Holdings, Inc. (in shares) | 100,000,000 | ||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Movement in Valuation Allowances and Reserves | |||
| Balance at Beginning of Period | $ 34,889 | $ 32,396 | $ 47,745 |
| Charges to Costs, Expenses and other | 27,390 | 30,579 | 14,167 |
| Write-off of Accounts Receivable | 27,898 | 26,310 | 27,014 |
| Other | (499) | (1,776) | (2,502) |
| Balance at End of Period | $ 33,882 | $ 34,889 | $ 32,396 |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Deferred Tax Asset Valuation Allowance (Details) - Deferred Tax Asset Valuation Allowance - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Movement in Valuation Allowances and Reserves | |||
| Balance at Beginning of Period | $ 944,576 | $ 655,658 | $ 327,623 |
| Charges to Costs, Expenses and other | 109,285 | 314,098 | 356,583 |
| Reversal | (49,577) | (457) | (230) |
| Adjustments | (13,062) | (24,723) | (28,318) |
| Balance at End of Period | $ 991,222 | $ 944,576 | $ 655,658 |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Narrative (Details) - Deferred Tax Asset Valuation Allowance - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Federal and state | ||
| Valuation and Qualifying Accounts Disclosure [Line Items] | ||
| Valuation allowance recorded on portion of deferred tax assets | $ 61.5 | $ 305.3 |
| Foreign | ||
| Valuation and Qualifying Accounts Disclosure [Line Items] | ||
| Valuation allowances released | $ 43.3 |