Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Apr. 24, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Entity Registrant Name | iHeartMedia, Inc. | ||
Entity Central Index Key | 1,400,891 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Trading Symbol | IHRTQ | ||
Entity Public Float | $ 19.1 | ||
Common Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 31,935,990 | ||
Common Class B | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 555,556 | ||
Common Class C | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 58,967,502 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 267,109 | $ 845,030 |
Accounts receivable, net of allowance of $48,450 in 2017 and $33,882 in 2016 | 1,508,370 | 1,364,404 |
Prepaid expenses | 209,330 | 184,586 |
Assets held for sale | 0 | 55,602 |
Other current assets | 82,538 | 55,065 |
Total Current Assets | 2,067,347 | 2,504,687 |
PROPERTY, PLANT AND EQUIPMENT | ||
Structures, net | 1,180,882 | 1,196,676 |
Other property, plant and equipment, net | 703,832 | 751,486 |
INTANGIBLE ASSETS AND GOODWILL | ||
Indefinite-lived intangibles - licenses | 2,451,813 | 2,413,899 |
Indefinite-lived intangibles - permits | 977,152 | 960,966 |
Other intangibles, net | 550,056 | 740,508 |
Goodwill | 4,051,082 | 4,066,575 |
OTHER ASSETS | ||
Other assets | 278,267 | 227,450 |
Total Assets | 12,260,431 | 12,862,247 |
CURRENT LIABILITIES | ||
Accounts payable | 163,449 | 142,600 |
Accrued expenses | 764,275 | 724,793 |
Accrued interest | 268,102 | 264,170 |
Deferred income | 186,404 | 200,103 |
Current portion of long-term debt | 14,972,367 | 342,908 |
Total Current Liabilities | 16,354,597 | 1,674,574 |
Long-term debt | 5,676,814 | 20,022,080 |
Deferred income taxes | 959,390 | 1,457,095 |
Other long-term liabilities | 597,085 | 593,973 |
Commitments and contingent liabilities (Note 6) | ||
STOCKHOLDERS’ DEFICIT | ||
Noncontrolling interest | 42,764 | 135,778 |
Additional paid-in capital | 2,072,566 | 2,070,603 |
Accumulated deficit | (13,127,843) | (12,733,952) |
Accumulated other comprehensive loss | (312,560) | (355,876) |
Cost of shares (610,991 in 2017 and 389,920 in 2016) held in treasury | (2,474) | (2,119) |
Total Stockholders' Deficit | (11,327,455) | (10,885,475) |
Total Liabilities and Stockholders' Deficit | 12,260,431 | 12,862,247 |
Common Class A | ||
STOCKHOLDERS’ DEFICIT | ||
Common Stock | 32 | 31 |
Common Class B | ||
STOCKHOLDERS’ DEFICIT | ||
Common Stock | 1 | 1 |
Common Class C | ||
STOCKHOLDERS’ DEFICIT | ||
Common Stock | 59 | 59 |
Common Class D | ||
STOCKHOLDERS’ DEFICIT | ||
Common Stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for receivables | $ 48,450 | $ 33,882 |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 32,626,168 | 31,502,448 |
Common Class B | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 555,556 | 555,556 |
Common Class C | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 58,967,502 | 58,967,502 |
Common Class D | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 0 | 0 |
Treasury Stock | ||
Class of Stock [Line Items] | ||
Treasury stock, shares | 610,991 | 389,920 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Revenue | $ 6,170,994 | $ 6,260,062 | $ 6,241,516 |
Operating expenses: | |||
Direct operating expenses (excludes depreciation and amortization) | 2,461,722 | 2,398,776 | 2,471,113 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 1,851,646 | 1,725,899 | 1,704,352 |
Corporate expenses (excludes depreciation and amortization) | 311,898 | 341,072 | 315,143 |
Depreciation and amortization | 601,295 | 635,227 | 673,991 |
Impairment charges | 10,199 | 8,000 | 21,631 |
Other operating income, net | 35,704 | 353,556 | 94,001 |
Operating income (loss) | 969,938 | 1,504,644 | 1,149,287 |
Interest expense | 1,865,584 | 1,849,982 | 1,805,496 |
Loss on investments, net | (4,872) | (12,907) | (4,421) |
Equity in loss of nonconsolidated affiliates | (2,855) | (16,733) | (902) |
Gain (loss) on extinguishment of debt | 1,271 | 157,556 | (2,201) |
Other income (expense), net | (15,322) | (73,102) | 13,056 |
Income (loss) before income taxes | (917,424) | (290,524) | (650,677) |
Income tax benefit (expense) | 457,406 | 50,474 | (86,957) |
Consolidated net income (loss) | (460,018) | (240,050) | (737,634) |
Less amount attributable to noncontrolling interest | (66,127) | 56,312 | 17,140 |
Net income (loss)attributable to the Company | (393,891) | (296,362) | (754,774) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 45,661 | 21,983 | (114,906) |
Unrealized holding gain (loss) on marketable securities | (414) | (576) | 553 |
Other adjustments to comprehensive income (loss) | 6,720 | (11,814) | (10,266) |
Reclassification adjustments | 5,441 | 46,730 | 808 |
Other comprehensive income (loss) | 57,408 | 56,323 | (123,811) |
Comprehensive income (loss) | (336,483) | (240,039) | (878,585) |
Less amount attributable to noncontrolling interest | 14,092 | (2,208) | (22,410) |
Comprehensive income (loss) attributable to the Company | $ (350,575) | $ (237,831) | $ (856,175) |
Net loss attributable to the Company per common share: | |||
Basic (in dollars per share) | $ (4.64) | $ (3.50) | $ (8.96) |
Weighted average common shares outstanding - Basic (in shares) | 84,967 | 84,569 | 84,278 |
Diluted (in dollars per share) | $ (4.64) | $ (3.50) | $ (8.96) |
Weighted average common shares outstanding - Diluted (in shares) | 84,967 | 84,569 | 84,278 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands | Total | Common Stock | Common StockClass C Shares | Common StockClass B Shares | Common StockClass A Shares | Non- controlling Interest | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | |
Beginning balance (in shares) at Dec. 31, 2014 | [1] | 58,967,502 | 555,556 | 29,307,583 | |||||||
Beginning balance at Dec. 31, 2014 | $ (9,665,208) | $ 89 | $ 224,533 | $ 2,102,822 | $ (11,682,816) | $ (308,590) | $ (1,246) | ||||
Increase Decrease In Stockholders Equity | |||||||||||
Consolidated net income (loss) | (737,634) | 17,140 | (754,774) | ||||||||
Issuance of restricted stock (in shares) | [1] | 987,874 | |||||||||
Issuance of restricted stock | 2,215 | 1 | 2,886 | (1) | (671) | ||||||
Amortization of share-based compensation | 11,067 | 8,502 | 2,565 | ||||||||
Purchases of additional noncontrolling interest | (42,797) | (1,978) | (36,403) | (4,416) | |||||||
Dividend declared and paid to noncontrolling interests | (52,384) | (52,384) | |||||||||
Other | 1,871 | 1,871 | |||||||||
Other comprehensive income (loss) | (123,811) | (22,410) | (101,401) | ||||||||
Ending balance (in shares) at Dec. 31, 2015 | [1] | 58,967,502 | 555,556 | 30,295,457 | |||||||
Ending balance at Dec. 31, 2015 | (10,606,681) | 90 | 178,160 | 2,068,983 | (12,437,590) | (414,407) | (1,917) | ||||
Increase Decrease In Stockholders Equity | |||||||||||
Consolidated net income (loss) | (240,050) | 56,312 | (296,362) | ||||||||
Issuance of restricted stock (in shares) | [1] | 1,206,991 | |||||||||
Issuance of restricted stock | (1,565) | 1 | (1,366) | (1) | (199) | ||||||
Amortization of share-based compensation | 13,133 | 10,291 | 2,842 | ||||||||
Purchases of additional noncontrolling interest | 0 | 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 | 3 | (3) | |||||||
Other comprehensive income (loss) | 56,323 | (2,208) | 58,531 | ||||||||
Ending balance (in shares) at Dec. 31, 2016 | [1] | 58,967,502 | 555,556 | 31,502,448 | |||||||
Ending balance at Dec. 31, 2016 | (10,885,475) | 91 | 135,778 | 2,070,603 | (12,733,952) | (355,876) | (2,119) | ||||
Increase Decrease In Stockholders Equity | |||||||||||
Consolidated net income (loss) | (460,018) | (66,127) | (393,891) | ||||||||
Issuance of restricted stock (in shares) | [1] | 1,123,720 | |||||||||
Issuance of restricted stock | (1,823) | 1 | (1,468) | (1) | (355) | ||||||
Amortization of share-based compensation | 12,078 | 9,590 | 2,488 | ||||||||
Purchases of additional noncontrolling interest | (1,227) | (703) | (524) | ||||||||
Disposal of noncontrolling interest | (2,439) | (2,439) | |||||||||
Dividend declared and paid to noncontrolling interests | (46,151) | (46,151) | |||||||||
Other | 192 | 192 | |||||||||
Other comprehensive income (loss) | 57,408 | 14,092 | 43,316 | ||||||||
Ending balance (in shares) at Dec. 31, 2017 | [1] | 58,967,502 | 555,556 | 32,626,168 | |||||||
Ending balance at Dec. 31, 2017 | $ (11,327,455) | $ 92 | $ 42,764 | $ 2,072,566 | $ (13,127,843) | $ (312,560) | $ (2,474) | ||||
[1] | The Company's Class D Common Stock is not presented in the data above as there were no shares issued and outstanding in 2017, 2016 and 2015, respectively. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Consolidated net loss | $ (460,018) | $ (240,050) | $ (737,634) |
Reconciling items: | |||
Impairment charges | 10,199 | 8,000 | 21,631 |
Depreciation and amortization | 601,295 | 635,227 | 673,991 |
Deferred taxes | (488,217) | (98,127) | 27,848 |
Provision for doubtful accounts | 38,944 | 27,390 | 30,579 |
Amortization of deferred financing charges and note discounts, net | 57,474 | 69,951 | 63,838 |
Share-based compensation | 12,078 | 13,133 | 11,067 |
Gain on disposal of operating and other assets | (44,461) | (365,710) | (107,186) |
Loss on investments | 4,872 | 12,907 | 4,421 |
Equity in loss of nonconsolidated affiliates | 2,855 | 16,733 | 902 |
(Gain) loss on extinguishment of debt | (1,271) | (157,556) | 2,201 |
Barter and trade income | (42,210) | (38,323) | (14,372) |
Other reconciling items, net | (28,448) | 71,443 | (14,118) |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
Increase in accounts receivable | (149,347) | (14,469) | (121,574) |
Increase in prepaid expenses and other current assets | (28,433) | (2,753) | (20,631) |
Increase (decrease) in accrued expenses | 4,133 | (2,862) | (15,841) |
Increase in accounts payable | 15,736 | 3,065 | 27,385 |
Increase in accrued interest | 41,006 | 20,809 | 59,608 |
Increase (decrease) in deferred income | (26,533) | 23,661 | 23,516 |
Changes in other operating assets and liabilities | (23,394) | 3,549 | 7,065 |
Net cash used for operating activities | (503,740) | (13,982) | (77,304) |
Cash flows from investing activities: | |||
Purchases of other investments | (26,890) | (29,031) | (29,006) |
Proceeds from sale of other investments | 5,071 | 5,367 | 579 |
Purchases of property, plant and equipment | (291,966) | (314,717) | (296,380) |
Proceeds from disposal of assets | 82,987 | 856,981 | 414,278 |
Purchases of other operating assets | (1,213) | (4,414) | (29,159) |
Change in other, net | (4,060) | (3,271) | (30,078) |
Net cash provided by (used for) investing activities | (236,071) | 510,915 | 30,234 |
Cash flows from financing activities: | |||
Draws on credit facilities | 100,000 | 100,000 | 350,000 |
Payments on credit facilities | (25,909) | (2,100) | (123,849) |
Proceeds from long-term debt | 156,000 | 6,856 | 1,172,777 |
Payments on long-term debt | (9,946) | (421,263) | (931,420) |
Payments to repurchase noncontrolling interests | (1,227) | 0 | (42,797) |
Dividends and other payments to noncontrolling interests | (46,477) | (89,631) | (30,871) |
Change in other, net | (21,106) | (12,093) | (16,430) |
Net cash provided by (used for) financing activities | 151,335 | (418,231) | 377,410 |
Effect of exchange rate changes on cash | 10,555 | (6,350) | (14,686) |
Net increase (decrease) in cash and cash equivalents | (577,921) | 72,352 | 315,654 |
Cash and cash equivalents at beginning of period | 845,030 | 772,678 | 457,024 |
Cash and cash equivalents at end of period | 267,109 | 845,030 | 772,678 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash paid during the year for interest | 1,772,405 | 1,764,776 | 1,686,988 |
Cash paid during the year for taxes | $ 35,505 | $ 44,844 | $ 52,169 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business iHeartMedia, Inc. (the “Company”) 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 iHeartCommunications, Inc., a Texas company (“iHeartCommunications”). 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”). 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, which is ancillary to its other businesses. During the first quarter of 2018, the Company reevaluated its segment reporting and determined that its Latin America operations should be managed by its International outdoor leadership team. As such, beginning January 1, 2018, our Latin American operations will be included in our International outdoor segment. 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 2017 presentation. Included in Selling, general and administrative expenses and Interest expense is $9.6 million and $1.4 million , respectively, recorded in the fourth quarter of 2017 to correct for accounting errors included in the results for our China 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. On March 14, 2018 , the Company, iHeartCommunications and certain of the Company's direct and indirect domestic subsidiaries (collectively, the "Debtors") filed voluntary petitions for relief (the "Chapter 11 Cases") under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"), in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Bankruptcy Court"). Clear Channel Outdoor Holdings, Inc. (“CCOH”) and its direct and indirect subsidiaries did not file voluntary petitions for reorganization under the Bankruptcy Code and are not Debtors in the Chapter 11 Cases. The Chapter 11 Cases are being administered under the caption In re: iHeartMedia, Inc. , Case No. 18-31274 (MI). The Debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. On March 16, 2018, the Debtors entered into a Restructuring Support Agreement (the “RSA”) with certain creditors and equityholders (the “Consenting Stakeholders”). The RSA contemplates the restructuring and recapitalization of the Debtors (the “Restructuring Transactions”), which will be implemented through a plan of reorganization in the Chapter 11 Cases, if confirmed by the Bankruptcy Court. Pursuant to the RSA, the Consenting Stakeholders have agreed to, among other things, support the Restructuring Transactions and vote in favor of a plan of reorganization to effect the Restructuring Transactions. The RSA provides certain milestones for the Restructuring Transactions. Failure of the Debtors to satisfy these milestones without a waiver or consensual amendment would provide the Consenting Stakeholders a termination right under the RSA. These milestones include (i) the filing of a plan of reorganization, disclosure statement and motion for approval of the disclosure statement, in form and substance reasonably acceptable to the Debtors and the Consenting Stakeholders, by April 28, 2018, (ii) the entry of an order approving the disclosure statement by July 7, 2018, (iii) the entry of an order confirming the plan of reorganization within 75 days of the entry of an order approving the disclosure statement and (iv) the effective date of the plan of reorganization occurring by March 14, 2019. In general, as debtors-in-possession under the Bankruptcy Code, we are authorized to continue to operate as an ongoing business, but may not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. Pursuant to first day motions filed with the Bankruptcy Court, the Bankruptcy Court authorized us to conduct our business activities in the ordinary course, including, among other things and subject to the terms and conditions of such orders, authorizing us to: (i) pay employees’ wages and related obligations; (ii) continue to operate our cash management system in a form substantially similar to prepetition practice; (iii) use cash collateral on an interim basis; (iv) continue to honor certain obligations related to on-air talent, station affiliates and royalty obligations; (v) continue to maintain certain customer programs; (vi) pay taxes in the ordinary course; (vii) continue our surety bond program; and (viii) maintain our insurance program in the ordinary course. iHeartCommunications, which is a Debtor in the Chapter 11 Cases, provides the day-to-day cash management services for CCOH’s cash activities and balances in the U.S. pursuant to the Corporate Services Agreement between iHeartCommunications and CCOH, and is continuing to do so during the Chapter 11 Cases pursuant to a cash management order approved by the Bankruptcy Court. CCOH does not have any material committed external sources of capital other than iHeartCommunications. iHeartCommunications' filing of the Chapter 11 Cases constitutes an event of default that accelerated its obligations under its debt agreements. Due to the Chapter 11 Cases, however, the creditors’ ability to exercise remedies under iHeartCommunications' debt agreements were stayed as of March 14, 2018 , the date of the Chapter 11 petition filing, and continue to be stayed. Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. The Company’s ability to continue as a going concern is contingent upon the Company’s ability to successfully implement the Company’s plan of reorganization, among other factors. As a result of the Chapter 11 Cases, the realization of assets and the satisfaction of liabilities are subject to uncertainty. While operating as debtors-in-possession under Chapter 11, the Company may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business, for amounts other than those reflected in the accompanying consolidated financial statements. Further, the plan of reorganization could materially change the amounts and classifications of assets and liabilities reported in the consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the Chapter 11 Cases. As a result of our financial condition, the defaults under our debt agreements, and the risks and uncertainties surrounding the Chapter 11 Cases, substantial doubt exists that we will be able to continue as a going concern. 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 segment and its International outdoor segment each country constitutes a separate reporting unit. The Company recognized goodwill impairment of $1.6 million in 2017 related to one of our International outdoor markets. The Company recognized goodwill impairment of $7.3 million in 2016 related to one market in the Company's International outdoor segment. The Company had no impairment of goodwill in 2015 . 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 and notes receivable. 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. Investments 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 stockholders' 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, 2017 , 2016 and 2015 and recorded noncash impairment charges of $4.2 million , $14.8 million and $5.0 million during 2017 , 2016 and 2015 , respectively. Such charge is recorded on the statement of comprehensive loss in “Loss on investments, net”. 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, 2017 and 2016 . 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. The Company has not provided U.S. federal income taxes for temporary differences with respect to investments in foreign subsidiaries, which at December 31, 2017 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 U.S., we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes as 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. Additionally, as a result of U.S. tax reform, future dividend distributions from our international subsidiaries are exempt from U.S. federal income tax beginning January 1, 2018. 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. 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 trade and barter 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. Trade and barter revenues and expenses from continuing operations are included in consolidated revenue and selling, general and administrative expenses, respectively. Trade and barter revenues and expenses from continuing operations were as follows: (In millions) Years Ended December 31, 2017 2016 2015 Trade and barter revenues $ 243.3 $ 165.8 $ 133.5 Trade and barter expenses 205.1 115.1 112.1 Trade and barter revenues for our iHeartMedia segment were $226.7 million , $153.3 million and $118.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Trade and barter expenses for our iHeartMedia segment were $191.1 million , $103.1 million and $103.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Advertising Expense The Company records advertising expense as it is incurred. Advertising expenses were $201.5 million , $132.7 million and $129.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, which include $146.1 million , $68.9 million and $70.8 million in barter advertising, 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. Foreign Currency Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using 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 stockholders' deficit, “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in Other income (expense), net in the Statement of Comprehensive Loss. 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 is using the full retrospective method. The Company has completed its evaluation of the 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 has executed on its implementation plan, including drafting a detailed policy and training segment personnel. Based on its evaluation, the Company does not expect material changes to its consolidated revenues, operating income or balance sheets as a result of the implementation of this standard. During the first quarter of 2016, the FASB issued Accounting Standards Update No. 2016-01 (ASU 2016-01), Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 amends various aspects of the recognition, measurement, presentation, and disclosure for financial instruments. With respect to our consolidated financial statements, the most significant impact relates to the accounting for equity investments. The guidance will impact the disclosure and presentation of financial assets and liabilities. ASU 2016-01 is effective for annual reporting periods, and interim periods within those years beginning after December 15, 2017. Early adoption by public entities is permitted only for certain provisions. The Company is currently in the process of evaluating the impact of the adoption of this standard on our consolidated financial statements. During the first quarter of 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The new leasing standard presents significant changes to the balance sheets of lessees. Lessor accounting is updated to align with certain changes in the lessee model and the new revenue recognition standard which was issued in the third quarter of 2015. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2018. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. The Company expects the primary impact to our consolidated financial statements will be the recognition, on a discounted basis, of our minimum commitments under non-cancelable operating leases on our consolidated balance sheets resulting in the recording of right of use assets and lease obligations. Our current minimum commitments under non-cancelable operating leases are disclosed in Note 5. During the first quarter of 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) . This update eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Entities will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. The standard is effective for annual and any interim impairment tests performed for 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 second quarter of 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) . This update mandates that entities will apply the modification accounting guidance if the value, vesting conditions or classification of a stock-based award changes. Entities will have to make all of the disclosures about modifications that are required today, in addition to disclosing that compensation expense hasn't changed. Additionally, the new guidance also clarifies that a modification to an award could be significant and therefore require disclosure, even if the modification accounting is not required. The guidance will be applied prospectively to awards modified on or after the adoption date and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company does not expect that the adoption of this guidance will have material effect on the Company's consolidated financial statements. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | PROPERTY, PLANT AND EQUIPMENT, INTANGIBLEASSETS AND GOODWILL Acquisitions and Dispositions In January 2017, Americas outdoor sold its Indianapolis, Indiana market to Fairway Media Group, LLC in exchange for certain assets in Atlanta, Georgia with a fair value of $39.4 million , plus $43.1 million in cash, net of closing costs. The assets acquired as part of the transaction consisted of $9.9 million in fixed assets and $29.5 million in intangible assets (including $2.3 million in goodwill). The Company recognized a net gain of $28.9 million related to the sale, which is included within Other operating income (expense), net. During the third quarter of 2017, Americas outdoor sold its ownership interest in a joint venture in Canada. As a result, the Company recognized a net loss on sale of $12.1 million , including a $6.3 million cumulative translation adjustment, which is included within Other operating income (expense), net. During the fourth quarter of 2017, iHM exchanged four radio stations in Chattanooga, TN and six radio stations in Richmond, VA for four radio stations in Boston, MA and three radio stations in Seattle, WA, owned by Entercom Communications Corp. The assets acquired as part of the transaction consisted of $8.1 million in fixed assets and $63.2 million in intangible assets (including $2.4 million in goodwill). The Company recognized a net gain of $15.4 million related to the sale, which is included within Other operating income, net. Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of December 31, 2017 and 2016 , respectively: (In thousands) December 31, December 31, 2017 2016 Land, buildings and improvements $ 562,702 $ 570,566 Structures 2,864,442 2,684,673 Towers, transmitters and studio equipment 356,664 350,760 Furniture and other equipment 707,163 622,848 Construction in progress 74,810 91,655 4,565,781 4,320,502 Less: accumulated depreciation 2,681,067 2,372,340 Property, plant and equipment, net $ 1,884,714 $ 1,948,162 The Company recognized an impairment of $2.6 million during the year ended December 31, 2017 in relation to advertising assets that were no longer usable in one country in the Company's International outdoor segment. 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 2017, the Company recognized an impairment charge of $6.0 million related to FCC licenses in one 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. 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, 2017 and 2016 , respectively: (In thousands) December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 548,918 $ (440,284 ) $ 563,863 $ (426,752 ) Customer / advertiser relationships 1,226,314 (1,133,251 ) 1,222,519 (1,012,380 ) Talent contracts 161,962 (138,728 ) 319,384 (281,060 ) Representation contracts 77,507 (62,753 ) 253,511 (229,413 ) Permanent easements 162,920 — 159,782 — Other 372,292 (224,841 ) 390,171 (219,117 ) Total $ 2,549,913 $ (1,999,857 ) $ 2,909,230 $ (2,168,722 ) Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2017 , 2016 and 2015 was $197.2 million , $222.6 million , and $237.5 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: (In thousands) 2018 $ 131,681 2019 44,972 2020 38,307 2021 33,618 2022 28,742 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 $1.6 million during the year ended December 31, 2017 related to one market in the Company's International outdoor segment. The Company recognized goodwill impairment of $7.3 million during the year year ended December 31, 2016 related to one market in the Company's International outdoor segment. The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments: (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Consolidated 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 Impairment — — (1,591 ) — (1,591 ) Acquisitions 2,442 2,252 — — 4,694 Dispositions (35,715 ) — (1,817 ) — (37,532 ) Foreign currency — 777 18,070 — 18,847 Assets held for sale — 89 — — 89 Balance as of December 31, 2017 $ 3,255,208 $ 518,532 $ 195,511 $ 81,831 $ 4,051,082 The balance at December 31, 2015 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. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Investments [Abstract] | |
INVESTMENTS | INVESTMENTS The following table summarizes the Company's investments in nonconsolidated affiliates and available-for-sale securities: (In thousands) Notes Receivable Equity Method Investments Cost Method Investments Marketable Equity Securities Total Investments Balance at December 31, 2015 $ 156 $ 27,710 $ 58,802 2,326,000 $ 2,326 $ 88,994 Cash advances — 2,993 — — 2,993 Acquisitions 917 7,531 26,086 — 34,534 Equity in loss — (16,733 ) — — (16,733 ) Disposals (76 ) (2,476 ) (1,000 ) — (3,552 ) Foreign currency transaction adjustment — (45 ) (196 ) (35 ) (276 ) Distributions received — (3,709 ) — — (3,709 ) Impairment of investments — — (14,798 ) — (14,798 ) Unrealized holding loss on marketable securities — — — (576 ) (576 ) Other (865 ) (794 ) 2,772 — 1,113 Balance at December 31, 2016 $ 132 $ 14,477 $ 71,666 $ 1,715 $ 87,990 Cash advances — 2,248 — — 2,248 Acquisitions 13,602 10,361 11,560 — 35,523 Equity in loss — (2,855 ) — — (2,855 ) Disposals (188 ) — (628 ) — (816 ) Foreign currency transaction adjustment — 145 380 243 768 Distributions received — (775 ) — — (775 ) Impairment of investments (671 ) — (4,202 ) — (4,873 ) Unrealized holding loss on marketable securities — — — (414 ) (414 ) Other 917 794 — — 1,711 Balance at December 31, 2017 $ 13,792 $ 24,395 $ 78,776 $ 1,544 $ 118,507 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 loss of nonconsolidated affiliates .” Other cost investments include various investments in companies for which there is no readily determinable market value. During 2017, the Company recorded $34.7 million in its iHM segment for investments made in thirteen private companies in exchange for advertising services and cash. Two of these investments are being accounted for under the equity method of accounting, six of these investments are being accounted for under the cost method of accounting, and five of these investments are notes receivable that are convertible into equity. 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. The Company recognized barter revenue of $35.2 million in the year ended December 31, 2017 and $36.6 million in the year ended December 31, 2016, in connection with these investments 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." 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, 2017 and 2016 , the Company held $1.5 million and $1.7 million , respectively, in marketable equity securities, which are included within Other Assets. |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 12 Months Ended |
Dec. 31, 2017 | |
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: (In thousands) Years Ended December 31, 2017 2016 Beginning balance $ 42,491 $ 48,056 Adjustment due to changes in estimates 2,317 (5,343 ) Accretion of liability 3,555 5,090 Liabilities settled (2,880 ) (4,310 ) Foreign Currency 2,501 (1,002 ) Ending balance 47,984 42,491 Less: current portion 891 424 Long-term portion of asset retirement obligation $ 47,093 $ 42,067 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Outstanding debt at December 31, 2017 and 2016 consisted of the following. The indebtedness of the Debtors has been reclassified to current liabilities at December 31, 2017 . (In thousands) December 31, December 31, 2017 2016 Senior Secured Credit Facilities $ 6,300,000 $ 6,300,000 Receivables Based Credit Facility Due 2019 (1) 405,000 330,000 Priority Guarantee Notes 6,570,361 6,274,815 Subsidiary Revolving Credit Facility Due 2018 — — Other Secured Subsidiary Debt 8,522 20,987 Total Consolidated Secured Debt 13,283,883 12,925,802 14.0% Senior Notes Due 2021 1,763,925 1,729,168 Legacy Notes (2) 475,000 475,000 10.0% Senior Notes Due 2018 47,482 347,028 Subsidiary Senior Notes 5,300,000 5,150,000 Other Subsidiary Debt 24,615 27,954 Purchase accounting adjustments and original issue discount (136,653 ) (166,961 ) Long-term debt fees (109,071 ) (123,003 ) 20,649,181 20,364,988 Less: current portion 14,972,367 342,908 Total long-term debt $ 5,676,814 $ 20,022,080 (1) On November 30, 2017, iHeartCommunications refinanced its receivables based credit facility and replaced it with a $300.0 million term loan and revolving credit commitments of $250.0 million . On November 30, 2017, $300.0 million was drawn on the term loan and $65.0 million on the revolving credit commitments for a total of $365.0 million . The facility has a three -year term, maturing in 2020 and accrues interest at a rate of LIBOR plus 4.75% . On December 27, 2017, iHeartCommunications incurred $40.0 million of additional borrowings under the revolving credit loan portion of its new receivables based credit facility bringing its total outstanding borrowings under this facility to $405.0 million . (2) 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. The Company’s weighted average interest rate at December 31, 2017 and 2016 was 8.9% and 8.5% , respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $15.4 billion and $16.7 billion at December 31, 2017 and 2016 , 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. On March 14, 2018 , the Company and certain of the Company's direct and indirect domestic subsidiaries, not including CCOH or any of its subsidiaries, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Texas, Houston Division . The filing of the voluntary petitions triggered an event of default under the Company's debt agreements. As a result, $14.7 billion in aggregate principal amount outstanding on the Company's long-term debt has been classified as current as of December 31, 2017 . Senior Secured Credit Facilities As of December 31, 2017 and 2016 , iHeartCommunications had senior secured credit facilities consisting of: (In thousands) December 31, December 31, Maturity Date 2017 2016 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 iHeartCommunications 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 iHeartCommunications' senior secured credit facilities bear interest at a rate equal to an applicable margin plus, at iHeartCommunications' option, either (i) a base rate determined by reference to the higher of (A) the prime lending rate publicly announced by the administrative agent or (B) the Federal funds effective rate from time to time plus 0.50% , or (ii) a Eurocurrency rate determined by reference to the costs of funds for deposits for the interest period relevant to such borrowing adjusted for certain additional costs. The margin percentages applicable to the term loan facilities are the following percentages per annum: • with respect to loans under the term loan D, (i) 5.75% in the case of base rate loans and (ii) 6.75% in the case of Eurocurrency rate loans; and • with respect to loans under the term loan E, (i) 6.50% in the case of base rate loans and (ii) 7.50% in the case of Eurocurrency rate loans. The margin percentages are subject to adjustment based upon iHeartCommunications' leverage ratio. Collateral and Guarantees The senior secured credit facilities are guaranteed by iHeartCommunications and each of iHeartCommunications' 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 iHeartCommunications' Legacy Notes, and other exceptions, by: • a lien on the capital stock of iHeartCommunications ; • 100% of the capital stock of any future material wholly-owned domestic license subsidiary that is not a “Restricted Subsidiary” under the indenture governing iHeartCommunications' Legacy Notes; • certain assets that do not constitute “principal property” (as defined in the indenture governing iHeartCommunications' Legacy Notes); • certain specified assets of iHeartCommunications and the guarantors that constitute “principal property” (as defined in the indenture governing iHeartCommunications' 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 iHeartCommunications' Legacy Notes; and • a lien on the accounts receivable and related assets securing iHeartCommunications' receivables based credit facility that is junior to the lien securing iHeartCommunications' obligations under such credit facility. Certain Covenants The senior secured credit facilities include negative covenants that, subject to significant exceptions, limit iHeartCommunications' ability and the ability of its restricted subsidiaries to, among other things: • incur additional indebtedness; • create liens on assets; • engage in mergers, consolidations, liquidations and dissolutions; • sell assets; • pay dividends and distributions or repurchase iHeartCommunications' 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. Receivables Based Credit Facility On November 30, 2017, iHeartCommunications refinanced its receivables based credit facility and replaced it with a $300.0 million term loan and revolving credit commitments of $250.0 million . On November 30, 2017, $300.0 million was drawn on the term loan and $65.0 million on the revolving credit commitments for a total of $365.0 million (the "Facility"). The facility has a three -year term, maturing on November 30, 2020 and accrues interest at a rate of LIBOR plus 4.75% . On December 27, 2017, iHeartCommunications incurred $40.0 million of additional borrowings under the revolving credit loan portion of its new Facility bringing its total outstanding borrowings under the facility to $405.0 million . On January 18, 2018, iHeartCommunications incurred $25.0 million of additional borrowings under the revolving credit loan portion of its new Facility bringing its total outstanding borrowings under the facility to $430.0 million . In February 2018, iHeartCommunications prepaid $59.0 million on the revolving credit loan portion of its new Facility bringing its total outstanding borrowings under the facility to $371.0 million . The Facility provides commitments of $550.0 million , subject to a borrowing base. The borrowing base at any time equals 97.5% of the eligible accounts receivable of iHeartCommunications and certain of its subsidiaries. The Facility includes a letter of credit sub-facility and a swingline loan sub-facility. iHeartCommunications and certain subsidiary borrowers are the borrowers under the Facility. iHeartCommunications has the ability to designate one or more of its restricted subsidiaries as borrowers under the Facility. The loans under the Facility are available in U.S. dollars and letters of credit are available in a variety of currencies including U.S. Dollars, Euros, Sterling, and Canadian Dollars. Interest Rate and Fees Borrowings under the Facility bear interest at a rate per annum equal to an applicable rate plus, at iHeartCommunications' option, either (1) a base rate determined by reference to the highest of (a) the prime rate of PNC Bank, National Association and (b) the Federal Funds rate plus 0.50% or (2) a Eurocurrency rate that is the greater of (a) 1.00% , and (b) the quotient of (i) the ICE LIBOR rate, or if such rate is not available, the rate determined by the Administrative Agent, and (ii) one minus the maximum rate at which reserves are required to be maintained for Eurocurrency liabilities. The applicable rate for borrowings under the Facility is 4.75% with respect to Eurocurrency term loans and revolving loans and 3.75% with respect to base rate term loans and revolving loans. In addition to paying interest on outstanding principal under the receivables based credit facility, iHeartCommunications is required to pay a commitment fee of 0.75% to the lenders under the receivables based credit facility in respect of the unutilized commitments thereunder. iHeartCommunications must also pay customary letter of credit fees. Maturity Borrowings under the Facility will mature, and lending commitments thereunder will terminate, with respect to the initial term loans and the revolving credit facility (i) on the third anniversary of the effectiveness of the Facility, which is November 30, 2020 and (ii) with respect to any incremental term loan, on the maturity date applicable to such incremental term loan (or on the business day immediately preceding such maturity date if such date does not fall on a business day). Prepayments If at any time, (a) the outstanding amount under the revolving credit facility exceeds the aggregate amount committed by the revolving credit lenders, (b) the outstanding amount under the revolving credit facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate revolving commitments under the Facility, or (c) the sum of the term loans and the outstanding amount under the revolving credit facility exceeds the borrowing base, iHeartCommunications will be required to repay revolving loans outstanding and cash collateralize letters of credit in an aggregate amount equal to such excess, as applicable. Except as described below, iHeartCommunications may voluntarily repay without premium or penalty, (a) outstanding amounts under the revolving credit facility at any time, and (b) outstanding amounts under the term loan facility at any time that no revolving commitments remain outstanding. Subject to certain exceptions contemplated under the Facility, if iHeartCommunications pays, for any reason (including upon payment after an event of default or acceleration of loans in connection with an insolvency proceeding), all or part of the principal balance of any term loan or revolving commitments are reduced or terminated prior to the second anniversary of the closing date, iHeartCommunications will pay a prepayment premium equal to (A) in the case of any voluntary prepayment or voluntary reduction, (1) 2.00% if such prepayment or reduction, as applicable, is made prior to the first anniversary of the closing date, and (2) 1.00% , if such prepayment or reduction, as applicable, is made on and after the first anniversary of the closing date, but prior to the second anniversary of the closing date in each case, of the aggregate principal amount of all term loans prepaid and/or all revolving commitments reduced, as applicable and (B) in the case of any other prepayment or reduction, (1) 1.00% if such prepayment or reduction, as applicable, is made prior to the first anniversary of the closing date, and (2) 0.50% , if such prepayment or reduction, as applicable, is made on and after the first anniversary of the closing date, but prior to the second anniversary of the closing date in each case, of the aggregate principal amount of all term loans prepaid and/or all revolving commitments reduced, as applicable. Any voluntary prepayments iHeartCommunications makes will not reduce commitments under the Credit Agreement. Guarantees and Security The facility is guaranteed by, subject to certain exceptions, the guarantors of iHeartCommunications' senior secured credit facilities. All obligations under the Facility, and the guarantees of those obligations, are secured by a perfected security interest in all of iHeartCommunications' and all of the guarantors’ accounts receivable and related assets and proceeds thereof that are senior to the security interest of iHeartCommunications' 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 iHeartCommunications' Legacy Notes, and certain exceptions. Certain Covenants and Events of Default If borrowing availability is less than the greater of (a) $50.0 million and (b) 9% of the aggregate revolving commitments and the aggregate outstanding principal amount of term loans (including incremental term loans) for five consecutive business days (a "Liquidity Event"), iHeartCommunications will be required to comply with a minimum fixed charge coverage ratio of at least 1.00 to 1.00 for the most recent period of four consecutive fiscal quarters ended prior the occurrence of the Liquidity Event, and will be continued to comply with this minimum fixed charge coverage ratio as of the end of each subsequently ending four consecutive fiscal quarters until borrowing availability exceeds the greater of (x) $50.0 million and (y) 9% of the sum of the aggregate revolving commitments and the aggregate outstanding principal amount of term loans (including incremental term loans), in each case, for 30 consecutive calendar days, at which time the Liquidity Event shall no longer be deemed to be occurring. In addition, the Facility includes negative covenants that, subject to significant exceptions, limit iHeartCommunications' ability and the ability of its restricted subsidiaries to, among other things: • incur additional indebtedness; • create liens on assets; • engage in mergers, consolidations, liquidations and dissolutions; • sell assets; • pay dividends and distributions or repurchase capital stock; • make investments, loans, or advances; • prepay certain junior indebtedness; • engage in certain transactions with affiliates; • amend material agreements governing certain junior indebtedness; and • change lines of business. The Facility includes certain customary representations and warranties, affirmative covenants and events of default, including payment defaults, breach of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of bankruptcy, certain events under ERISA, material judgments and a change of control. If an event of default occurs, the lenders under the Facility will be entitled to take various actions, including the acceleration of all amounts due under the Facility and all actions permitted to be taken by a secured creditor. Priority Guarantee Notes As of December 31, 2017 and 2016 , iHeartCommunications had outstanding Priority Guarantee Notes consisting of: (In thousands) December 31, December 31, Maturity Date Interest Rate Interest Payment Terms 2017 2016 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 870,546 575,000 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 $ 6,570,361 $ 6,274,815 Guarantees and Security The Priority Guarantee Notes are iHeartCommunications' 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 capital stock of iHeartCommunications and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing certain of iHeartCommunications' Legacy Notes), in each case equal in priority to the liens securing the obligations under iHeartCommunications' senior secured credit facilities, subject to certain exceptions, and (ii) a lien on the accounts receivable and related assets securing iHeartCommunications' receivables based credit facility junior in priority to the lien securing iHeartCommunications' 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 iHeartCommunications 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 iHeartCommunications' 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 iHeartCommunications' 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 iHeartCommunications' assets. The indentures contain covenants that limit the Company’s and iHeartCommunications' ability and the ability of their restricted subsidiaries to, among other things: (i) create liens on assets and (ii) materially impair the value of the security interests taken with respect to the collateral for the benefit of the notes collateral agent and the holders of the 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, 2017 , there were no amounts outstanding under the revolving credit facility, and $71.2 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, 2017 , iHeartCommunications had outstanding approximately $1.8 billion of aggregate principal amount of 14.0% Senior Notes due 2021 (net of $449.4 million principal amount held by a subsidiary of iHeartCommunications ). 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 iHeartCommunications' senior secured credit facilities and certain other permitted debt, but rank equal to all other senior indebtedness of the guarantors. iHeartCommunications 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 iHeartCommunications' 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, iHeartCommunications' capital stock or repurchase iHeartCommunications' 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 iHeartCommunications' assets; (vii) engage in transactions with affiliates; and (viii) designate iHeartCommunications' subsidiaries as unrestricted subsidiaries. Legacy Notes As of December 31, 2017 and 2016 , iHeartCommunications had outstanding senior notes (net of $57.1 million aggregate principal amount held by a subsidiary of iHeartCommunications ) consisting of: (In thousands) December 31, December 31, 2017 2016 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 $ 475,000 In December 2016, iHeartCommunications 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. These senior notes were the obligations of iHeartCommunications prior to the merger in 2008. The senior notes are senior, unsecured obligations that are effectively subordinated to iHeartCommunications' secured indebtedness to the extent of the value of iHeartCommunications' assets securing such indebtedness and are not guaranteed by any of iHeartCommunications' subsidiaries and, as a result, are structurally subordinated to all indebtedness and other liabilities of iHeartCommunications' subsidiaries. The senior notes rank equally in right of payment with all of iHeartCommunications' 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, 2017 , iHeartCommunications had outstanding $47.5 million aggregate principal amount of 10.0% Senior Notes due 2018. The 10.0% Senior Notes due 2018 mature on January 15, 2018 and bear interest at a rate of 10.0% per annum, payable semi-annually on January 15 and July 15 of each year. On December 20, 2016, iHeartCommunications commenced an offer to noteholders to exchange its 10.0% Senior Notes due 2018 for newly-issued 11.25% Priority Guarantee Notes which were issued as “additional notes” under the indenture governing iHeartCommunications' existing 11.25% Priority Guarantee Notes due 2021. On February 7, 2017, iHeartCommunications 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 its 10.0% Senior Notes due 2018, of which $241.4 million were held by subsidiaries of iHeartCommunications . On July 10, 2017, iHeartCommunications exchanged $15.6 million in aggregate principal amount of 11.25% Priority Guarantee Notes due 2021 that were held by a subsidiary of iHeartCommunications for $15.6 million of aggregate principal amount outstanding of its 10.0% Senior Notes due 2018 that were held by an unaffiliated third-party. In October 2017, iHeartCommunications exchanged $45.0 million principal amount of 11.25% Priority Guarantee Notes due 2021 that were held by a subsidiary of iHeartCommunications for $45.0 million principal amount of 10.0% Senior Notes due 2018 that were held by unaffiliated third parties. On December 13, 2017 iHeartCommunications repurchased $4.0 million aggregate principal amount of 10.0% Senior Notes due 2018 that were held by unaffiliated third parties for $2.7 million in cash. On January 4, 2018, iHeartCommunications repurchased $5.4 million aggregate principal amount of 10.0% Senior Notes due 2018 that were held by unaffiliated third parties for $5.3 million in cash. On January 16, 2018, iHeartCommunications repaid the remaining balance of $42.1 million aggregate principal amount of 10.0% Senior Notes due 2018 that were held by unaffiliated third parties for $42.1 million in cash. Subsidiary Senior Notes As of December 31, 2017 and 2016 , the Company's subsidiaries, Clear Channel Worldwide Holdings, Inc. ("CCWH") and Clear Channel International B.V. had outstanding notes consisting of: (In thousands) December 31, December 31, Maturity Date Interest Rate Interest Payment Terms 2017 2016 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 $ 375,000 $ 225,000 Total Subsidiary Senior Notes $ 5,300,000 $ 5,150,000 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: • 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. 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. On August 14, 2017, Clear Channel International B.V. (“CCIBV”), an indirect subsidiary of the Company, issued $150.0 million in aggregate principal amount of 8.75% Senior Notes due 2020 (the “New Notes”). The New Notes were issued as additional notes under the indenture governing CCIBV’s existing 8.75% Senior Notes due 2020 and were issued at a premium, resulting in $156.0 million in proceeds. The New Notes mature on December 15, 2020 and bear interest at a rate of 8.75% per annum, payable semi-annually in arrears on June 15 and December 15 of each year. 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: • 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 Clea |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , the Company's future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, capital expenditure commitments and employment/talent contracts consist of the following: (In thousands) Capital Non-Cancelable Non-Cancelable Expenditure Employment/Talent Operating Leases Contracts Commitments Contracts 2018 $ 492,013 $ 492,177 $ 38,444 $ 81,753 2019 446,396 409,343 7,928 61,603 2020 413,598 312,459 2,771 60,012 2021 368,399 267,834 4,499 20,310 2022 319,177 170,455 4,591 — Thereafter 2,050,060 393,713 9,877 — Total $ 4,089,643 $ 2,045,981 $ 68,110 $ 223,678 Rent expense charged to operations for the years ended December 31, 2017 , 2016 and 2015 was $1.13 billion , $1.12 billion and $1.14 billion , respectively. In various areas in which the Company operates, outdoor advertising is the object of restrictive and, in some cases, prohibitive zoning and other regulatory provisions, either enacted or proposed. The impact to the Company of loss of displays due to governmental action has been somewhat mitigated by Federal and state laws mandating compensation for such loss and constitutional restraints. The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations. Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of its litigation arises in the following contexts: commercial disputes; defamation matters; employment and benefits related claims; governmental fines; intellectual property claims; and tax disputes. Stockholder Litigation On May 9, 2016, a stockholder of Clear Channel Outdoor Holdings, Inc. ("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 CCOH has been harmed by the intercompany agreements with iHeartCommunications , CCOH’s lack of autonomy over its own cash and the actions of the defendants in serving the interests of the Company, iHeartCommunications and the Sponsor Defendants to the detriment of CCOH and its minority stockholders. Specifically, 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. The oral hearing on the appeal was held on October 11, 2017. On October 12, 2017, the Supreme Court of Delaware affirmed the lower court's ruling, dismissing the case. On December 29, 2017, another stockholder of CCOH filed a derivative lawsuit in the Court of Chancery of the State of Delaware, captioned Norfolk County Retirement System, v. iHeartMedia, Inc., et al., C.A. No. 2017-0930-JRS. The complaint names as defendants the Company, iHeartCommunications , the Sponsor Defendants, and the members of CCOH's board of directors. CCOH is named as a nominal defendant. The complaint alleges that CCOH has been harmed by the CCOH Board’s November 2017 decision to extend the maturity date of the intercompany revolving note (the “Third Amendment”) at what the complaint describes as far-below-market interest rates. Specifically, the complaint alleges that (i) the Company and Sponsor defendants breached their fiduciary duties by exploiting their position of control to require CCOH to enter the Third Amendment on terms unfair to CCOH; (ii) the CCOH Board breached their duty of loyalty by approving the Third Amendment and elevating the interests of the Company, iHeartCommunications and the Sponsor Defendants over the interests of CCOH and its minority unaffiliated stockholders; and (iii) the terms of the Third Amendment could not have been agreed to in good faith and represent a waste of corporate assets by the CCOH Board. The complaint further alleges that the Company, iHeartCommunications and the Sponsor defendants were unjustly enriched as a result of the unfairly favorable terms of the Third Amendment. The plaintiff is seeking, among other things, a ruling that the defendants breached their fiduciary duties to CCOH, a modification of the Third Amendment to bear a commercially reasonable rate of interest, and an order requiring disgorgement of all profits, benefits and other compensation obtained by defendants as a result of the alleged breaches of fiduciary duties. On March 7, 2018, the defendants filed a motion to dismiss plaintiff's verified derivative complaint for failure to state a claim upon which relief can be granted. On March 16, 2018, iHM filed a Notice of Suggestion of Pendency of Bankruptcy and Automatic Stay of Proceedings. China Investigation Several employees of Clear Media Limited, an indirect, non-wholly-owned subsidiary of the Company whose ordinary shares are listed, but are currently suspended from trading on, the Hong Kong Stock Exchange, are subject to an ongoing police investigation in China for misappropriation of funds. Clear Media Limited has conducted additional procedures and processes, including a special investigation by forensic accountants and an external law firm appointed by Clear Media Limited’s board of directors and approved by the Company’s Audit Committee, into the misappropriation of funds. During the course of the special investigation, it was discovered that three bank accounts were opened in the name of Clear Media Limited entities, which were not authorized, and certain transactions were recorded therein. The opening of the unauthorized bank accounts has also been referred to the police in China for investigation. The misappropriation of funds resulted in discrepancies between actual cash balances and cash amounts included in the Company’s accounting records as of December 31, 2016 and 2015. Included in Selling, general and administrative expenses and Interest expense is $9.6 million and $1.4 million , respectively, recorded in the fourth quarter of 2017 to correct for the accounting errors resulting from the discrepancies. Such accounting errors are not considered to be material to the current year or prior year financial statements. The Company advised both the United States Securities and Exchange Commission and the United States Department of Justice of the investigation at Clear Media Limited, and the Company intends to cooperate with both agencies in connection with any investigation that may be conducted in this matter. The police investigation is on-going, and the Company is not aware of any litigation, claim or assessment pending against the Company related to the matters described above. Based on information known to date, the Company believes any contingent liabilities arising from potential misconduct that has been or may be identified by the investigations are not material to the Company's consolidated financial statements. In 2017, Clear Media Limited accounted for 4.1% of the Company’s net revenue and 3.8% of its consolidated total assets. The investigation could implicate the books and records, internal controls and anti-bribery provisions of the U.S. Foreign Corrupt Practices Act, which statute and regulations provide for potential monetary penalties as well as criminal and civil sanctions. It is possible that monetary penalties and other sanctions could be assessed on the Company in connection with this matter. The nature and amount of any monetary penalty or other sanctions cannot reasonably be estimated at this time. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES On December 22, 2017, the U.S. government enacted comprehensive income tax legislation, referred to as The Tax Cuts and Jobs Act (the Tax Act). The Act reduces the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and creates new U.S. taxes on certain foreign earnings. To account for the reduction in the U.S. federal corporate income tax rate, we remeasured our deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, generally 21%, which resulted in recording of a provisional deferred tax benefit of $510.1 million during 2017. To determine the impact from the one-time transition tax on accumulated foreign earnings, we analyzed our cumulative foreign earnings and profits in accordance with the rules provided in the Tax Act. Based upon our preliminary analysis which is not yet complete, we have not recorded income tax expense in the current period for the one-time transition tax due to the net accumulated deficit in our foreign earnings and profits. The provisions in the Tax Act are broad and complex. We have not yet completed our accounting for the income tax effects of the Tax Act as of December 31, 2017, but have made reasonable estimates of those effects on our existing deferred income tax balances and the one-time transition tax. The final financial statement impact of the Tax Act may differ from the above estimates, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, and changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates to estimates the company has utilized to calculate the provisional impacts. The Securities and Exchange Commission (SEC) has issued rules that allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related income tax impacts. Significant components of the provision for income tax benefit (expense) are as follows: (In thousands) Years Ended December 31, 2017 2016 2015 Current - Federal $ (2,136 ) $ (190 ) $ (31 ) Current - foreign (30,159 ) (44,555 ) (46,188 ) Current - state 1,484 (2,908 ) (12,890 ) Total current expense (30,811 ) (47,653 ) (59,109 ) Deferred - Federal 491,239 38,715 (30,719 ) Deferred - foreign (2,533 ) 56,747 5,269 Deferred - state (489 ) 2,665 (2,398 ) Total deferred benefit (expense) 488,217 98,127 (27,848 ) Income tax benefit (expense) $ 457,406 $ 50,474 $ (86,957 ) Current tax expense of $30.8 million was recorded for 2017 as compared to a current tax expense of $47.7 million for 2016 . The current tax expense recorded in 2017 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 2016 was primarily attributable to a decrease in foreign tax expense which resulted primarily from a decrease in foreign earnings in certain jurisdictions during 2017. 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. Deferred tax benefit of $488.2 million was recorded for 2017 compared with deferred tax benefit of $98.1 million for 2016 . The increase in deferred tax benefit during 2017 was primarily attributed to the $510.1 million provisional deferred tax benefit recorded in connection with the remeasurement of our U.S. deferred tax balances upon the enactment of the Tax Act described above. In addition, the change in foreign deferred tax benefit recorded primarily related to the $43.3 million deferred tax benefit recorded in 2016 for the release of valuation allowance against certain net operating loss carryforwards in France. 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. Significant components of the Company's deferred tax liabilities and assets as of December 31, 2017 and 2016 are as follows: (In thousands) 2017 2016 Deferred tax liabilities: Intangibles and fixed assets $ 1,281,995 $ 2,018,159 Long-term debt — 37,205 Investments 16,484 — Other 9,868 10,159 Total deferred tax liabilities 1,308,347 2,065,523 Deferred tax assets: Accrued expenses 105,823 155,037 Long-term debt 49,767 — Investments — 5,458 Net operating loss carryforwards 1,106,319 1,384,175 Bad debt reserves 11,731 10,137 Other 27,654 43,545 Total gross deferred tax assets 1,301,294 1,598,352 Less: Valuation allowance 952,337 989,924 Total deferred tax assets 348,957 608,428 Net deferred tax liabilities $ 959,390 $ 1,457,095 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 periods ending December 31, 2017 and 2016 were $54.1 million and $47.1 million , respectively. At December 31, 2017 , the Company had recorded net operating loss carryforwards (tax effected) for federal and state income tax purposes of approximately $961.4 million , expiring in various amounts through 2037. 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, 2017 , the Company had recorded a valuation allowance of $827.3 million against a portion of these deferred tax assets which it does not expect to realize. After considering the deferred tax remeasurement adjustments described above in connection with the Tax Act, the Company's U.S. federal and state deferred tax valuation allowance decreased by $26.6 million during the current period. In addition, the Company recorded a net reduction of $11.0 million in valuation allowance against its foreign deferred tax assets during the year ended December 31, 2017 . At December 31, 2017 , the Company had recorded $144.9 million (tax-effected) of deferred tax assets for foreign net operating loss carryforwards, which are offset in part by an associated valuation allowance of $94.2 million . Additional deferred tax valuation allowance of $30.8 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, 2017 , net deferred tax liabilities include a deferred tax asset of $16.3 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: (In thousands) Years Ended December 31, 2017 2016 2015 US $ (952,436 ) $ (349,876 ) $ (700,520 ) Foreign 35,012 59,352 49,843 Total loss before income taxes $ (917,424 ) $ (290,524 ) $ (650,677 ) The reconciliation of income tax computed at the U.S. federal statutory tax rates to the recorded income tax benefit (expense) is: Years Ended December 31, (In thousands) 2017 2016 2015 Amount Percent Amount Percent Amount Percent Income tax benefit at statutory rates $ 321,098 35.0 % $ 101,683 35.0 % $ 227,737 35.0 % State income taxes, net of federal tax effect 7,667 0.8 % 6,372 2.2 % 17,795 2.7 % Foreign income taxes (20,438 ) (2.2 )% (21,477 ) (7.4 )% (23,474 ) (3.6 )% Nondeductible items (6,659 ) (0.7 )% (5,760 ) (2.0 )% (5,764 ) (0.9 )% Changes in valuation allowance and other estimates (350,407 ) (38.2 )% (31,229 ) (10.7 )% (302,935 ) (46.6 )% U.S. tax reform 510,064 55.6 % — — % — — % Other, net (3,919 ) (0.4 )% 885 0.3 % (316 ) — % Income tax benefit (expense) $ 457,406 49.9 % $ 50,474 17.4 % $ (86,957 ) (13.4 )% The Company’s effective tax benefit rate for the year ended December 31, 2017 is 49.9% . The effective tax benefit rate for 2017 was impacted by the effects of U.S. corporate tax reform which resulted in a provisional tax benefit of $510.1 million recorded in connection with the reduction in the U.S. federal corporate tax rate. In partial offset to this tax benefit, the company recorded tax expense of $387.7 million in connection with the valuation allowance recorded against federal and state deferred tax assets generated in the current period due to the uncertainty of the ability to realize those assets in future periods. A tax benefit was recorded for the year ended December 31, 2016 of 17.4% . The effective tax 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 2016 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. 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 and that would become taxable upon remittance within our foreign structure. At December 31, 2017, all undistributed earnings of our international subsidiaries have been included in our provisional computation of the one-time transition tax associated with the enactment of the Tax Act. Based upon our preliminary analysis of the effects of the Tax Act which is not yet complete, the Company has not provided U.S. federal income taxes for temporary differences with respect to investments in our foreign subsidiaries, which at December 31, 2017 currently result in tax basis amounts greater than the financial reporting basis. 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 as 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. Additionally, as a result of U.S. tax reform described above, future dividend distributions from our international subsidiaries are exempt from U.S. federal income tax beginning January 1, 2018. 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, 2017 and 2016 was $48.6 million and $47.5 million , respectively. The total amount of unrecognized tax benefits including accrued interest and penalties at December 31, 2017 and 2016 was $135.3 million and $145.4 million , respectively, of which $112.4 million and $115.1 million is included in “Other long-term liabilities” on the Company’s consolidated balance sheets, respectively. In addition, $22.8 million and $30.3 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, 2017 and 2016 , respectively. The total amount of unrecognized tax benefits at December 31, 2017 and 2016 that, if recognized, would impact the effective income tax rate is $74.0 million and $53.8 million , respectively. (In thousands) Years Ended December 31, Unrecognized Tax Benefits 2017 2016 Balance at beginning of period $ 97,962 $ 103,208 Increases for tax position taken in the current year 7,366 10,094 Increases for tax positions taken in previous years 2,172 3,024 Decreases for tax position taken in previous years (5,306 ) (11,157 ) Decreases due to settlements with tax authorities (225 ) (1,007 ) Decreases due to lapse of statute of limitations (15,264 ) (6,200 ) Balance at end of period $ 86,705 $ 97,962 The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. During 2017, the Company settled all outstanding U.S. federal income tax matters for tax years 2011 and 2012, which resulted in a reduction of unrecognized tax benefits of $4.7 million . In addition, during 2017 the statute of limitations for certain tax years expired in the U.S., certain states, the United Kingdom and other jurisdictions resulting in the reduction to unrecognized tax benefits of $15.3 million , excluding interest. 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, during 2016, 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. All federal income tax matters through 2013 are closed. Substantially all material state, local, and foreign income tax matters have been concluded for years through 2008. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
STOCKHOLDERS' DEFICIT | STOCKHOLDERS’ 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 stockholders' deficit attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest: (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2017 $ (11,021,253 ) $ 135,778 $ (10,885,475 ) Net income (loss) (393,891 ) (66,127 ) (460,018 ) Dividends and other payments to noncontrolling interests — (46,151 ) (46,151 ) Purchase of additional noncontrolling interests (524 ) (703 ) (1,227 ) Disposal of noncontrolling interests — (2,439 ) (2,439 ) Share-based compensation 2,488 9,590 12,078 Foreign currency translation adjustments 32,809 12,852 45,661 Unrealized holding loss on marketable securities (370 ) (44 ) (414 ) Other adjustments to comprehensive loss 6,013 707 6,720 Reclassifications adjustments 4,864 577 5,441 Other, net (355 ) (1,276 ) (1,631 ) Balances as of December 31, 2017 $ (11,370,219 ) $ 42,764 $ (11,327,455 ) (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2016 $ (10,784,841 ) $ 178,160 $ (10,606,681 ) Net income (loss) (296,362 ) 56,312 (240,050 ) 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 2,842 10,291 13,133 Foreign currency translation adjustments 27,343 (5,360 ) 21,983 Unrealized holding gain 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 $ (11,021,253 ) $ 135,778 $ (10,885,475 ) Stock Registration On June 24, 2015, we registered 4,000,000 shares of the Company’s Class A common stock, par value $0.001 per share, for offer or sale under our 2015 Executive Long-Term Incentive Plan. On July 27, 2015, the board of directors approved the issuance of 1,253,831 restricted shares to certain key individuals pursuant to our 2015 Executive Long-term Incentive Plan. 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. iHeartCommunications' 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 iHeartCommunications 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 iHeartCommunications’ repayment of the Note) through three of our wholly-owned subsidiaries, and approximately $53.5 million was paid to the public stockholders of CCOH. During the fourth quarter of 2016, CCOH sold its outdoor business in Australia for cash proceeds of $195.7 million , net of cash retained by the purchaser and closing costs. As discussed above under "Recent Liquidity-Generating Transactions," on February 9, 2017, CCOH declared a special dividend of $282.5 million using a portion of the cash proceeds from the sales of certain nonstrategic U.S. outdoor markets and of our Australia outdoor business. On February 23, 2017, we received 89.9% of the dividend, or approximately $254.0 million , with the remaining 10.1% , or approximately $28.5 million , paid to public stockholders of CCOH. On September 14, 2017, (i) CCOH provided notice of its intent to make a demand (the “First Demand”) for repayment on October 5, 2017 of $25.0 million outstanding under the Intercompany Note, and (ii) the board of directors of CCOH declared a special cash dividend, which was paid on October 5, 2017 to CCOH’s Class A and Class B stockholders of record at the closing of business on October 2, 2017, in an aggregate amount equal to $25.0 million , funded with the proceeds of the First Demand. The Company received approximately 89.5% , or approximately $22.4 million , of the proceeds of the dividend through its wholly-owned subsidiaries. The remaining approximately 10.5% of the proceeds of the dividend, or approximately $2.6 million , was paid to the public stockholders of CCOH. On October 11, 2017, (i) CCOH provided notice of its intent to make a demand (the “Second Demand”) for repayment on October 31, 2017 of $25.0 million outstanding under the Intercompany Note, and (ii) the board of directors of CCOH declared a special cash dividend, which was paid on October 31, 2017 to CCOH’s Class A and Class B stockholders of record at the closing of business on October 26, 2017, in an aggregate amount equal to $25.0 million , funded with the proceeds of the Second Demand. The Company received approximately 89.5% , or approximately $22.4 million , of the proceeds of the dividend through its wholly-owned subsidiaries. The remaining approximately 10.5% of the proceeds of the dividend, or approximately $2.6 million , was paid to the public stockholders of CCOH. On January 5, 2018, (i) CCOH provided notice of its intent to make a demand (the "Demand") for repayment on January 24, 2018 of $30.0 million outstanding under the Intercompany Note, and (ii) the board of directors of CCOH declared a special cash dividend, which was paid on January 24, 2018 to CCOH’s Class A and Class B stockholders of record at the closing of business on January 19, 2018, in an aggregate amount equal to $30.0 million , funded with the proceeds of the Demand. The Company received approximately 89.5% , or approximately $26.8 million , of the proceeds of the dividend through its wholly-owned subsidiaries. The remaining approximately 10.5% of the proceeds of the dividend, or approximately $3.2 million , was paid to the public stockholders of CCOH. Share-Based Compensation Stock Options Prior to the merger, iHeartCommunications 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 iHeartCommunications 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 iHeartCommunications' common stock represented by each option for any change in capitalization. The Company 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 the Company 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 the Company , 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, 2017 , 2016 and 2015 . The following table presents a summary of the Company's stock options outstanding at and stock option activity during the year ended December 31, 2017 ("Price" reflects the weighted average exercise price per share): (In thousands, except per share data) Options Price Weighted Average Remaining Contractual Term Outstanding, January 1, 2017 2,092 $ 35.09 2.6 years Granted — Exercised — Forfeited — Expired — Outstanding, December 31, 2017 (1) 2,092 35.09 1.6 years Exercisable 1,549 35.14 2.0 years Expected to Vest 543 34.94 0.7 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. A summary of the Company's unvested options and changes during the year ended December 31, 2017 is presented below: (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2017 543 $ 19.61 Granted — Vested (1) — Forfeited — Unvested, December 31, 2017 543 19.61 (1) The total fair value of the options vested during the years ended December 31, 2017 , 2016 and 2015 was $0.0 million , $0.2 million and $0.3 million , respectively. Restricted Stock Awards The Company 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 the Company prior to the lapse of the restriction. Dividends or distributions paid in respect of unvested restricted stock awards will be held by the Company and paid to the recipients of the restricted stock awards upon vesting of the shares. The following table presents a summary of the Company's restricted stock outstanding and restricted stock activity as of and during the year ended December 31, 2017 (“Price” reflects the weighted average share price at the date of grant): (In thousands, except per share data) Awards Price Outstanding, January 1, 2017 5,772 $ 4.43 Granted 1,438 1.75 Vested (restriction lapsed) (677 ) 4.57 Forfeited (314 ) 4.09 Outstanding, December 31, 2017 6,219 3.81 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: Years Ended December 31, 2017 2016 2015 Expected volatility 42% 42% – 44% 37% – 56% Expected life in years 6.3 6.3 6.3 Risk-free interest rate 2.12% 1.12% – 1.41% 1.70% – 2.07% Dividend yield —% —% —% The following table presents a summary of CCOH’s stock options outstanding at and stock option activity during the year ended December 31, 2017 : (In thousands, except per share data) Options Price (3) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2017 5,033 $ 7.04 4.9 years $ 2,539 Granted (1) 4 4.25 Exercised (2) (71 ) 3.10 Forfeited (96 ) 6.85 Expired (760 ) 12.49 Outstanding, December 31, 2017 4,110 6.10 4.1 years $ 2,378 Exercisable 3,392 6.01 3.4 years $ 2,359 Expected to vest 718 6.52 7.5 years $ 19 (1) The weighted average grant date fair value of CCOH options granted during the years ended December 31, 2017 , 2016 and 2015 was $2.04 , $2.82 and $4.25 per share, respectively. (2) Cash received from option exercises during the years ended December 31, 2017 , 2016 and 2015 was $0.2 million , $0.6 million and $3.8 million , respectively. The total intrinsic value of the options exercised during the years ended December 31, 2017 , 2016 and 2015 was $0.2 million , $0.4 million and $2.8 million , respectively. (3) Reflects the weighted average exercise price per share. A summary of CCOH’s unvested options at and changes during the year ended December 31, 2017 is presented below: (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2017 1,164 $ 4.25 Granted 4 2.04 Vested (1) (354 ) 4.37 Forfeited (96 ) 4.15 Unvested, December 31, 2017 718 4.19 (1) The total fair value of CCOH options vested during the years ended December 31, 2017 , 2016 and 2015 was $1.6 million , $2.7 million and $4.2 million , respectively. CCOH Restricted Stock Awards CCOH has also granted both restricted stock and restricted stock unit awards to its employees and affiliates under its equity incentive plan. The restricted stock awards represent shares of Class A common stock that hold a legend which restricts their transferability for a term of up to five years. The restricted stock units represent the right to receive shares upon vesting, which is generally over a period of up to five years. Both restricted stock awards and restricted stock units are forfeited, except in certain circumstances, in the event the employee terminates his or her employment or relationship with CCOH prior to the lapse of the restriction. The following table presents a summary of CCOH’s restricted stock and restricted stock units outstanding at and activity during the year ended December 31, 2017 ("Price" reflects the weighted average share price at the date of grant): (In thousands, except per share data) Awards Price Outstanding, January 1, 2017 2,743 $ 7.63 Granted 2,539 4.30 Vested (restriction lapsed) (1,040 ) 7.16 Forfeited (342 ) 7.39 Outstanding, December 31, 2017 3,900 5.61 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 $12.1 million , $13.1 million and $11.1 million , during the years ended December 31, 2017 , 2016 and 2015 , respectively. The tax benefit related to the share-based compensation expense for the years ended December 31, 2017 , 2016 and 2015 was $4.2 million , $5.0 million and $4.2 million , respectively. As of December 31, 2017 , there was $17.5 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, 2017 , there was $26.5 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. Loss per Share The following table presents the computation of loss per share for the years ended December 31, 2017 , 2016 and 2015 : (In thousands, except per share data) Years Ended December 31, 2017 2016 2015 NUMERATOR: Net loss attributable to the Company – common shares $ (393,891 ) $ (296,362 ) $ (754,774 ) DENOMINATOR: Weighted average common shares outstanding – basic 84,967 84,569 84,278 Stock options and restricted stock (1) : — — — Weighted average common shares outstanding – diluted 84,967 84,569 84,278 Net loss attributable to the Company per common share: Basic $ (4.64 ) $ (3.50 ) $ (8.96 ) Diluted $ (4.64 ) $ (3.50 ) $ (8.96 ) (1) 8.3 million , 7.9 million and 7.2 million stock options and restricted shares were outstanding at December 31, 2017 , 2016 and 2015 , respectively, that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. In December 2016, the Board of Directors and the Company's stockholders holding a majority of the votes entitled to be cast by all outstanding common stock of the Company approved a Fourth Amended and Restated Certificate of Incorporation (the "New Charter"), and the New Charter became effective on January 26, 2017 following the mailing of an Information Statement on Schedule 14C to the Company's stockholders. The New Charter authorizes the issuance of 200,000,000 shares of a new class of non-voting Class D Common Stock, par value $0.001 per share (the "Class D Common Stock"). The shares of Class D Common Stock authorized by the New Charter may be issued without further approval from the Company's stockholders. The New Charter also authorizes the issuance of 150,000,000 shares of "blank check" preferred stock, par value $0.001 per share (the "Preferred Stock"). The Board of Directors has the authority to establish one or more series of Preferred Stock and fix relative rights and preferences of any series of Preferred Stock, without any further approval from the Company's stockholders. |
EMPLOYEE STOCK AND SAVINGS PLAN
EMPLOYEE STOCK AND SAVINGS PLANS | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE STOCK AND SAVINGS PLANS | EMPLOYEE STOCK AND SAVINGS PLANS iHeartCommunications 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 iHeartCommunications will match a portion of such an employee’s contribution. Employees vest in these iHeartCommunications matching contributions based upon their years of service to iHeartCommunications . Contributions of $29.0 million , $30.9 million and $28.9 million to these plans for the years ended December 31, 2017 , 2016 and 2015 , respectively, were expensed. iHeartCommunications 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. iHeartCommunications suspended all salary and bonus deferrals and company matching contributions to the deferred compensation plan on January 1, 2010. iHeartCommunications accounts for the plan in accordance with the provisions of ASC 710-10. Matching credits on amounts deferred may be made in iHeartCommunications' sole discretion and iHeartCommunications retains ownership of all assets until distributed. Participants in the plan have the opportunity to allocate their deferrals and any iHeartCommunications 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, 2017 was approximately $12.1 million recorded in “Other assets” and $12.1 million recorded in “Other long-term liabilities”, 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. |
OTHER INFORMATION
OTHER INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 , respectively: (In thousands) Years Ended December 31, 2017 2016 2015 Foreign exchange gain (loss) $ 29,223 $ (69,880 ) $ 15,468 Other (44,545 ) (3,222 ) (2,412 ) Total other income (expense), net $ (15,322 ) $ (73,102 ) $ 13,056 Other income (expense), net for the year ended December 31, 2017 includes $41.8 million in expenses incurred in connection with negotiations with lenders and other activities related to our capital structure. The following table discloses the increase (decrease) in other comprehensive income (loss) related to deferred income tax liabilities for the years ended December 31, 2017 , 2016 and 2015 , respectively: (In thousands) Years Ended December 31, 2017 2016 2015 Pension adjustments and other $ (314 ) $ (1,044 ) $ 1,585 Total (increase) decrease in deferred tax liabilities $ (314 ) $ (1,044 ) $ 1,585 The following table discloses the components of “Other current assets” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Inventory $ 22,470 $ 22,068 Deposits 7,516 2,717 Restricted cash 26,096 680 Other 26,456 29,600 Total other current assets $ 82,538 $ 55,065 During 2017, CCOH established a separate bi-lateral letter of credit facility to issue additional letters of credit to be supported by cash collateral posted by the Company. As of December 31, 2017, the amount of letters of credit issued under this facility totaled $24.7 million and was backed by cash collateral of $25.4 million , which is classified as Restricted cash. The following table discloses the components of “Other assets” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Investments in, and advances to, nonconsolidated affiliates $ 24,395 $ 14,477 Other investments 80,320 73,381 Notes receivable 13,792 132 Prepaid expenses 3,423 — Deposits 24,686 20,963 Prepaid rent 68,991 70,603 Non-qualified plan assets 12,116 10,733 Restricted cash 18,095 20,474 Other 32,449 16,687 Total other assets $ 278,267 $ 227,450 The following table discloses the components of “Other long-term liabilities” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Unrecognized tax benefits $ 112,429 $ 115,078 Asset retirement obligation 47,093 42,067 Non-qualified plan liabilities 12,116 10,733 Deferred income 149,284 154,246 Deferred rent 183,782 177,335 Employee related liabilities 52,212 55,460 Other 40,169 39,054 Total other long-term liabilities $ 597,085 $ 593,973 The following table discloses the components of “Accumulated other comprehensive loss,” net of tax, as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Cumulative currency translation adjustment $ (282,588 ) $ (319,696 ) Cumulative unrealized gain on securities 1,058 1,428 Cumulative other adjustments (31,030 ) (37,608 ) Total accumulated other comprehensive loss $ (312,560 ) $ (355,876 ) |
SEGMENT DATA
SEGMENT DATA | 12 Months Ended |
Dec. 31, 2017 | |
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 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. During the first quarter of 2018, the Company revised its segment reporting, as discussed in Note 1. (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Corporate and other reconciling items Eliminations Consolidated Year Ended December 31, 2017 Revenue $ 3,442,963 $ 1,256,326 $ 1,334,939 $ 143,684 $ — $ (6,918 ) $ 6,170,994 Direct operating expenses 1,059,123 574,113 828,652 — — (166 ) 2,461,722 Selling, general and administrative expenses 1,245,741 219,467 289,170 100,322 — (3,054 ) 1,851,646 Corporate expenses — — — — 315,596 (3,698 ) 311,898 Depreciation and amortization 233,757 189,707 131,224 14,967 31,640 — 601,295 Impairment charges — — — — 10,199 — 10,199 Other operating income, net — — — — 35,704 — 35,704 Operating income (loss) $ 904,342 $ 273,039 $ 85,893 $ 28,395 $ (321,731 ) $ — $ 969,938 Intersegment revenues $ — $ 6,918 $ — $ — $ — $ — $ 6,918 Segment assets $ 7,318,941 $ 2,969,326 $ 1,449,365 $ 167,493 $ 355,528 $ (222 ) $ 12,260,431 Capital expenditures $ 58,057 $ 74,580 $ 146,392 $ 890 $ 12,047 $ — $ 291,966 Share-based compensation expense $ — $ — $ — $ — $ 12,078 $ — $ 12,078 Year Ended December 31, 2016 Revenue $ 3,403,040 $ 1,278,413 $ 1,410,471 $ 171,593 $ — $ (3,455 ) $ 6,260,062 Direct operating expenses 975,463 570,310 851,748 1,255 — — 2,398,776 Selling, general and administrative expenses 1,102,998 225,415 289,787 109,623 — (1,924 ) 1,725,899 Corporate expenses — — — — 342,603 (1,531 ) 341,072 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 $ (32,594 ) $ — $ 1,504,644 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 $ — $ — $ — $ — $ 13,133 $ — $ 13,133 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 — — — — 315,143 — 315,143 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 $ (285,361 ) $ — $ 1,149,287 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 $ — $ — $ — $ — $ 11,067 $ — $ 11,067 Revenue of $1.5 billion , $1.6 billion and $1.6 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2017 , 2016 and 2015 , respectively. Revenue of $4.7 billion , $4.7 billion and $4.6 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2017 , 2016 and 2015 , respectively. Identifiable long-lived assets of $598.6 million , $540.4 million and $629.5 million derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2017 , 2016 and 2015 , respectively. Identifiable long-lived assets of $1.3 billion , $1.4 billion and $1.6 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (Unaudited) (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, 2017 2016 2017 2016 2017 2016 2017 2016 Revenue $ 1,329,322 $ 1,361,798 $ 1,590,368 $ 1,614,472 $ 1,537,416 $ 1,566,582 $ 1,713,888 $ 1,717,210 Operating expenses: Direct operating expenses 571,262 566,664 614,377 613,186 621,895 591,740 654,188 627,186 Selling, general and administrative expenses 450,619 425,568 447,290 434,581 438,654 421,700 515,083 444,050 Corporate expenses 78,362 77,859 77,158 87,657 77,967 86,832 78,411 88,724 Depreciation and amortization 146,106 155,456 147,795 162,144 149,749 158,453 157,645 159,174 Impairment charges — — — — 7,631 8,000 2,568 — Other operating income, net 31,084 284,463 6,916 (64,190 ) (13,215 ) (505 ) 10,919 133,788 Operating income 114,057 420,714 310,664 252,714 228,305 299,352 316,912 531,864 Interest expense 455,337 463,950 463,160 465,991 470,250 459,852 476,837 460,189 Gain (loss) on investments, net (125 ) — (135 ) — (2,173 ) (13,767 ) (2,439 ) 860 Equity in earnings (loss) of nonconsolidated affiliates (242 ) (433 ) 240 (1,610 ) (2,238 ) 1,117 (615 ) (15,807 ) Gain (loss) on extinguishment of debt — — — — — 157,556 1,271 — Other income (expense), net (15,249 ) (5,712 ) 1,782 (34,019 ) 2,223 (7,323 ) (4,078 ) (26,048 ) Income (loss) before income taxes (356,896 ) (49,381 ) (150,609 ) (248,906 ) (244,133 ) (22,917 ) (165,786 ) 30,680 Income tax benefit (expense) (30,684 ) (9,493 ) (17,408 ) (27,137 ) (2,051 ) (5,613 ) 507,549 92,717 Consolidated net income (loss) (387,580 ) (58,874 ) (168,017 ) (276,043 ) (246,184 ) (28,530 ) 341,763 123,397 Less amount attributable to noncontrolling interest 635 29,622 6,020 2,857 1,993 6,471 (74,775 ) 17,362 Net income (loss)attributable to the Company $ (388,215 ) $ (88,496 ) $ (174,037 ) $ (278,900 ) $ (248,177 ) $ (35,001 ) $ 416,538 $ 106,035 Net income (loss) to the Company per common share: Basic $ (4.58 ) $ (1.05 ) $ (2.05 ) $ (3.30 ) $ (2.92 ) $ (0.41 ) $ 4.89 $ 1.25 Diluted $ (4.58 ) $ (1.05 ) $ (2.05 ) $ (3.30 ) $ (2.92 ) $ (0.41 ) $ 4.85 $ 1.24 The Company's Class A common shares are quoted for trading on the OTC / Pink Sheets Bulletin Board under the symbol IHRT. |
CERTAIN RELATIONSHIPS AND RELAT
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS iHeartCommunications 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, 2017 , 2016 and 2015 , the Company recognized management fees and reimbursable expenses of $15.2 million , $15.3 million and $15.4 million , respectively. Stock Purchases On August 9, 2010, iHeartCommunications announced that its board of directors approved a stock purchase program under which iHeartCommunications or its subsidiaries could purchase up to an aggregate of $100.0 million of the Company's Class A common stock 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 iHeartCommunications' 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, 2017 , iHeartCommunications and its subsidiaries held 10,726,917 shares of CCOH's Class A Common Stock and all of CCOH's Class B common stock, which collectively represented 89.5% 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 QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Allowance for Doubtful Accounts (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, 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 Year ended December 31, 2017 $ 33,882 $ 38,944 $ 25,800 $ 1,424 $ 48,450 (1) Primarily foreign currency adjustments and acquisition and/or divestiture activity. Deferred Tax Asset Valuation Allowance (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, 2015 $ 655,658 $ 314,098 $ (457 ) $ (24,723 ) $ 944,576 Year ended December 31, 2016 $ 944,576 $ 109,285 $ (49,577 ) $ (14,360 ) $ 989,924 Year ended December 31, 2017 $ 989,924 $ 319,429 $ (12,155 ) $ (344,861 ) $ 952,337 (1) During 2015 , 2016 and 2017 , the Company recorded valuation allowances on deferred tax assets attributable to net operating losses in certain foreign jurisdictions. In addition, during 2015 , 2016 and 2017 the Company recorded a valuation allowance of $305.3 million , $61.5 million and $387.7 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 2015 , 2016 and 2017 , 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 2015 , 2016 and 2017 , 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. During 2017, the Company adjusted the carrying value of its U.S. federal deferred tax balance due to the U.S. federal tax reform bill that was enacted in 2017. The tax bill reduced the U.S. federal corporate tax rate to 21% and resulted in a reduction to the valuation allowance balance of $336.3 million during the period. |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 presentation. Included in Selling, general and administrative expenses and Interest expense is $9.6 million and $1.4 million , respectively, recorded in the fourth quarter of 2017 to correct for accounting errors included in the results for our China 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. |
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 and notes receivable. 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. Investments 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 stockholders' 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, 2017 and 2016 . |
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. The Company has not provided U.S. federal income taxes for temporary differences with respect to investments in foreign subsidiaries, which at December 31, 2017 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 U.S., we could presently repatriate available funds without a requirement to accrue or pay U.S. taxes as 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. Additionally, as a result of U.S. tax reform, future dividend distributions from our international subsidiaries are exempt from U.S. federal income tax beginning January 1, 2018. 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. |
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 trade and barter 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. Trade and barter 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. |
Foreign Currency | Foreign Currency Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using 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 stockholders' deficit, “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in Other income (expense), net in the Statement of Comprehensive Loss. |
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 is using the full retrospective method. The Company has completed its evaluation of the 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 has executed on its implementation plan, including drafting a detailed policy and training segment personnel. Based on its evaluation, the Company does not expect material changes to its consolidated revenues, operating income or balance sheets as a result of the implementation of this standard. During the first quarter of 2016, the FASB issued Accounting Standards Update No. 2016-01 (ASU 2016-01), Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 amends various aspects of the recognition, measurement, presentation, and disclosure for financial instruments. With respect to our consolidated financial statements, the most significant impact relates to the accounting for equity investments. The guidance will impact the disclosure and presentation of financial assets and liabilities. ASU 2016-01 is effective for annual reporting periods, and interim periods within those years beginning after December 15, 2017. Early adoption by public entities is permitted only for certain provisions. The Company is currently in the process of evaluating the impact of the adoption of this standard on our consolidated financial statements. During the first quarter of 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The new leasing standard presents significant changes to the balance sheets of lessees. Lessor accounting is updated to align with certain changes in the lessee model and the new revenue recognition standard which was issued in the third quarter of 2015. The standard is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2018. The Company is currently evaluating the impact of the provisions of this new standard on its consolidated financial statements. The Company expects the primary impact to our consolidated financial statements will be the recognition, on a discounted basis, of our minimum commitments under non-cancelable operating leases on our consolidated balance sheets resulting in the recording of right of use assets and lease obligations. Our current minimum commitments under non-cancelable operating leases are disclosed in Note 5. During the first quarter of 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) . This update eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Entities will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. The standard is effective for annual and any interim impairment tests performed for 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 second quarter of 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) . This update mandates that entities will apply the modification accounting guidance if the value, vesting conditions or classification of a stock-based award changes. Entities will have to make all of the disclosures about modifications that are required today, in addition to disclosing that compensation expense hasn't changed. Additionally, the new guidance also clarifies that a modification to an award could be significant and therefore require disclosure, even if the modification accounting is not required. The guidance will be applied prospectively to awards modified on or after the adoption date and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company does not expect that the adoption of this guidance will have material effect on the Company's consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Barter and Trade Revenues and Expenses | Trade and barter revenues and expenses from continuing operations were as follows: (In millions) Years Ended December 31, 2017 2016 2015 Trade and barter revenues $ 243.3 $ 165.8 $ 133.5 Trade and barter expenses 205.1 115.1 112.1 |
PROPERTY, PLANT AND EQUIPMENT23
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 , respectively: (In thousands) December 31, December 31, 2017 2016 Land, buildings and improvements $ 562,702 $ 570,566 Structures 2,864,442 2,684,673 Towers, transmitters and studio equipment 356,664 350,760 Furniture and other equipment 707,163 622,848 Construction in progress 74,810 91,655 4,565,781 4,320,502 Less: accumulated depreciation 2,681,067 2,372,340 Property, plant and equipment, net $ 1,884,714 $ 1,948,162 |
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, 2017 and 2016 , respectively: (In thousands) December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Transit, street furniture and other outdoor contractual rights $ 548,918 $ (440,284 ) $ 563,863 $ (426,752 ) Customer / advertiser relationships 1,226,314 (1,133,251 ) 1,222,519 (1,012,380 ) Talent contracts 161,962 (138,728 ) 319,384 (281,060 ) Representation contracts 77,507 (62,753 ) 253,511 (229,413 ) Permanent easements 162,920 — 159,782 — Other 372,292 (224,841 ) 390,171 (219,117 ) Total $ 2,549,913 $ (1,999,857 ) $ 2,909,230 $ (2,168,722 ) |
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: (In thousands) 2018 $ 131,681 2019 44,972 2020 38,307 2021 33,618 2022 28,742 |
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: (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Consolidated 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 Impairment — — (1,591 ) — (1,591 ) Acquisitions 2,442 2,252 — — 4,694 Dispositions (35,715 ) — (1,817 ) — (37,532 ) Foreign currency — 777 18,070 — 18,847 Assets held for sale — 89 — — 89 Balance as of December 31, 2017 $ 3,255,208 $ 518,532 $ 195,511 $ 81,831 $ 4,051,082 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: (In thousands) Notes Receivable Equity Method Investments Cost Method Investments Marketable Equity Securities Total Investments Balance at December 31, 2015 $ 156 $ 27,710 $ 58,802 2,326,000 $ 2,326 $ 88,994 Cash advances — 2,993 — — 2,993 Acquisitions 917 7,531 26,086 — 34,534 Equity in loss — (16,733 ) — — (16,733 ) Disposals (76 ) (2,476 ) (1,000 ) — (3,552 ) Foreign currency transaction adjustment — (45 ) (196 ) (35 ) (276 ) Distributions received — (3,709 ) — — (3,709 ) Impairment of investments — — (14,798 ) — (14,798 ) Unrealized holding loss on marketable securities — — — (576 ) (576 ) Other (865 ) (794 ) 2,772 — 1,113 Balance at December 31, 2016 $ 132 $ 14,477 $ 71,666 $ 1,715 $ 87,990 Cash advances — 2,248 — — 2,248 Acquisitions 13,602 10,361 11,560 — 35,523 Equity in loss — (2,855 ) — — (2,855 ) Disposals (188 ) — (628 ) — (816 ) Foreign currency transaction adjustment — 145 380 243 768 Distributions received — (775 ) — — (775 ) Impairment of investments (671 ) — (4,202 ) — (4,873 ) Unrealized holding loss on marketable securities — — — (414 ) (414 ) Other 917 794 — — 1,711 Balance at December 31, 2017 $ 13,792 $ 24,395 $ 78,776 $ 1,544 $ 118,507 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: (In thousands) Years Ended December 31, 2017 2016 Beginning balance $ 42,491 $ 48,056 Adjustment due to changes in estimates 2,317 (5,343 ) Accretion of liability 3,555 5,090 Liabilities settled (2,880 ) (4,310 ) Foreign Currency 2,501 (1,002 ) Ending balance 47,984 42,491 Less: current portion 891 424 Long-term portion of asset retirement obligation $ 47,093 $ 42,067 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | As of December 31, 2017 and 2016 , iHeartCommunications had outstanding Priority Guarantee Notes consisting of: (In thousands) December 31, December 31, Maturity Date Interest Rate Interest Payment Terms 2017 2016 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 870,546 575,000 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 $ 6,570,361 $ 6,274,815 As of December 31, 2017 and 2016 , the Company's subsidiaries, Clear Channel Worldwide Holdings, Inc. ("CCWH") and Clear Channel International B.V. had outstanding notes consisting of: (In thousands) December 31, December 31, Maturity Date Interest Rate Interest Payment Terms 2017 2016 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 $ 375,000 $ 225,000 Total Subsidiary Senior Notes $ 5,300,000 $ 5,150,000 As of December 31, 2017 and 2016 , iHeartCommunications had senior secured credit facilities consisting of: (In thousands) December 31, December 31, Maturity Date 2017 2016 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 (In thousands) December 31, December 31, 2017 2016 Senior Secured Credit Facilities $ 6,300,000 $ 6,300,000 Receivables Based Credit Facility Due 2019 (1) 405,000 330,000 Priority Guarantee Notes 6,570,361 6,274,815 Subsidiary Revolving Credit Facility Due 2018 — — Other Secured Subsidiary Debt 8,522 20,987 Total Consolidated Secured Debt 13,283,883 12,925,802 14.0% Senior Notes Due 2021 1,763,925 1,729,168 Legacy Notes (2) 475,000 475,000 10.0% Senior Notes Due 2018 47,482 347,028 Subsidiary Senior Notes 5,300,000 5,150,000 Other Subsidiary Debt 24,615 27,954 Purchase accounting adjustments and original issue discount (136,653 ) (166,961 ) Long-term debt fees (109,071 ) (123,003 ) 20,649,181 20,364,988 Less: current portion 14,972,367 342,908 Total long-term debt $ 5,676,814 $ 20,022,080 (1) On November 30, 2017, iHeartCommunications refinanced its receivables based credit facility and replaced it with a $300.0 million term loan and revolving credit commitments of $250.0 million . On November 30, 2017, $300.0 million was drawn on the term loan and $65.0 million on the revolving credit commitments for a total of $365.0 million . The facility has a three -year term, maturing in 2020 and accrues interest at a rate of LIBOR plus 4.75% . On December 27, 2017, iHeartCommunications incurred $40.0 million of additional borrowings under the revolving credit loan portion of its new receivables based credit facility bringing its total outstanding borrowings under this facility to $405.0 million . (2) 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. As of December 31, 2017 and 2016 , iHeartCommunications had outstanding senior notes (net of $57.1 million aggregate principal amount held by a subsidiary of iHeartCommunications ) consisting of: (In thousands) December 31, December 31, 2017 2016 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 $ 475,000 |
Schedule of Future Maturities of Long-term Debt | Future maturities of long-term debt at December 31, 2017 are as follows: (in thousands) 2018 $ 15,167,882 2019 4,376 2020 2,984,972 2021 5,654 2022 2,725,282 Thereafter 6,739 Total (1) (2) $ 20,894,905 (1) Excludes purchase accounting adjustments and original issue discount of $136.6 million and long-term debt fees of $109.1 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 $64.7 million and $68.4 million in 2019 and 2020, respectively. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Commitments | As of December 31, 2017 , the Company's future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, capital expenditure commitments and employment/talent contracts consist of the following: (In thousands) Capital Non-Cancelable Non-Cancelable Expenditure Employment/Talent Operating Leases Contracts Commitments Contracts 2018 $ 492,013 $ 492,177 $ 38,444 $ 81,753 2019 446,396 409,343 7,928 61,603 2020 413,598 312,459 2,771 60,012 2021 368,399 267,834 4,499 20,310 2022 319,177 170,455 4,591 — Thereafter 2,050,060 393,713 9,877 — Total $ 4,089,643 $ 2,045,981 $ 68,110 $ 223,678 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: (In thousands) Years Ended December 31, 2017 2016 2015 Current - Federal $ (2,136 ) $ (190 ) $ (31 ) Current - foreign (30,159 ) (44,555 ) (46,188 ) Current - state 1,484 (2,908 ) (12,890 ) Total current expense (30,811 ) (47,653 ) (59,109 ) Deferred - Federal 491,239 38,715 (30,719 ) Deferred - foreign (2,533 ) 56,747 5,269 Deferred - state (489 ) 2,665 (2,398 ) Total deferred benefit (expense) 488,217 98,127 (27,848 ) Income tax benefit (expense) $ 457,406 $ 50,474 $ (86,957 ) |
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, 2017 and 2016 are as follows: (In thousands) 2017 2016 Deferred tax liabilities: Intangibles and fixed assets $ 1,281,995 $ 2,018,159 Long-term debt — 37,205 Investments 16,484 — Other 9,868 10,159 Total deferred tax liabilities 1,308,347 2,065,523 Deferred tax assets: Accrued expenses 105,823 155,037 Long-term debt 49,767 — Investments — 5,458 Net operating loss carryforwards 1,106,319 1,384,175 Bad debt reserves 11,731 10,137 Other 27,654 43,545 Total gross deferred tax assets 1,301,294 1,598,352 Less: Valuation allowance 952,337 989,924 Total deferred tax assets 348,957 608,428 Net deferred tax liabilities $ 959,390 $ 1,457,095 |
Schedule of Loss Before Income Taxes | Loss before income taxes: (In thousands) Years Ended December 31, 2017 2016 2015 US $ (952,436 ) $ (349,876 ) $ (700,520 ) Foreign 35,012 59,352 49,843 Total loss before income taxes $ (917,424 ) $ (290,524 ) $ (650,677 ) |
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: Years Ended December 31, (In thousands) 2017 2016 2015 Amount Percent Amount Percent Amount Percent Income tax benefit at statutory rates $ 321,098 35.0 % $ 101,683 35.0 % $ 227,737 35.0 % State income taxes, net of federal tax effect 7,667 0.8 % 6,372 2.2 % 17,795 2.7 % Foreign income taxes (20,438 ) (2.2 )% (21,477 ) (7.4 )% (23,474 ) (3.6 )% Nondeductible items (6,659 ) (0.7 )% (5,760 ) (2.0 )% (5,764 ) (0.9 )% Changes in valuation allowance and other estimates (350,407 ) (38.2 )% (31,229 ) (10.7 )% (302,935 ) (46.6 )% U.S. tax reform 510,064 55.6 % — — % — — % Other, net (3,919 ) (0.4 )% 885 0.3 % (316 ) — % Income tax benefit (expense) $ 457,406 49.9 % $ 50,474 17.4 % $ (86,957 ) (13.4 )% |
Schedule of Unrecognized Tax Benefits | The total amount of unrecognized tax benefits at December 31, 2017 and 2016 that, if recognized, would impact the effective income tax rate is $74.0 million and $53.8 million , respectively. (In thousands) Years Ended December 31, Unrecognized Tax Benefits 2017 2016 Balance at beginning of period $ 97,962 $ 103,208 Increases for tax position taken in the current year 7,366 10,094 Increases for tax positions taken in previous years 2,172 3,024 Decreases for tax position taken in previous years (5,306 ) (11,157 ) Decreases due to settlements with tax authorities (225 ) (1,007 ) Decreases due to lapse of statute of limitations (15,264 ) (6,200 ) Balance at end of period $ 86,705 $ 97,962 |
STOCKHOLDERS' DEFICIT (Tables)
STOCKHOLDERS' DEFICIT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Changes in Shareholders' Deficit | The following table shows the changes in stockholders' deficit attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest: (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2017 $ (11,021,253 ) $ 135,778 $ (10,885,475 ) Net income (loss) (393,891 ) (66,127 ) (460,018 ) Dividends and other payments to noncontrolling interests — (46,151 ) (46,151 ) Purchase of additional noncontrolling interests (524 ) (703 ) (1,227 ) Disposal of noncontrolling interests — (2,439 ) (2,439 ) Share-based compensation 2,488 9,590 12,078 Foreign currency translation adjustments 32,809 12,852 45,661 Unrealized holding loss on marketable securities (370 ) (44 ) (414 ) Other adjustments to comprehensive loss 6,013 707 6,720 Reclassifications adjustments 4,864 577 5,441 Other, net (355 ) (1,276 ) (1,631 ) Balances as of December 31, 2017 $ (11,370,219 ) $ 42,764 $ (11,327,455 ) (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2016 $ (10,784,841 ) $ 178,160 $ (10,606,681 ) Net income (loss) (296,362 ) 56,312 (240,050 ) 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 2,842 10,291 13,133 Foreign currency translation adjustments 27,343 (5,360 ) 21,983 Unrealized holding gain 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 $ (11,021,253 ) $ 135,778 $ (10,885,475 ) The following table discloses the increase (decrease) in other comprehensive income (loss) related to deferred income tax liabilities for the years ended December 31, 2017 , 2016 and 2015 , respectively: (In thousands) Years Ended December 31, 2017 2016 2015 Pension adjustments and other $ (314 ) $ (1,044 ) $ 1,585 Total (increase) decrease in deferred tax liabilities $ (314 ) $ (1,044 ) $ 1,585 |
Schedule of Stock Options Outstanding and Stock Option Activity | The following table presents a summary of the Company's stock options outstanding at and stock option activity during the year ended December 31, 2017 ("Price" reflects the weighted average exercise price per share): (In thousands, except per share data) Options Price Weighted Average Remaining Contractual Term Outstanding, January 1, 2017 2,092 $ 35.09 2.6 years Granted — Exercised — Forfeited — Expired — Outstanding, December 31, 2017 (1) 2,092 35.09 1.6 years Exercisable 1,549 35.14 2.0 years Expected to Vest 543 34.94 0.7 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. The following table presents a summary of CCOH’s stock options outstanding at and stock option activity during the year ended December 31, 2017 : (In thousands, except per share data) Options Price (3) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2017 5,033 $ 7.04 4.9 years $ 2,539 Granted (1) 4 4.25 Exercised (2) (71 ) 3.10 Forfeited (96 ) 6.85 Expired (760 ) 12.49 Outstanding, December 31, 2017 4,110 6.10 4.1 years $ 2,378 Exercisable 3,392 6.01 3.4 years $ 2,359 Expected to vest 718 6.52 7.5 years $ 19 (1) The weighted average grant date fair value of CCOH options granted during the years ended December 31, 2017 , 2016 and 2015 was $2.04 , $2.82 and $4.25 per share, respectively. (2) Cash received from option exercises during the years ended December 31, 2017 , 2016 and 2015 was $0.2 million , $0.6 million and $3.8 million , respectively. The total intrinsic value of the options exercised during the years ended December 31, 2017 , 2016 and 2015 was $0.2 million , $0.4 million and $2.8 million , respectively. (3) Reflects the weighted average exercise price per share. |
Summary of Unvested Options and Changes | A summary of CCOH’s unvested options at and changes during the year ended December 31, 2017 is presented below: (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2017 1,164 $ 4.25 Granted 4 2.04 Vested (1) (354 ) 4.37 Forfeited (96 ) 4.15 Unvested, December 31, 2017 718 4.19 (1) The total fair value of CCOH options vested during the years ended December 31, 2017 , 2016 and 2015 was $1.6 million , $2.7 million and $4.2 million , respectively. A summary of the Company's unvested options and changes during the year ended December 31, 2017 is presented below: (In thousands, except per share data) Options Weighted Average Grant Date Fair Value Unvested, January 1, 2017 543 $ 19.61 Granted — Vested (1) — Forfeited — Unvested, December 31, 2017 543 19.61 (1) The total fair value of the options vested during the years ended December 31, 2017 , 2016 and 2015 was $0.0 million , $0.2 million and $0.3 million , respectively. |
Summary of Restricted Stock Outstanding and Restricted Stock Activity | The following table presents a summary of the Company's restricted stock outstanding and restricted stock activity as of and during the year ended December 31, 2017 (“Price” reflects the weighted average share price at the date of grant): (In thousands, except per share data) Awards Price Outstanding, January 1, 2017 5,772 $ 4.43 Granted 1,438 1.75 Vested (restriction lapsed) (677 ) 4.57 Forfeited (314 ) 4.09 Outstanding, December 31, 2017 6,219 3.81 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, 2017 ("Price" reflects the weighted average share price at the date of grant): (In thousands, except per share data) Awards Price Outstanding, January 1, 2017 2,743 $ 7.63 Granted 2,539 4.30 Vested (restriction lapsed) (1,040 ) 7.16 Forfeited (342 ) 7.39 Outstanding, December 31, 2017 3,900 5.61 |
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: Years Ended December 31, 2017 2016 2015 Expected volatility 42% 42% – 44% 37% – 56% Expected life in years 6.3 6.3 6.3 Risk-free interest rate 2.12% 1.12% – 1.41% 1.70% – 2.07% Dividend yield —% —% —% |
Schedule of Loss Per Share | The following table presents the computation of loss per share for the years ended December 31, 2017 , 2016 and 2015 : (In thousands, except per share data) Years Ended December 31, 2017 2016 2015 NUMERATOR: Net loss attributable to the Company – common shares $ (393,891 ) $ (296,362 ) $ (754,774 ) DENOMINATOR: Weighted average common shares outstanding – basic 84,967 84,569 84,278 Stock options and restricted stock (1) : — — — Weighted average common shares outstanding – diluted 84,967 84,569 84,278 Net loss attributable to the Company per common share: Basic $ (4.64 ) $ (3.50 ) $ (8.96 ) Diluted $ (4.64 ) $ (3.50 ) $ (8.96 ) (1) 8.3 million , 7.9 million and 7.2 million stock options and restricted shares were outstanding at December 31, 2017 , 2016 and 2015 , respectively, that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
OTHER INFORMATION OTHER INFORMA
OTHER INFORMATION OTHER INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 , respectively: (In thousands) Years Ended December 31, 2017 2016 2015 Foreign exchange gain (loss) $ 29,223 $ (69,880 ) $ 15,468 Other (44,545 ) (3,222 ) (2,412 ) Total other income (expense), net $ (15,322 ) $ (73,102 ) $ 13,056 |
Schedule of Increase (Decrease) in Other Comprehensive Income (Loss) | The following table shows the changes in stockholders' deficit attributable to the Company and the noncontrolling interests of subsidiaries in which the Company has a majority, but not total, ownership interest: (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2017 $ (11,021,253 ) $ 135,778 $ (10,885,475 ) Net income (loss) (393,891 ) (66,127 ) (460,018 ) Dividends and other payments to noncontrolling interests — (46,151 ) (46,151 ) Purchase of additional noncontrolling interests (524 ) (703 ) (1,227 ) Disposal of noncontrolling interests — (2,439 ) (2,439 ) Share-based compensation 2,488 9,590 12,078 Foreign currency translation adjustments 32,809 12,852 45,661 Unrealized holding loss on marketable securities (370 ) (44 ) (414 ) Other adjustments to comprehensive loss 6,013 707 6,720 Reclassifications adjustments 4,864 577 5,441 Other, net (355 ) (1,276 ) (1,631 ) Balances as of December 31, 2017 $ (11,370,219 ) $ 42,764 $ (11,327,455 ) (In thousands) The Company Noncontrolling Interests Consolidated Balances as of January 1, 2016 $ (10,784,841 ) $ 178,160 $ (10,606,681 ) Net income (loss) (296,362 ) 56,312 (240,050 ) 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 2,842 10,291 13,133 Foreign currency translation adjustments 27,343 (5,360 ) 21,983 Unrealized holding gain 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 $ (11,021,253 ) $ 135,778 $ (10,885,475 ) The following table discloses the increase (decrease) in other comprehensive income (loss) related to deferred income tax liabilities for the years ended December 31, 2017 , 2016 and 2015 , respectively: (In thousands) Years Ended December 31, 2017 2016 2015 Pension adjustments and other $ (314 ) $ (1,044 ) $ 1,585 Total (increase) decrease in deferred tax liabilities $ (314 ) $ (1,044 ) $ 1,585 |
Components of Other Current Assets | The following table discloses the components of “Other current assets” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Inventory $ 22,470 $ 22,068 Deposits 7,516 2,717 Restricted cash 26,096 680 Other 26,456 29,600 Total other current assets $ 82,538 $ 55,065 |
Components of Other Assets | The following table discloses the components of “Other assets” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Investments in, and advances to, nonconsolidated affiliates $ 24,395 $ 14,477 Other investments 80,320 73,381 Notes receivable 13,792 132 Prepaid expenses 3,423 — Deposits 24,686 20,963 Prepaid rent 68,991 70,603 Non-qualified plan assets 12,116 10,733 Restricted cash 18,095 20,474 Other 32,449 16,687 Total other assets $ 278,267 $ 227,450 |
Components of Other Long-Term Liabilities | The following table discloses the components of “Other long-term liabilities” as of December 31, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Unrecognized tax benefits $ 112,429 $ 115,078 Asset retirement obligation 47,093 42,067 Non-qualified plan liabilities 12,116 10,733 Deferred income 149,284 154,246 Deferred rent 183,782 177,335 Employee related liabilities 52,212 55,460 Other 40,169 39,054 Total other long-term liabilities $ 597,085 $ 593,973 |
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, 2017 and 2016 , respectively: (In thousands) As of December 31, 2017 2016 Cumulative currency translation adjustment $ (282,588 ) $ (319,696 ) Cumulative unrealized gain on securities 1,058 1,428 Cumulative other adjustments (31,030 ) (37,608 ) Total accumulated other comprehensive loss $ (312,560 ) $ (355,876 ) |
SEGMENT DATA SEGMENT DATA (Tabl
SEGMENT DATA SEGMENT DATA (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Results | (In thousands) iHM Americas Outdoor Advertising International Outdoor Advertising Other Corporate and other reconciling items Eliminations Consolidated Year Ended December 31, 2017 Revenue $ 3,442,963 $ 1,256,326 $ 1,334,939 $ 143,684 $ — $ (6,918 ) $ 6,170,994 Direct operating expenses 1,059,123 574,113 828,652 — — (166 ) 2,461,722 Selling, general and administrative expenses 1,245,741 219,467 289,170 100,322 — (3,054 ) 1,851,646 Corporate expenses — — — — 315,596 (3,698 ) 311,898 Depreciation and amortization 233,757 189,707 131,224 14,967 31,640 — 601,295 Impairment charges — — — — 10,199 — 10,199 Other operating income, net — — — — 35,704 — 35,704 Operating income (loss) $ 904,342 $ 273,039 $ 85,893 $ 28,395 $ (321,731 ) $ — $ 969,938 Intersegment revenues $ — $ 6,918 $ — $ — $ — $ — $ 6,918 Segment assets $ 7,318,941 $ 2,969,326 $ 1,449,365 $ 167,493 $ 355,528 $ (222 ) $ 12,260,431 Capital expenditures $ 58,057 $ 74,580 $ 146,392 $ 890 $ 12,047 $ — $ 291,966 Share-based compensation expense $ — $ — $ — $ — $ 12,078 $ — $ 12,078 Year Ended December 31, 2016 Revenue $ 3,403,040 $ 1,278,413 $ 1,410,471 $ 171,593 $ — $ (3,455 ) $ 6,260,062 Direct operating expenses 975,463 570,310 851,748 1,255 — — 2,398,776 Selling, general and administrative expenses 1,102,998 225,415 289,787 109,623 — (1,924 ) 1,725,899 Corporate expenses — — — — 342,603 (1,531 ) 341,072 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 $ (32,594 ) $ — $ 1,504,644 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 $ — $ — $ — $ — $ 13,133 $ — $ 13,133 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 — — — — 315,143 — 315,143 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 $ (285,361 ) $ — $ 1,149,287 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 $ — $ — $ — $ — $ 11,067 $ — $ 11,067 |
QUARTERLY RESULTS OF OPERATIO32
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results of Operations (Unaudited) | (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, 2017 2016 2017 2016 2017 2016 2017 2016 Revenue $ 1,329,322 $ 1,361,798 $ 1,590,368 $ 1,614,472 $ 1,537,416 $ 1,566,582 $ 1,713,888 $ 1,717,210 Operating expenses: Direct operating expenses 571,262 566,664 614,377 613,186 621,895 591,740 654,188 627,186 Selling, general and administrative expenses 450,619 425,568 447,290 434,581 438,654 421,700 515,083 444,050 Corporate expenses 78,362 77,859 77,158 87,657 77,967 86,832 78,411 88,724 Depreciation and amortization 146,106 155,456 147,795 162,144 149,749 158,453 157,645 159,174 Impairment charges — — — — 7,631 8,000 2,568 — Other operating income, net 31,084 284,463 6,916 (64,190 ) (13,215 ) (505 ) 10,919 133,788 Operating income 114,057 420,714 310,664 252,714 228,305 299,352 316,912 531,864 Interest expense 455,337 463,950 463,160 465,991 470,250 459,852 476,837 460,189 Gain (loss) on investments, net (125 ) — (135 ) — (2,173 ) (13,767 ) (2,439 ) 860 Equity in earnings (loss) of nonconsolidated affiliates (242 ) (433 ) 240 (1,610 ) (2,238 ) 1,117 (615 ) (15,807 ) Gain (loss) on extinguishment of debt — — — — — 157,556 1,271 — Other income (expense), net (15,249 ) (5,712 ) 1,782 (34,019 ) 2,223 (7,323 ) (4,078 ) (26,048 ) Income (loss) before income taxes (356,896 ) (49,381 ) (150,609 ) (248,906 ) (244,133 ) (22,917 ) (165,786 ) 30,680 Income tax benefit (expense) (30,684 ) (9,493 ) (17,408 ) (27,137 ) (2,051 ) (5,613 ) 507,549 92,717 Consolidated net income (loss) (387,580 ) (58,874 ) (168,017 ) (276,043 ) (246,184 ) (28,530 ) 341,763 123,397 Less amount attributable to noncontrolling interest 635 29,622 6,020 2,857 1,993 6,471 (74,775 ) 17,362 Net income (loss)attributable to the Company $ (388,215 ) $ (88,496 ) $ (174,037 ) $ (278,900 ) $ (248,177 ) $ (35,001 ) $ 416,538 $ 106,035 Net income (loss) to the Company per common share: Basic $ (4.58 ) $ (1.05 ) $ (2.05 ) $ (3.30 ) $ (2.92 ) $ (0.41 ) $ 4.89 $ 1.25 Diluted $ (4.58 ) $ (1.05 ) $ (2.05 ) $ (3.30 ) $ (2.92 ) $ (0.41 ) $ 4.85 $ 1.24 The Company's Class A common shares are quoted for trading on the OTC / Pink Sheets Bulletin Board under the symbol IHRT. |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)trust | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Selling, general and administrative expenses recorded to correct for accounting errors | $ 515,083 | $ 438,654 | $ 447,290 | $ 450,619 | $ 444,050 | $ 421,700 | $ 434,581 | $ 425,568 | $ 1,851,646 | $ 1,725,899 | $ 1,704,352 |
Interest expense | 476,837 | $ 470,250 | $ 463,160 | $ 455,337 | $ 460,189 | $ 459,852 | $ 465,991 | $ 463,950 | $ 1,865,584 | $ 1,849,982 | $ 1,805,496 |
Number of trusts of which the Company is the beneficiary | trust | 2 | ||||||||||
Expenses recorded to correct for accounting errors | Restatement Adjustment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Selling, general and administrative expenses recorded to correct for accounting errors | 9,600 | ||||||||||
Interest expense | $ 1,400 |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 10 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 39 years |
Structures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 3 years |
Structures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 20 years |
Towers, transmitters and studio equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 5 years |
Towers, transmitters and studio equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 20 years |
Furniture and other equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 2 years |
Furniture and other equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimate useful lives | 20 years |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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 ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Impairment of goodwill | $ 1,591,000 | $ 7,274,000 | |
International | |||
Goodwill [Line Items] | |||
Impairment of goodwill | $ 1,591,000 | $ 7,274,000 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN37
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nonconsolidated Affiliates (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | |
Other-than-temporary impairments on equity investment | $ 15 |
SUMMARY OF SIGNIFICANT ACCOUN38
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Investments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Impairment charges | $ 4.2 | $ 14.8 | $ 5 |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognitions (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Maximum | |
Revenue Recognition, Milestone Method [Line Items] | |
Outdoor advertising contracts, term | 1 year |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Barter and Trade Revenues and Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue Recognition, Milestone Method [Line Items] | |||
Trade and barter revenues | $ 243.3 | $ 165.8 | $ 133.5 |
Trade and barter expenses | 205.1 | 115.1 | 112.1 |
iHeartMedia Segment | |||
Revenue Recognition, Milestone Method [Line Items] | |||
Trade and barter revenues | 226.7 | 153.3 | 118.3 |
Trade and barter expenses | $ 191.1 | $ 103.1 | $ 103.4 |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Expense (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Advertising expenses | $ 201.5 | $ 132.7 | $ 129.1 |
Advertising expense, barter costs | $ 146.1 | $ 68.9 | $ 70.8 |
PROPERTY, PLANT AND EQUIPMENT42
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Acquisitions and Dispositions (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2017USD ($) | Dec. 31, 2017USD ($)station | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill | $ 4,051,082 | $ 4,066,575 | $ 4,128,887 | ||
Net loss on sale of joint venture | $ 12,100 | ||||
Cumulative translation adjustment from sale | $ 6,300 | ||||
Disposed of by sale | Americas outdoor, Indianapolis, Indiana market | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale | $ 43,100 | ||||
Net gain on exchange of assets | 28,900 | ||||
Disposed of by sale | Broadcast communication tower sites and related assets | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net gain on exchange of assets | 15,400 | ||||
Acquisition Of Certain Assets In Atlanta, Georgia From Fairway Media Group, LLC | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Fair value of assets acquired | 39,400 | ||||
Amount of fixed assets acquired | 9,900 | ||||
Amount of intangible assets acquired | 29,500 | ||||
Goodwill | $ 2,300 | ||||
Acquisition Of Radio Stations From Entercom Communications Corp. | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Amount of fixed assets acquired | 8,100 | ||||
Amount of intangible assets acquired | 63,200 | ||||
Goodwill | $ 2,400 | ||||
Chattanooga, TN | Acquisition Of Radio Stations From Entercom Communications Corp. | Broadcast communication tower sites and related assets | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of radio stations exchanged | station | 4 | ||||
Richmond, VA | Acquisition Of Radio Stations From Entercom Communications Corp. | Broadcast communication tower sites and related assets | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of radio stations exchanged | station | 6 | ||||
Boston, MA | Acquisition Of Radio Stations From Entercom Communications Corp. | Broadcast communication tower sites and related assets | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of radio stations acquired | station | 4 | ||||
Seattle, WA | Acquisition Of Radio Stations From Entercom Communications Corp. | Broadcast communication tower sites and related assets | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of radio stations acquired | station | 3 |
PROPERTY, PLANT AND EQUIPMENT43
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,565,781 | $ 4,320,502 |
Less: accumulated depreciation | 2,681,067 | 2,372,340 |
Property, plant and equipment, net | 1,884,714 | 1,948,162 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 562,702 | 570,566 |
Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,864,442 | 2,684,673 |
Towers, transmitters and studio equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 356,664 | 350,760 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 707,163 | 622,848 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 74,810 | $ 91,655 |
International Outdoor Advertising | ||
Property, Plant and Equipment [Line Items] | ||
Impairment of advertising assets no longer usable | $ 2,600 |
PROPERTY, PLANT AND EQUIPMENT44
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Indefinite-lived Intangible Assets (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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 EQUIPMENT45
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, 2017USD ($)market | Dec. 31, 2016USD ($)market | Dec. 31, 2015USD ($)market | |
Regulatory Assets [Line Items] | |||
Period over which the Company forecasts revenue, expenses, and cash flows | 10 years | ||
Impairment charge | $ | $ 6 | $ 0.7 | $ 21.6 |
FCC licenses | |||
Regulatory Assets [Line Items] | |||
Number of markets | 1 | 1 | |
Billboard permits | |||
Regulatory Assets [Line Items] | |||
Number of markets | 1 |
PROPERTY, PLANT AND EQUIPMENT46
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,549,913 | $ 2,909,230 |
Accumulated Amortization | (1,999,857) | (2,168,722) |
Transit, street furniture and other outdoor contractual rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 548,918 | 563,863 |
Accumulated Amortization | (440,284) | (426,752) |
Customer / advertiser relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,226,314 | 1,222,519 |
Accumulated Amortization | (1,133,251) | (1,012,380) |
Talent contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 161,962 | 319,384 |
Accumulated Amortization | (138,728) | (281,060) |
Representation contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 77,507 | 253,511 |
Accumulated Amortization | (62,753) | (229,413) |
Permanent easements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 162,920 | 159,782 |
Accumulated Amortization | 0 | 0 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 372,292 | 390,171 |
Accumulated Amortization | $ (224,841) | $ (219,117) |
PROPERTY, PLANT AND EQUIPMENT47
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Total amortization expense related to definite-lived intangible assets | $ 197.2 | $ 222.6 | $ 237.5 |
PROPERTY, PLANT AND EQUIPMENT48
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Estimated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Property, Plant and Equipment [Abstract] | |
2,018 | $ 131,681 |
2,019 | 44,972 |
2,020 | 38,307 |
2,021 | 33,618 |
2,022 | $ 28,742 |
PROPERTY, PLANT AND EQUIPMENT49
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Annual Impairment Test to Goodwill (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)market | Dec. 31, 2016USD ($)market | Dec. 31, 2015USD ($) | |
Goodwill [Line Items] | |||
Goodwill impairment | $ 1,591,000 | $ 7,274,000 | |
iHM | |||
Goodwill [Line Items] | |||
Goodwill impairment | 0 | 0 | |
Cumulative impairments | $ 3,500,000,000 | ||
Americas Outdoor Advertising | |||
Goodwill [Line Items] | |||
Goodwill impairment | 0 | 0 | |
Cumulative impairments | 2,600,000,000 | ||
International Outdoor Advertising | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 1,591,000 | $ 7,274,000 | 0 |
Cumulative impairments | 326,600,000 | ||
International Outdoor Advertising | Goodwill | |||
Goodwill [Line Items] | |||
Number of markets | market | 1 | 1 | |
Other | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | |
Cumulative impairments | $ 212,000,000 |
PROPERTY, PLANT AND EQUIPMENT50
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Changes in the Carrying Amount of Goodwill (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill | |||
Beginning balance | $ 4,066,575,000 | $ 4,128,887,000 | |
Impairment | (1,591,000) | (7,274,000) | |
Acquisitions | 4,694,000 | ||
Foreign currency | 18,847,000 | (7,049,000) | |
Ending balance | 4,051,082,000 | 4,066,575,000 | $ 4,128,887,000 |
iHM | |||
Goodwill | |||
Beginning balance | 3,288,481,000 | 3,288,481,000 | |
Impairment | 0 | 0 | |
Acquisitions | 2,442,000 | ||
Foreign currency | 0 | 0 | |
Ending balance | 3,255,208,000 | 3,288,481,000 | 3,288,481,000 |
Americas Outdoor Advertising | |||
Goodwill | |||
Beginning balance | 515,414,000 | 534,683,000 | |
Impairment | 0 | 0 | |
Acquisitions | 2,252,000 | ||
Foreign currency | 777,000 | (1,998,000) | |
Ending balance | 518,532,000 | 515,414,000 | 534,683,000 |
International Outdoor Advertising | |||
Goodwill | |||
Beginning balance | 180,849,000 | 223,892,000 | |
Impairment | (1,591,000) | (7,274,000) | 0 |
Acquisitions | 0 | ||
Foreign currency | 18,070,000 | (5,051,000) | |
Ending balance | 195,511,000 | 180,849,000 | 223,892,000 |
Other | |||
Goodwill | |||
Beginning balance | 81,831,000 | 81,831,000 | |
Impairment | 0 | 0 | |
Acquisitions | 0 | ||
Foreign currency | 0 | 0 | |
Ending balance | 81,831,000 | 81,831,000 | $ 81,831,000 |
Disposed of by sale | |||
Goodwill | |||
Dispositions/Assets held for sale | (37,532,000) | (37,652,000) | |
Disposed of by sale | iHM | |||
Goodwill | |||
Dispositions/Assets held for sale | (35,715,000) | 0 | |
Disposed of by sale | Americas Outdoor Advertising | |||
Goodwill | |||
Dispositions/Assets held for sale | 0 | (6,934,000) | |
Disposed of by sale | International Outdoor Advertising | |||
Goodwill | |||
Dispositions/Assets held for sale | (1,817,000) | (30,718,000) | |
Disposed of by sale | Other | |||
Goodwill | |||
Dispositions/Assets held for sale | 0 | 0 | |
Held for sale | |||
Goodwill | |||
Dispositions/Assets held for sale | (89,000) | (10,337,000) | |
Held for sale | iHM | |||
Goodwill | |||
Dispositions/Assets held for sale | 0 | 0 | |
Held for sale | Americas Outdoor Advertising | |||
Goodwill | |||
Dispositions/Assets held for sale | (89,000) | (10,337,000) | |
Held for sale | International Outdoor Advertising | |||
Goodwill | |||
Dispositions/Assets held for sale | 0 | 0 | |
Held for sale | Other | |||
Goodwill | |||
Dispositions/Assets held for sale | $ 0 | $ 0 |
INVESTMENTS - Summary of Invest
INVESTMENTS - Summary of Investments in Nonconsolidated Affiliates and Available-for-sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments in and Advances to Affiliates, at Fair Value | |||||||||||
Beginning balance | $ 87,990 | $ 88,994 | $ 87,990 | $ 88,994 | |||||||
Cash advances | 2,248 | 2,993 | |||||||||
Acquisitions | 35,523 | 34,534 | |||||||||
Equity in loss | $ (615) | $ (2,238) | $ 240 | (242) | $ (15,807) | $ 1,117 | $ (1,610) | (433) | (2,855) | (16,733) | $ (902) |
Disposals | (816) | (3,552) | |||||||||
Foreign currency transaction adjustment | 768 | (276) | |||||||||
Distributions received | (775) | (3,709) | |||||||||
Impairment of investments | (4,873) | (14,798) | |||||||||
Unrealized holding loss on marketable securities | (414) | (576) | |||||||||
Other | 1,711 | 1,113 | |||||||||
Ending balance | 118,507 | 87,990 | 118,507 | 87,990 | 88,994 | ||||||
Notes Receivable | |||||||||||
Investments in and Advances to Affiliates, at Fair Value | |||||||||||
Beginning balance | 132 | 156 | 132 | 156 | |||||||
Cash advances | 0 | 0 | |||||||||
Acquisitions | 13,602 | 917 | |||||||||
Equity in loss | 0 | 0 | |||||||||
Disposals | (188) | (76) | |||||||||
Foreign currency transaction adjustment | 0 | 0 | |||||||||
Distributions received | 0 | 0 | |||||||||
Impairment of investments | (671) | 0 | |||||||||
Unrealized holding loss on marketable securities | 0 | 0 | |||||||||
Other | 917 | (865) | |||||||||
Ending balance | 13,792 | 132 | 13,792 | 132 | 156 | ||||||
Equity Method Investments | |||||||||||
Investments in and Advances to Affiliates, at Fair Value | |||||||||||
Beginning balance | 14,477 | 27,710 | 14,477 | 27,710 | |||||||
Cash advances | 2,248 | 2,993 | |||||||||
Acquisitions | 10,361 | 7,531 | |||||||||
Equity in loss | (2,855) | (16,733) | |||||||||
Disposals | 0 | (2,476) | |||||||||
Foreign currency transaction adjustment | 145 | (45) | |||||||||
Distributions received | (775) | (3,709) | |||||||||
Impairment of investments | 0 | 0 | |||||||||
Unrealized holding loss on marketable securities | 0 | 0 | |||||||||
Other | 794 | (794) | |||||||||
Ending balance | 24,395 | 14,477 | 24,395 | 14,477 | 27,710 | ||||||
Cost Method Investments | |||||||||||
Investments in and Advances to Affiliates, at Fair Value | |||||||||||
Beginning balance | 71,666 | 58,802 | 71,666 | 58,802 | |||||||
Cash advances | 0 | 0 | |||||||||
Acquisitions | 11,560 | 26,086 | |||||||||
Equity in loss | 0 | 0 | |||||||||
Disposals | (628) | (1,000) | |||||||||
Foreign currency transaction adjustment | 380 | (196) | |||||||||
Distributions received | 0 | 0 | |||||||||
Impairment of investments | (4,202) | (14,798) | |||||||||
Unrealized holding loss on marketable securities | 0 | 0 | |||||||||
Other | 0 | 2,772 | |||||||||
Ending balance | 78,776 | 71,666 | 78,776 | 71,666 | 58,802 | ||||||
Marketable Equity Securities | |||||||||||
Investments in and Advances to Affiliates, at Fair Value | |||||||||||
Beginning balance | $ 1,715 | $ 2,326 | 1,715 | 2,326 | |||||||
Cash advances | 0 | 0 | |||||||||
Acquisitions | 0 | 0 | |||||||||
Equity in loss | 0 | 0 | |||||||||
Disposals | 0 | 0 | |||||||||
Foreign currency transaction adjustment | 243 | (35) | |||||||||
Distributions received | 0 | 0 | |||||||||
Impairment of investments | 0 | 0 | |||||||||
Unrealized holding loss on marketable securities | (414) | (576) | |||||||||
Other | 0 | 0 | |||||||||
Ending balance | $ 1,544 | $ 1,715 | $ 1,544 | $ 1,715 | $ 2,326 |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)investmentcompany | Dec. 31, 2016USD ($)investmentcompany | Dec. 31, 2015USD ($) | |
Schedule of Investments [Line Items] | |||
Investments made in private equity companies in exchange for advertising services | $ 35,523 | $ 34,534 | |
Number of investments made in private companies | company | 13 | 4 | |
Number of investments accounted for under equity method of accounting | investment | 2 | 2 | |
Number of investments accounted for under cost method | investment | 6 | 2 | |
Number of investments accounted for as notes receivable convertible into equity | investment | 5 | ||
Barter revenue recognized | $ 243,300 | $ 165,800 | $ 133,500 |
Non-cash impairment on cost investment | 14,500 | ||
Non-cash impairment on equity investment | 15,000 | ||
Marketable equity securities held | 1,500 | 1,700 | |
Twelve private companies | |||
Schedule of Investments [Line Items] | |||
Barter revenue recognized | 35,200 | 36,600 | |
iHM | Twelve private companies | |||
Schedule of Investments [Line Items] | |||
Investments made in private equity companies in exchange for advertising services | $ 34,700 | ||
iHM | Four private companies | |||
Schedule of Investments [Line Items] | |||
Investments made in private equity companies in exchange for advertising services | $ 26,100 |
ASSET RETIREMENT OBLIGATION (De
ASSET RETIREMENT OBLIGATION (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Regulatory Assets [Line Items] | ||
Related asset removal period | 55 years | |
Asset Retirement Obligation, Roll Forward Analysis | ||
Long-term portion of asset retirement obligation | $ 47,093 | $ 42,067 |
Asset Retirement Obligation Costs | ||
Asset Retirement Obligation, Roll Forward Analysis | ||
Beginning balance | 42,491 | 48,056 |
Adjustment due to changes in estimates | 2,317 | (5,343) |
Accretion of liability | 3,555 | 5,090 |
Liabilities settled | (2,880) | (4,310) |
Foreign Currency | 2,501 | (1,002) |
Ending balance | 47,984 | 42,491 |
Less: current portion | 891 | 424 |
Long-term portion of asset retirement obligation | $ 47,093 | $ 42,067 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) | Dec. 27, 2017 | Dec. 24, 2017 | Nov. 30, 2017 | Sep. 30, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 10, 2017 | Feb. 07, 2017 |
Debt Instrument [Line Items] | |||||||||
Total Consolidated Secured Debt | $ 13,283,883,000 | $ 12,925,802,000 | |||||||
Total debt | $ 365,000,000 | 20,649,181,000 | 20,364,988,000 | ||||||
Long-term debt fees | (109,071,000) | (123,003,000) | |||||||
Less: current portion | 14,972,367,000 | 342,908,000 | |||||||
Total long-term debt | 5,676,814,000 | 20,022,080,000 | |||||||
Maximum borrowing capacity | 550,000,000 | ||||||||
Draws on credit facilities | 100,000,000 | 100,000,000 | $ 350,000,000 | ||||||
Proceeds from long-term debt | 156,000,000 | 6,856,000 | $ 1,172,777,000 | ||||||
Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Total Consolidated Secured Debt | 6,300,000,000 | 6,300,000,000 | |||||||
Receivables Based Credit Facility Due 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Total Consolidated Secured Debt | 405,000,000 | 330,000,000 | |||||||
Credit facility term | 3 years | ||||||||
Priority Guarantee Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total Consolidated Secured Debt | 6,570,361,000 | 6,274,815,000 | |||||||
Subsidiary Revolving Credit Facility Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Total Consolidated Secured Debt | 0 | 0 | |||||||
Other Secured Subsidiary Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Total Consolidated Secured Debt | $ 8,522,000 | $ 20,987,000 | |||||||
14.0% Senior Notes Due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Rate | 14.00% | 14.00% | |||||||
Legacy Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | $ 475,000,000 | $ 475,000,000 | |||||||
10.0% Senior Notes Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | $ 47,482,000 | $ 347,028,000 | |||||||
Interest Rate | 10.00% | 10.00% | 10.00% | ||||||
Subsidiary Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | $ 5,300,000,000 | $ 5,150,000,000 | |||||||
Other Subsidiary Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | 24,615,000 | 27,954,000 | |||||||
Purchase accounting adjustments and original issue discount | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | (136,653,000) | (166,961,000) | |||||||
Senior Notes | 14.0% Senior Notes Due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Notes | $ 1,763,925,000 | 1,729,168,000 | |||||||
Interest Rate | 14.00% | ||||||||
Secured debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Term loan | $ 300,000,000 | ||||||||
Legacy Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | $ 475,000,000 | $ 475,000,000 | |||||||
Legacy Notes | 5.5% Senior Notes Due 2016 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Rate | 5.50% | 5.50% | |||||||
iHeartCommunications | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from long-term debt | 365,000,000 | ||||||||
Credit facility term | 3 years | ||||||||
iHeartCommunications | 10.0% Senior Notes Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | $ 241,400,000 | ||||||||
iHeartCommunications | Secured debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Term loan | 300,000,000 | ||||||||
Proceeds from secured debt | $ 300,000,000 | ||||||||
iHeartCommunications | Legacy Notes | 5.5% Senior Notes Due 2016 | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | $ 57,100,000 | $ 57,100,000 | |||||||
LIBOR | iHeartCommunications | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 4.75% | ||||||||
Revolving credit facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 75,000,000 | ||||||||
Credit facility term | 5 years | ||||||||
Outstanding under revolving credit facility | $ 405,000,000 | $ 250,000,000 | 0 | ||||||
Revolving credit facility | iHeartCommunications | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 250,000,000 | ||||||||
Draws on credit facilities | $ 40,000,000 | $ 40,000,000 | $ 65,000,000 | ||||||
Outstanding under revolving credit facility | $ 405,000,000 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Narrative) (Details) - USD ($) $ in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Weighted average interest rate | 8.90% | 8.50% |
Aggregate market value of debt | $ 15.4 | $ 16.7 |
Long-term debt reclassified as current | $ 14.7 |
LONG-TERM DEBT - Schedule of Se
LONG-TERM DEBT - Schedule of Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total Senior Secured Credit Facilities | $ 13,283,883 | $ 12,925,802 |
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 - Interest Rate
LONG-TERM DEBT - Interest Rate and Fees (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables Based Credit Facility | |
Debt Instrument [Line Items] | |
Commitment fee rate | 0.75% |
Receivables Based Credit Facility | Federal funds effective rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.50% |
Receivables Based Credit Facility | Eurocurrency rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.00% |
Revolving credit facility | Receivables Based Credit Facility | Eurocurrency rate | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.75% |
Revolving credit facility | Receivables Based Credit Facility | Base rate | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.75% |
Term Loan D | Senior Secured Credit Facility | Eurocurrency rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 6.75% |
Term Loan D | Senior Secured Credit Facility | Base rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 5.75% |
Term Loan E | Senior Secured Credit Facility | Eurocurrency rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 7.50% |
Term Loan E | Senior Secured Credit Facility | Base rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 6.50% |
LONG-TERM DEBT - Collateral and
LONG-TERM DEBT - Collateral and Guarantees (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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 - Receivables Ba
LONG-TERM DEBT - Receivables Based Credit Facility (Narrative) (Details) - USD ($) | Jan. 18, 2018 | Dec. 27, 2017 | Dec. 24, 2017 | Nov. 30, 2017 | Feb. 28, 2018 | Sep. 30, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |||||||||
Total debt | $ 365,000,000 | $ 20,649,181,000 | $ 20,364,988,000 | ||||||
Draws on credit facilities | 100,000,000 | 100,000,000 | $ 350,000,000 | ||||||
Repayments of line of credit | 25,909,000 | $ 2,100,000 | $ 123,849,000 | ||||||
Maximum borrowing capacity | $ 550,000,000 | ||||||||
Borrowing base as a percent of eligible accounts receivable | 97.50% | ||||||||
Revolving credit facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Borrowings outstanding under receivables based credit facility | $ 405,000,000 | 250,000,000 | $ 0 | ||||||
Amount drawn on debt | $ 65,000,000 | ||||||||
Credit facility term | 5 years | ||||||||
Maximum borrowing capacity | $ 75,000,000 | ||||||||
Receivables Based Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility term | 3 years | ||||||||
Secured debt | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Term loan | $ 300,000,000 | ||||||||
Amount drawn on debt | 300,000,000 | ||||||||
Subsequent Event | Revolving credit facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Borrowings outstanding under receivables based credit facility | $ 430,000,000 | $ 371,000,000 | |||||||
iHeartCommunications | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility term | 3 years | ||||||||
iHeartCommunications | Revolving credit facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Borrowings outstanding under receivables based credit facility | $ 405,000,000 | ||||||||
Draws on credit facilities | $ 40,000,000 | $ 40,000,000 | 65,000,000 | ||||||
Maximum borrowing capacity | $ 250,000,000 | ||||||||
iHeartCommunications | LIBOR | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 4.75% | ||||||||
iHeartCommunications | Secured debt | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Term loan | $ 300,000,000 | ||||||||
iHeartCommunications | Subsequent Event | Revolving credit facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Draws on credit facilities | $ 25,000,000 | ||||||||
Repayments of line of credit | $ 59,000,000 |
LONG-TERM DEBT - Prepayments (N
LONG-TERM DEBT - Prepayments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Scenario A | |
Line of Credit Facility [Line Items] | |
Prepayment made before first anniversary, percent | 2.00% |
Prepayment made on and after first anniversary and prior to second anniversary, percent | 1.00% |
Scenario B | |
Line of Credit Facility [Line Items] | |
Prepayment made before first anniversary, percent | 1.00% |
Prepayment made on and after first anniversary and prior to second anniversary, percent | 0.50% |
LONG-TERM DEBT - Certain Covena
LONG-TERM DEBT - Certain Covenants and Events of Default (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Debt Disclosure [Abstract] | |
Maximum borrowing capacity prior to application of fixed charge coverage ratio | $ 50 |
Percentage of outstanding debt prior to application of fixed charge coverage ratio, percent | 9.00% |
Number of consecutive business days before Liquidity Event | 5 days |
Fixed charge coverage ratio required for four consecutive quarters, minimum | 1 |
Number of consecutive calendar days before end of Liquidity Event | 30 days |
LONG-TERM DEBT - Schedule of Ou
LONG-TERM DEBT - Schedule of Outstanding Priority Guarantee Notes And Subsidiary Senior Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Nov. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Total Priority Guarantee Notes | $ 13,283,883 | $ 12,925,802 | |
Total Legacy Notes | 20,649,181 | $ 365,000 | 20,364,988 |
Priority Guarantee Notes | |||
Debt Instrument [Line Items] | |||
Total Priority Guarantee Notes | $ 6,570,361 | $ 6,274,815 | |
Priority Guarantee Notes | 9.0% Priority Guarantee Notes due 2019 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 9.00% | 9.00% | |
Total Priority Guarantee Notes | $ 1,999,815 | $ 1,999,815 | |
Priority Guarantee Notes | 9.0% Priority Guarantee Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 9.00% | 9.00% | |
Total Priority Guarantee Notes | $ 1,750,000 | $ 1,750,000 | |
Priority Guarantee Notes | 11.25% Priority Guarantee Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 11.25% | 11.25% | |
Total Priority Guarantee Notes | $ 870,546 | $ 575,000 | |
Priority Guarantee Notes | 9.0% Priority Guarantee Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 9.00% | 9.00% | |
Total Priority Guarantee Notes | $ 1,000,000 | $ 1,000,000 | |
Priority Guarantee Notes | 10.625% Priority Guarantee Notes due 2023 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 10.625% | 10.625% | |
Total Priority Guarantee Notes | $ 950,000 | $ 950,000 | |
Subsidiary Senior Notes | |||
Debt Instrument [Line Items] | |||
Total Legacy Notes | 5,300,000 | 5,150,000 | |
Subsidiary Senior Notes | Total CCWH Notes | |||
Debt Instrument [Line Items] | |||
Total Legacy Notes | $ 4,925,000 | $ 4,925,000 | |
Subsidiary Senior Notes | 6.5% Series A Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.50% | 6.50% | |
Total Legacy Notes | $ 735,750 | $ 735,750 | |
Subsidiary Senior Notes | 6.5% Series B Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.50% | 6.50% | |
Total Legacy Notes | $ 1,989,250 | $ 1,989,250 | |
Subsidiary Senior Notes | 7.625% Series A Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 7.625% | 7.625% | |
Total Legacy Notes | $ 275,000 | $ 275,000 | |
Subsidiary Senior Notes | 7.625% Series B Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 7.625% | 7.625% | |
Total Legacy Notes | $ 1,925,000 | $ 1,925,000 | |
Subsidiary Senior Notes | 8.75% Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 8.75% | 8.75% | |
Total Legacy Notes | $ 375,000 | $ 225,000 |
LONG-TERM DEBT - Subsidiary Rev
LONG-TERM DEBT - Subsidiary Revolving Credit Facility Due 2018 (Narrative) (Details) - USD ($) | 3 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2017 | Dec. 24, 2017 | Nov. 30, 2017 | |
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 550,000,000 | |||
Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Credit facility term | 5 years | |||
Maximum borrowing capacity | $ 75,000,000 | |||
Outstanding under revolving credit facility | 0 | $ 405,000,000 | $ 250,000,000 | |
Letters of credit outstanding | $ 71,200,000 |
LONG-TERM DEBT - 14.0% Senior N
LONG-TERM DEBT - 14.0% Senior Notes Due 2021 (Narrative) (Details) - 14.0% Senior Notes due 2021 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Stated interest rate | 14.00% | 14.00% |
Principal amount issued to, and held by, a subsidiary | $ 449,400 | |
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 | $ 1,763,925 | $ 1,729,168 |
Stated interest rate | 14.00% |
LONG-TERM DEBT - Legacy Notes (
LONG-TERM DEBT - Legacy Notes (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2017 | |
Debt Instrument [Line Items] | ||||
Total Legacy Notes | $ 20,364,988 | $ 20,649,181 | $ 20,364,988 | $ 365,000 |
iHeart Communications Legacy Note | ||||
Debt Instrument [Line Items] | ||||
Principal amount held by a subsidiary | 57,100 | |||
iHeartCommunications | iHeart Communications Legacy Note | ||||
Debt Instrument [Line Items] | ||||
Principal amount held by a subsidiary | 57,100 | |||
Legacy Notes | ||||
Debt Instrument [Line Items] | ||||
Total Legacy Notes | $ 475,000 | $ 475,000 | $ 475,000 | |
Legacy Notes | 5.5% Senior Notes Due 2016 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.50% | 5.50% | 5.50% | |
Legacy Notes | iHeartCommunications | 5.5% Senior Notes Due 2016 | ||||
Debt Instrument [Line Items] | ||||
Repaid at maturity | $ 192,900 | |||
Total Legacy Notes | $ 57,100 | $ 57,100 | $ 57,100 |
LONG-TERM DEBT - Schedule of 66
LONG-TERM DEBT - Schedule of Outstanding Senior Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Nov. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Total Legacy Notes | $ 20,649,181 | $ 365,000 | $ 20,364,988 |
Legacy Notes | |||
Debt Instrument [Line Items] | |||
Total Legacy Notes | 475,000 | 475,000 | |
Legacy Notes | 6.875% Senior Notes Due 2018 | |||
Debt Instrument [Line Items] | |||
Total Legacy Notes | $ 175,000 | $ 175,000 | |
Stated interest rate | 6.875% | 6.875% | |
Legacy Notes | 7.25% Senior Notes Due 2027 | |||
Debt Instrument [Line Items] | |||
Total Legacy Notes | $ 300,000 | $ 300,000 | |
Stated interest rate | 7.25% | 7.25% |
LONG-TERM DEBT - 10.0% Senior N
LONG-TERM DEBT - 10.0% Senior Notes due 2018 (Narrative) (Details) - USD ($) $ in Thousands | Jan. 16, 2018 | Jan. 04, 2018 | Jul. 10, 2017 | Oct. 31, 2017 | Dec. 31, 2017 | Dec. 13, 2017 | Nov. 30, 2017 | Feb. 07, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||||||
Total debt | $ 20,649,181 | $ 365,000 | $ 20,364,988 | ||||||
10% Senior Notes Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 10.00% | 10.00% | 10.00% | ||||||
Total debt | $ 47,482 | $ 347,028 | |||||||
Repurchased amount | $ 2,700 | ||||||||
11.25% Priority Guarantee Notes due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 11.25% | ||||||||
Total debt | $ 476,400 | ||||||||
Senior Notes | 10% Senior Notes Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amounts outstanding | $ 47,500 | ||||||||
Senior notes exchanged for Priority Guarantee Notes | 476,400 | ||||||||
Principal amount held by unaffiliated third party | $ 45,000 | ||||||||
Other notes payable | 11.25% Priority Guarantee Notes due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 11.25% | 11.25% | |||||||
iHeartCommunications | 10% Senior Notes Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | $ 241,400 | ||||||||
Senior notes exchanged for Priority Guarantee Notes | $ 4,000 | ||||||||
iHeartCommunications | Senior Notes | 10% Senior Notes Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount held by unaffiliated third party | $ 15,600 | ||||||||
iHeartCommunications | Other notes payable | 11.25% Priority Guarantee Notes due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount held by subsidiary | $ 15,600 | $ 45,000 | |||||||
Subsequent Event | iHeartCommunications | 10% Senior Notes Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of senior notes | $ 42,100 | $ 5,300 | |||||||
Subsequent Event | iHeartCommunications | Senior Notes | 10% Senior Notes Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes exchanged for Priority Guarantee Notes | $ 42,100 | $ 5,400 |
LONG-TERM DEBT - Clear Channel
LONG-TERM DEBT - Clear Channel International B.V. Senior Notes (Narrative) (Details) - Senior Notes - Clear Channel International B.V. Senior Notes Due 2020 $ in Millions | Aug. 14, 2017USD ($) |
Debt Instrument [Line Items] | |
Stated interest rate | 8.75% |
Clear Channel International B.V. | |
Debt Instrument [Line Items] | |
Principal amount of Senior Notes | $ 150 |
Proceeds from issuance of senior long-term debt | $ 156 |
LONG-TERM DEBT - Schedule of Fu
LONG-TERM DEBT - Schedule of Future Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
2,018 | $ 15,167,882 | |
2,019 | 4,376 | |
2,020 | 2,984,972 | |
2,021 | 5,654 | |
2,022 | 2,725,282 | |
Thereafter | 6,739 | |
Total | 20,894,905 | |
Original issue discount | 136,600 | |
Long-term debt fees | 109,071 | $ 123,003 |
14.0% Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
High yield discount obligation catch-up payments in 2019 | 64,700 | |
High yield discount obligation catch-up payments in 2020 | $ 68,400 |
LONG-TERM DEBT - Surety Bonds,
LONG-TERM DEBT - Surety Bonds, Letters of Credit and Guarantees (Narrative) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Surety bonds | |
Guarantor Obligations [Line Items] | |
Outstanding surety bonds, commercial standby letters of credit and bank guarantees | $ 73.5 |
Commercial standby letters of credit | |
Guarantor Obligations [Line Items] | |
Outstanding surety bonds, commercial standby letters of credit and bank guarantees | 164.2 |
Bank guarantees | |
Guarantor Obligations [Line Items] | |
Outstanding surety bonds, commercial standby letters of credit and bank guarantees | 37.3 |
Cash secured bank guarantees | |
Guarantor Obligations [Line Items] | |
Outstanding surety bonds, commercial standby letters of credit and bank guarantees | 17.6 |
Letters of credit collateralized | |
Guarantor Obligations [Line Items] | |
Outstanding surety bonds, commercial standby letters of credit and bank guarantees | $ 25.4 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Rental Commitments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Non-Cancelable Operating Leases | |
Other Commitments [Line Items] | |
2,018 | $ 492,013 |
2,019 | 446,396 |
2,020 | 413,598 |
2,021 | 368,399 |
2,022 | 319,177 |
Thereafter | 2,050,060 |
Total | 4,089,643 |
Non-Cancelable Contracts | |
Other Commitments [Line Items] | |
2,018 | 492,177 |
2,019 | 409,343 |
2,020 | 312,459 |
2,021 | 267,834 |
2,022 | 170,455 |
Thereafter | 393,713 |
Total | 2,045,981 |
Capital Expenditure Commitments | |
Other Commitments [Line Items] | |
2,018 | 38,444 |
2,019 | 7,928 |
2,020 | 2,771 |
2,021 | 4,499 |
2,022 | 4,591 |
Thereafter | 9,877 |
Total | 68,110 |
Employment/Talent Contracts | |
Other Commitments [Line Items] | |
2,018 | 81,753 |
2,019 | 61,603 |
2,020 | 60,012 |
2,021 | 20,310 |
2,022 | 0 |
Thereafter | 0 |
Total | $ 223,678 |
COMMITMENTS AND CONTINGENCIES72
COMMITMENTS AND CONTINGENCIES - Narrative (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)bank_account | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||||||||||
Rent expense charged to operations | $ 1,130,000 | $ 1,120,000 | $ 1,140,000 | ||||||||
Concentration Risk [Line Items] | |||||||||||
Selling, general and administrative expenses | $ 515,083 | $ 438,654 | $ 447,290 | $ 450,619 | $ 444,050 | $ 421,700 | $ 434,581 | $ 425,568 | 1,851,646 | 1,725,899 | 1,704,352 |
Interest expense | 476,837 | $ 470,250 | $ 463,160 | $ 455,337 | $ 460,189 | $ 459,852 | $ 465,991 | $ 463,950 | $ 1,865,584 | $ 1,849,982 | $ 1,805,496 |
Clear Media Limited | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Bank accounts opened by Clear Media Limited | bank_account | 3 | ||||||||||
Clear Media Limited | Net Revenue | Subsidiary Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk | 4.10% | ||||||||||
Clear Media Limited | Total Assets | Subsidiary Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk | 3.80% | ||||||||||
Expenses recorded to correct for accounting errors | Restatement Adjustment | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Selling, general and administrative expenses | 9,600 | ||||||||||
Interest expense | $ 1,400 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016market | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Tax Credit Carryforward [Line Items] | ||||
Tax Act, provisional deferred tax benefit | $ 510,100 | |||
Current tax expense | 30,811 | $ 47,653 | $ 59,109 | |
Deferred tax expense (benefit) | (488,217) | (98,127) | $ 27,848 | |
Net operating loss carryforwards | 961,400 | |||
Expense (benefit) related to change in valuation allowance | $ (305,300) | |||
Deferred tax assets for foreign net operating loss carryforwards | 144,900 | |||
Deferred tax asset relating to stock-based compensation expense under ASC 718-10 | $ 16,300 | |||
Effective tax benefit (expense) | 49.90% | 17.40% | (13.40%) | |
Total amount of interest accrued | $ 48,600 | $ 47,500 | ||
Total amount of unrecognized tax benefits and accrued interest and penalties | 135,300 | 145,400 | ||
Unrecognized tax benefits and accrued interest and penalties included in Other long-term liabilities | 112,400 | 115,100 | ||
Unrecognized tax benefits recorded net with deferred tax assets for net operating losses | 22,800 | 30,300 | ||
Total amount of unrecognized tax benefits that, if recognized, would impact effective income tax rate | 74,000 | 53,800 | ||
Reduction of unrecognized tax benefits resulting from settlement with taxing authorities | 225 | 1,007 | ||
Reduction to unrecognized tax benefits due to expiration of statue of limitations | 15,264 | 6,200 | ||
Reduction of unrecognized tax benefits resulting from settlement of tax examinations | 5,306 | 11,157 | ||
Federal and state | ||||
Tax Credit Carryforward [Line Items] | ||||
Valuation allowance | 827,300 | |||
Foreign deferred tax assets | ||||
Tax Credit Carryforward [Line Items] | ||||
Valuation allowance | 94,200 | |||
Expense (benefit) related to change in valuation allowance | 11,000 | |||
Foreign deferred tax assets not expected to be realized | ||||
Tax Credit Carryforward [Line Items] | ||||
Valuation allowance | 30,800 | |||
Foreign | ||||
Tax Credit Carryforward [Line Items] | ||||
Net foreign deferred tax assets | 54,100 | 47,100 | ||
Expense (benefit) related to change in valuation allowance | 43,300 | |||
Tax expense attributable to sale of outdoor business | 54,700 | |||
Federal and state | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax Act, reduction in deferred tax asset valuation allowance | 26,600 | |||
Expense (benefit) related to change in valuation allowance | 387,700 | (31,800) | ||
Deferred Tax Asset Valuation Allowance | Foreign | ||||
Tax Credit Carryforward [Line Items] | ||||
Valuation allowances released | 43,300 | $ 43,300 | ||
Deferred Tax Asset Valuation Allowance | Federal and state | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax Act, reduction in deferred tax asset valuation allowance | 336,300 | |||
Non-strategic outdoor markets | ||||
Tax Credit Carryforward [Line Items] | ||||
Number of markets sold | market | 9 | |||
Tax Years 2011 And 2012 | ||||
Tax Credit Carryforward [Line Items] | ||||
Reduction of unrecognized tax benefits resulting from settlement with taxing authorities | $ 4,700 |
INCOME TAXES - Schedule of Sign
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current - Federal | $ (2,136) | $ (190) | $ (31) | ||||||||
Current - foreign | (30,159) | (44,555) | (46,188) | ||||||||
Current - state | 1,484 | (2,908) | (12,890) | ||||||||
Total current expense | (30,811) | (47,653) | (59,109) | ||||||||
Deferred - Federal | 491,239 | 38,715 | (30,719) | ||||||||
Deferred - foreign | (2,533) | 56,747 | 5,269 | ||||||||
Deferred - state | (489) | 2,665 | (2,398) | ||||||||
Total deferred benefit (expense) | 488,217 | 98,127 | (27,848) | ||||||||
Income tax benefit (expense) | $ 507,549 | $ (2,051) | $ (17,408) | $ (30,684) | $ 92,717 | $ (5,613) | $ (27,137) | $ (9,493) | $ 457,406 | $ 50,474 | $ (86,957) |
INCOME TAXES - Schedule of Si75
INCOME TAXES - Schedule of Significant Components of Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax liabilities: | ||
Intangibles and fixed assets | $ 1,281,995 | $ 2,018,159 |
Long-term debt | 0 | 37,205 |
Investments | 16,484 | 0 |
Other | 9,868 | 10,159 |
Total deferred tax liabilities | 1,308,347 | 2,065,523 |
Deferred tax assets: | ||
Accrued expenses | 105,823 | 155,037 |
Long-term debt | 49,767 | 0 |
Investments | 0 | 5,458 |
Net operating loss carryforwards | 1,106,319 | 1,384,175 |
Bad debt reserves | 11,731 | 10,137 |
Other | 27,654 | 43,545 |
Total gross deferred tax assets | 1,301,294 | 1,598,352 |
Less: Valuation allowance | 952,337 | 989,924 |
Total deferred tax assets | 348,957 | 608,428 |
Net deferred tax liabilities | $ 959,390 | $ 1,457,095 |
INCOME TAXES - Schedule of Loss
INCOME TAXES - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
US | $ (952,436) | $ (349,876) | $ (700,520) |
Foreign | 35,012 | 59,352 | 49,843 |
Total loss before income taxes | $ (917,424) | $ (290,524) | $ (650,677) |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax to Income Tax Benefit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount | |||||||||||
Income tax benefit at statutory rates | $ 321,098 | $ 101,683 | $ 227,737 | ||||||||
State income taxes, net of federal tax effect | 7,667 | 6,372 | 17,795 | ||||||||
Foreign income taxes | (20,438) | (21,477) | (23,474) | ||||||||
Nondeductible items | (6,659) | (5,760) | (5,764) | ||||||||
Changes in valuation allowance and other estimates | (350,407) | (31,229) | (302,935) | ||||||||
U.S. tax reform | 510,064 | 0 | 0 | ||||||||
Other, net | (3,919) | 885 | (316) | ||||||||
Income tax benefit (expense) | $ 507,549 | $ (2,051) | $ (17,408) | $ (30,684) | $ 92,717 | $ (5,613) | $ (27,137) | $ (9,493) | $ 457,406 | $ 50,474 | $ (86,957) |
Percent | |||||||||||
Income tax benefit at statutory rates | 35.00% | 35.00% | 35.00% | ||||||||
State income taxes, net of federal tax effect | 0.80% | 2.20% | 2.70% | ||||||||
Foreign income taxes | (2.20%) | (7.40%) | (3.60%) | ||||||||
Nondeductible items | (0.70%) | (2.00%) | (0.90%) | ||||||||
Changes in valuation allowance and other estimates | (38.20%) | (10.70%) | (46.60%) | ||||||||
U.S. tax reform | 55.60% | (0.00%) | (0.00%) | ||||||||
Other, net | (0.40%) | 0.30% | (0.00%) | ||||||||
Income tax benefit (expense) | 49.90% | 17.40% | (13.40%) |
INCOME TAXES - Schedule of Unre
INCOME TAXES - Schedule of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Unrecognized Tax Benefits | ||
Balance at beginning of period | $ 97,962 | $ 103,208 |
Increases for tax position taken in the current year | 7,366 | 10,094 |
Increases for tax positions taken in previous years | 2,172 | 3,024 |
Decreases for tax position taken in previous years | (5,306) | (11,157) |
Decreases due to settlements with tax authorities | (225) | (1,007) |
Decreases due to lapse of statute of limitations | (15,264) | (6,200) |
Balance at end of period | $ 86,705 | $ 97,962 |
STOCKHOLDERS' DEFICIT - Schedu
STOCKHOLDERS' DEFICIT - Schedule of Changes in Shareholders' Deficit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase Decrease In Stockholders Equity | |||||||||||
Beginning balance | $ (10,885,475) | $ (10,606,681) | $ (10,885,475) | $ (10,606,681) | $ (9,665,208) | ||||||
Net income (loss) | $ 341,763 | $ (246,184) | $ (168,017) | (387,580) | $ 123,397 | $ (28,530) | $ (276,043) | (58,874) | (460,018) | (240,050) | (737,634) |
Dividends and other payments to noncontrolling interests | (46,151) | (70,412) | (52,384) | ||||||||
Purchase of additional noncontrolling interests | (1,227) | 0 | (42,797) | ||||||||
Disposal of noncontrolling interests | (2,439) | (36,846) | |||||||||
Share-based compensation | 12,078 | 13,133 | 11,067 | ||||||||
Foreign currency translation adjustments | 45,661 | 21,983 | (114,906) | ||||||||
Unrealized holding gain (loss) on marketable securities | (414) | (576) | 553 | ||||||||
Other adjustments to comprehensive loss | 6,720 | (11,814) | (10,266) | ||||||||
Reclassifications adjustments | 5,441 | 46,730 | 808 | ||||||||
Other, net | (1,631) | (942) | |||||||||
Ending balance | (11,327,455) | (10,885,475) | (11,327,455) | (10,885,475) | (10,606,681) | ||||||
The Company | |||||||||||
Increase Decrease In Stockholders Equity | |||||||||||
Beginning balance | (11,021,253) | (10,784,841) | (11,021,253) | (10,784,841) | |||||||
Net income (loss) | (393,891) | (296,362) | |||||||||
Purchase of additional noncontrolling interests | (524) | (1,224) | |||||||||
Share-based compensation | 2,488 | 2,842 | |||||||||
Foreign currency translation adjustments | 32,809 | 27,343 | |||||||||
Unrealized holding gain (loss) on marketable securities | (370) | (518) | |||||||||
Other adjustments to comprehensive loss | 6,013 | (10,622) | |||||||||
Reclassifications adjustments | 4,864 | 42,328 | |||||||||
Other, net | (355) | (199) | |||||||||
Ending balance | (11,370,219) | (11,021,253) | (11,370,219) | (11,021,253) | (10,784,841) | ||||||
Noncontrolling Interests | |||||||||||
Increase Decrease In Stockholders Equity | |||||||||||
Beginning balance | $ 135,778 | $ 178,160 | 135,778 | 178,160 | 224,533 | ||||||
Net income (loss) | (66,127) | 56,312 | 17,140 | ||||||||
Dividends and other payments to noncontrolling interests | (46,151) | (70,412) | (52,384) | ||||||||
Purchase of additional noncontrolling interests | (703) | 1,224 | (1,978) | ||||||||
Disposal of noncontrolling interests | (2,439) | (36,846) | |||||||||
Share-based compensation | 9,590 | 10,291 | |||||||||
Foreign currency translation adjustments | 12,852 | (5,360) | |||||||||
Unrealized holding gain (loss) on marketable securities | (44) | (58) | |||||||||
Other adjustments to comprehensive loss | 707 | (1,192) | |||||||||
Reclassifications adjustments | 577 | 4,402 | |||||||||
Other, net | (1,276) | (743) | |||||||||
Ending balance | $ 42,764 | $ 135,778 | $ 42,764 | $ 135,778 | $ 178,160 |
STOCKHOLDERS' DEFICIT - Stock
STOCKHOLDERS' DEFICIT - Stock Registration (Narrative) (Details) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 27, 2015 | Jun. 24, 2015 |
Executive Long-Term Incentive Plan | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Shares registered under Incentive Plan (in shares) | 1,253,831 | |||
Common Class A | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Shares registered under Incentive Plan (in shares) | 400,000,000 | 400,000,000 | ||
Par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Common Class A | Executive Long-Term Incentive Plan | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Shares registered under Incentive Plan (in shares) | 4,000,000 | |||
Par value (in dollars per share) | $ 0.001 |
STOCKHOLDERS' DEFICIT - Divide
STOCKHOLDERS' DEFICIT - Dividends (Narrative) (Details) $ in Millions | Jan. 24, 2018USD ($) | Oct. 31, 2017USD ($) | Oct. 05, 2017USD ($) | Feb. 23, 2017USD ($) | Feb. 09, 2017USD ($) | Feb. 04, 2016USD ($) | Jan. 07, 2016USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($)market | Jan. 21, 2016USD ($) | Dec. 20, 2015USD ($) |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Proceeds received through subsidiaries | $ 22.4 | $ 22.4 | |||||||||
Percentage of dividend received | 89.50% | 89.50% | |||||||||
CCOH | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Payment of dividend | $ 25 | $ 25 | $ 282.5 | ||||||||
CCOH | Special cash dividend | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Special cash dividend declared | $ 540 | $ 217.8 | |||||||||
Parent Company | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Proceeds received through subsidiaries | $ 254 | ||||||||||
Outstanding amount demanded for repayment | $ 300 | $ 300 | |||||||||
Percentage of dividend received | 89.90% | ||||||||||
The Company | Parent Company | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Proceeds received through subsidiaries | 486.5 | ||||||||||
Dividend proceeds net of repayment of the Note | 186.5 | ||||||||||
The Company | Parent Company | Special cash dividend | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Proceeds received through subsidiaries | $ 196.3 | ||||||||||
Noncontrolling Interests | CCOH | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Proceeds received through subsidiaries | $ 53.5 | ||||||||||
Non-strategic outdoor markets | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Number of markets sold | market | 9 | ||||||||||
Non-strategic outdoor markets | CCOH | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Number of markets sold | market | 9 | ||||||||||
Aggregate purchase price in cash and certain advertising assets | $ 592.3 | ||||||||||
Australia Outdoor | CCOH | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Aggregate purchase price in cash and certain advertising assets | $ 195.7 | ||||||||||
Public Stockholders | CCOH | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Payment of dividend | $ 2.6 | $ 2.6 | $ 28.5 | ||||||||
Payment of dividend, percentage paid | 10.50% | 10.50% | 10.10% | ||||||||
Subsequent Event | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Proceeds received through subsidiaries | $ 26.8 | ||||||||||
Percentage of dividend received | 89.50% | ||||||||||
Subsequent Event | CCOH | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Payment of dividend | $ 30 | ||||||||||
Subsequent Event | Public Stockholders | CCOH | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Payment of dividend | $ 3.2 | ||||||||||
Payment of dividend, percentage paid | 10.50% | ||||||||||
Majority Shareholder | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Amount of demand for repayment | $ 25 | ||||||||||
Majority Shareholder | CCOH | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Amount of demand for repayment | $ 25 | ||||||||||
Majority Shareholder | Subsequent Event | CCOH | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Amount of demand for repayment | $ 30 |
STOCKHOLDERS' DEFICIT - Stoc82
STOCKHOLDERS' DEFICIT - Stock Options (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 0 | 0 | 0 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of options granted | 10 years | ||
Vesting period of options | 5 years | ||
Stock Options | 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% | ||
Stock Options | 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% | ||
Stock Options | Common Class A | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of options granted | 10 years |
STOCKHOLDERS' DEFICIT - Sche83
STOCKHOLDERS' DEFICIT - Schedule of Stock Options Outstanding and Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Options | |||
Granted (in shares) | 0 | 0 | 0 |
Weighted Average Remaining Contractual Term | |||
Share for which non-cash compensation expense has not been recorded (in shares) | 500,000 | ||
Parent Company | |||
Options | |||
Outstanding at beginning of period (in shares) | 2,092,000 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | 0 | ||
Forfeited (in shares) | 0 | ||
Expired (in shares) | 0 | ||
Outstanding at end of period (in shares) | 2,092,000 | 2,092,000 | |
Exercisable (in shares) | 1,549,000 | ||
Expected to Vest (in shares) | 543,000 | ||
Price | |||
Outstanding at beginning of period (in dollars per share) | $ 35.09 | ||
Outstanding at end of period (in dollars per share) | 35.09 | $ 35.09 | |
Exercisable (in dollars per share) | 35.14 | ||
Expected to Vest (in dollars per share) | $ 34.94 | ||
Weighted Average Remaining Contractual Term | |||
Outstanding | 1 year 7 months 6 days | 2 years 7 months 3 days | |
Exercisable | 2 years | ||
Expected to Vest | 8 months 15 days | ||
CCOH | |||
Options | |||
Outstanding at beginning of period (in shares) | 5,033,000 | ||
Granted (in shares) | 4,000 | ||
Exercised (in shares) | (71,000) | ||
Forfeited (in shares) | (96,000) | ||
Expired (in shares) | (760,000) | ||
Outstanding at end of period (in shares) | 4,110,000 | 5,033,000 | |
Exercisable (in shares) | 3,392,000 | ||
Expected to Vest (in shares) | 718,000 | ||
Price | |||
Outstanding at beginning of period (in dollars per share) | $ 7.04 | ||
Granted (in dollars per share) | 4.25 | ||
Exercised (in dollars per share) | 3.10 | ||
Forfeited (in dollars per share) | 6.85 | ||
Expired (in dollars per share) | 12.49 | ||
Outstanding at end of period (in dollars per share) | 6.10 | $ 7.04 | |
Exercisable (in dollars per share) | 6.01 | ||
Expected to Vest (in dollars per share) | $ 6.52 | ||
Weighted Average Remaining Contractual Term | |||
Outstanding | 4 years 1 month 6 days | 4 years 11 months | |
Exercisable | 3 years 4 months 26 days | ||
Expected to Vest | 7 years 6 months 1 day | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 2,378 | $ 2,539 | |
Exercisable | 2,359 | ||
Expected to vest | $ 19 | ||
Weighted average grant date fair value (in dollars per share) | $ 2.04 | $ 2.82 | $ 4.25 |
Cash received from option exercises | $ 200 | $ 600 | $ 3,800 |
Total intrinsic value of options exercised | $ 200 | $ 400 | $ 2,800 |
STOCKHOLDERS' DEFICIT - Summar
STOCKHOLDERS' DEFICIT - Summary of Unvested Options and Changes (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Options | |||
Granted (in shares) | 0 | 0 | 0 |
Parent Company | |||
Options | |||
Unvested at beginning of period (in shares) | 543,000 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | 0 | ||
Forfeited (in shares) | 0 | ||
Unvested at end of period (in shares) | 543,000 | 543,000 | |
Weighted Average Grant Date Fair Value | |||
Unvested at beginning of period (in dollars per share) | $ 19.61 | ||
Unvested at end of period (in dollars per share) | $ 19.61 | $ 19.61 | |
Total fair value of options vested | $ 0 | $ 0.2 | $ 0.3 |
CCOH | |||
Options | |||
Unvested at beginning of period (in shares) | 1,164,000 | ||
Granted (in shares) | 4,000 | ||
Vested (in shares) | (354,000) | ||
Forfeited (in shares) | (96,000) | ||
Unvested at end of period (in shares) | 718,000 | 1,164,000 | |
Weighted Average Grant Date Fair Value | |||
Unvested at beginning of period (in dollars per share) | $ 4.25 | ||
Granted (in dollars per share) | 2.04 | $ 2.82 | $ 4.25 |
Vested (in dollars per share) | 4.37 | ||
Forfeited (in dollars per share) | 4.15 | ||
Unvested at end of period (in dollars per share) | $ 4.19 | $ 4.25 | |
Total fair value of options vested | $ 1.6 | $ 2.7 | $ 4.2 |
STOCKHOLDERS' DEFICIT - Restri
STOCKHOLDERS' DEFICIT - Restricted Stock Awards (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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 |
STOCKHOLDERS' DEFICIT - Summ86
STOCKHOLDERS' DEFICIT - Summary of Restricted Stock Outstanding and Restricted Stock Activity (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Restricted stock awards | |
Awards | |
Outstanding at beginning of period (in shares) | shares | 5,772 |
Granted (in shares) | shares | 1,438 |
Vested (restriction lapsed) (in shares) | shares | (677) |
Forfeited (in shares) | shares | (314) |
Outstanding at end of period (in shares) | shares | 6,219 |
Price | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 4.43 |
Granted (in dollars per share) | $ / shares | 1.75 |
Vested (restriction lapsed) (in dollars per share) | $ / shares | 4.57 |
Forfeited (in dollars per share) | $ / shares | 4.09 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 3.81 |
CCOH's restricted stock | |
Awards | |
Outstanding at beginning of period (in shares) | shares | 2,743 |
Granted (in shares) | shares | 2,539 |
Vested (restriction lapsed) (in shares) | shares | (1,040) |
Forfeited (in shares) | shares | (342) |
Outstanding at end of period (in shares) | shares | 3,900 |
Price | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 7.63 |
Granted (in dollars per share) | $ / shares | 4.30 |
Vested (restriction lapsed) (in dollars per share) | $ / shares | 7.16 |
Forfeited (in dollars per share) | $ / shares | 7.39 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 5.61 |
STOCKHOLDERS' DEFICIT - CCOH S
STOCKHOLDERS' DEFICIT - CCOH Stock Options (Narrative) (Details) - Stock Options | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Term of options granted | 10 years |
Vesting period of options | 5 years |
STOCKHOLDERS' DEFICIT - Sche88
STOCKHOLDERS' DEFICIT - Schedule of Assumptions Used to Calculate Fair Value of Options (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||
Expected volatility (as a percent) | 42.00% | ||
Expected volatility, minimum (as a percent) | 42.00% | 36.00% | |
Expected volatility, maximum (as a percent) | 44.00% | 56.00% | |
Expected life (in years) | 6 years 4 months | 6 years 4 months | 6 years 4 months |
Risk-free interest rate (as a percent) | 2.12% | ||
Risk-free interest rate, minimum | 1.12% | 1.70% | |
Risk-free interest rate, maximum | 1.41% | 2.07% | |
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
STOCKHOLDERS' DEFICIT - CCOH R
STOCKHOLDERS' DEFICIT - CCOH Restricted Stock Awards (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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 |
STOCKHOLDERS' DEFICIT - Share-
STOCKHOLDERS' DEFICIT - Share-Based Compensation Cost (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Tax benefit related to share-based compensation expense | $ 4.2 | $ 5 | $ 4.2 |
Unrecognized compensation cost related to arrangements that will vest based on service conditions | $ 17.5 | ||
Weighted average period for recognition | 3 years | ||
Unrecognized compensation cost related to arrangements that will vest based on market, performance and service conditions | $ 26.5 | ||
Corporate expenses | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Share-based compensation payments recorded in corporate expenses | $ 12.1 | $ 13.1 | $ 11.1 |
STOCKHOLDERS' DEFICIT - Sche91
STOCKHOLDERS' DEFICIT - Schedule of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
NUMERATOR: | |||||||||||
Net loss attributable to the Company – common shares | $ (393,891) | $ (296,362) | $ (754,774) | ||||||||
DENOMINATOR: | |||||||||||
Weighted average common shares outstanding - basic (in shares) | 84,967 | 84,569 | 84,278 | ||||||||
Stock options and restricted stock: (in shares) | 0 | 0 | 0 | ||||||||
Weighted average common shares outstanding - diluted (in shares) | 84,967 | 84,569 | 84,278 | ||||||||
Net loss attributable to the Company per common share: | |||||||||||
Basic (in dollars per share) | $ 4.89 | $ (2.92) | $ (2.05) | $ (4.58) | $ 1.25 | $ (0.41) | $ (3.30) | $ (1.05) | $ (4.64) | $ (3.50) | $ (8.96) |
Diluted (in dollars per share) | $ 4.85 | $ (2.92) | $ (2.05) | $ (4.58) | $ 1.24 | $ (0.41) | $ (3.30) | $ (1.05) | $ (4.64) | $ (3.50) | $ (8.96) |
Stock options and restricted shares not included in computation of diluted earnings per share (in shares) | 8,300 | 7,900 | 7,200 |
STOCKHOLDERS' DEFICIT - New Ch
STOCKHOLDERS' DEFICIT - New Charter (Narrative) (Details) - $ / shares | Dec. 31, 2017 | Jan. 26, 2017 | Dec. 31, 2016 |
Class D Common Stock | |||
Class of Stock [Line Items] | |||
Shares authorized under New Charter (in shares) | 200,000,000 | 200,000,000 | 200,000,000 |
Par value of shares authorized under New Charter (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock authorized under New Charter (in shares) | 150,000,000 | ||
Par value of preferred stock authorized under New Charter (in dollars per share) | $ 0.001 |
EMPLOYEE STOCK AND SAVINGS PL93
EMPLOYEE STOCK AND SAVINGS PLANS EMPLOYEE STOCK AND SAVINGS PLANS (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |||
Contributions expensed | $ 29 | $ 30.9 | $ 28.9 |
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 | $ 12.1 | 10.7 | |
Liability under deferred compensation plan | $ 12.1 | $ 10.7 |
OTHER INFORMATION - Components
OTHER INFORMATION - Components of Other Income (Expense) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||||||||||
Foreign exchange gain (loss) | $ 29,223 | $ (69,880) | $ 15,468 | ||||||||
Other | (44,545) | (3,222) | (2,412) | ||||||||
Total other income (expense), net | $ (4,078) | $ 2,223 | $ 1,782 | $ (15,249) | $ (26,048) | $ (7,323) | $ (34,019) | $ (5,712) | $ (15,322) | $ (73,102) | $ 13,056 |
OTHER INFORMATION - Narrative (
OTHER INFORMATION - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |
Expenses incurred related to capital structure | $ 41.8 |
Letter of credit | |
Debt Instrument [Line Items] | |
Letters of credit outstanding | 24.7 |
Cash collateral | $ 25.4 |
OTHER INFORMATION - Schedule of
OTHER INFORMATION - Schedule of Increase (Decrease) in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Pension adjustments and other | $ (314) | $ (1,044) | $ 1,585 |
Total (increase) decrease in deferred tax liabilities | $ (314) | $ (1,044) | $ 1,585 |
OTHER INFORMATION - Component97
OTHER INFORMATION - Components of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Income and Expenses [Abstract] | ||
Inventory | $ 22,470 | $ 22,068 |
Deposits | 7,516 | 2,717 |
Restricted cash | 26,096 | 680 |
Other | 26,456 | 29,600 |
Total other current assets | $ 82,538 | $ 55,065 |
OTHER INFORMATION - Component98
OTHER INFORMATION - Components of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Income and Expenses [Abstract] | ||
Investments in, and advances to, nonconsolidated affiliates | $ 24,395 | $ 14,477 |
Other investments | 80,320 | 73,381 |
Notes receivable | 13,792 | 132 |
Prepaid expenses | 3,423 | 0 |
Deposits | 24,686 | 20,963 |
Prepaid rent | 68,991 | 70,603 |
Non-qualified plan assets | 12,116 | 10,733 |
Restricted cash | 18,095 | 20,474 |
Other | 32,449 | 16,687 |
Total other assets | $ 278,267 | $ 227,450 |
OTHER INFORMATION - Component99
OTHER INFORMATION - Components of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Income and Expenses [Abstract] | ||
Unrecognized tax benefits | $ 112,429 | $ 115,078 |
Asset retirement obligation | 47,093 | 42,067 |
Non-qualified plan liabilities | 12,116 | 10,733 |
Deferred income | 149,284 | 154,246 |
Deferred rent | 183,782 | 177,335 |
Employee related liabilities | 52,212 | 55,460 |
Other | 40,169 | 39,054 |
Total other long-term liabilities | $ 597,085 | $ 593,973 |
OTHER INFORMATION - Componen100
OTHER INFORMATION - Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | $ (11,327,455) | $ (10,885,475) | $ (10,606,681) | $ (9,665,208) |
Cumulative currency translation adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | (282,588) | (319,696) | ||
Cumulative unrealized gain on securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | 1,058 | 1,428 | ||
Cumulative other adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | (31,030) | (37,608) | ||
Total accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss | $ (312,560) | $ (355,876) | $ (414,407) | $ (308,590) |
SEGMENT DATA - Schedule of Oper
SEGMENT DATA - Schedule of Operating Segment Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 1,713,888 | $ 1,537,416 | $ 1,590,368 | $ 1,329,322 | $ 1,717,210 | $ 1,566,582 | $ 1,614,472 | $ 1,361,798 | $ 6,170,994 | $ 6,260,062 | $ 6,241,516 |
Direct operating expenses | 654,188 | 621,895 | 614,377 | 571,262 | 627,186 | 591,740 | 613,186 | 566,664 | 2,461,722 | 2,398,776 | 2,471,113 |
Selling, general and administrative expenses | 515,083 | 438,654 | 447,290 | 450,619 | 444,050 | 421,700 | 434,581 | 425,568 | 1,851,646 | 1,725,899 | 1,704,352 |
Corporate expenses | 78,411 | 77,967 | 77,158 | 78,362 | 88,724 | 86,832 | 87,657 | 77,859 | 311,898 | 341,072 | 315,143 |
Depreciation and amortization | 157,645 | 149,749 | 147,795 | 146,106 | 159,174 | 158,453 | 162,144 | 155,456 | 601,295 | 635,227 | 673,991 |
Impairment charges | 2,568 | 7,631 | 0 | 0 | 0 | 8,000 | 0 | 0 | 10,199 | 8,000 | 21,631 |
Other operating income, net | 10,919 | (13,215) | 6,916 | 31,084 | 133,788 | (505) | (64,190) | 284,463 | 35,704 | 353,556 | 94,001 |
Operating income (loss) | 316,912 | $ 228,305 | $ 310,664 | $ 114,057 | 531,864 | $ 299,352 | $ 252,714 | $ 420,714 | 969,938 | 1,504,644 | 1,149,287 |
Segment assets | 12,260,431 | 12,862,247 | 12,260,431 | 12,862,247 | 13,673,115 | ||||||
Capital expenditures | 291,966 | 314,717 | 296,380 | ||||||||
Share-based compensation expense | 12,078 | 13,133 | 11,067 | ||||||||
Corporate and other reconciling items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Direct operating expenses | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Corporate expenses | 315,596 | 342,603 | 315,143 | ||||||||
Depreciation and amortization | 31,640 | 35,547 | 42,588 | ||||||||
Impairment charges | 10,199 | 8,000 | 21,631 | ||||||||
Other operating income, net | 35,704 | 353,556 | 94,001 | ||||||||
Operating income (loss) | (321,731) | (32,594) | (285,361) | ||||||||
Segment assets | 355,528 | 714,445 | 355,528 | 714,445 | 976,417 | ||||||
Capital expenditures | 12,047 | 13,847 | 15,808 | ||||||||
Share-based compensation expense | 12,078 | 13,133 | 11,067 | ||||||||
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (6,918) | (3,455) | (2,744) | ||||||||
Direct operating expenses | (166) | 0 | 0 | ||||||||
Selling, general and administrative expenses | (3,054) | (1,924) | (2,744) | ||||||||
Corporate expenses | (3,698) | (1,531) | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income, net | 0 | 0 | 0 | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Segment assets | (222) | (216) | (222) | (216) | (196,292) | ||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,918 | 3,455 | 2,744 | ||||||||
iHM | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 3,442,963 | 3,403,040 | 3,284,320 | ||||||||
Direct operating expenses | 1,059,123 | 975,463 | 972,937 | ||||||||
Selling, general and administrative expenses | 1,245,741 | 1,102,998 | 1,065,066 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 233,757 | 243,964 | 240,207 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income, net | 0 | 0 | 0 | ||||||||
Operating income (loss) | 904,342 | 1,080,615 | 1,006,110 | ||||||||
Segment assets | 7,318,941 | 7,392,872 | 7,318,941 | 7,392,872 | 7,522,998 | ||||||
Capital expenditures | 58,057 | 73,221 | 63,814 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
iHM | Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Americas Outdoor Advertising | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,256,326 | 1,278,413 | 1,349,021 | ||||||||
Direct operating expenses | 574,113 | 570,310 | 597,382 | ||||||||
Selling, general and administrative expenses | 219,467 | 225,415 | 233,254 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 189,707 | 185,654 | 204,514 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income, net | 0 | 0 | 0 | ||||||||
Operating income (loss) | 273,039 | 297,034 | 313,871 | ||||||||
Segment assets | 2,969,326 | 3,175,355 | 2,969,326 | 3,175,355 | 3,567,764 | ||||||
Capital expenditures | 74,580 | 81,401 | 82,165 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Americas Outdoor Advertising | Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,918 | 3,455 | 2,744 | ||||||||
International Outdoor Advertising | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,334,939 | 1,410,471 | 1,457,183 | ||||||||
Direct operating expenses | 828,652 | 851,748 | 897,520 | ||||||||
Selling, general and administrative expenses | 289,170 | 289,787 | 298,250 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 131,224 | 152,758 | 166,060 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income, net | 0 | 0 | 0 | ||||||||
Operating income (loss) | 85,893 | 116,178 | 95,353 | ||||||||
Segment assets | 1,449,365 | 1,342,356 | 1,449,365 | 1,342,356 | 1,573,161 | ||||||
Capital expenditures | 146,392 | 143,788 | 132,554 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
International Outdoor Advertising | Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Other | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 143,684 | 171,593 | 153,736 | ||||||||
Direct operating expenses | 0 | 1,255 | 3,274 | ||||||||
Selling, general and administrative expenses | 100,322 | 109,623 | 110,526 | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 14,967 | 17,304 | 20,622 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Other operating income, net | 0 | 0 | 0 | ||||||||
Operating income (loss) | 28,395 | 43,411 | 19,314 | ||||||||
Segment assets | $ 167,493 | $ 237,435 | 167,493 | 237,435 | 229,067 | ||||||
Capital expenditures | 890 | 2,460 | 2,039 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Other | Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 0 | $ 0 | $ 0 |
SEGMENT DATA - Narrative (Detai
SEGMENT DATA - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $ 1,713,888 | $ 1,537,416 | $ 1,590,368 | $ 1,329,322 | $ 1,717,210 | $ 1,566,582 | $ 1,614,472 | $ 1,361,798 | $ 6,170,994 | $ 6,260,062 | $ 6,241,516 |
Foreign operations | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 1,500,000 | 1,600,000 | 1,600,000 | ||||||||
Identifiable long-lived assets | 598,600 | 540,400 | 598,600 | 540,400 | 629,500 | ||||||
U.S. operations | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 4,700,000 | 4,700,000 | 4,600,000 | ||||||||
Identifiable long-lived assets | $ 1,300,000 | $ 1,400,000 | $ 1,300,000 | $ 1,400,000 | $ 1,600,000 |
QUARTERLY RESULTS OF OPERATI103
QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 1,713,888 | $ 1,537,416 | $ 1,590,368 | $ 1,329,322 | $ 1,717,210 | $ 1,566,582 | $ 1,614,472 | $ 1,361,798 | $ 6,170,994 | $ 6,260,062 | $ 6,241,516 |
Operating expenses: | |||||||||||
Direct operating expenses | 654,188 | 621,895 | 614,377 | 571,262 | 627,186 | 591,740 | 613,186 | 566,664 | 2,461,722 | 2,398,776 | 2,471,113 |
Selling, general and administrative expenses | 515,083 | 438,654 | 447,290 | 450,619 | 444,050 | 421,700 | 434,581 | 425,568 | 1,851,646 | 1,725,899 | 1,704,352 |
Corporate expenses | 78,411 | 77,967 | 77,158 | 78,362 | 88,724 | 86,832 | 87,657 | 77,859 | 311,898 | 341,072 | 315,143 |
Depreciation and amortization | 157,645 | 149,749 | 147,795 | 146,106 | 159,174 | 158,453 | 162,144 | 155,456 | 601,295 | 635,227 | 673,991 |
Impairment charges | 2,568 | 7,631 | 0 | 0 | 0 | 8,000 | 0 | 0 | 10,199 | 8,000 | 21,631 |
Other operating income, net | 10,919 | (13,215) | 6,916 | 31,084 | 133,788 | (505) | (64,190) | 284,463 | 35,704 | 353,556 | 94,001 |
Operating income (loss) | 316,912 | 228,305 | 310,664 | 114,057 | 531,864 | 299,352 | 252,714 | 420,714 | 969,938 | 1,504,644 | 1,149,287 |
Interest expense | 476,837 | 470,250 | 463,160 | 455,337 | 460,189 | 459,852 | 465,991 | 463,950 | 1,865,584 | 1,849,982 | 1,805,496 |
Gain (loss) on investments, net | (2,439) | (2,173) | (135) | (125) | 860 | (13,767) | 0 | 0 | (4,872) | (12,907) | (4,421) |
Equity in earnings (loss) of nonconsolidated affiliates | (615) | (2,238) | 240 | (242) | (15,807) | 1,117 | (1,610) | (433) | (2,855) | (16,733) | (902) |
Gain (loss) on extinguishment of debt | 1,271 | 0 | 0 | 0 | 0 | 157,556 | 0 | 0 | 1,271 | 157,556 | (2,201) |
Other income (expense), net | (4,078) | 2,223 | 1,782 | (15,249) | (26,048) | (7,323) | (34,019) | (5,712) | (15,322) | (73,102) | 13,056 |
Income (loss) before income taxes | (165,786) | (244,133) | (150,609) | (356,896) | 30,680 | (22,917) | (248,906) | (49,381) | (917,424) | (290,524) | (650,677) |
Income tax benefit (expense) | 507,549 | (2,051) | (17,408) | (30,684) | 92,717 | (5,613) | (27,137) | (9,493) | 457,406 | 50,474 | (86,957) |
Consolidated net income (loss) | 341,763 | (246,184) | (168,017) | (387,580) | 123,397 | (28,530) | (276,043) | (58,874) | (460,018) | (240,050) | (737,634) |
Less amount attributable to noncontrolling interest | (74,775) | 1,993 | 6,020 | 635 | 17,362 | 6,471 | 2,857 | 29,622 | (66,127) | 56,312 | 17,140 |
Net income (loss)attributable to the Company | $ 416,538 | $ (248,177) | $ (174,037) | $ (388,215) | $ 106,035 | $ (35,001) | $ (278,900) | $ (88,496) | $ (393,891) | $ (296,362) | $ (754,774) |
Net income (loss) to the Company per common share: | |||||||||||
Basic (in dollars per share) | $ 4.89 | $ (2.92) | $ (2.05) | $ (4.58) | $ 1.25 | $ (0.41) | $ (3.30) | $ (1.05) | $ (4.64) | $ (3.50) | $ (8.96) |
Diluted (in dollars per share) | $ 4.85 | $ (2.92) | $ (2.05) | $ (4.58) | $ 1.24 | $ (0.41) | $ (3.30) | $ (1.05) | $ (4.64) | $ (3.50) | $ (8.96) |
CERTAIN RELATIONSHIPS AND RE104
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Detail) - USD ($) | Apr. 02, 2015 | Jan. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 03, 2015 | Dec. 31, 2014 | Aug. 09, 2010 |
Related Party Transaction [Line Items] | ||||||||
Management fees rate | $ 15,000,000 | |||||||
Management fees and reimbursable expenses | $ 15,200,000 | $ 15,300,000 | $ 15,400,000 | |||||
Common Class A | ||||||||
Related Party Transaction [Line Items] | ||||||||
Approved stock repurchase amount | $ 100,000,000 | |||||||
Remaining aggregate available under stock purchase program | $ 34,200,000 | |||||||
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 | |||||||
iHeart Communications Inc. | Common Class A | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares of CCOH's Class A Common Stock held (in shares) | 10,726,917 | |||||||
Collective holdings percentage (more than) | 89.50% | |||||||
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 QU105
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Period | $ 33,882 | $ 34,889 | $ 32,396 |
Charges to Costs, Expenses and other | 38,944 | 27,390 | 30,579 |
Write-off of Accounts Receivable | 25,800 | 27,898 | 26,310 |
Other | 1,424 | (499) | (1,776) |
Balance at End of Period | $ 48,450 | $ 33,882 | $ 34,889 |
SCHEDULE II VALUATION AND QU106
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Period | $ 989,924 | $ 944,576 | $ 655,658 |
Charges to Costs, Expenses and other | 319,429 | 109,285 | 314,098 |
Reversal | (12,155) | (49,577) | (457) |
Adjustments | (344,861) | (14,360) | (24,723) |
Balance at End of Period | $ 952,337 | $ 989,924 | $ 944,576 |
SCHEDULE II VALUATION AND QU107
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal and state | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Tax Act, reduction in deferred tax asset valuation allowance | $ 26.6 | ||
Federal and state | Deferred Tax Asset Valuation Allowance | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowance recorded on portion of deferred tax assets | 387.7 | $ 61.5 | $ 305.3 |
Tax Act, reduction in deferred tax asset valuation allowance | 336.3 | ||
Foreign | Deferred Tax Asset Valuation Allowance | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowances released | $ 43.3 | $ 43.3 |