CLEAR CHANNEL COMMUNICATIONS INC

CIK:0000739708|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ 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)

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

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)
STOCKHOLDER’S DEFICIT
Noncontrolling interest	42,764	135,778
Common stock, par value $.001 per share, authorized and issued 500,000,000 shares in 2017 and 2016, respectively	500	500
Additional paid-in capital	2,069,684	2,068,075
Accumulated deficit	(13,127,843)	(12,733,952)
Accumulated other comprehensive loss	(312,560)	(355,876)
Total Stockholder's Deficit	(11,327,455)	(10,885,475)
Total Liabilities and Stockholder's Deficit	$ 12,260,431	$ 12,862,247