Investments

12 Months Ended

Dec. 31, 2015

NOTE 3 – INVESTMENTS
The following table summarizes the Company's investments in nonconsolidated affiliates and available-for-sale securities:

		Equity Method Investments
(In thousands)		ARN		AllOthers		Cost Method Investments		Marketable Equity Securities		Total Investments
Balance at December 31, 2013		$	220,750	$	18,055	$	7,783	$	1,942	$	248,530
	Cash advances (repayments)		-		5,263		-		-		5,263
	Acquisitions of investments, net		-		-		8,520		-		8,520
	Equity in earnings (loss)		(12,678)		3,262		-		-		(9,416)
	Foreign currency translation adjustment		1,449		77		(20)		(291)		1,215
	Distributions received		(228)		(1,000)		(14)		-		(1,242)
	Proceeds on sale		(220,783)		(15,820)		-		-		(236,603)
	Other		11,490		(344)		-		327		11,473
Balance at December 31, 2014		$	-	$	9,493	$	16,269	$	1,978	$	27,740
	Cash advances (repayments)		-		2,578		-		-		2,578
	Acquisitions of investments, net		-		17,980		47,546		-		65,526
	Equity in earnings (loss)		-		(902)		-		-		(902)
	Foreign currency transaction adjustment		-		(89)		(13)		(205)		(307)
	Distributions received		-		(1,350)		-		-		(1,350)
	Loss on investments		-		-		(5,000)		-		(5,000)
	Other		-		-		-		553		553
Balance at December 31, 2015		$	-	$	27,710	$	58,802	$	2,326	$	88,838

Equity method investments in the table above are not consolidated, but are accounted for under the equity method of accounting, whereby the Company records its investments in these entities in the balance sheet as “Other assets.” The Company's interests in their operations are recorded in the statement of comprehensive loss as “Equity in earnings (loss) of nonconsolidated affiliates.” Other cost investments include various investments in companies for which there is no readily determinable market value.

Australian Radio Network

The Company owned a fifty-percent (50%) interest in Australian Radio Network (“ARN”), an Australian company that owns and operates radio stations in Australia and New Zealand. An impairment charge of $95.4 million was recorded during the fourth quarter of 2013 to write down the investment to its estimated fair value. On February 18, 2014, a subsidiary of the Company sold its 50% interest in ARN, recognizing a loss on the sale of $2.4 million and $11.5 million of foreign exchange losses that were reclassified from accumulated other comprehensive income at the date of the sale.

During the fourth quarter of 2015, the Company recorded $36.5 million for investments made in three private companies in exchange for advertising services. The Company recognized barter revenue of $15.6 million in the fourth quarter of 2015 as services were provided. The remaining value of advertising services will be provided in 2016. One of these investments is being accounted for under the equity method of accounting, and two of these investments are being accounted for under the cost method.

The Company recognized other-than-temporary impairments of $5.0 million on cost investments for the year ended December 31, 2015, which was a non-cash impairment charge recorded in “Gain (loss) on investments, net.”

Marketable Equity Securities

ASC 820-10-35 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Company’s marketable equity securities are measured at fair value on each reporting date.

The marketable equity securities are measured at fair value using quoted prices in active markets. Due to the fact that the inputs used to measure the marketable equity securities at fair value are observable, the Company has categorized the fair value measurements of the securities as Level 1. As of December 31, 2015 and 2014, the Company held $2.3 million and $2.0 million in marketable equity securities, which are included within Other Assets.

During 2013, the Company sold shares of Sirius XM Radio, Inc. held by it for $135.5 million. In connection with the sale of shares of Sirius XM Radio, Inc., a realized gain of $130.9 million and income tax expense of $48.6 million were reclassified out of accumulated other comprehensive loss into “Gain on marketable securities” and “Income tax benefit,” respectively. The net difference of $82.3 million is reported as a reduction of “Other comprehensive income (loss).”