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QUARTERLY RESULTS OF OPERATIONS (Unaudited) | 12 Months Ended
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Dec. 31, 2016
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,
| 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015
Revenue | $ | 1,363,505 |  |  | $ | 1,344,564 |  |  | $ | 1,618,532 |  |  | $ | 1,599,859 |  |  | $ | 1,570,418 |  |  | $ | 1,579,514 |  |  | $ | 1,721,118 |  |  | $ | 1,717,579 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating expenses | 568,371 |  |  | 577,692 |  |  | 617,246 |  |  | 615,163 |  |  | 595,576 |  |  | 627,150 |  |  | 631,094 |  |  | 651,108 |
Selling, general and administrative expenses | 425,568 |  |  | 416,881 |  |  | 434,581 |  |  | 424,562 |  |  | 421,700 |  |  | 429,426 |  |  | 444,050 |  |  | 433,483 |
Corporate expenses | 77,879 |  |  | 77,422 |  |  | 87,650 |  |  | 80,295 |  |  | 86,779 |  |  | 74,775 |  |  | 88,717 |  |  | 82,507 |
Depreciation and amortization | 155,456 |  |  | 170,453 |  |  | 162,144 |  |  | 168,394 |  |  | 158,453 |  |  | 166,320 |  |  | 159,174 |  |  | 168,824 |
Impairment charges | — |  |  | — |  |  | — |  |  | — |  |  | 8,000 |  |  | 21,631 |  |  | — |  |  | — |
Other operating income, net | 284,463 |  |  | (8,974 | ) |  | (64,190 | ) |  | 100,754 |  |  | (505 | ) |  | 6,914 |  |  | 133,788 |  |  | (4,693 | )
Operating income | 420,694 |  |  | 93,142 |  |  | 252,721 |  |  | 412,199 |  |  | 299,405 |  |  | 267,126 |  |  | 531,871 |  |  | 376,964 |
Interest expense | 463,950 |  |  | 441,771 |  |  | 465,991 |  |  | 452,957 |  |  | 459,852 |  |  | 453,921 |  |  | 460,189 |  |  | 456,847 |
Gain (loss) on investments, net | — |  |  | 579 |  |  | — |  |  | — |  |  | (13,767 | ) |  | (5,000 | ) |  | 860 |  |  | — |
Equity in earnings (loss) of nonconsolidated affiliates | (433 | ) |  | 331 |  |  | (1,610 | ) |  | (690 | ) |  | 1,117 |  |  | (857 | ) |  | (15,807 | ) |  | 314 |
Gain (loss) on extinguishment of debt | — |  |  | (2,201 | ) |  | — |  |  | — |  |  | 157,556 |  |  | — |  |  | — |  |  | — |
Other income (expense), net | (5,712 | ) |  | 19,891 |  |  | (34,019 | ) |  | 16,211 |  |  | (7,323 | ) |  | (17,976 | ) |  | (26,048 | ) |  | (5,070 | )
Income (loss) before income taxes | (49,401 | ) |  | (330,029 | ) |  | (248,899 | ) |  | (25,237 | ) |  | (22,864 | ) |  | (210,628 | ) |  | 30,687 |  |  | (84,639 | )
Income tax benefit (expense) | (9,493 | ) |  | (56,605 | ) |  | (27,137 | ) |  | (22,077 | ) |  | (5,613 | ) |  | (2,841 | ) |  | 92,717 |  |  | (5,434 | )
Consolidated net income (loss) | (58,894 | ) |  | (386,634 | ) |  | (276,036 | ) |  | (47,314 | ) |  | (28,477 | ) |  | (213,469 | ) |  | 123,404 |  |  | (90,073 | )
Less amount attributable to noncontrolling interest | 29,621 |  |  | (1,668 | ) |  | 2,858 |  |  | 7,152 |  |  | 6,474 |  |  | 8,448 |  |  | 17,362 |  |  | 3,199 |
Net income (loss)attributable to the Company | $ | (88,515 | ) |  | $ | (384,966 | ) |  | $ | (278,894 | ) |  | $ | (54,466 | ) |  | $ | (34,951 | ) |  | $ | (221,917 | ) |  | $ | 106,042 |  |  | $ | (93,272 | )
Net income (loss) to the Company per common share:
Basic | $ | (1.05 | ) |  | $ | (4.58 | ) |  | $ | (3.30 | ) |  | $ | (0.65 | ) |  | $ | (0.41 | ) |  | $ | (2.63 | ) |  | $ | 1.25 |  |  | $ | (1.11 | )
Diluted | $ | (1.05 | ) |  | $ | (4.58 | ) |  | $ | (3.30 | ) |  | $ | (0.65 | ) |  | $ | (0.41 | ) |  | $ | (2.63 | ) |  | $ | 1.24 |  |  | $ | (1.11 | )
The Company's Class A common shares are quoted for trading on the OTC / Pink Sheets Bulletin Board under the symbol IHRT.

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