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CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2018
Reorganizations [Abstract] |
Debtors Financial Statements | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Debtors' Balance Sheet to the total of the amounts reported in the Debtors' Statement of Cash Flows:
(In thousands) | September 30, 2018
Cash and cash equivalents | $ | 76,154 |
Restricted cash included in: |
Other current assets | 3,422 |
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows | $ | 79,576 |
Debtors' Balance Sheet
(In thousands) | September 30, 2018
| (Unaudited)
CURRENT ASSETS |
Cash and cash equivalents | $ | 76,154 |
Accounts receivable, net of allowance of $24,455 | 809,974 |
Prepaid expenses | 115,308 |
Other current assets | 25,651 |
Total Current Assets | 1,027,087 |
PROPERTY, PLANT AND EQUIPMENT |
Property, plant and equipment, net | 462,609 |
INTANGIBLE ASSETS AND GOODWILL |
Indefinite-lived intangibles - licenses | 2,409,326 |
Other intangibles, net | 171,134 |
Goodwill | 3,335,433 |
OTHER ASSETS |
Other assets | 58,080 |
Total Assets | $ | 7,463,669 |
CURRENT LIABILITIES |  |
Accounts payable | $ | 49,737 |
Intercompany payable | 9,227 |
Accrued expenses | 240,412 |
Accrued interest | 592 |
Deferred income | 130,236 |
Current portion of long-term debt | — |
Total Current Liabilities | 430,204 |
Long-term debt | — |
Other long-term liabilities | 233,769 |
Liabilities subject to compromise1 | 17,507,135 |
EQUITY (DEFICIT) |
Equity (Deficit) | (10,707,439 | )
Total Liabilities and Equity (Deficit) | $ | 7,463,669 |
1 In connection with the cash management arrangements with CCOH, the Company maintains an intercompany revolving promissory note payable by the Company to CCOH (the "Intercompany Note"), which matures on May 15, 2019. Liabilities subject to compromise include the principal amount outstanding under the Intercompany Note, which totals $1,031.7 million as of September 30, 2018. Debtors' Statements of Operations
(In thousands) | Three Months Ended September 30, 2018 |  | Nine Months Ended September 30, 2018
Revenue | $ | 909,984 |  |  | $ | 2,558,629 |
Operating expenses: |  |  |
Direct operating expenses (excludes depreciation and amortization) | 267,117 |  |  | 768,868 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 322,410 |  |  | 986,654 |
Corporate expenses (excludes depreciation and amortization) | 47,431 |  |  | 134,293 |
Depreciation and amortization | 43,036 |  |  | 174,773 |
Impairment charges | 33,151 |  |  | 33,151 |
Other operating expense, net | (2,458 | ) |  | (6,908 | )
Operating income | 194,381 |  |  | 453,982 |
Interest expense, net1 | 2,638 |  |  | 356,179 |
Equity in loss of nonconsolidated affiliates | (31 | ) |  | (94 | )
Gain on extinguishment of debt | — |  |  | 5,667 |
Dividend income2 | 269 |  |  | 25,756 |
Other expense, net | (410 | ) |  | (22,648 | )
Reorganization items, net | 52,475 |  |  | 313,270 |
Income (loss) before income taxes | 139,096 |  |  | (206,786 | )
Income tax benefit (expense) | (10,681 | ) |  | 10,465 |
Net income (loss) | $ | 128,415 |  |  | $ | (196,321 | )
1 Includes interest incurred during the three months ended September 30, 2018 in relation to the post-petition Intercompany Note and interest incurred during the nine months ended September 30, 2018 in relation to the pre-petition and post-petition Intercompany Notes. 2 Consists of cash dividends received from Non-Debtor entities during the three and nine months ended September 30, 2018. Debtors' Statement of Cash Flows
(In thousands) | Nine Months Ended September 30, 2018
Cash flows from operating activities: |
Consolidated net loss | $ | (196,321 | )
Reconciling items: |
Impairment charges | 33,151 |
Depreciation and amortization | 174,773 |
Deferred taxes | (18,869 | )
Provision for doubtful accounts | 14,747 |
Amortization of deferred financing charges and note discounts, net | 11,871 |
Non-cash Reorganization items, net | 261,057 |
Share-based compensation | 1,628 |
Loss on disposal of operating and other assets | 2,738 |
Equity in loss of nonconsolidated affiliates | 94 |
Gain on extinguishment of debt | (5,667 | )
Barter and trade income | (6,228 | )
Other reconciling items, net | (320 | )
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |
Decrease in accounts receivable | 20,906 |
Increase in prepaid expenses and other current assets | (18,844 | )
Decrease in accrued expenses | (41,848 | )
Increase in accounts payable | 21,954 |
Increase in accrued interest | 302,724 |
Increase in deferred income | 11,323 |
Changes in other operating assets and liabilities | (13,726 | )
Net cash provided by operating activities | 555,143 |
Cash flows from investing activities: |
Purchases of property, plant and equipment | (47,309 | )
Proceeds from disposal of assets | 682 |
Purchases of other operating assets | (305 | )
Change in other, net | (95 | )
Net cash used for investing activities | (47,027 | )
Cash flows from financing activities: |
Draws on credit facilities | 143,332 |
Payments on credit facilities | (258,308 | )
Payments on long-term debt | (358,880 | )
Net transfers to related parties | (57,078 | )
Change in other, net | (74 | )
Net cash used for financing activities | (531,008 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | — |
Net decrease in cash, cash equivalents and restricted cash | (22,892 | )
Cash, cash equivalents and restricted cash at beginning of period | 102,468 |
Cash, cash equivalents and restricted cash at end of period | $ | 79,576 |

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