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CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2019
Reorganizations [Abstract] |
Debtors Financial Statements | Debtors' Balance Sheet
(In thousands) | March 31, 2019 |  | December 31, 2018
| (Unaudited) |  |
CURRENT ASSETS |  |  |
Cash and cash equivalents | $ | 233,596 |  |  | $ | 178,924 |
Accounts receivable, net of allowance of $24,936 in 2019 and 26,347 in 2018 | 748,143 |  |  | 866,088 |
Intercompany receivable | 48,771 |  |  | — |
Prepaid expenses | 120,009 |  |  | 98,836 |
Other current assets | 41,452 |  |  | 24,576 |
Total Current Assets | 1,191,971 |  |  | 1,168,424 |
PROPERTY, PLANT AND EQUIPMENT |  |  |
Property, plant and equipment, net | 496,067 |  |  | 501,677 |
INTANGIBLE ASSETS AND GOODWILL |  |  |
Indefinite-lived intangibles - licenses | 2,318,029 |  |  | 2,409,411 |
Other intangibles, net | 187,197 |  |  | 196,741 |
Goodwill | 3,412,753 |  |  | 3,412,753 |
OTHER ASSETS |  |  |
Operating lease right-of-use assets | 353,404 |  |  | — |
Other assets | 63,461 |  |  | 63,203 |
Total Assets | $ | 8,022,882 |  |  | $ | 7,752,209 |
CURRENT LIABILITIES |  |  |  |
Accounts payable | $ | 41,512 |  |  | $ | 49,129 |
Intercompany payable | — |  |  | 2,894 |
Accrued expenses | 171,043 |  |  | 296,149 |
Accrued interest | 674 |  |  | 766 |
Deferred income | 128,493 |  |  | 120,328 |
Current portion of long-term debt | 46,510 |  |  | 46,105 |
Total Current Liabilities | 388,232 |  |  | 515,371 |
Other long-term liabilities | 120,662 |  |  | 229,640 |
Liabilities subject to compromise 1 | 17,861,051 |  |  | 17,511,976 |
EQUITY (DEFICIT) |  |  |
Equity (Deficit) | (10,347,063 | ) |  | (10,504,778 | )
Total Liabilities and Equity (Deficit) | $ | 8,022,882 |  |  | $ | 7,752,209 |
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 pre-petition principal amount outstanding under the Intercompany Note, which totals $1,031.7 million as of March 31, 2019 and December 31, 2018. Debtors' Statements of Operations
(In thousands) | Three Months Ended March 31,
| 2019 |  | 2018
Revenue | $ | 790,558 |  |  | $ | 767,007 |
Operating expenses: |  |  |
Direct operating expenses (excludes depreciation and amortization) | 265,684 |  |  | 239,461 |
Selling, general and administrative expenses (excludes depreciation and amortization) | 329,919 |  |  | 342,951 |
Corporate expenses (excludes depreciation and amortization) | 47,042 |  |  | 44,308 |
Depreciation and amortization | 38,040 |  |  | 67,116 |
Impairment charges | 91,382 |  |  | — |
Other operating expense, net | (23 | ) |  | (3,232 | )
Operating income | 18,468 |  |  | 69,939 |
Interest expense, net 1 | 338 |  |  | 342,564 |
Equity in loss of nonconsolidated affiliates | (7 | ) |  | (32 | )
Gain on extinguishment of debt | — |  |  | 5,667 |
Dividend income 2 | — |  |  | 25,483 |
Other expense, net | (42 | ) |  | (20,060 | )
Reorganization items, net | 36,118 |  |  | 192,055 |
Loss before income taxes | (18,037 | ) |  | (453,622 | )
Income tax benefit | 61,373 |  |  | 162,973 |
Net income (loss) | $ | 43,336 |  |  | $ | (290,649 | )
1 Includes interest incurred during the three months ended March 31, 2019 and 2018 in relation to the post-petition Intercompany Note and interest incurred during the three months ended March 31, 2018 in relation to the pre-petition Intercompany Notes. 2 Consists of cash dividends received from Non-Debtor entities during the three months ended March 31, 2018. Debtors' Statement of Cash Flows
(In thousands) | Three Months Ended March 31,
| 2019 |  | 2018
Cash flows from operating activities: |  |  |
Consolidated net income (loss) | $ | 43,336 |  |  | $ | (290,649 | )
Reconciling items: |  |  |
Impairment charges | 91,382 |  |  | — |
Depreciation and amortization | 38,040 |  |  | 67,116 |
Deferred taxes | 8,596 |  |  | (138,949 | )
Provision for doubtful accounts | 3,838 |  |  | 6,829 |
Amortization of deferred financing charges and note discounts, net | 405 |  |  | 11,043 |
Non-cash Reorganization items, net | 2,173 |  |  | 191,903 |
Share-based compensation | 393 |  |  | 578 |
Loss on disposal of operating and other assets | 143 |  |  | 1,864 |
Equity in loss of nonconsolidated affiliates | 7 |  |  | 32 |
Gain on extinguishment of debt | — |  |  | (5,667 | )
Barter and trade income | (5,076 | ) |  | (357 | )
Other reconciling items, net | (13 | ) |  | (80 | )
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |  |  |
Decrease in accounts receivable | 114,107 |  |  | 110,270 |
Increase in prepaid expenses and other current assets | (38,596 | ) |  | (66,429 | )
Decrease in accrued expenses | (127,089 | ) |  | (27,223 | )
Increase (decrease) in accounts payable | (8,192 | ) |  | 4,444 |
Increase in accrued interest | 328 |  |  | 301,896 |
Increase in deferred income | 13,049 |  |  | 13,604 |
Changes in other operating assets and liabilities | (1,272 | ) |  | (1,116 | )
Net cash provided by operating activities | 135,559 |  |  | 179,109 |
Cash flows from investing activities: |  |  |
Purchases of property, plant and equipment | (22,932 | ) |  | (10,010 | )
Proceeds from disposal of assets | 121 |  |  | 1,028 |
Purchases of other operating assets | — |  |  | (305 | )
Change in other, net | (7 | ) |  | (29 | )
Net cash used for investing activities | (22,818 | ) |  | (9,316 | )
Cash flows from financing activities: |  |  |
Draws on credit facilities | — |  |  | 25,000 |
Payments on credit facilities | — |  |  | (59,000 | )
Proceeds from long-term debt | 228 |  |  | — |
Payments on long-term debt | (6,412 | ) |  | (50,027 | )
Net transfers to related parties | (51,881 | ) |  | (51,996 | )
Change in other, net | (4 | ) |  | 2 |
Net cash used for financing activities | (58,069 | ) |  | (136,021 | )
Net increase in cash, cash equivalents and restricted cash | 54,672 |  |  | 33,772 |
Cash, cash equivalents and restricted cash at beginning of period | 182,352 |  |  | 102,468 |
Cash, cash equivalents and restricted cash at end of period | $ | 237,024 |  |  | $ | 136,240 |
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) | March 31, 2019 |  | December 31, 2018
Cash and cash equivalents | $ | 233,596 |  |  | $ | 178,924 |
Restricted cash included in: |  |  |
Other current assets | 3,428 |  |  | 3,428 |
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows | $ | 237,024 |  |  | $ | 182,352 |

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