XML 41 R21.htm IDEA: XBRL DOCUMENT
v3.20.4

SEGMENT DATA | 12 Months Ended
--- | ---
Dec. 31, 2020
Segment Reporting [Abstract] |
SEGMENT DATA | SEGMENT DATA The Company’s primary business is included in its Audio segment. Revenue and expenses earned and charged between Audio, Corporate and the Company's Audio & Media Services businesses are eliminated in consolidation. The Audio segment provides media and entertainment services via broadcast and digital delivery and also includes the Company’s events and national syndication businesses. The Audio & Media Services business provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. Share-based compensation is recorded within Corporate expenses. Beginning with the first quarter of 2021, the Company is changing its presentation of segment information to reflect changes in the way the business is managed and resources are allocated by the Company's Chief Operating Decision Maker ("CODM") as a result of a reorganization of the Company's management structure. Effective January 1, 2021, the Company will have three reportable segments - iHeartMedia Multiplatform Group, which includes our Broadcast radio, Networks and Sponsorships and Events businesses, iHeartMedia Digital Audio Group, which includes all of our Digital assets, including Podcasting, and our Audio and Media Services Group. These reportable segments reflect how senior management views the Company, align with certain leadership and organizational changes implemented in the first quarter of 2021. Additionally, beginning on January 1, 2021, Segment Adjusted EBITDA will be the segment profitability metric reported to the Company's CODM for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment Adjusted EBITDA is calculated as Revenue less Direct operating expenses and Selling, general and administrative expenses, excluding Restructuring expenses. Restructuring expenses consist primarily of severance expenses incurred in connection with cost saving initiatives, as well as certain expenses, which, in the view of management, are outside the ordinary course of business or otherwise not representative of the Company's operations during a normal business cycle. The following table presents the Company's segment results for the Successor Company for the year ended December 31, 2020 and the period from May 2, 2019 through December 31, 2019:
Successor Company
(In thousands) | Audio |  | Audio and Media Services |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Year Ended December 31, 2020
Revenue | $ | 2,681,225 |  |  | $ | 274,749 |  |  | $ | — |  |  | $ | (7,756) |  |  | $ | 2,948,218 |
Direct operating expenses | 1,136,279 |  |  | 32,387 |  |  | — |  |  | (5,518) |  |  | 1,163,148 |
Selling, general and administrative expenses | 1,076,063 |  |  | 151,220 |  |  | — |  |  | (2,186) |  |  | 1,225,097 |
Corporate expenses | — |  |  | — |  |  | 144,624 |  |  | (52) |  |  | 144,572 |
Depreciation and amortization | 369,310 |  |  | 23,502 |  |  | 10,117 |  |  | — |  |  | 402,929 |
Impairment charges | — |  |  | — |  |  | 1,738,752 |  |  | — |  |  | 1,738,752 |
Other operating expense, net | — |  |  | — |  |  | 11,344 |  |  | — |  |  | 11,344 |
Operating income (loss) | $ | 99,573 |  |  | $ | 67,640 |  |  | $ | (1,904,837) |  |  | $ | — |  |  | $ | (1,737,624) |
Segment assets | $ | 7,936,468 |  |  | $ | 473,628 |  |  | $ | 796,450 |  |  | $ | (3,585) |  |  | $ | 9,202,961 |
Intersegment revenues | $ | 670 |  |  | $ | 7,086 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,756 |
Capital expenditures | $ | 73,859 |  |  | $ | 5,105 |  |  | $ | 6,241 |  |  | $ | — |  |  | $ | 85,205 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 22,862 |  |  | $ | — |  |  | $ | 22,862 |
Period from May 2, 2019 through December 31, 2019
Revenue | $ | 2,447,800 |  |  | $ | 167,292 |  |  | $ | — |  |  | $ | (5,036) |  |  | $ | 2,610,056 |
Direct operating expenses | 858,597 |  |  | 21,106 |  |  | — |  |  | (747) |  |  | 878,956 |
Selling, general and administrative expenses | 800,796 |  |  | 101,131 |  |  | — |  |  | (4,257) |  |  | 897,670 |
Corporate expenses | — |  |  | — |  |  | 136,203 |  |  | (32) |  |  | 136,171 |
Depreciation and amortization | 229,869 |  |  | 14,776 |  |  | 4,978 |  |  | — |  |  | 249,623 |
Impairment charges | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other operating expense, net | — |  |  | — |  |  | 8,000 |  |  | — |  |  | 8,000 |
Operating income (loss) | $ | 558,538 |  |  | $ | 30,279 |  |  | $ | (149,181) |  |  | $ | — |  |  | $ | 439,636 |
Segment assets(1) | $ | 10,040,750 |  |  | $ | 486,551 |  |  | $ | 497,576 |  |  | $ | (3,778) |  |  | $ | 11,021,099 |
Intersegment revenues | $ | 447 |  |  | $ | 4,589 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,036 |
Capital expenditures | $ | 62,016 |  |  | $ | 3,980 |  |  | $ | 9,997 |  |  | $ | — |  |  | $ | 75,993 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 26,411 |  |  | $ | — |  |  | $ | 26,411 |
The following table presents the Company's segment results for the Predecessor Company for the periods indicated.
Predecessor Company
(In thousands) | Audio |  | Audio and Media Services |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Period from January 1, 2019 through May 1, 2019
Revenue | $ | 1,006,677 |  |  | $ | 69,362 |  |  | $ | — |  |  | $ | (2,568) |  |  | $ | 1,073,471 |
Direct operating expenses | 371,989 |  |  | 9,559 |  |  | — |  |  | (364) |  |  | 381,184 |
Selling, general and administrative expenses | 383,342 |  |  | 46,072 |  |  | — |  |  | (2,184) |  |  | 427,230 |
Corporate expenses |  |  |  |  | 53,667 |  |  | (20) |  |  | 53,647 |
Depreciation and amortization | 41,233 |  |  | 5,266 |  |  | 6,335 |  |  | — |  |  | 52,834 |
Impairment charges | — |  |  | — |  |  | 91,382 |  |  | — |  |  | 91,382 |
Other operating expense, net | — |  |  | — |  |  | 154 |  |  | — |  |  | 154 |
Operating income (loss) | $ | 210,113 |  |  | $ | 8,465 |  |  | $ | (151,538) |  |  | $ | — |  |  | $ | 67,040 |
Intersegment revenues | $ | 243 |  |  | $ | 2,325 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,568 |
Capital expenditures | $ | 31,177 |  |  | $ | 1,263 |  |  | $ | 3,757 |  |  | $ | — |  |  | $ | 36,197 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 498 |  |  | $ | — |  |  | $ | 498 |
Year Ended December 31, 2018
Revenue | $ | 3,353,770 |  |  | $ | 264,061 |  |  | $ | — |  |  | $ | (6,508) |  |  | $ | 3,611,323 |
Direct operating expenses | 1,104,290 |  |  | 28,360 |  |  | — |  |  | (211) |  |  | 1,132,439 |
Selling, general and administrative expenses | 1,208,882 |  |  | 147,505 |  |  | — |  |  | (6,230) |  |  | 1,350,157 |
Corporate expenses | — |  |  | — |  |  | 184,283 |  |  | (67) |  |  | 184,216 |
Depreciation and amortization | 173,657 |  |  | 18,286 |  |  | 20,008 |  |  | — |  |  | 211,951 |
Impairment charges | — |  |  | — |  |  | 33,150 |  |  | — |  |  | 33,150 |
Other operating expense, net | — |  |  | — |  |  | 9,266 |  |  | — |  |  | 9,266 |
Operating income (loss) | $ | 866,941 |  |  | $ | 69,910 |  |  | $ | (246,707) |  |  | $ | — |  |  | $ | 690,144 |
Segment assets(1) | $ | 7,084,222 |  |  | $ | 448,072 |  |  | $ | 370,157 |  |  | $ | (206) |  |  | $ | 7,902,245 |
Intersegment revenues | $ | — |  |  | $ | 6,508 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,508 |
Capital expenditures | $ | 72,392 |  |  | $ | 5,965 |  |  | $ | 6,888 |  |  | $ | — |  |  | $ | 85,245 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 2,066 |  |  | $ | — |  |  | $ | 2,066 |
(1) The Predecessor Company's Segment assets exclude $4,367.3 million of assets related to discontinued operations as of December 31, 2018.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration