iHeartMedia 2011 Annual Report Download - page 111

CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 16 – GUARANTOR SUBSIDIARIES
The Company and certain of Clear Channel’s direct and indirect wholly-owned domestic subsidiaries (the “Guarantor Subsidiaries”)
fully and unconditionally guaranteed on a joint and several basis certain of Clear Channel’s outstanding indebtedness. The following
consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X Rule 3-10
(d):
107
(In thousands) As of December 31, 2011
Parent Subsidiary Guarantor Non-Guarantor
Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated
Cash and cash equivalents
$ — $ 1 $ 461,572 $ 767,109 $ — $ 1,228,682
Accounts receivable, net of allowance
— — 694,548 710,126 — 1,404,674
Intercompany receivables (1) 30,270 4,824,634 — — (4,854,904) —
Pre
p
aid ex
p
enses 2,251
—
25,944 133,122 — 161,317
Other current assets — 46,018 81,620 139,034 (76,060) 190,612
Total Current Assets 32,521 4,870,653 1,263,684 1,749,391 (4,930,964) 2,985,285
Property, plant and equipment, net — — 815,245 2,248,082 — 3,063,327
Definite-lived intan
g
ibles, net —
—
1,389,935 627,825 — 2,017,760
Indefinite-lived intan
g
ibles – licenses —
—
2,411,367
—
— 2,411,367
Indefinite-lived intangibles – permits
— — — 1,105,704 — 1,105,704
Goodwill — — 3,325,771 860,947 — 4,186,718
Intercompany notes receivable
— 962,000 — — (962,000) —
Long-term intercompany receivable — — — 656,040 (656,040) —
Investment in subsidiaries
(8,342,987) 5,234,229 2,844,451 — 264,307 —
Other assets — 167,337 254,435 907,567 (557,461) 771,878
Total Assets $ (8,310,466) $ 11,234,219 $ 12,304,888 $ 8,155,556 $ (6,842,158) $ 16,542,039
Accounts payable $ — $ — $ 26,119 $ 108,457 $ — $ 134,576
Accrued expenses (641) $ (61,478) 266,249 518,021 — 722,151
Accrued interest — 189,144 (1) 2,277 (31,059) 160,361
Intercompany payable (1) — — 4,743,944 110,960 (4,854,904) —
Current portion of long-term debt — 243,927 905 23,806 — 268,638
Deferred income — — 50,416 92,820 — 143,236
Total Current Liabilities (641) 371,593 5,087,632 856,341 (4,885,963) 1,428,962
Long-term debt
— 18,305,183 3,321 2,522,103 (892,076) 19,938,531
Long-term intercompany payable — 655,930 110 — (656,040) —
Intercompany long-term debt
— — 962,000 — (962,000) —
Deferred income taxes (13,845) 39,173 1,055,533 858,908 (1,170) 1,938,599
Other long-term liabilities
— 205,327 220,546 282,015 — 707,888
Total member’s interest (deficit) (8,295,980) (8,342,987) 4,975,746 3,636,189 555,091 (7,471,941)
Total Liabilities and Member’s Interest (Deficit) $(8,310,466) $11,234,219 $12,304,888 $ 8,155,556 $(6,842,158) $16,542,039
(1) The intercompany payable balance includes approximately $7.3 billion of designated amounts of borrowings under the
senior secured credit facilities by certain Guarantor Subsidiaries that are Co-Borrowers and primary obligors thereunder
with respect to these amounts. These amounts were incurred by the Co-Borrowers at the time of the closing of the merger,
but were funded and will be repaid through accounts of the Subsidiary Issuer. The intercompany receivables balance
includes the amount of such borrowings, which are required to be repaid to the lenders under the senior secured credit
facilities b
y
the Guarantor Subsidiaries as Co-Borrowers and
p
rimar
y
obli
g
ors thereunder.