iHeartMedia 2011 Annual Report Download - page 112
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CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
108
(In thousands) As of December 31, 2010
Parent Subsidiary Guarantor Non-Guarantor
Company Issuer Subsidiaries Subsidiaries Eliminations Consolidated
Cash and cash equivalents
$ — $ 1 $ 1,220,362 $ 700,563 $ — $ 1,920,926
Accounts receivable, net of allowance
— — 636,970 736,910 — 1,373,880
Intercom
p
an
y
receivables (1)
28,826 6,910,565 53,162
—
(6,992,553)
—
Pre
p
aid ex
p
enses
1,827
—
21,493 100,794 — 124,114
Other current assets
— 42,480 56,105 257,288 (171,620) 184,253
Total Current Assets
30,653 6,953,046 1,988,092 1,795,555 (7,164,173) 3,603,173
Pro
p
ert
y
,
p
lant and e
q
ui
p
ment, net
—
—
846,459 2,299,095 — 3,145,554
Definite-lived intan
g
ibles, net
—
—
1,572,829 715,320 — 2,288,149
Indefinite-lived intangibles – licenses
— — 2,423,828 — — 2,423,828
Indefinite-lived intangibles – permits
— — — 1,114,413 — 1,114,413
Goodwill
— — 3,253,330 865,996 — 4,119,326
Intercompany notes receivable
— 212,000 — — (212,000) —
Long-term intercompany receivable
— — — 383,778 (383,778) —
Investment in subsidiaries
(8,120,253) 4,515,224 2,821,678
—
783,351
—
Other assets
— 178,550 225,064 800,818 (438,493) 765,939
Total Assets
$(8,089,600) $11,858,820 $13,131,280 $ 7,974,975 $(7,415,093) $17,460,382
Accounts payable
$— $— $26,550 $100,713 $— $127,263
Accrued expenses
(941) $ (87,577) 373,899 544,223 — 829,604
Accrued interest
— 151,465 — 1,157 (31,423) 121,199
Intercompany payable (1)
— — 6,939,391 53,162 (6,992,553) —
Current portion of long-term debt
— 826,059 — 41,676 — 867,735
Deferred income
—
—
49,423 103,355 — 152,778
Total Current Liabilities
(941) 889,947 7,389,263 844,286 (7,023,976) 2,098,579
Long-term debt
— 18,172,562 4,000 2,522,133 (959,078) 19,739,617
Long-term intercompany payable
— 383,778 — — (383,778) —
Intercom
p
an
y
lon
g
-term debt
—
—
212,000
—
(212,000)
—
Deferred income taxes
(12,665) 269,578 927,685 865,598 — 2,050,196
Other long-term liabilities
— 263,208 261,434 252,034 — 776,676
Total member’s interest (deficit)
(8,075,994) (8,120,253) 4,336,898 3,490,924 1,163,739 (7,204,686)
Total Liabilities and Member’s Interest (Deficit) $(8,089,600) $11,858,820 $13,131,280 $ 7,974,975 $(7,415,093) $17,460,382
(2) 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.