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CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
116
(In thousands)
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
704,587
-
1,399,135
Intercompany receivables (1)
30,270
4,824,634
-
-
(4,854,904)
-
Prepaid expenses
2,251
-
25,944
133,122
-
161,317
Other current assets
-
46,018
81,620
144,573
(76,060)
196,151
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
Indefinite-lived intangibles - licenses
-
-
2,411,367
-
-
2,411,367
Indefinite-lived intangibles - permits
-
-
-
1,105,704
-
1,105,704
Other intangibles, net
-
-
1,389,935
627,825
-
2,017,760
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
$
95,456
$
-
$
121,575
Accrued expenses
(641)
(61,478)
266,249
531,022
-
735,152
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 Equity
$
(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 borrowing 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 by the Guarantor Subsidiaries as Co-Borrowers and primary
obligors thereunder.