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27
ITEM 6. SELECTED FINANCIAL DATA
The following tables set forth our summary historical consolidated financial and other data as of the dates and for the periods
indicated. The summary historical financial data are derived from our audited consolidated financial statements. Certain prior period
amounts have been reclassified to conform to the 2014 presentation. Historical results are not necessarily indicative of the results to
be expected for future periods. Acquisitions and dispositions impact the comparability of the historical consolidated financial data
reflected in this schedule of Selected Financial Data.
The summary historical consolidated financial and other data should be read in conjunction with “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes thereto
located within Item 8 of Part II of this Annual Report on Form 10-K.
(In thousands)
For the Years Ended December 31,
2014
2013
2012
2011
2010
Results of Operations Data:
Revenue
$
6,318,533
$
6,243,044
$
6,246,884
$
6,161,352
$
5,865,685
Operating expenses:
Direct operating expenses (excludes depreciation
and amortization)
2,534,365
2,554,087
2,498,400
2,505,946
2,368,943
Selling, general and administrative expenses
(excludes depreciation and amortization)
1,687,208
1,649,861
1,666,418
1,604,524
1,566,580
Corporate expenses (excludes depreciation
and amortization)
320,331
313,514
293,207
237,920
300,378
Depreciation and amortization
710,898
730,828
729,285
763,306
732,869
Impairment charges (1)
24,176
16,970
37,651
7,614
15,364
Other operating income (expense), net
40,031
22,998
48,127
12,682
(16,710)
Operating income
1,081,586
1,000,782
1,070,050
1,054,724
864,841
Interest expense
1,741,596
1,649,451
1,549,023
1,466,246
1,533,341
Gain (loss) on marketable securities
-
130,879
(4,580)
(4,827)
(6,490)
Equity in earnings (loss) of
nonconsolidated affiliates
(9,416)
(77,696)
18,557
26,958
5,702
Gain (loss) on extinguishment of debt
(43,347)
(87,868)
(254,723)
(1,447)
60,289
Other income (expense), net
9,104
(21,980)
250
(3,169)
(13,834)
Loss before income taxes
(703,669)
(705,334)
(719,469)
(394,007)
(622,833)
Income tax benefit (expense)
(58,489)
121,817
308,279
125,978
159,980
Consolidated net loss
(762,158)
(583,517)
(411,190)
(268,029)
(462,853)
Less amount attributable to noncontrolling interest
31,603
23,366
13,289
34,065
16,236
Net loss attributable to the Company
$
(793,761)
$
(606,883)
$
(424,479)
$
(302,094)
$
(479,089)
(In thousands)
As of December 31,
2014
2013
2012
2011
2010
Balance Sheet Data:
Current assets
$
2,180,143
$
2,513,294
$
2,987,753
$
2,985,285
$
3,603,173
Property, plant and equipment, net
2,699,064
2,897,630
3,036,854
3,063,327
3,145,554
Total assets
14,040,242
15,097,302
16,292,713
16,452,039
17,460,382
Current liabilities
1,364,285
1,763,618
1,782,142
1,428,962
2,098,579
Long-term debt, net of current maturities
20,322,414
20,030,479
20,365,369
19,938,531
19,739,617
Shareholder’s deficit
(9,665,208)
(8,696,635)
(7,995,191)
(7,471,941)
(7,204,686)
(1) We recorded non-cash impairment charges of $24.2 million, $17.0 million, $37.7 million, $7.6 million and $15.4 million
during 2014, 2013, 2012, 2011 and 2010, respectively. Our impairment charges are discussed more fully in Item 8 of Part II
of this Annual Report on Form 10-K.