iHeartMedia 2014 Annual Report Download - page 99

Download and view the complete annual report

Please find page 99 of the 2014 iHeartMedia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 129

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129

IHEARTCOMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
97
(In thousands)
Years Ended December 31,
Unrecognized Tax Benefits
2014
2013
Balance at beginning of period
$
129,375
$
138,437
Increases for tax position taken in the current year
13,848
12,004
Increases for tax positions taken in previous years
6,003
13,163
Decreases for tax position taken in previous years
(9,764)
(21,928)
Decreases due to settlements with tax authorities
(8,181)
(1,113)
Decreases due to lapse of statute of limitations
(24,367)
(11,188)
Balance at end of period
$
106,914
$
129,375
The Company and its subsidiaries file income tax returns in the United States federal jurisdiction and various state and foreign
jurisdictions. During 2014, the statute of limitations for certain tax years expired in the United Kingdom and several state jurisdictions
resulting in a reduction to unrecognized tax benefits of $24.4 million, excluding interest. Also during 2014, the Company settled
certain U.S. federal and state examinations with taxing authorities, resulting in decreases in unrecognized tax benefits relating to cash
tax payments of $8.2 million. All federal income tax matters through 2008 are closed and the Company has effectively settled the
2009 and 2010 examinations with the IRS and is awaiting final approval of the settlement from the Joint Committee on Taxation. The
IRS is currently auditing the Company’s tax returns for the 2011 and 2012 periods. Substantially all material state, local, and foreign
income tax matters have been concluded for years through 2005.
NOTE 10 – SHAREHOLDER’S DEFICIT
The Company reports its noncontrolling interests in consolidated subsidiaries as a component of equity separate from the Company’s
equity. The following table shows the changes in shareholder’s deficit attributable to the Company and the noncontrolling interests of
subsidiaries in which the Company has a majority, but not total ownership interest:
(In thousands)
The Company
Noncontrolling
Interests
Consolidated
Balances at January 1, 2014
$
(8,942,166)
$
245,531
$
(8,696,635)
Net income (loss)
(793,761)
31,603
(762,158)
Dividends and other payments to noncontrolling interests
-
(40,027)
(40,027)
Purchase of additional noncontrolling interests
(46,806)
(1,944)
(48,750)
Foreign currency translation adjustments
(101,980)
(19,898)
(121,878)
Unrealized holding gain on marketable securities
285
42
327
Other adjustments to comprehensive loss
(10,214)
(1,224)
(11,438)
Reclassifications
3,317
-
3,317
Other, net
1,977
10,057
12,034
Balances at December 31, 2014
$
(9,889,348)
$
224,140
$
(9,665,208)
(In thousands)
The Company
Noncontrolling
Interests
Consolidated
Balances at January 1, 2013
$
(8,299,188)
$
303,997
$
(7,995,191)
Net income (loss)
(606,883)
23,366
(583,517)
Dividends and other payments to noncontrolling interests
-
(91,887)
(91,887)
Foreign currency translation adjustments
(29,755)
(3,246)
(33,001)
Unrealized holding gain on marketable securities
16,439
137
16,576
Unrealized holding gain on cash flow derivatives
48,180
-
48,180
Other adjustments to comprehensive loss
5,932
800
6,732
Reclassifications
(83,585)
(167)
(83,752)
Other, net
6,694
12,531
19,225
Balances at December 31, 2013
$
(8,942,166)
$
245,531
$
(8,696,635)