2015 Q4 Form 10-K Financial Statement

#000140089117000005 Filed on February 23, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $1.718B $1.580B $1.600B
YoY Change 0.1% -3.1% -1.86%
Cost Of Revenue $649.5M $627.8M $615.3M
YoY Change 0.12% -2.82% -4.59%
Gross Profit $1.068B $951.7M $984.6M
YoY Change 0.09% -3.29% -0.07%
Gross Profit Margin 62.19% 60.25% 61.54%
Selling, General & Admin $433.5M $429.4M $424.6M
YoY Change 3.66% 0.59% 1.6%
% of Gross Profit 40.58% 45.12% 43.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $168.8M $166.3M $168.4M
YoY Change -9.28% -5.43% -3.26%
% of Gross Profit 15.81% 17.48% 17.1%
Operating Expenses $433.5M $429.4M $424.6M
YoY Change 3.66% 0.59% 1.6%
Operating Profit $377.0M $267.1M $412.2M
YoY Change 8.39% -23.12% 35.79%
Interest Expense $456.8M $453.9M $453.0M
YoY Change 4.48% 4.92% 2.8%
% of Operating Profit 121.19% 169.93% 109.89%
Other Income/Expense, Net -$5.070M -$17.98M $16.21M
YoY Change -29.69% -786.89% 33.35%
Pretax Income -$84.64M -$210.6M -$25.24M
YoY Change 0.98% 152.41% -85.36%
Income Tax $5.434M $2.841M $22.08M
% Of Pretax Income
Net Earnings -$93.27M -$221.9M -$54.47M
YoY Change 36.99% 93.22% -70.82%
Net Earnings / Revenue -5.43% -14.05% -3.4%
Basic Earnings Per Share -$1.11 -$2.63 -$0.65
Diluted Earnings Per Share -$1.11 -$2.63 -$0.65
COMMON SHARES
Basic Shares Outstanding 84.35M shares 84.24K shares
Diluted Shares Outstanding 84.35M shares 84.24K shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $773.0M $383.0M $387.0M
YoY Change 69.15% -26.63% -51.5%
Cash & Equivalents $772.7M $382.8M $387.4M
Short-Term Investments
Other Short-Term Assets $79.27M $132.1M $141.1M
YoY Change -19.53% -22.21% -63.72%
Inventory $24.83M
Prepaid Expenses $189.1M $217.3M $223.0M
Receivables $1.442B $1.433B $1.434B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.778B $2.166B $2.186B
YoY Change 29.68% -5.82% -16.32%
LONG-TERM ASSETS
Property, Plant & Equipment $2.213B $2.342B $2.405B
YoY Change -18.03% -14.18% -14.54%
Goodwill $4.129B $4.171B $4.178B
YoY Change -1.4% -0.98% -0.61%
Intangibles
YoY Change
Long-Term Investments $88.99M
YoY Change 220.81%
Other Assets $215.1M $296.6M $297.2M
YoY Change -25.59% -2.75% -1.56%
Total Long-Term Assets $215.1M $11.29B $11.44B
YoY Change -25.59% -5.94% -5.76%
TOTAL ASSETS
Total Short-Term Assets $2.778B $2.166B $2.186B
Total Long-Term Assets $215.1M $11.29B $11.44B
Total Assets $13.67B $13.46B $13.63B
YoY Change -1.2% -5.92% -7.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $153.3M $117.0M $122.4M
YoY Change 15.89% -10.19% 7.42%
Accrued Expenses $834.4M $738.3M $730.2M
YoY Change 4.37% -7.15% -7.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $181.5M $2.464M $2.725M
YoY Change 4936.4% -23.76% -87.61%
Total Short-Term Liabilities $1.659B $1.219B $1.369B
YoY Change 21.62% -5.95% -1.2%
LONG-TERM LIABILITIES
Long-Term Debt $20.54B $20.59B $20.37B
YoY Change 1.07% 0.51% -1.35%
Other Long-Term Liabilities $526.6M $569.1M $564.5M
YoY Change 15.76% 25.85% 24.62%
Total Long-Term Liabilities $21.07B $21.16B $20.94B
YoY Change 1.39% 1.06% 1.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.659B $1.219B $1.369B
Total Long-Term Liabilities $21.07B $21.16B $20.94B
Total Liabilities $22.72B $22.37B $22.31B
YoY Change 2.63% 0.65% -8.25%
SHAREHOLDERS EQUITY
Retained Earnings -$12.44B -$12.34B -$12.12B
YoY Change 6.46% 5.41%
Common Stock $89.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.917M $1.864M $1.469M
YoY Change 53.85% 66.88% -78.14%
Treasury Stock Shares
Shareholders Equity -$10.61B -$10.47B -$10.24B
YoY Change
Total Liabilities & Shareholders Equity $13.67B $13.46B $13.63B
YoY Change -2.35% -5.92% -7.63%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income -$93.27M -$221.9M -$54.47M
YoY Change 36.99% 93.22% -70.82%
Depreciation, Depletion And Amortization $168.8M $166.3M $168.4M
YoY Change -9.28% -5.43% -3.26%
Cash From Operating Activities $285.8M -$123.5M -$3.400M
YoY Change 4.46% -797.74% -107.49%
INVESTING ACTIVITIES
Capital Expenditures -$103.9M $67.62M $68.42M
YoY Change -15.67% 26.18% -7.55%
Acquisitions
YoY Change
Other Investing Activities -$39.80M $5.100M $335.4M
YoY Change 1795.24% -40.7% 11465.52%
Cash From Investing Activities -$143.8M -$62.40M $267.0M
YoY Change 14.76% 38.67% -475.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 250.7M 188.7M -167.0M
YoY Change -220.18% -177.05% -203.41%
NET CHANGE
Cash From Operating Activities 285.8M -123.5M -3.400M
Cash From Investing Activities -143.8M -62.40M 267.0M
Cash From Financing Activities 250.7M 188.7M -167.0M
Net Change In Cash 392.7M 2.800M 96.60M
YoY Change -751.24% -101.03% -28.87%
FREE CASH FLOW
Cash From Operating Activities $285.8M -$123.5M -$3.400M
Capital Expenditures -$103.9M $67.62M $68.42M
Free Cash Flow $389.7M -$191.1M -$71.82M
YoY Change -1.79% 432.55% 151.01%

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P3Y
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1350000 USD
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2168722000 USD
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195966000 USD
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30687000 USD
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59352000 USD
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331000 USD
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314000 USD
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1117000 USD
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58489000 USD
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2841000 USD
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IncomeTaxExpenseBenefit
5434000 USD
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IncomeTaxExpenseBenefit
86957000 USD
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9493000 USD
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27137000 USD
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20631000 USD
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2753000 USD
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5613000 USD
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CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0 USD
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OtherGeneralAndAdministrativeExpense
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2578000 USD
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2993000 USD
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48750000 USD
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42797000 USD
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0 USD
CY2014 us-gaap Payments Of Dividends Minority Interest
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40027000 USD
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30871000 USD
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CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.56
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.56
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.44
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.54
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.37
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.42
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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0.0208
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2014 us-gaap Sponsor Fees
SponsorFees
15200000 USD
CY2015 us-gaap Sponsor Fees
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15400000 USD
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15300000 USD
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-1565000 USD
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-10606681000 USD
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-10885475000 USD
CY2015Q4 us-gaap Treasury Stock Value
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1917000 USD
CY2016Q4 us-gaap Treasury Stock Value
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2119000 USD
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106914000 USD
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103208000 USD
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97962000 USD
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8534000 USD
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11200000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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11157000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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3821000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
3800000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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1007000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
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113600000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
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115100000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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148200000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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9856000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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3087000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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3024000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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45000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
47500000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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4300000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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4294000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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6200000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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6200000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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54300000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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53800000 USD
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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339800000 USD
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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305300000 USD
CY2016 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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61500000 USD
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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83941000 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84278000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84569000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83941000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84278000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
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84569000 shares
CY2016 us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Revenue Recognition</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">iHM revenue is recognized as advertisements or programs are broadcast and is generally billed monthly.&#160; Outdoor advertising contracts typically cover periods of a few weeks up to </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> year and are generally billed monthly.&#160; Revenue for outdoor advertising space rental is recognized ratably over the term of the contract.&#160; Advertising revenue is reported net of agency commissions.&#160; Agency commissions are calculated based on a stated percentage applied to gross billing revenue for the Company&#8217;s media and entertainment and outdoor operations.&#160; Payments received in advance of being earned are recorded as deferred income.&#160; Revenue arrangements may contain multiple products and services and revenues are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Barter transactions represent the exchange of advertising spots or display space for merchandise, services or other assets.&#160; These transactions are recorded at the estimated fair market value of the advertising spots or display space or the fair value of the merchandise or services or other assets received, whichever is most readily determinable.&#160; Revenue is recognized on barter and trade transactions when the advertisements are broadcasted or displayed.&#160; Expenses are recorded ratably over a period that estimates when the merchandise, service or other assets received is utilized, or when the event occurs.&#160; Barter and trade revenues and expenses from continuing operations are included in consolidated revenue and selling, general and administrative expenses, respectively.&#160;</font></div></div>
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals.&#160; The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances.&#160; Actual results could differ from those estimates.</font></div></div>

Files In Submission

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0001400891-17-000005.txt Edgar Link pending
0001400891-17-000005-xbrl.zip Edgar Link pending
cik0001400891-20161231.xml Edgar Link completed
cik0001400891-20161231.xsd Edgar Link pending
cik0001400891-20161231_cal.xml Edgar Link unprocessable
cik0001400891-20161231_def.xml Edgar Link unprocessable
cik0001400891-20161231_lab.xml Edgar Link unprocessable
cik0001400891-20161231_pre.xml Edgar Link unprocessable
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Financial_Report.xlsx Edgar Link pending
ihm201610-k.htm Edgar Link pending
ihmq42016exhibit1087.htm Edgar Link pending
ihmq42016exhibit1088.htm Edgar Link pending
ihmq42016exhibit21.htm Edgar Link pending
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